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Message
Finance Car vs Put more $ in a Clunker
Posted on 12/26/12 at 4:24 pm
Posted on 12/26/12 at 4:24 pm
So I own a 2003 Honda Accord....it's got 175K miles on it, but it's paid for.
My dliema is that I have sunk over $2K in it over the last 6 months, and it might be worth $3K. The check engine light just came on, and it is the catalytic converter, which is another $700 to fix.
I am really enjoying not having a car note...but if you think about it, I kind of do have one.
So I'm really racking my brian on fixing it and keep her rolling, or getting a good used vehicle and try to pay it off it 3 or so years.
Advice is welcome.
My dliema is that I have sunk over $2K in it over the last 6 months, and it might be worth $3K. The check engine light just came on, and it is the catalytic converter, which is another $700 to fix.
I am really enjoying not having a car note...but if you think about it, I kind of do have one.
So I'm really racking my brian on fixing it and keep her rolling, or getting a good used vehicle and try to pay it off it 3 or so years.
Advice is welcome.
This post was edited on 12/26/12 at 4:25 pm
5
Posted on 12/26/12 at 4:34 pm to Kreg Jennings
Sell it and buy another car outright that is in better condition.
Posted on 12/26/12 at 4:39 pm to Kreg Jennings
Hard to say, but you maybe could get a used car and finance it. With rates as low as they are it's almost like a straight cash purchase.
Posted on 12/26/12 at 5:10 pm to Kreg Jennings
quote:
The check engine light just came on, and it is the catalytic converter, which is another $700 to fix.
Check to see if it stays on. Usually this warning light will go away and then come back again.
For inspection sticker purposes, it is best to go when the light is off.
Check with the mechanics of the OT, but I don't believe you are causing any harm to your vehicle.
Posted on 12/26/12 at 5:18 pm to Kreg Jennings
That's not really a lot of miles for that car - an accord that's been reasonably maintained should go 300k miles without a major system failure - engine / transmission. A wise man once told me that my car wasn't worth what he was willing to give me, but was actually worth what it would cost me to replace it. If its mechanically sound and does what you need it to do, just pay the $700 for a new converter, it should be fine. Now, if the normal maintenance hasn't been done regularly, you may be in the danger zone with a couple really big breakdowns and might want to bail on it.
Posted on 12/26/12 at 7:31 pm to Kreg Jennings
Purchase another catalytic converter and keep on keeping on. Get it to 300k miles, then roll back the odometer and sell it to a Bama man!!
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