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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
1492 posts

Finance Car vs Put more $ in a Clunker


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.



This post was edited on 12/26 at 4:25 pm



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Captain Ron
Hawaii Fan
Location: Ted's
Member since Dec 2012
3787 posts

re: Finance Car vs Put more $ in a Clunker


Sell it and buy another car outright that is in better condition.






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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
1492 posts

re: Finance Car vs Put more $ in a Clunker


quote:

Sell it and buy another car outright that is in better condition.


Would love to do this....not an option right now...just paid wedding expenses 6 months ago...building my cash back up.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28607 posts

re: Finance Car vs Put more $ in a Clunker


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.





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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
1492 posts

re: Finance Car vs Put more $ in a Clunker


quote:

With rates as low as they are it's almost like a straight cash purchase.


Good point...I just am trying to get away from being tied to a payment....in every financial area






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Will Cover
Gonzaga Fan
Nashville, TN
Member since Mar 2007
23888 posts

re: Finance Car vs Put more $ in a Clunker


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.






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GrantTheFan
LSU Fan
Baton Rouge
Member since Nov 2010
225 posts

re: Finance Car vs Put more $ in a Clunker


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.





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tiger94gop
LSU Fan
GEISMAR
Member since Nov 2004
1571 posts

re: Finance Car vs Put more $ in a Clunker


I have 238k on mine and everything works. Go to Autozone ask them to pull the codes for you, they do it for free. Then look on Youtube for Eric the Car Guy, look for your problem on his site. There is usualy a video to fix it.

If it is the converter,reset the computer, go to Homedepot and buy 3 gallons of Lacquer thinner, pour it in the gas tank. Run a full tank of gas through it, if the light still comes on, take off the converter and let it sit in a solution of Dawn
then run lacquer thinner through it again. It should work. If not look up a good after market CAT, and put a spark-arrestor on the sensor, problem solved. All of this can be found on the "internets". Eric's site will help you with almost any repair and he is usually working on a Honda in the video.






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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
1492 posts

re: Finance Car vs Put more $ in a Clunker


Thanks for the advice guys.





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enufodis
LSU Fan
Ask your sister
Member since Oct 2012
99 posts

re: Finance Car vs Put more $ in a Clunker


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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