Car Situation: Need Advice | TigerDroppings.com

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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56112 posts
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Car Situation: Need Advice


My wife's 13 year old SUV's transmission went out today. It is Blue Booked (Private Party) at $2000 in Fair condition. I haven't gotten a quote on the repairs but I'm guessing a new transmission will be north of $1000. Putting the current "value" of the vehicle around $800.

She finishes up school in August 2013 and will be getting a new(er) vehicle in a year. We had hoped this one would last the duration of the program, but it doesn't seem like it.

Would you:

A.) Repair the Transmission and keep the car

or

B.) Sell the car for junk parts and buy:
1.) A $2000-$3000 car to last her for the year
or
2.) A 10-12 month lease from swapalease.com or leasetrader.com etc.

Any other thoughts would be appreciated.








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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
27063 posts

re: Car Situation: Need Advice


Lease te cheapest car you possibly can





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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
8418 posts

re: Car Situation: Need Advice


1.) Donate car to Gulf Coast Teaching Family Services
2.) Get $2K tax write off without having to repair the car.
3.) Take out two Southwest Air Chase cards in you and your wife's name.
4.). Pull $2K/apiece out on them.
5.) Get $1K in gift cards or $1600 in RT airfare w/no blackout dates.
6.) Buy 96-01 model Toyota 4Runner.
7.) ????
8.) Profit






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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56112 posts
 Online 

re: Car Situation: Need Advice


Assuming the auto repair shop can't fix it on the cheap, I'm going to be doing this in the next 2-4 days.





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Car Situation: Need Advice


quote:

3.) Take out two Southwest Air Chase cards in you and your wife's name.


Is that legal? Just curious. I have great credit and could get the card, my wife, not so sure her score would be high enough.






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: Car Situation: Need Advice


What is she wanting when she graduates?

How is your current cash flow?

The swap a lease seems like a total waste to me, why not just finance the car and make payments rather than essentially renting a car for a year? If she can't get what she wants now, try to find a car that doesn't depreciate very fast and "rent" that to yourself. If you break even in a year, you're in the same place, but there's a better chance you can sell the car for more than what you owe in a year if you find a good deal.

A new tranny is going to be well over what the current car is worth btw.






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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56112 posts
 Online 

re: Car Situation: Need Advice


quote:

What is she wanting when she graduates?



Looking at a Tahoe or 4Runner which we could afford the note now but I doubt we'd get approved with her not employed.

quote:

How is your current cash flow?



My DTI is on the high end because I'm a co-signer on her student loans for the doctorate program. I'm worried that I won't get approved.









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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: Car Situation: Need Advice


quote:


Looking at a Tahoe or 4Runner which we could afford the note now but I doubt we'd get approved with her not employed.


If you can afford it, it's worth a shot to try and get approved. That way your at least paying towards a car you want and can keep in 12 months.






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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56112 posts
 Online 

re: Car Situation: Need Advice


I'm pretty sure I'd get approved. Just at some crazy rate until I could refi when she's got her FT position.





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Costanza
Auburn Fan
Member since May 2011
374 posts
 Online 

re: Car Situation: Need Advice


Pay to fix it, get her through school, then save up some money to buy her a reliable used car.





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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56112 posts
 Online 

re: Car Situation: Need Advice


quote:

Pay to fix it,


I will if it is >$1,000

Why spend $3000 on a car that will be valued at $2000 when the repair is complete?






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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7144 posts

re: Car Situation: Need Advice


I would probably just buy a new transmission, as long as you're sure the SUV would last you another year if repaired.

Throw the value of the vehicle out of the equation. You need to figure out the cheapest way to get reliable transportation for the next twelve months. If repairing transmission is cheaper than a one year lease, go with that. Any used car that costs only 2-3K is likely subject to issues like you are having with your SUV.






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Costanza
Auburn Fan
Member since May 2011
374 posts
 Online 

re: Car Situation: Need Advice


quote:

I would probably just buy a new transmission, as long as you're sure the SUV would last you another year if repaired.

Throw the value of the vehicle out of the equation. You need to figure out the cheapest way to get reliable transportation for the next twelve months. If repairing transmission is cheaper than a one year lease, go with that. Any used car that costs only 2-3K is likely subject to issues like you are having with your SUV.


This






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Crbello4Hiceman
LSU Fan
Lurking
Member since May 2011
436 posts

re: Car Situation: Need Advice


Agreed. Here's the way I look at it, if I have $2K in auto expense and need to decide whether or not it is worth it, I ask myself if spending that will extend the life of the vehicle long enough so that a car note would break even. If my new note would be $400/month, for it to be worth it the car would need to last another 5 months. Also, factor in the fact that by repairing an old car you are avoiding having to put down a downpayment for however much longer the car lasts.

If I need to put $2K down to get a new car or lease one and I'm picking up a $300/mo note, it is definitely worth it to pay the $2K to get the old car fixed if it will make it last for another few months....






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