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Started By
Message
Car Situation: Need Advice
Posted on 12/2/12 at 8:15 pm
Posted on 12/2/12 at 8:15 pm
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.
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.
3
Posted on 12/2/12 at 8:21 pm to Golfer
Lease te cheapest car you possibly can
Posted on 12/2/12 at 11:27 pm to bryso
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
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
Posted on 12/2/12 at 11:31 pm to GFunk
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.
Posted on 12/2/12 at 11:39 pm to GFunk
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.
Posted on 12/3/12 at 12:31 am to Golfer
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.
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.
Posted on 12/3/12 at 12:50 am to TigerDeBaiter
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.
Posted on 12/3/12 at 8:39 am to Golfer
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.
Posted on 12/3/12 at 10:30 am to TigerDeBaiter
I'm pretty sure I'd get approved. Just at some crazy rate until I could refi when she's got her FT position.
Posted on 12/3/12 at 11:26 am to Golfer
Pay to fix it, get her through school, then save up some money to buy her a reliable used car.
Posted on 12/3/12 at 11:39 am to Costanza
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?
Posted on 12/3/12 at 11:48 am to Golfer
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.
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.
Posted on 12/3/12 at 12:50 pm to Ric Flair
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
Posted on 12/3/12 at 1:18 pm to Costanza
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....
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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