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Fix the car or get a new one
Posted on 5/29/14 at 10:13 am
Posted on 5/29/14 at 10:13 am
Wifes car is a 2008 Mazda 3 and things are starting to break. Currently A/C compressor, clutch, dryer, and headlight need to be replaced. Around $1,500 to get it all fixed.
Here's my thinking, we have a baby on the way and her car has 90k miles on it. We know we are going to end up in a crossover/midsize suv at some point. Better to just go ahead and trade in the mazda (its paid for) on something used with low miles or fix it and pray it holds on longer?
Looking at a used 2013 Ford Edge Limited with 40k miles.
TIA
Here's my thinking, we have a baby on the way and her car has 90k miles on it. We know we are going to end up in a crossover/midsize suv at some point. Better to just go ahead and trade in the mazda (its paid for) on something used with low miles or fix it and pray it holds on longer?
Looking at a used 2013 Ford Edge Limited with 40k miles.
TIA
13
Posted on 5/29/14 at 10:22 am to BoogaBear
So spend $1,500 to have a car in relatively good shape, or $25,000 to have a car in better shape (but likely out of warranty also)? Really just depends on your financial picture. If you can afford a new car, go ahead.
BUT
90,000 is nothing for a modern car. If you want to use it as an excuse to get into something better, more power to ya, but it has a lot of life left. I don't see a lot of upside to trading in now rather than a year or two down the line - assuming nothing else expensive breaks. The depreciation curve on the Mazda is flattening fast, and it's paid off.
BUT
90,000 is nothing for a modern car. If you want to use it as an excuse to get into something better, more power to ya, but it has a lot of life left. I don't see a lot of upside to trading in now rather than a year or two down the line - assuming nothing else expensive breaks. The depreciation curve on the Mazda is flattening fast, and it's paid off.
Posted on 5/29/14 at 10:41 am to BoogaBear
The money board probably isn't going to tell you to buy a new car when your old one has good miles left on it. If ya'll really want a new car and can swing it then more power to you. Just be honest with yourself about why. On the other hand it's crazy how much decent used cars go for these days. You could probably get decent money for the 3 and not set yourself back too much.
This post was edited on 5/29/14 at 10:45 am
Posted on 5/29/14 at 11:35 am to BoogaBear
I will only offer that my wife loves her 13 Edge
Posted on 5/29/14 at 12:16 pm to BoogaBear
How much is the note on the new car going to be, and how many months until you "need" the bigger car. Another factor is, how much more will you get for your trade in if you get those items fixed?
If you are 6 months out or more from needing the new car, and you get half of the cost of repairs back via increased trade in value, then you're looking at $125 per month for the repairs. Save the extra $200 that you would be spending on the note for a larger down payment.
If you are 6 months out or more from needing the new car, and you get half of the cost of repairs back via increased trade in value, then you're looking at $125 per month for the repairs. Save the extra $200 that you would be spending on the note for a larger down payment.
Posted on 5/29/14 at 12:46 pm to BoogaBear
quote:
Wifes car is a 2008 Mazda 3 and things are starting to break. Currently A/C compressor, clutch, dryer, and headlight need to be replaced. Around $1,500 to get it all fixed
This is not totally clear to me. What do you mean by get the clutch replaced? Where are you going to get transmission done in addition to an A/C compressor and the minor crap for around $1,500? And by headlight do you mean a burnt out bulb or she cracked it bumping into something, or are there underlying electrical problems.
Posted on 5/29/14 at 1:25 pm to BoogaBear
quote:
Looking at a used 2013 Ford Edge Limited with 40k miles
Friend worked at a Cadilac dealership and they just got a 2010 SRX lease trade in with 22k miles on it that they were looking for 23k. Has upgraded features too
If you are looking at midsize SUV in that price range, Cadilac SRX used is very affordable
Posted on 5/29/14 at 1:48 pm to BoogaBear
I don't know what a "good" life for a Mazda 3 is... but I would think with 90K miles on it, there should be at least a few more years of life to it, right?
Personally I hate car payments. I'd rather fix things here and there. $1,500 to me is not a huge amount of money for repairs, but again, it depends on what else is in the car.
If you live near a CarMax, get a quote on them buying the car from you, and ask them what they think you fixing the stuff would do to the quote. I've found that their quotes tend to approximate what you can get on a trade-in (assuming the dealer doesn't play games with the trade-in).
Also, you are only getting 50K miles in the trade (trading a 90K for a 40K). To me, that's not that great.
However, most important, is this...
Happy wife, happy life... especially when she is preggers and post-partem.
Personally I hate car payments. I'd rather fix things here and there. $1,500 to me is not a huge amount of money for repairs, but again, it depends on what else is in the car.
If you live near a CarMax, get a quote on them buying the car from you, and ask them what they think you fixing the stuff would do to the quote. I've found that their quotes tend to approximate what you can get on a trade-in (assuming the dealer doesn't play games with the trade-in).
Also, you are only getting 50K miles in the trade (trading a 90K for a 40K). To me, that's not that great.
However, most important, is this...
quote:
Wifes car
Happy wife, happy life... especially when she is preggers and post-partem.
Posted on 5/29/14 at 2:38 pm to BoogaBear
My 06 Nissan Sentra has about 160k miles on it and is still going. Needs a new power steering pump, but other than that it's still running like a gem. Riding this bitch out til the wheels fall off! Started to look at new cars a couple months ago and quickly stopped myself. No need to add another bill when this car still gets me from A to B...How I see it anyways.
Also no kids and shite either, so maybe I'd look at it differently if my situation was somewhat like yours.
Also no kids and shite either, so maybe I'd look at it differently if my situation was somewhat like yours.
This post was edited on 5/29/14 at 2:40 pm
Posted on 5/29/14 at 5:25 pm to BoogaBear
the rule of thumb I was taught is to get rid of your car when the repairs cost more than the car is worth.
Its served me well over my 7 cars in 24 years.
I will say that a mazda 3 with a baby sound miserable. I know a couple that has a toyota yaruza (or whatever their micro car is) and a kid. They say its really fricking miserable.
Its served me well over my 7 cars in 24 years.
I will say that a mazda 3 with a baby sound miserable. I know a couple that has a toyota yaruza (or whatever their micro car is) and a kid. They say its really fricking miserable.
Posted on 5/29/14 at 8:52 pm to BoogaBear
fix it
Posted on 5/30/14 at 7:26 am to BoogaBear
Fix the old car and place it for sale while she drives it. When it sells, it should get a higher price because it is in working condition. The repairs should be covered for a year of warranty which will make the buyer feel better.
Then take that money and go buy something that makes sense financially and fits the baby situation.
Then take that money and go buy something that makes sense financially and fits the baby situation.
Posted on 5/30/14 at 11:09 am to BoogaBear
Your issues don't sound like the car is falling apart.It would be hard for me to drop the cash only to gain 50k miles. I'm in a similar situation with a 21 month old. It depends on the car. My car runs like a top (2nd owner 99 lexus with 218k) while my wife's car probably has 1-1.5 years left in it before a major repair (3rd owner 01 Buick with 89k). I can fix a lot of things myself and have cash on hand to have someone fix it if need be so I'm just hoping the Buick last 1-2 more years so I can build my house first. Not getting rid of the Lexus for a long time.
This post was edited on 5/30/14 at 11:13 am
Posted on 5/30/14 at 6:31 pm to BoogaBear
I'm thinking new Escalade. Yolo
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