What's the break-even point at which you should buy a new car instead of fixing your own? Assuming of course that buying a new(er) car and fixing the old one are both within your means.
$1800 repair bill versus approximately $3000 blue book value, private sale, assuming fixed transmission.
“Some people who attend the University of Oklahoma seem to represent different values than some people who attend the University of Texas.” -- Mr. J. Mcfarland
"[Christian Scott]'s off the team the day of the incident and I guarantee you he won't be back." -- Typical Dallas horn fan
Roll the dice babay!
That's a hard call without more info.
Let's see...Originally Posted by StoopTroup
191k miles on a 98 Mazda sedan. 90k miles on existing transmission. Do not expect any other major repairs soon, but you never know. Cash flow is good, but would love to spend it on something OTHER than depreciating assets!
Replacement would likely be a used vehicle in the $20-30k range with (hopefully) less than 20k miles. I've read that now is actually a good time to buy used cars, just a ton of product out there and not as many peeps buying.
“Some people who attend the University of Oklahoma seem to represent different values than some people who attend the University of Texas.” -- Mr. J. Mcfarland
"[Christian Scott]'s off the team the day of the incident and I guarantee you he won't be back." -- Typical Dallas horn fan
If you happy with Car , fix it.
Another If . If you were closer I could save you some Bucks On the Trans.
If you want to Buy , I can get My S.I.L. to find you a good deal . He Buys and sells Wholesale.
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If God wanted Men to look women in the eyes, He wouldnt have gave em Boobs !
that depends on whether or not youre looking for an excuse to buy a new car. most insurance companies would label an $1800 repair bill for a vehicle valued at $3000 as a total, so theyd just reimburse you for the value of the vehicle.
I'm tired of chasing my dreams. I'm just gonna ask where they're going and catch up with them later.
How much would your payment be for your replacement car?
Example: if you replaced the old one for a new car at $300/mo., then your break even point is about 6 months. Every month thereafter, you are saving money by fixing the old car (ignoring other costs/savings such as interest, improved/reduced gas mileage, higher insurance, etc.). Get another year or two on your old car and you will be several grand better off and will end up with a car a couple of years newer in the long run.
Generally, you are always better off financially to drive a car that is paid for than making payments on a newer car, even with the occasional repair, especially when your car is essentially fully depreciated and won't go much lower than it already has (as is the case with my SUV). However, advertising makes it tough sometimes not to drive what the neighbors are driving.
I try to make up for it by riding their wives instead.
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