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Give me financial advice
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Dedicated MacNNer
Join Date: Aug 2000
Location: Harrisonburg, VA USA
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So help me make this decision. My current car is a 97 hyundai elantra with 87000 miiles and a LOT of problems (that I know, the exhaust needs replacing, I frequently can't shift out of park, a rotor that a belt goes around is loose, and the steering is going out).
So my choices are:
Fix the car. The upsides is that it would cost the least of any other option, but would require all that money up front. Since I don't have a lot of leeway on my credit card right now, this couldn't possibly happen until early next year. Also, these repairs would surely cost more than the car is actually worth.
Buy an old but working used car. This would allow me to finance something and therefore is actually possible now. On the other hand, that's how I got into my current position, so I'm a little scared of this one.
Buy an only slightly used car. Basically I'm talking about something just short of new and therefore financing a goodish amount of cash. The cars I'm looking at would still have a little bit of warranty and are in pretty fine shape, but it saddles me with a not so small payment for the next six years. But it's a car that I could likely drive for years and years after it's paid off.
The kicker is that I'm still paying on my wife's SUV until Feb, so I'd have to carry both payments until then, but after that I would likely have gone with option three anyway. I can probably carry both payments while I'm teaching, though we certainly had other plans for that money.
The other kicker is that we'd like to try and buy a house and planned to use the time where we didn't have a car payment on our credit to get approved for a bit larger mortgage.
I know that clearly an internet message board is not the place to go for sound financial advice, but I've been kicking this around in my head for almost a month now and I don't seem to be able to come to a decision.
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"Make good fight."
-Mr. Miyagi
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Join Date: Jan 2003
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Im not sure what to tell you, its really a personal choice. Do you like the car, do u have fun with it. I can tell you about the story with my car which might help you out.
I got a 1987 Honda Prelude given to me a couple years ago, the 2 previous owners did not take care of it at all and I was left with a car that needed alot of care. I only started driving it this year and so far have put in $2000.00 worth into it. Now the position I am in now, I have $1000.00 left to do on it before its in top shape. Now the reason I decided to put money into it was because it was a fun reliable car and I really like driving it. And I dont regret putting the money into it either because I have no doubt this car is going to serve me well for 10 more years as long as I maintain it. So you have to ask yourself, do you want a new car which will devalue right away, and you will at some point have to put more money into it, or pay money to keep the one you have now running. Over the long term I think its better just to maintain and fix the car you have, but if you know you will want another car with in a couple years its not worth putting the money into it. I am planing on keeping my Prelude for 10 years so even if I end up spending 10 000 over 10 years, that is still cheaper then buying a 20 000 car now and 10 years down the road having to pay for repairs, you never get ahead. Cars lose money its a simple fact. It depends on what kind of repair work you have really.
What I have done with my car so far
Replaced the entire exhaust (Air Care reasons)
Drive Axle (Torn Boot)
Front Roters and brake shoes
Water Pump recently since that blew on me and at the same time had my timing belt, sparkplugs, roter/cap, sparkplug wires replaced and a engine tuneup and a oil seal and the other belts
Fuel Filler pipe (old one rusted away)
Coolent flush (Prev owners used straight tap water) which could mean a new rad later on because the coolent was pure guck when it was flushed.
Battery (sitting for a year killed the old one)
Wiper Blades
On the list of things do to is the steering rack which is messed, and upper ball joint.
Because of the old battery that was defective, my Alternator was overworked for 6 months, this could require replacing at some point, and because of a fuel filter that was left way to long the fuel pump could also require a change some time soon. Otherwise I have a very solid car and when all said and done with all these parts being replaced, these parts should last a long time meaning I wont have any major work on them in the near future.
So hope this help you decide.
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Blandine Bureau 1940 - 2011
Missed 2012 by 3 days, RIP Grandma :-(
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Addicted to MacNN
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Ditch the Elantra. At that mileage, too many things start to go wrong with a car. It's not worth the money you'll be investing in it to fix it up. You'd be throwing good money at bad. Rather get something second hand that's a little newer and with a bit less mileage on it.
That's what I would do anyway.
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Banned
Join Date: Jun 2005
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I thought Hyundia's had 10 year/10k mile warranties on the powertrain. I thought that was the whole appeal to them. Am I wrong?
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Addicted to MacNN
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Originally Posted by Railroader
I thought Hyundia's had 10 year/10k mile warranties on the powertrain. I thought that was the whole appeal to them. Am I wrong?
Dont think it started until a few years ago. The early 90's Hyundia's where total crap built cars, they did a massive turn around in the late 90's like around 99/2000 and have been some of the best cars since. That 97 would be in the lemon years, and long before they started doing that 10 Year / 10K thing.
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Blandine Bureau 1940 - 2011
Missed 2012 by 3 days, RIP Grandma :-(
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Dedicated MacNNer
Join Date: Aug 2000
Location: Harrisonburg, VA USA
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Dont think it started until a few years ago. The early 90's Hyundia's where total crap built cars, they did a massive turn around in the late 90's like around 99/2000 and have been some of the best cars since. That 97 would be in the lemon years, and long before they started doing that 10 Year / 10K thing.
This was pretty much my understanding, and part of this post was looking for confirmation on the elantra's "lemon" status. It's worth noting that my wife drives a 2002 Santa Fe that I absolutely love and have had no problems with it despite putting nearly 76000 miles on it in three years.
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"Make good fight."
-Mr. Miyagi
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Posting Junkie
Join Date: Aug 2003
Location: midwest
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Originally Posted by grovberg
This was pretty much my understanding, and part of this post was looking for confirmation on the elantra's "lemon" status. It's worth noting that my wife drives a 2002 Santa Fe that I absolutely love and have had no problems with it despite putting nearly 76000 miles on it in three years.
I've been faced with this decision in the past and for me it came down to which is costing more in peace of mind, time, and trouble. For example;
- if you spend $2,000.00 in one year on repairs. (which is not difficult, believe me.) Then you have equaled a $166.00/month car payment. This was where I was at. I had a 1988 Audi CS5000 Quattro that was nickel and diming me to death. A little here, a little there. I bought a newer car (1997 Chrysler Sebring JX, but with an extended warranty and this was several years ago). I have eliminated the following issues;
- no running back and forth to mechanics.
- no failures on the interstate
- no failures on the way to work (as you know, breakdowns are NEVER convenient and they always occur on a full tank of gas)
- no running back to mechanics because the funny noise is still there.
- tow truck because you stalled out at the busiest intersection in town.
- missing or late to work waiting on tow truck because your call stalled at the busiest intersection in town.
- figuring out how and when to drop the car off and arranging rides in the meantime
- deciding what you'll go without in order to pay the mechanic who you're certain is trying to send his children to an expensive Ivy League school on the cost of your repairs.
I don't think you can put a value on these things, but I'm guessing it'd be at least $100/month in my opinion. One can get behind the wheel of a very decent vehicle for $200.00/month, eliminating the above. Which is easier, budgeting $200./mo or coming up with $500 in August, $350 in November, $210 in January. Wheww, everything's finally running great now I'm glad I didn't get that new car. Uh-oh, what's that ticking sound? ooh $650 in May, etc...
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Last edited by ebuddy; Sep 19, 2005 at 08:32 AM.
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ebuddy
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Dedicated MacNNer
Join Date: Aug 2000
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Originally Posted by Athens
Im not sure what to tell you, its really a personal choice. Do you like the car, do u have fun with it.
That's actually at the heart of the matter and the reason I'm so undecided. I really DON'T like the car. It's ugly and old lady-ish and runs terribly. If I want to do anything but drive to work, I have to use my wife's car. But that's not a good reason to spend $10,000 and I'm worried that I might be convincing myself that NEED a new car just because I WANT a new car.
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"Make good fight."
-Mr. Miyagi
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Addicted to MacNN
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Originally Posted by grovberg
That's actually at the heart of the matter and the reason I'm so undecided. I really DON'T like the car. It's ugly and old lady-ish and runs terribly. If I want to do anything but drive to work, I have to use my wife's car. But that's not a good reason to spend $10,000 and I'm worried that I might be convincing myself that NEED a new car just because I WANT a new car.
Life's too short to be driving around in a car you hate.
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Professional Poster
Join Date: Apr 2000
Location: Berkshire, UK
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Figure out what your primary goal is. If it's to buy a house, then do what's best to meet that goal.
When going for the mortgage, it's a whole lot better not to have another car payment. The better you credit score, the lower interest rate you will get. That can lead to more money in the pocket each month.
I feel your pain in driving a car you can't stand. I've been there. But think long term.
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Junior Member
Join Date: Sep 2005
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At crucial points in the novel, a twitch occurs, and Jack assigns it significant importance. Later in the novel, Jack briefly espouses the belief that all life is "The Great Twitch".
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Last edited by Volks; Jan 30, 2006 at 12:13 AM.
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Clinically Insane
Join Date: Dec 1999
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If that's the case, I'd recommend getting a used 2000+ Hyundai. Hell, even a new one. I found a no thrills 2005 Hyundai with only 3000 miles on it for $6,000. I mean, that's practically new. No power locks, manual, and no A/C. But hey, that's DAMN cheap for a car that'll last ya 100,000 miles.
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"…I contend that we are both atheists. I just believe in one fewer god than
you do. When you understand why you dismiss all the other possible gods,
you will understand why I dismiss yours." - Stephen F. Roberts
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See what the dealer will give you on trade-in. Then put down as much as you are able to so that you can lower your monthly payments. Put the difference from what you had been paying on your current car into paying off your debt and improving your credit. OR put that money into something like ING and let it gain interest. then when you have enough to pay off bills use it to do that and keep saving for downpayment on a house.
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"Evil is Powerless If the Good are Unafraid." -Ronald Reagan
Apple and Intel, the dawning of a NEW era.
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Mac Elite
Join Date: Aug 2003
Location: Minnesota
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Get a bike or a pair of inline skates. Better yet, buy the service manual for your current car and do the work youself. Cars are just not good investments.
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Professional Poster
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