I hate buying cars
Question of the Day:
Assume that you own your car outright. It is worth $6000. It needs $1800 worth of work right now. You were going to get a new-to-you car in 6 months. You were going to pay for the new car in cash and trade. What do you do? Do you do the work on the car (which won't add to the value)? Do you go ahead and buy a new car now?
It is a crazy problem that drives you crazy. I want comments here people. If you read this, then you HAVE to comment.
That's easy...gleaning what I've learned from my financial advisor, I'd pay for the fix, and then hold-off buying the newer car until I've saved the difference in what I just put into the car. Where this would get tricky, is what if the cost of the fix nears the actual value of the car? As someone who has just had that happen, you go get a second opinion and find a work-around solution!
Reply to this
Okay, couple thoughts here. First of all, $1800 worth of work on a new car is GOING to be worth something. Even if it doesn't increase the value of the car, at least it SOLIDIFIES the value.
Secondly, does it really NEED $1800 worth of work? Can't you live without the 22" spinners, Pete? So do $1000 worth of work, or at least buy the parts yourself and have your friends down at ReallyCrappy AutoRepair do the work for you.
Finally, take a look at your financial situation. How much savings do you have? What's your car payment, now and after the new car purchase? There's no formula for it, but taking a critical look helps. And don't forget to have a budget planning meeting with your spouse...
Reply to this
Ok. I think you should fix your car. You do not know what is going to happen in 6 months. You may have a huge financial issue and need that money set aside for a car and now you have a car that will last you another year or two if need be. Man I am getting old. A few years ago I would have been all about get the new car, get the new car.
Reply to this
Just guessing your car isn't like the above photo... pay the charges, keep your car, drive it until it's no longer safe.
Reply to this
depends on the work it needs. If the required repairs are truly required and diminish the value of your trade, I would consider doing the work and hold off on the new car for a bit.
Reply to this