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Newer used car or keep mine?

What should I do?

  • Fix current car

    Votes: 1 25.0%
  • Get a new to me car

    Votes: 0 0.0%
  • Put off a new car but save up a down payment to lower the monthly costs

    Votes: 3 75.0%

  • Total voters
    4

daisyduckie

Well-Known Member
Original Poster
I'm looking for some other points of view, besides my own. I'm trying to decide if I should keep my current old but low miles car or upgrade to a newer old car.

Here is the scoop: I have a 2003 Chevy Cavalier. It has been a great car! But recently I have begun to have to put a bit of money into it. Last month it was $550 for a new exhaust system. And just a few days ago my dashboard lit up light a Christmas tree!o_O According to my mechanic there is some sensor that makes the ABS brakes communicate to the rest of the car that is not working. At the part alone would be $600! I can still drive the car, I just have plain old standard brakes and not ABS brakes. Or traction control.

So I thought it was time for a newer car. But I was stupid and co-signed for a loan for a family member that they have been late on many many times. So now my credit score is awful, and I can't get a decent rate on a car. The best I can find is a 2009 Pontiac Vibe with about the same miles my current car has (70,000ish). But payments would be $220 a month. Which seems to be a lot for that car.

Do you think I should fix my current car and hope nothing else goes wrong, get the newer car, or save up for a couple of months and get a bit of a down payment to lower the cost of a new to me car?
 

Driver

Well-Known Member
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I'm looking for some other points of view, besides my own. I'm trying to decide if I should keep my current old but low miles car or upgrade to a newer old car.

Here is the scoop: I have a 2003 Chevy Cavalier. It has been a great car! But recently I have begun to have to put a bit of money into it. Last month it was $550 for a new exhaust system. And just a few days ago my dashboard lit up light a Christmas tree!o_O According to my mechanic there is some sensor that makes the ABS brakes communicate to the rest of the car that is not working. At the part alone would be $600! I can still drive the car, I just have plain old standard brakes and not ABS brakes. Or traction control.

So I thought it was time for a newer car. But I was stupid and co-signed for a loan for a family member that they have been late on many many times. So now my credit score is awful, and I can't get a decent rate on a car. The best I can find is a 2009 Pontiac Vibe with about the same miles my current car has (70,000ish). But payments would be $220 a month. Which seems to be a lot for that car.

Do you think I should fix my current car and hope nothing else goes wrong, get the newer car, or save up for a couple of months and get a bit of a down payment to lower the cost of a new to me car?
Another way of looking at that is
  1. Do you make payments on the car you have?
  2. If not then making repairs still puts you ahead financially because your paying for repairs only.
  3. If you are making payments plus repairs then a change could be a good idea.
  4. keep in mind a newer car ( with payments) does not guarantee "no repairs " $$$$
  5. You know the condition of your present car and what you have into it.
If you sell did you just fix it up for someone else to enjoy.
6) Lastly is the one you're thinking of buying a car that has hidden problems that someone is trying to get away from?
Just my 2 cents..... good luck!
 

StarWarsGirl

Well-Known Member
I think if you're caught between your own car and another used car that's 10 years old, you should stick with what you have. When you've got a car that's over 10 years old, you'll make repairs on it, but if you also have a car payment, you'll spend a lot more. And as the last poster said, you know the history on your current car.

Have you looked into whether you'd qualify for a new car loan? I bought my Honda brand new on .9% interest from Honda financial. All I had was credit cards on my credit score that I paid off monthly, and I still qualified. If you got something small, a Corolla or a Civic, and made a substantial down payment, you may still qualify.
 

Bullseye1967

Well-Known Member
If you can get by, it is always a good idea to pay more down and finance less. This would obviously lower your payments. I agree with other posters that buying another older car may get you repair costs plus a monthly payment. $600 may seem like a lot but that would be less than 3 months of payments on the newer car. If you can get by and save for a few months, you may be able to afford a more substantial down payment. It would also allow you the time to work on your credit score. Sometimes little things can make a big difference in your credit score. That can make a big difference in your finance rate.......just my two cents.
 

Tony the Tigger

Well-Known Member
Here’s what I just did:

Like you, I was driving a 2003, and everything was starting to go. I was spending more per month than a decent car loan to keep it going.

In my experience, when things start to go, it doesn’t get better from there.

My mechanic finally told me, “Why don’t you just get a lease for $200 a month?” He was sick of fixing it. 🤣

I had never leased before, and I was stubborn. When I blew a head gasket, I was out of options, plus my car no longer had any trade in value.

But I did end up leasing a 2018 leftover at a good monthly rate, it’s brand new, and under full warranty for the entire 3 year lease. Bumper to bumper, anything goes wrong, they fix it.

The peace of mind was totally worth it.
 

mkt

I Demand a Snackrifice
Premium Member
03 Cavalier? It's likely not even worth a grand - sell it for whatever you can get for it, and get something new or used.
 
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