Newer used car or keep mine?

[daisyduckie]

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! 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]

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! 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]

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]

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]

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]

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.

 

[Club Cooloholic]

Find that relative and give em a piece of your mind too! That said, look for another used car.

 

[Master Yoda]

Given your financial situation, I would keep the Cavalier. "The devil you know" most definitely applies when it comes to cars which makes what looks like a lateral move to another used car a bigger risk.

I would however look further into that $600 parts only ABS repair. The most common cause of a GM ABS light is a bad wheel sensor. Many mechanics insist on replacing the wheel bearing assembly along with the sensor as you often have to remove the bearing assembly to get the sensor out and the part is relatively inexpensive, but it is not necessary if you or a friend are doing the work. In some cases you can get away with just cleaning the sensors, but they are typically so inexpensive that it is just better to replace them and remove any doubt.

What you will need to do to determine what is wrong is have someone pull the error codes from the computer if your mechanic will not tell them to you. Most places like AutoZone, Advance Auto Parts, etc. will do this for you for free. The only problem with the free scans is the scanners they use are often generic scanners that rarely recognize manufacturer specific codes.

A good example of this was with my daughter's 2008 Saturn Vue. It too was giving me an ABS warning light. When they pulled the codes it spit out a generic ABS fault with no other specific information.( error code C1213 if memory serves me correctly)

What I ended up doing was getting a cheap BluTooth OBD2 scan tool from Amazon and then just searched the App Store for a free GM OBD2 reader app (ChevroSys Free). When I pulled the code using a GM reader it gave me a code that went to the exact wheel sensor that was bad.

$13 and and hour and a half later there was no more ABS light.

 

[daisyduckie]

UPDATE: Two days ago I purchased a 2011 Mercury Mariner. My cavalier started making yet another noise, and I was become afraid to drive the thing. I have a high interest rate (due to my relative and their trashing of my credit) but was told to check with my credit union in months or so and see if they will loan me the money to pay the car off.

 

[mkt]

UPDATE: Two days ago I purchased a 2011 Mercury Mariner. My cavalier started making yet another noise, and I was become afraid to drive the thing. I have a high interest rate (due to my relative and their trashing of my credit) but was told to check with my credit union in months or so and see if they will loan me the money to pay the car off.

The good thing is that Mercury Mariner = 2004-2011 Ford Escape. And with proper maintenance, those can go forever. I bought one as a beater back in PR that had over 250k miles when I bought it - all I did was put new (used) tires, brake pads, and fluids all around - and it's done another 70k miles on horrible roads without missing a beat.