Sometimes being an adult has it’s advantages. This time… it doesn’t. I found out yesterday that there are a number of things wrong with my car. The rear differential is leaking, the torque converter in my transmission is bad, and I may possibly have an abs issue. Total cost of fixing everything? Probably about $3500. I think my truck is worth about 4g’s… in GOOD CONDITION! So the dilemma I face now is should I fork the money over and fix it or give it up and get something new? Keep in mind the car is running right now and is drive-able. However, I’d rather not wait until the car dies to make a decision.
I do have the money to fix the old thing if I choose to do so. But is it really worth putting that much money into it? I actually haven’t had too many problems with it since I got it back in 2002 brand spanking new. I bought it for about 19,000… since then I’ve replaced all 4 tires twice, gotten new brake pads twice, had the fluid’s flushed twice… I think that’s about all. So the total cost of the car including maintenance has probably been about 21,500 for the last 7yrs. Is that good or bad? I really have no idea. I’m pretty new at this whole car buying, repair… business. Should I put more money into fixing a car that is most likely going to have more problems down the road? I’ve got a bunch of miles on the thing…. 115,000. 3 road trips to Florida and back probably didn’t help matters. But if I just suck it up and pay to fix it, I don’t have to worry about a car payment. Not having to make a payment the last 3 yrs has been pretty great.
Another option is getting a new one. Actually a new ’09 is absolutely out of the question unless I can get one at a bargain basement price. Which I guess in this economy is possible, but probably not with the kind of car I’d want. I started looking around yesterday and I think I’m set on a Nissan Pathfinder. I can’t not get an SUV of some sort. I don’t feel comfortable in cars… they are really hard for me to get in and out of b/c of my bad knees… occupational hazzard… .. j/k. Some have suggested crossovers, but I don’t really like the look of those either. I know they are all the craze these days, but I really think they just look like modernized station wagons. So now I’m on a mad hunt for a used low mile pathfinder. Well it seems Pathfinders have a pretty good resale value so finding a good deal on a used one has proved to be harder than I first thought. Plus with the economy being so bad, more people are buying used cars which is driving the cost of them up. What I found yesterday, though, is that some dealers actually still have new 08′s on the lots. Well this sounds okay to me. There’s not much difference between the ’08 and ’09 models, and I’m sure these ’08s have been sitting on the lot for a while seeing as we’re in the 3rd month of 2009! I’m thinking the dealers are wanting to get rid of these asap. Couple that with the fact that a car depreciates 35% after the first year, I’ve got good bargaining tips to negotiate down from. So with that being said, if I can get a new ’08 for just a little more than a used older model, I think I’d be willing to go that route.
I haven’t made any final decisions though. Like I said, my car is still running and it all depends on how desparate these dealers are to get rid of their SUV’s.