Financial Challenges Support Group
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Ok...I need your thoughts on this one.
We have a 2006 Hyuundai Sonata, we owe 3100.00. The reason we owe still is because we refinanced some years ago...dumb move, but at the time I needed to lower the monthly payments so my daughter could take over payments while she was in college. So all that said, when it started having problems, my daughter could not afford, we took the car, gave her one of our.
On the car, we just replaced the transmission for 1450.00 and it now needs a new compressor so the air will work, the estimate to fix the air and other things like tires, radiator hoses and an alignment is another 1500.00. should we get is fixed even though we owe 3100.? Or should we trade it in before it's too late and it become a huge money pit?
Please help!
Bright Shinning Light
We have a 2006 Hyuundai Sonata, we owe 3100.00. The reason we owe still is because we refinanced some years ago...dumb move, but at the time I needed to lower the monthly payments so my daughter could take over payments while she was in college. So all that said, when it started having problems, my daughter could not afford, we took the car, gave her one of our.
On the car, we just replaced the transmission for 1450.00 and it now needs a new compressor so the air will work, the estimate to fix the air and other things like tires, radiator hoses and an alignment is another 1500.00. should we get is fixed even though we owe 3100.? Or should we trade it in before it's too late and it become a huge money pit?
Please help!
Bright Shinning Light
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Tomorrow is National Relaxation Day but seeing how we already had a Moment of Zen this week and today happens to be a Friday, how about some relaxation jokes instead?! Namaste... enjoy! Happy Friday!
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If you only know one thing about me, it should be _____________________.
how many miles are on it and does anything else seem to be in need of repair?
So...you are contemplating getting rid of the Sonata because it requires $1500 in repairs. You just put $1450 in repairs, too.
A new car or a new to you car will cost...How much? $5k or $10k? Plus payments spread over time? Of course it will all depends upon how much of a car you get and if you finance it and for the number of months or years you finance it. You will have insurance costs on the new car as well as repair costs which will depend on the car and how "used" it is or if it is new then the cost is much higher than a used car.
My opinion is that the best option is to repair the car. It may be cheaper than purchasing a new one. When your finances improve then buy a new or new to you car. You can do a lot with this car for the next year or 18 months if you chose.
I know the lure of a new car or new to me car. Part of me feels like I need to have a new car because it is much safer, less repairs, better all around when really I have never been able to afford the new car.
I own my current car and it is a beater but it keeps me going where i need to go when I need to go . When I have zero debt and significant savings in the bank I will then contemplate a new car but until then this car will do. If it needs repairs I will repair it.
Best of luck to you.
Bright Shinning Light