I just got the estimate for my car repair. 4902.95. OUCH!! That hurts! My mom suggested that we go to a local bank and take out a loan to pay off my car and pay for the repairs. They would cosign for the loan. With their good credit, the payment would probably be about the same as it is now with my high interest rate. She has suggested using the car as collateral, but then I had a thought. If there is a wreck or something and their name is on the car, someone could come after them for money. So now I think that a signature loan would be the way to go. The rest of the car is in good working order and the transmission is new. So I definately feel that repairing it would be the way to go.
OUCH!!!
February 3rd, 2011 at 08:30 pm
February 3rd, 2011 at 08:59 pm 1296766769
Also, why fix it right away? Wait until it breaks for real... while running an engine low on oil is no good, there may not have been anything major damaged. The fact that its running and driving now is encouraging.
Chances are the noise will get much much worse before it stops running on you. You'll get a good warning beforehand. Any kind of loud and deep knocking is a bad sign.
February 3rd, 2011 at 09:48 pm 1296769736
Personally, I wouldn't fix it. Cut your losses. There are plenty of great/reliable cars to be had for MUCH cheaper than $4900.
(I come from the perspective of driving really old/inexpensive cars and never having any substantial auto repairs). I understand your resistance to keep on the old car/repair cycle, but some careful shopping can yield some really good cars that shouldn't be much hassle.
Also, maybe you can get a decent trade-in value for the car.
Is there any friends and family selling an old car that can cut you a deal? I'd also search out the granny cars (low miles/less popular models - I've seen GREAT cars in the $2k range - well maintained and parts under warranty still). Mercury come to mind. Sable, Grand Marquis.
February 3rd, 2011 at 10:29 pm 1296772179
February 4th, 2011 at 12:32 am 1296779562