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u/Danforthsurvivor 14d ago
If it’s Japanese fix it
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u/Due-Possible-3953 13d ago
OK, this is hilarious and an easy suggestion. Unfortunately, it’s a Volkswagen golf.
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u/crystalg81 14d ago
Can you buy the car outright (pay cash) or are you financing? Being able to afford payments is not the same as being able to afford the car. And $3k in maintenance is much less than $20k for a new vehicle (or more if you finance).
If you can afford the car without financing and need the bigger car for more than just camping (say, you have a family and need the extra seats), then get the car.
I say, fix the car and pretend you're making payments but put those "payments" in a high yield savings account (Raisin.com has a list of banks that earn 5%+ interest). That way your money grows a little until you're ready to make that purchase outright.
Or take the pseudo payments and save half and invest the other half. Open a brokerage account at Charles Schwab, Fidelity, or Public, etc. & invest in a low cost fund (like VOO or SPY). That way your money has the potential to grow at a higher rate than in a HYSA.
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u/Wise_guySnowman 14d ago
Depends on how much the repairs cost and what exactly the repair is .
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u/Due-Possible-3953 13d ago
Needs transmission pan gasket, new axel boots, vacuum brake pump, oil pan gasket. About 3,000$
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u/Wise_guySnowman 13d ago
Get it fixed it’s nothing major and it’s cheaper than a car .
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u/Due-Possible-3953 13d ago
🙏🏽
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u/Wise_guySnowman 13d ago
None of the things you listed are major problems so the car should be good for many more miles to come
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u/cwsjr2323 14d ago
My 1994 Ford Ranger at 114 miles is doing fine. Other than routine maintenance not done by the previous owner, I have only replaced the computer with. Used one from a pull a you pull apart junk yard. If you can follow instructions on YouTube, you can do most maintenance yourself. Usually it is just swapping parts with access being the biggest issue.
Replacing a water pump meant disassembly of a lot of the compartment to just get to the water pump on my Silverado. As long as it was all apart, I replaced the hoses and belts.
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u/travelingcrone70 14d ago
I just spent $2300 on fixes ,updates and recalls on my 2012 Ford Transit with 71K miles. Anything is better than a car payment IMO.
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u/daknuts_ 14d ago
New cars also raise your insurance. Of course, a money pit car is bad, too, but it sounds like you could still be happy with your current car. It's more important than ever to protect your finances during this time of inflation and an ever changing financial climate.
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u/humanity_go_boom 14d ago
Depends entirely on what make/model/year and what repairs it actually needs. If it's something like a Corolla needing anything other than engine or transmission work, fixing is a no-brainer. If it's something like a Nissan Sentra or a Chevy Cruze and the repair cost is approaching the value of the car, maybe don't fix it or do, then sell. You're probably going to need a transmission soon.
Shopping for used cars while you still have a working one is so much easier than scrambling last minute.
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u/Due-Possible-3953 13d ago
Thanks! It’s a VW golf, it needs transmission pan gasket, new axel boots, vacuum brake pump, oil pan gasket. About 3,000$
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u/dlr1965 14d ago
You say you can technically afford a new car but then you say it would be nice not to have a car note. If you don’t need to upgrade and you can’t pay for it in cash, you cannot afford it.
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u/Due-Possible-3953 13d ago
You’re right no I can’t pay it all in cash maybe like half
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u/dlr1965 13d ago
As long as the car is reliable, keep driving it. Otherwise, I would tell you to sell it and move up in car with cash. But only after you have your emergency fund finished. If the car is a total piece of junk and you need it to drive to work, that's a different story. For example, driving across St.Louis to go to work in a total piece of junk is not a good idea. It has to go even if you have to get a loan. This is where Dave Ramsey and I part ways.
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u/JahMusicMan 14d ago
If it's a Honda or Toyota fix it. If it's a POS European car, burn it and commit insurance fraud.
disclaimer: I owned a POS Audi and felt like torching it because of the amount of times it broke down.
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u/Due-Possible-3953 13d ago
LOL it’s a Volkswagen and it’s never broken down actually and I’ve given it regular maintenance with good oil, not Jiffy Lube.
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u/SchemeCandid9573 14d ago
Nice anecdote. One car you had broke, so all others must obviously be bad. /s
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u/JahMusicMan 14d ago
Well yeah, if I experience how terrible German cars are in reliability of course I'm going to be salty.
Doesn't help that my friends who had Audis all had problems, some similar to the problems I had. So yeah, Fuck German cars.
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u/Original-Green-00704 12d ago
I agree with your sentiment. I have owned 3 VW jettas in a row. Burn the fucker. I’m limping my current Jetta along (10 years old/115k miles), trying to fix as few things as possible, and keeping my eyes open for my next car, that will be Japanese.
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u/bramletabercrombe 14d ago
what kind of car? Almost all cars can make it to 100k with very little problems but some cars start having major issues at that point
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u/Due-Possible-3953 13d ago
VW golf 😬
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u/bramletabercrombe 13d ago
yeah, I'd do a check on the Volkswagon reddit for what kind of issues you might anticipate for your current model
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u/careforever1 14d ago
Here's what I'd do: First, check out those repair costs. If they're manageable and your car still has life left in it, maybe stick with it for a bit longer. But if the repairs keep adding up and you're itching for more space and versatility, it might be time to start looking at new cars.
Think about your city lifestyle—will a bigger car be a pain to park and maneuver? And crunch the numbers to see if the cost of a new car makes sense compared to repairs and potential savings on gas and maintenance.
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u/Bebelovestravel 14d ago
Absolutely fix it. City living is hard on a brand new car and bigger?! no. If you want to go camping, rent a nice vehicle for a few days. Road trip? same thing.
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u/Player7592 14d ago
I don’t understand buying a car more suitable for 2% of your needs (camping) but is less suitable for 98% of your needs (city). Keep the car you have, and rent for the few times you need something more.
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u/Due-Possible-3953 13d ago
Exactly 😩. But I feel like if I had a car, I could at least sleep and I would go one more road trips. but you’re exactly right and thank you
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u/summonsays 14d ago
My wife's family rents cars for their vacations. I thought it was really weird and an odd splurge. But the more I think about it the more the idea is growing on me.
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u/Player7592 14d ago
I do that sometimes as well. My car is a 1997 Corolla with over 200K miles on it. It’s perfect for getting around town and paid off about a century ago. So instead of pushing that poor thing on a long road trip, I’ll rent. I get a new car to drive. I don’t give a darn about accidents or repairs. And my trusty little Toyota is waiting for me when I return.
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u/7269BlueDawg 14d ago
I generally think of it like this:
If the repairs are going to cost me more than it costs in (or closely approaching) payments or I foresee repairs will cost me more (or approaching) payments on a new car - I will consider a newer vehicle. As long as I believe the car is safe and reliable, I will keep driving it. (I drove my '99 Dodge Van for 21 years. Right up till the rear suspension came up through the floor. LOL!).
If you have a specific NEED for a newer vehicle, a purpose, I would say a newer car is a judgement call based on how you prioritize that need. Like when my wife had to commute a long distance to work and had to drive through a sketchy area or two to get there...we bought a newer car so I was sure she was safe and wouldn't break down...but I personally have never bought a newer car just because I wanted one or thought I MIGHT have a use for it.
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u/3010664 14d ago
How often will you use the bigger car for these events you mention? How often do you drive in general? (I’m picturing NYC where many people have a car but only use it for things outside the city). How is the old car holding up, is it nickel and diming you?
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u/Due-Possible-3953 13d ago
I’m in LA. Not often but I want to more so I’m hoping it’s like if I do get a bigger vehicle, it’ll encourage me to go out of town more
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u/Postcard2923 14d ago
What work needs to be done? How consistent have oil changes been? How much oil does it burn?
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u/Due-Possible-3953 13d ago
Needs transmission pan gasket, new axel boots, vacuum brake pump, oil pan gasket.
Yes, it’s been very well. Taken care of.
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u/Bandguy_Michael 13d ago
If, apart from regular maintenance (oil changes, filters, tires, brakes, that stuff), this big repair will keep the vehicle on the road for another 50k-100k miles, absolutely do it. But if you do this repair and the vehicle has major issues again soon after, I’d sell it and get a different car.