1. k.little90
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    k.little90 Active Member

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    The Car... or the Loan?

    Discussion in 'The Lounge' started by k.little90, Oct 5, 2009.

    Hey, All! I have a little pickle that I'm hoping to get some advice on if any of you have a second.

    My car is sick! I went to turn it on to go to work for the night shift last night, and all I got out of it was a labored, grinding sound. We've already determined its something to do with the starter, but needless to say its not going to be going anywhere anytime soon unless I get it towed to a shop. This car is a 1991, so its getting to where things are wearing out all over the place. Both my driver side handle and passenger side handle are broken, so I have to crawl in through the back to get into the drivers seat. The tires are completely bald, so I will atleast have to buy 2 new ones before the first snow. The long and short of it is that this starter problem is one in a long line of problems. The reason I've been keeping the car around is because I don't have to make payments on it every month, which has saved me a huge amount of money.

    Anyway, I'm toying with the idea of getting a "new" car (college-student-affordable- new, that is :rolleyes:) but I'm having a slight money problem.
    My dad lent me tuition money for this semester so that I wouldn't have to drop out or take a loan out. I have been saving up so that I can pay him back in one lump sum, upon his request. He knows about the car problems, and told me to do whatever.

    So here's my question: Do I use my loan money to buy a "new" car, or should I pay to get the old one fixed and save the remainder of my money to give to my dad? Regardless of the choice, I still need to have a car as it is vital to getting to my classes and to work.

    Any advice is welcome! Thanks guys!
     
  2. ManhattanMss
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    ManhattanMss Contributing Member

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    Makes me think of Click and Clack (on NPR radio). I don't know if you listen to National Public Radio, but they have a show called Car Talk (also on the web, I think, at Cartalk.com). They're really very helpful with questions exactly like yours, because they know what can be fixed and what ought not to be and which options are more and less costly and why. Plus they're pretty funny. Might be other ways to get advice from them on their website, too, since it sounds to me like your question really has more to do with which way makes the best "investment" sense than whether it's "okay" to spend the loan money for fixing your car. They might have a forum for that. Try it, and good luck!
     
  3. hiddennovelist
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    hiddennovelist Contributing Member Contributor

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    I would look into how much it would cost to repair your car. If it's going to be cheap enough that it's worth it to get it fixed, go with that. If it's going to be expensive and there are other things that are likely to go wrong with it in the nearish future, then I would just get a new one...in the long run it will be cheaper.
     
  4. LordKyleOfEarth
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    LordKyleOfEarth Contributing Member Contributor

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    I'd search craigslist for a new ride. It will all add up, just be sure you are not buying someone else's problem car.

    Protip: if it's just the starter fix it (its really easy to do) and you can sell your ride for much more money (since it will be a running car).
     
  5. WhispWillow
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    WhispWillow Contributing Member

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    Good point. Basically do this, so it will be worth your while further down the road. If they don't think it will be worth your while to fix it, you may need to consider whether to get a new car or not.
     
  6. k.little90
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    k.little90 Active Member

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    Thanks for the advice guys! I ended up getting my old car fixed. The starter had gone out, so it was about $260 including the tow, which was a much better price than buying a new car. Hope it lasts... fingers crossed ;)
     
  7. Ashleigh
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    Ashleigh Contributing Member Contributor

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    I say buy the car! If you drown alot of money into the old car, it's inevitable that it'd be wasted - the car'll be on its way out one way or another, and I think ultimately you'd end up needing to borrow money from your dad rather than get to pay him back!
    No use kicking a dead horse - If it were a vintage car that you were really attached to then I could totally understand, but if you just need a car to rely on, then I think it's worth buying a new one.
    ----------------------------------

    Oops, just saw your last post. LOL. Well, save my post for the next time it conks out. Fingers crossed that it doesn't though!
     
  8. Henry The Purple
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    Henry The Purple Active Member

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    I agree that you shouldn't kick the dead horse! Even if you can repair the car, the probability of it remaining intact for a reliable period of time is slim...
     
  9. k.little90
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    k.little90 Active Member

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    ha ha! You guys are funny ;). No worries... I've decided this is the last repair. If it starts having more problems, I will get a new car!
     

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