Decision time!
Feb. 14th, 2008 12:06 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
llcoolvadMostly thinking aloud here. I think it's getting to be that time; the time when I have to decide if throwing more money at my car is a good idea, or if getting a new(er) car is the better idea. My car (1996 Honda Civic hatchback) is 12 years old, and I've had it for 11 of those years. It's been pretty reliable. Has 131,000 miles. Is comfy, has a lot of pickup and zip, no body problems or rust, and I like the manual transmission especially in the snow.
Current problems: Exhaust has small hole. Water leak in back hatch area somewhere, causing spare tire well to slosh around with water, which also makes it very hard to get interior humidity under control leading to constantly fogging windows. Irritating electrical problem somewhere, causing battery drain if car not driven Every Single Day. Another damned heat shield about to fall off (this one in front wheel well, held up with duct tape currently). Estimates to repair: $600 for exhaust, $150 for shield, god only knows for the rest (since first they'll have to FIND the problems).
These are not new issues. I've been driving the car like this for years (ok, the most recent shield is fairly new, but meh). The exhaust hole doesn't make any noise and I still pass inspection, so I've been ignoring it. The electrical problem is mainly an issue on freezing wet days like yesterday — today I almost didn't get the car started at all and it was only sitting there for a little more than 36 hours. But overall, not that many problems. Nothing major and engine-y.
My thinking is that I could probably get it all fixed for under $2k. If I try to buy a used car, judging from the listings I've checked out on cars.com and vehix.com, a 3 year old car is going to cost me between $8k-$10k. And it will potentially have problems I don't know about. I don't want to buy older than 3 years.
It's not the expense. I live with Mom; I could afford a brand new Lexus or BMW or whatever if I wanted to make payments. But I am a firm believer that 1. brand new cars are a huge waste of money, 2. luxury cars are even more of a huge waste of money, and 3. car payments suck. So I have finally decided that I want to buy used when I buy, and I'd like to pay for it outright. I have $5k sitting in savings, and I haven't done my taxes yet, so I can probably come up with another thousand or so after I do. Then there's Bush's $%#^@& "rebate," another $600. I have another few hundred in my other savings, so altogether I could easily have $7k available. That's almost a good used car right there, especially if they give me something for my trade-in.
Hmm — that's ALL of my savings. Doesn't leave me any wiggle room in case of some kind of emergency. I have credit cards for emergencies, but since they all newly have zero balances I'm pretty keen on leaving them that way. If I spend the $2k now, and leave the rest in savings to make some interest, and combine what's left with what I get next year for taxes and bonus, maybe then I could get a car and still have some left over?
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Ha! Just discussing this with exceptionally thrifty coworker. Suggestions from same: 1. pull out plug in bottom of spare tire well. Water comes in, water goes out. (Will explore right now!) 2. more duct tape on the heat shield. 3. Go out and start car every day. 4. Ignore exhaust until either woozy from carbon monoxide or fail inspection, whichever comes first. He's funny.
But maybe there's a happy medium? Sigh.
Current problems: Exhaust has small hole. Water leak in back hatch area somewhere, causing spare tire well to slosh around with water, which also makes it very hard to get interior humidity under control leading to constantly fogging windows. Irritating electrical problem somewhere, causing battery drain if car not driven Every Single Day. Another damned heat shield about to fall off (this one in front wheel well, held up with duct tape currently). Estimates to repair: $600 for exhaust, $150 for shield, god only knows for the rest (since first they'll have to FIND the problems).
These are not new issues. I've been driving the car like this for years (ok, the most recent shield is fairly new, but meh). The exhaust hole doesn't make any noise and I still pass inspection, so I've been ignoring it. The electrical problem is mainly an issue on freezing wet days like yesterday — today I almost didn't get the car started at all and it was only sitting there for a little more than 36 hours. But overall, not that many problems. Nothing major and engine-y.
My thinking is that I could probably get it all fixed for under $2k. If I try to buy a used car, judging from the listings I've checked out on cars.com and vehix.com, a 3 year old car is going to cost me between $8k-$10k. And it will potentially have problems I don't know about. I don't want to buy older than 3 years.
It's not the expense. I live with Mom; I could afford a brand new Lexus or BMW or whatever if I wanted to make payments. But I am a firm believer that 1. brand new cars are a huge waste of money, 2. luxury cars are even more of a huge waste of money, and 3. car payments suck. So I have finally decided that I want to buy used when I buy, and I'd like to pay for it outright. I have $5k sitting in savings, and I haven't done my taxes yet, so I can probably come up with another thousand or so after I do. Then there's Bush's $%#^@& "rebate," another $600. I have another few hundred in my other savings, so altogether I could easily have $7k available. That's almost a good used car right there, especially if they give me something for my trade-in.
Hmm — that's ALL of my savings. Doesn't leave me any wiggle room in case of some kind of emergency. I have credit cards for emergencies, but since they all newly have zero balances I'm pretty keen on leaving them that way. If I spend the $2k now, and leave the rest in savings to make some interest, and combine what's left with what I get next year for taxes and bonus, maybe then I could get a car and still have some left over?
-------------------------------
Ha! Just discussing this with exceptionally thrifty coworker. Suggestions from same: 1. pull out plug in bottom of spare tire well. Water comes in, water goes out. (Will explore right now!) 2. more duct tape on the heat shield. 3. Go out and start car every day. 4. Ignore exhaust until either woozy from carbon monoxide or fail inspection, whichever comes first. He's funny.
But maybe there's a happy medium? Sigh.
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no subject
Date: 2008-02-15 02:09 am (UTC)no subject
Date: 2008-02-15 02:29 am (UTC)(And keep the old stereo so you can switch it back when you sell or if the new stereo doesn't work out for some reason.)
Also, it's good for the environment to keep re-using your old car. Also, I bet it's cheaper to repair than the newfangled hybrids will be. And the mileage probably isn't even that much worse.
Also, I'm generally opposed to using all your savings if you don't have to. And I like to have my savings split up in my head (by which I mean in a spreadsheet) as to how much is for emergencies, how much is for the next car, etc. Which doesn't mean I never borrow from one category to pay for another category, but it makes it easier to tell myself that I can afford certain things once I have enough in the appropriate category.
no subject
Date: 2008-02-15 03:15 am (UTC)I think I've been leaning this way anyway. I hate shopping. Shopping for something as big as a car is practically paralyzing. I like my car fine. And you're right, no auto seat belt thingie.
And I *hate* the idea of spending all my savings. Now that I HAVE savings. But shiny newish car...
Oh foo. I still haven't made up my mind!
no subject
Date: 2008-02-15 03:47 am (UTC)Hmm, shiny. Can you wax your car? Or pay someone to? Like maybe that special unemployed friend? Especially if there's a (warm) garage around somewhere he can use during the day?