I have a 1995 Pontiac Sunfire with 114,000 miles on it. I realize this is good, and want to keep it for as long as I can as it is really good on gas mileage and decent overall. The problem is it has cost me so much money to repair. I got it in 2004 and had no problems til 2007. Since then I have spent $2200 on breaks, $1500 to replace the engine, $700 for the whole exhaust system, and roughly another $3000 for other issues with it. I still need to spend at least $1000 more in these next few months to replace a valve and my back struts. Should I spend the money to do this or get a new car?? The catch is that it is already totaled from someone hitting me last year, so I doubt I would get anything for a trade in value. It seems kinda pointless to put in another $1000 when I could put that towards a down payment. Any suggestions?
It is hard to asses a car that I cannot see. You will not get the money out of it for sure but if $1000.00 will fix it since you already know you have done most of the work needed then it may be money well spent. Used cars are very expensive here in So California prices have raised up in the last few months. You would need to spend between 7 to 12,000 to get a decent used car. At least you know what you have.
〉 Answered on Apr 21st, 2011 by Patricia Algier , Owner at Valley Dealer Exchange Inc
Only you can decide if you want to keep pouring money into a money pit. You will most likely never recoup any monies you have put in it.
If this keeps up you will have spent more money, than it would cost you to replace your current vehicle. sometimes we just have to let them go. You are correct that you most likely get very much on a trade, but it would allow the dealership to show a downpayment if you are short of cash.
Do some serious on line shopping on replacement vehicles you are interested in and also contact your personal baker or Credit Union to arrange the best financing available before you step foot in any dealership or sign any papers.
〉 Answered on Apr 21st, 2011 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)