I have a 1999 Pontiac Grand Am (100,000 miles) with only 2 payments left ($600 total). I now need a repair that will cost $750. The problem is that it is leaking coolant at a gasket at the manifold intake. Is this car worth putting this much money into? There has been nothing needed but routine maintenance up until now. I'm a single mom and son just started college this year, would like to hold onto the car for a while, if advisable.
In checking the value of the car, I found that it is worth about $1500.00 without the repairs, maybe $2000.00 with the repair.
With only 2 payments left, I would keep the car. Won't it be nice to not have a car payment? The $3600.00 that you have been paying per year will pay for a lot of repairs.
If you have taken good care of the car, I would have the work done. In two months, begin putting the money in a savings account for future repairs or toward the purchase of another car.
It is easier to make a decision about another car when you don't have the pressure of an untimely repair. When you begin looking for another car, consider a Certified Pre-Owned vehicle that has an extended warranty, so the next time a major repair comes up, it will be covered.
〉 Answered on Dec 12th, 2006 by Jenny Trostel, Partner at Anderson of Hunt Valley
If I were you, I would take it to a good repair shop and ask them to give it a thorough inspection and prioritize and give you an estimate for all repairs and service work it needs to be safe and reliable.
Then you can make an informed decision on whether to repair this vehicle of purchase a newer one.
Make sure you take it to an ASE certified technician to get the inspection. If the shops are reputable they will do an inspection for you for a small fee. It is very worth it to do this before you buy an used vehicle.
You can find an ASE certified technician near you by going here:
All My Best!
〉 Answered on Dec 12th, 2006 by Amy Mattinat, Owner and Author at Auto Craftsmen Ltd