Repair or buy?
April 2, 2011 9:05 AM Subscribe
Help me navigate recent accident damage and whether or not I should buy a new car with 0 down!
So I have a 1998 Corolla with about 111k miles that I love to death. I use it to commute, which is 30 miles each way in LA traffic (it sucks as much as it sounds). I just put $1k into the car for new brakes, which I had hoped would buy me some time so I could save up some money for a down payment on a new car. It seems to be on its last legs anyways, the transmission is starting to stick, but I love it for its gas mileage, and the fact that I don't have to make a car payment.
However, I just got into a fender bender with an SUV, and now my hood won't latch and there's damage to my front bumper, so I need to get that repaired. I'm guessing about $750, is that about right? Is it worth it sinking another $500+ into this car, if i'm just going to need to buy a new one soon anyways?
I don't think I could lease (due to my long commute), is that a correct assumption?
So, my option would be to buy. I have been looking at cars like the Mazda 3 (which a friend has and loves), Honda Civic, and Hyundai Elantra. Are there any other cars I should be looking at? What is it like buying a new/used car with 0 down?
tl,dr: Should I spend money to fix a damaged hood on my old car and save for a down payment, or just buy a car with 0 down?
So I have a 1998 Corolla with about 111k miles that I love to death. I use it to commute, which is 30 miles each way in LA traffic (it sucks as much as it sounds). I just put $1k into the car for new brakes, which I had hoped would buy me some time so I could save up some money for a down payment on a new car. It seems to be on its last legs anyways, the transmission is starting to stick, but I love it for its gas mileage, and the fact that I don't have to make a car payment.
However, I just got into a fender bender with an SUV, and now my hood won't latch and there's damage to my front bumper, so I need to get that repaired. I'm guessing about $750, is that about right? Is it worth it sinking another $500+ into this car, if i'm just going to need to buy a new one soon anyways?
I don't think I could lease (due to my long commute), is that a correct assumption?
So, my option would be to buy. I have been looking at cars like the Mazda 3 (which a friend has and loves), Honda Civic, and Hyundai Elantra. Are there any other cars I should be looking at? What is it like buying a new/used car with 0 down?
tl,dr: Should I spend money to fix a damaged hood on my old car and save for a down payment, or just buy a car with 0 down?
Is it worth it sinking another $500+ into this car, if i'm just going to need to buy a new one soon anyways?
Look at it this way: you spend $750 and you buy yourself months to put off getting the new one. In those months you can be saving for a bigger down payment, or shopping around for the perfect deal… whatever. Seems a small price to pay, and it's already paid for so you only have to pay it once. I've never seen a "0-Down" deal that didn't end up costing more in the end. Ever. That's the whole point of them.
posted by Civil_Disobedient at 9:31 AM on April 2, 2011
Look at it this way: you spend $750 and you buy yourself months to put off getting the new one. In those months you can be saving for a bigger down payment, or shopping around for the perfect deal… whatever. Seems a small price to pay, and it's already paid for so you only have to pay it once. I've never seen a "0-Down" deal that didn't end up costing more in the end. Ever. That's the whole point of them.
posted by Civil_Disobedient at 9:31 AM on April 2, 2011
Just figure out a way to get the hood to stay down, and ignore the other damage as long as the car is driveable.
posted by Slinga at 9:36 AM on April 2, 2011
posted by Slinga at 9:36 AM on April 2, 2011
Best answer: Your assumption that "you are going to have to buy a new one soon anyway" is erroneous. Corollas are quite durable and should be viable to 200k.
I would guess market value of a '98 Corolla to be about $2000-$2500. So you could think of doing the repairs as spending $1000-$1500 (hood and tranny) for a $2000 car.
Another way to look at it is that you will spend the amount on the repairs on roughly the first three months payments on a new car. After that, you are out of pocket every month for a rapidly depreciating asset.
You probably have better things to do with that money. Fix the Corolla.
posted by dzot at 9:40 AM on April 2, 2011 [1 favorite]
I would guess market value of a '98 Corolla to be about $2000-$2500. So you could think of doing the repairs as spending $1000-$1500 (hood and tranny) for a $2000 car.
Another way to look at it is that you will spend the amount on the repairs on roughly the first three months payments on a new car. After that, you are out of pocket every month for a rapidly depreciating asset.
You probably have better things to do with that money. Fix the Corolla.
posted by dzot at 9:40 AM on April 2, 2011 [1 favorite]
Fix it, but have it done right. Because if there is something along the lines of chassis damage, that could create a rash of new problems. Toyotas (definitely the pre-2005s) are built to last. I'm surprised to hear that a 1998 only has 111k on it. It's still got a long way to go.
Zero Down only works in your favor if the world economic system collapses sometime soon.
posted by philip-random at 10:12 AM on April 2, 2011
Zero Down only works in your favor if the world economic system collapses sometime soon.
posted by philip-random at 10:12 AM on April 2, 2011
Do the bare minimum to fix the Corolla (ie, who cares what the bumper looks like). Start saving for a new one towards the end of the year (0 down is a hard sell nowadays, plus the point jon1270 makes about depreciation - you want to throw at least $500-$1000 down).
But if you just paid $1,000 for brakes - take it somewhere else for this new work. I don't see how a brake job could have cost that much money....
posted by ish__ at 10:14 AM on April 2, 2011
But if you just paid $1,000 for brakes - take it somewhere else for this new work. I don't see how a brake job could have cost that much money....
posted by ish__ at 10:14 AM on April 2, 2011
Response by poster: Thanks everybody. I was hoping that there would be a way i could get a new car out of this, but looks like no.
ish___: it was new rotors and pads on the front, new pads on the back, a oil change, and a new steering tube that was leaking for $1000. did i get hosed?
posted by wayofthedodo at 10:24 AM on April 2, 2011
ish___: it was new rotors and pads on the front, new pads on the back, a oil change, and a new steering tube that was leaking for $1000. did i get hosed?
posted by wayofthedodo at 10:24 AM on April 2, 2011
Power steering hose? I've paid $300 for front rotors and pads, and an oil change. It should be about $125 parts and labor for the rear pads and estimates for the hose + labor are about $200 so it sounds like you got worked.
(Shops tend to charge far more than they pay for parts. A shop wanted $671 for a part that was $250 at a local parts shop, $200 on Amazon.)
posted by ambient2 at 11:28 AM on April 2, 2011
(Shops tend to charge far more than they pay for parts. A shop wanted $671 for a part that was $250 at a local parts shop, $200 on Amazon.)
posted by ambient2 at 11:28 AM on April 2, 2011
I'm no expert (I just do my own brakes); but that sounds like a bit fishy. Totally run of the mill car - pads and rotors on 2 wheels, pads on 2, oil is all less than $500. I dont know what the steering tube should be - so maybe that's on the up & up but meh.... sounds fishy I guess.
On the other hand - if you're satisfied with the work, what's done is done :)
Take it to a few shops this time around and get different $ estimates if possible.
posted by ish__ at 1:37 PM on April 2, 2011
On the other hand - if you're satisfied with the work, what's done is done :)
Take it to a few shops this time around and get different $ estimates if possible.
posted by ish__ at 1:37 PM on April 2, 2011
A new car, especially with 0 down, will cost you hundreds per month. If you're happy with this car, even if it costs you $750 to fix it, that will be less than 3 months payments on a new car. Totally worth it.
posted by Simon Barclay at 4:56 PM on April 2, 2011
posted by Simon Barclay at 4:56 PM on April 2, 2011
FWIW, if your transmission is starting to stick, when was the last time you got your transmission fluid changed? Usually it's done every 50-60k miles, so you're probably due. Get that done, it'll cost a few hundred probably but your transmission is likely fine and just needs a fluid change. Really.
posted by InsanePenguin at 5:58 PM on April 2, 2011
posted by InsanePenguin at 5:58 PM on April 2, 2011
it was new rotors and pads on the front, new pads on the back, a oil change, and a new steering tube that was leaking for $1000. did i get hosed?
Rotors will run you ~$100 a side after you return the old cores, pads are cheap, oil is cheap, and I have no idea what a steering tube is supposed to be. Factoring in "extras" like high-temperature brake grease, a new oil filter, etc., you're looking at maybe $300 in parts and maybe 4 hours of billable labor. If the problems you were having with you steering cost $500, then no you didn't get hosed. Otherwise… yeah, probably a little. Either get a mechanic you know and trust or learn how to do your own brakes (or ideally, both!)
posted by Civil_Disobedient at 8:50 AM on April 3, 2011
Rotors will run you ~$100 a side after you return the old cores, pads are cheap, oil is cheap, and I have no idea what a steering tube is supposed to be. Factoring in "extras" like high-temperature brake grease, a new oil filter, etc., you're looking at maybe $300 in parts and maybe 4 hours of billable labor. If the problems you were having with you steering cost $500, then no you didn't get hosed. Otherwise… yeah, probably a little. Either get a mechanic you know and trust or learn how to do your own brakes (or ideally, both!)
posted by Civil_Disobedient at 8:50 AM on April 3, 2011
This thread is closed to new comments.
posted by jon1270 at 9:16 AM on April 2, 2011