What to do?

[~Beauty_from_Pain~]

I'm a college student who hates to take out any more loans than I have to. I currently own a 1995, Ford Aerostar that my Mom gave to me; it has major damage in front, and I'm told that it now needs about $900 worth of work on it. I keep on having to put money into it.

The question is, should I put the money into it, or should I go with getting me another car? Is it worth the financing, etc....remember, I am a "poor" college student who already has lots of loans...what should I do?

 

[~Beauty_from_Pain~]

PS. If I sold my car, I'm not even sure if I would get a couple thousand for it...probably way way less (according to K. bluebook)

 

[septemberskies]

Well this is a tuffy....

If you were sure $900 is all that is needed to get this baby up and running without a hitch, then i'd say pay it as it will cover you for a little while. But since that's not likely as you already keep putting money into it.... I think it would be better to get another newer model car.

In the long run you have to look at how long you intended to keep the car and weigh its repairs to the cost of paying a monthly car note. Keep in mind that if you do decide to get another car your going to have to (as least at first) invest more money into the newer used car as it will probably need a few things like brakes, tires, and etc. Look into your budget as to how much you can afford to pay if you updated your car. Also talk to a reputable mechanics about the car (go to a place like Midas or Pep Boys if you haven't already), lots of time they will flat out tell you if its worth investing a hefty $900 into.

Your going to lose money no matter how you flip the coin because you need a reliable means of transportation. But you want this to be ultimately beneficial because you do need a car.

I can really empathize with you... its not easy being a college student because we hardly have any money.

 

[Adela]

Cars are so expensive! I wouldn't want to keep a car that we had to keep putting a lot of money into, but I really wouldn't want to finance. We bought two really great older used cars and they have been great to us so far. Maybe you could buy one up front privately if you have the money, that's what we did. If you only need one to last a couple of years this might be a good way to go. One thing I've learned though is if you do buy a used car make sure you take it to a mechanic and have it really checked out first to make sure there aren't any major repairs needed.

How much would you want to spend?

 

[~Beauty_from_Pain~]

I'm not sure yet what I want to spend....lol...since it's like loan money.....ugh...