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Car Dilemma
OK ladies I need some advice here!
We have two cars right now. One we owe about 5k on and is our primary car. DH needs to drive to work, so he takes it every day. Our second car is my 94 Accord which was given to me by my dad (he bought it new in 94 and it eventually ended up with me). I mainly use it on the weekends to run errands when DH is working. Obviously, we owe nothing on it and the insurance on it is dirt cheap. However, it has 169k on it and needs some body work (prob about 2k) in order to pass state inspection at the end of the year. If I wasn't preggo, we probably would've gotten rid of it at the end of the year.
Here is where the dilemma comes in. With baby on the way, I will need a car to get baby to my parents' house in the AM once I return to work. I may also need to start driving to work in the new year. Other than the body work, it is in great mechanical condition, plus I know everything that was done to the car since it's been in the family for 18 years lol. Another car payment would be a stretch for us right now. If we pay off the other car, we then would have to come up with a down payment for a new one. If we buy a piece of junk for a few thousand, I am afraid we may regret it later on if the car dies and that we gave up a mechanically sound car that needs body work for something prettier with mechanical issues. Decisions, decisions!
Thanks ladies for your input!
Re: Car Dilemma
If it's in great working condition, I would just have the body work done so you can pass inspection. No sense taking on another car payment.
Not sure if it's possible, but maybe you could ask the repair shop if you can make payment installments if you are stretched thin?
#1 12.11.11
#2 10.23.13 EDD
I am a big fan of driving a car until it isn't fiscally prudent to do so. With that being said, here is what I look at.
$2K in repairs is $167 a month. Can you get a car payment for less? If it's just body work and not mechanical then I would do it, since the mechanics you expect to wear down.
But a car payment extends pass a year. Most loans are 3-5 years.
I would definitely try to just make the repairs instead of having a car payment or buying another used car where you don't know the history and may end up spending a lot more $$.
Also, do you have comprehensive insurance on your car? If not I highly suggest it, I have had 100% of the cost of replacing my windshield (3x between 2 cars) covered by the comprehensive.
New car could also mean a higher insurance premium. Also, you could probably afford to drop collision, but definitely keep your comprehensive (just check with the agent). There comes a time when the car is worth so little, that paying insurance to cover collision is throwing money out the window. In essence, you'd be making payments that cost more than what the insurance company would pay you in the event of a total loss.
However, you are still covered with comprehensive coverage. Certain repairs (like the windshield one, above) qualify as comprehensive losses.
Also, what kind of body work are you in need of? My dad has a shop (I don't think you are anywhere near S. Delco), but at the very least, I could ask him what usually passes/fails in regards to body work on an inspection.
Rust is usually the problem most people have, but the PA code does not indicate the size of the rust as a measure of pass/fail.
I'd put the $2000 into fixing your car, if you think you can get a few more years out of it (and if nothing else big is wrong with it). It's less than a downpayment/monthly car payment in the end.
Honda's can run forever. I used to work at a Honda Service department when I was younger, and we constantly had customers driving Hondas that were ancient and still running with no major issues. And besides, I'd prefer to have an older car that I know was looked after rather than take a chance on buying a used car from someone.
With regards to inspection, do you know any mechanics who might 'overlook' the bodywork issue for you? So long at the car is mechanically sound, of course.