Should I buy a new car or fix my old one?

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DerrickSong
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Should I buy a new car or fix my old one?

Postby DerrickSong » Fri Nov 09, 2012 2:09 am

Hi Guys!

I've been struggling to see how I should use my money saved up.

I'm saving up money for a down payment about 2 grand, for a new/used car.

My credit isn't that great - 629. My current car died on me a few months ago, the engine blew out on me. It's a 1999 Honda Civic Ex 2D, I've been having trouble with it for the past two years and its going on 230,000 miles!

Do you think its still wise to still try to get it fixed OR should I use my 2 grand to buy a new car? Any input would be greatly appreciated!


Robrus1
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Postby Robrus1 » Tue Nov 13, 2012 11:50 am

If it was me, I'd buy a different car. At 230K miles, it's going to become a money pit. Sounds like it already has.
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trumpet-205
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Postby trumpet-205 » Tue Nov 13, 2012 11:59 am

You will have trouble buying parts for a 20 years old car. You can visit your local scrapyard to see if you can find matching parts but I suggest it is time for car shopping.
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Postby kcarter609 » Tue Nov 13, 2012 2:03 pm

Pick up a used car that's within ~10 years, spend less than $2k on it, and drive it until it dies.

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paparoach429
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Postby paparoach429 » Wed Nov 14, 2012 12:07 am

I dont think it would be too hard to find parts for a honda civic, also its not 20 years old its 13. :) However I agree that its time to part ways. My car is at 197,000 and im just waiting for the day it completely takes a s***. Im trying to get my credit in order and figure out exactly what I want before that happens. I say put the 2k down on either something new or something you like that is rougly used. With 2k down im sure you will get something, most likely with high interest but atleast you will have wheels.

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Postby itsmeandrew » Wed Nov 14, 2012 1:10 am

I was in a similar situation about a year ago. My old car was a '95 and pooped out on me. I found an '06 Chevy Cobalt for 5K with less than 100K on it. I'm financing it through my local credit union at a 2.85% interest rate. They only required me to put down 20%. My suggestion is to find a decent used car for cheap and to try the rest through a local credit union.
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paparoach429
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Postby paparoach429 » Wed Nov 14, 2012 1:24 am

My problem is I like sports/turbo cars. They are hard to find in decent shape and high on insurance. The srt4s im looking at range from 7k to 13k, depending on mileage. Would you guys go for the cheaper car with higher mileage or pay more for the lower mileage?


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Postby trumpet-205 » Wed Nov 14, 2012 1:42 am

paparoach429 wrote:My problem is I like sports/turbo cars. They are hard to find in decent shape and high on insurance. The srt4s im looking at range from 7k to 13k, depending on mileage. Would you guys go for the cheaper car with higher mileage or pay more for the lower mileage?


That can depends on previous owner driving style. If previous owner lives in a city where he/she did frequent short trips I'd probably think twice. Frequent city trips puts more wear than long distance highway road trip.
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jlam572
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Postby jlam572 » Wed Nov 14, 2012 10:56 pm

You can get a replacement D16Y8 engine. (stock for your car) for about 500 bucks. Easy to swap out...I can do it in about 2 hours. For around 1500 you can build a 200hp GSR (mildly modded) engine and throw it in there. If you car doesnt have many other issues...I say keep it. My 1990 civic has around 260k miles on it.
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Postby Vermonster » Wed Nov 14, 2012 11:43 pm

Yeah I'm with jlam on this one for one reason, its a Civic, one of the most popular cars. I guarantee there is a civic with a good engine in every junk yard in America. I say drop $1k on a new engine and clutch, have it put in, and drive it for another 100k. You'll spend almost that much in the first 2 years of a new car on general maintenance.
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