Paying for a hatemobile, what should I do?

[dpodblood]

What's this?

The front of my exhaust, and the support for my radiator both rusted out. Both needed to be replaced at the same time to make the car safety inspect-able.

 

[Blackjack200]

Believe me I've learned my lesson on this one, and will never make the same error again, but this is still the situation I need to deal with.

I didn't have a car when I was in college, but a few of my friends did and got into bad situations. If not for seeing what happened to them, I could have easily made the same mistake.

 

[dpodblood]

I am thinking for my next car I will go one of 2 ways:

1) Buy something new (or nearly new) with a good warranty.

2) Buy something really cheap in cash so I don't need to care if its a POS and I can just get rid of it.

Unfortunately I wont have that opportunity for a while...

 

[Flipped Gazelle]

If your car is decently driveable, try taking it to a dealer and see if they would be willing to get you out from under it if you bought a car from them. At least make the inquiry so you'd have an idea as to where you stand with it.

 

[summit]

how many miles have you put on it yourself?

 

[bignateyk]

I am thinking for my next car I will go one of 2 ways:

1) Buy something new (or nearly new) with a good warranty.

2) Buy something really cheap in cash so I don't need to care if its a POS and I can just get rid of it.

Unfortunately I wont have that opportunity for a while...

If you're buying a reliable new vehicle, you really don't need to spend extra money on warranties. Most of them are just a scam.

Just buy a good new vehicle and follow its routine service schedule.

My advice would be to decide which new vehicle you would buy, then look for a used version of the previous year or something with like 30K miles on it. Will be cheaper, and almost as good as new.

You're problem is you overpaid for a beater. Nothing wrong with shelling out 10-15K on a used car, but get one that is low mileage and has been proven to be a reliable car.

 

[Blackjack200]

I am thinking for my next car I will go one of 2 ways:

1) Buy something new (or nearly new) with a good warranty.

2) Buy something really cheap in cash so I don't need to care if its a POS and I can just get rid of it.

Unfortunately I wont have that opportunity for a while...

You can get trapped with a new car too. Collision insurance will be more expensive, and even if you get into an accident, it won't cover your loan, just the value of the car. I have a friend that bought a new car (Hyundai), and got rear ended about a year later. The car was totaled and she was $8000 upside-down. So $8k in the hole and she didn't even have a car to drive.

I think the best thing to do is just buy less than what you think you can afford.

 

[dpodblood]

how many miles have you put on it yourself?

When I bought the car is had 140,000 KM on it. I have put on about 100,000 KM on it myself. When I bought the car I only lived ~5 min from work. Then I ended up getting a job 1.5 hours away and had to drive back and fourth every day. That's how the mileage ended up so high.

 

[dpodblood]

If you're buying a reliable new vehicle, you really don't need to spend extra money on warranties. Most of them are just a scam.

Just buy a good new vehicle and follow its routine service schedule.

My advice would be to decide which new vehicle you would buy, then look for a used version of the previous year or something with like 30K miles on it. Will be cheaper, and almost as good as new.

You're problem is you overpaid for a beater. Nothing wrong with shelling out 10-15K on a used car, but get one that is low mileage and has been proven to be a reliable car.

I totally agree that I way overpaid. Thanks for some good advice and not just raining down judgment like some other people around here

 

[Via]

I totally agree that I way overpaid. Thanks for some good advice and not just raining down judgment like some other people around here

With all due respect -

After posting a situation like that you have to expect some ribbing and flaming. Nothing anybody posts is going to screw you worse than you screwed yourself.

Just take it in stride.

 

[dpodblood]

With all due respect -

After posting a situation like that you have to expect some ribbing and flaming. Nothing anybody posts is going to screw you worse than you screwed yourself.

Just take it in stride.

True enough!

 

[PingSpike]

You're going to the wrong mechanic dude. You need to find one of those mechanics that inspects anything that can successfully drive into a garage and turn on its headlights. When a place says "you need your exhaust replaced or we can't inspect this" I drive my car somewhere else! That exhaust that needed to be replaced has been inspected 3 times since then.

If I fixed all the shit those stupid quick lube places said were wrong with my junker, I'd be fucking bankrupt. And yet, the car is still on the road...sure it smells awful sometimes but its not like I was trying to pull ass with it.

People down in the south and California can make their old heaps last forever. But your average 10 year old car from the tundra is already dying of salt cancer and had its suspension destroyed driving over frost heaves and pot holes. Gimp it along if you can for cheap, otherwise cut your losses and move on. God I hate cars. (On a side note, I'm looking into grease undercoating if I get a new car...no one does it up here but if it worked boy would it be worth it)

I don't think you can do much but just buy your way out of this one at this point. You got taken all over the place.

 

[Pantlegz]

You can get trapped with a new car too. Collision insurance will be more expensive, and even if you get into an accident, it won't cover your loan, just the value of the car. I have a friend that bought a new car (Hyundai), and got rear ended about a year later. The car was totaled and she was $8000 upside-down. So $8k in the hole and she didn't even have a car to drive.

I think the best thing to do is just buy less than what you think you can afford.

That's why you get gap insurance. worst case you're just without a car and not owing a shit ton of money on something you don't have.

 

[dpodblood]

You're going to the wrong mechanic dude. You need to find one of those mechanics that inspects anything that can successfully drive into a garage and turn on its headlights. When a place says "you need your exhaust replaced or we can't inspect this" I drive my car somewhere else! That exhaust that needed to be replaced has been inspected 3 times since then.

If I fixed all the shit those stupid quick lube places said were wrong with my junker, I'd be fucking bankrupt. And yet, the car is still on the road...sure it smells awful sometimes but its not like I was trying to pull ass with it.

People down in the south and California can make their old heaps last forever. But your average 10 year old car from the tundra is already dying of salt cancer and had its suspension destroyed driving over frost heaves and pot holes. Gimp it along if you can for cheap, otherwise cut your losses and move on. God I hate cars. (On a side note, I'm looking into grease undercoating if I get a new car...no one does it up here but if it worked boy would it be worth it)

I don't think you can do much but just buy your way out of this one at this point. You got taken all over the place.

Your absolutely right about the salt cancer, and potholes. Fucking destroys every thing on the road. Something's I probably could have gotten away without fixing, but the suspension stuff needed to be dealt with otherwise I would just end up on the side of the highway, or worse; in a ditch or a tree.

 

[Blackjack200]

That's why you get gap insurance. worst case you're just without a car and not owing a shit ton of money on something you don't have.

I've heard of gap insurance, but I don't know too much about it. Is it actually a separate policy from your liability and collision coverage, or is it just a rider on top of the collision insurance?

e: Also, gap insurance is, to me, another reason to stay away from new cars. Insurance is already expensive enough without having to put more insurance on top of it.

 

[Cal166]

Loved my '98 Maxima SE when I had it. What a great and fun car to drive!

 

[Eli]

As it just so happens I have the exact breakdown!

Oil Change/Exhaust Patch $121.97
Battery + Installation $107.33
Rear Brakes $795.92
Spark Plugs $67.77
AC Compressor $1,385.05
Exaust Patch $169.19
Spark Plug Installation $99.61
CV Boots/Sway Bar Links $569.95
Left Lower Control Arm $142.26
Left Lower Control Arm Installation $189.44
Tokico HR2 Struts $513.83
Shock/Strut Install and Alignment $393.24
Brembo Blank Breaks $475.65
Rad support + Front Exhaust $2,311.47
Right Front Axel + Install $350.75
Tow + Starter motor & install $451.29

I'm not a mechanical guy so I have to pay out the ass for labor.

Well, look on the bright side.. at least you have essentially a brand new car, now.

You can't count things like brakes and spark plugs. Those are maintenance wear items that you will have to pay for on any car. I don't see any big problems here, except 2.3k for a radiator support and "front exhaust". I'm not sure exactly what was repaired, but that seems a little outrageous.

IMO, you have WAY, WAYYY too much money into this car. You need to pay it off, and keep it until the doors rust off. Most of your maintenance is just that, maintenance. I thought you were going to say that you've replaced the engine and transmission twice each.

Getting sunk into another loan is NOT what you want to do right now. You need to pay this car off and try to get your money's worth out of it, which means driving it into the ground.

I know that isn't what you want to hear, I am sure you're excited about the prospect of a new car. Think of the long term, though. You're paying insane amounts in interest with a loan.

Think of it this way - The only reason this car hurts your wallet is because of the car payments ontop of the maintenance. If you only had maintenance, you would only be averaging $233/mo. Once your car is paid off, you'll be free. You've basically replaced every wear item on the car, it should last for quite a while now, as long as the engine and transmission are sound. The financially sound option is to keep the car and pay it off, and keep it some more. I doubt you will average $233/mo in maintenance over the next 2.5 years, given what has been replaced.

 

[CPA]

Let me get this straight you're paying $320 a month for a $6000 car. And you've had the car for ~2 years, which would mean you've paid ~$7680 for it so far, and have another 18 months, which would be an additional $5760. How fucking stupid are you? paying ~$13440 over 4 years for a 10 year old car worth less than 1/2 that. This can't be real...

Keep in mind he bought unemployment insurance (ripoff) and an engine warranty (probably cost about $2K) and his interest rate is probably over 10% by the sounds of it.

 

[dpodblood]

Well, look on the bright side.. at least you have essentially a brand new car, now.

You can't count things like brakes and spark plugs. Those are maintenance wear items that you will have to pay for on any car. I don't see any big problems here, except 2.3k for a radiator support and "front exhaust". I'm not sure exactly what was repaired, but that seems a little outrageous.

It's not that one particular job has been overly expensive other than the AC and the exhaust/rad support job, but when things break month after month its hard to get ahead.

 

[dpodblood]

Keep in mind he bought unemployment insurance (ripoff) and an engine warranty (probably cost about $2K) and his interest rate is probably over 10% by the sounds of it.

Yeah your right. The engine warranty was as ripoff, and I only got the unemployment insurance because I had a co-signer and just wanted to be safe. And yeah the interest is also brutal... 12%. I'll probably try to get a line of credit just to make the interest lower, even if I'm not getting rid of the car.

 

[Onita]

You need to find a new mechanic. Sounds like you're taking it into a big dealership type repair shop. Find a qualified, private mechanic who will do the work for 1/2 of what you're paying.

 

[LTC8K6]

I would not want to pay all that interest. I would be making massive payments to pay the loan off early.

Have you been paying extra each month? I would have been doing that with such a loan.

 

[Eli]

It's not that one particular job has been overly expensive other than the AC and the exhaust/rad support job, but when things break month after month its hard to get ahead.

See my edit.

Yeah, I understand, and that is a horrible feeling. But if the engine runs good and the transmission is sound, there isn't much left to replace. Based on what has been replaced in the last 2.5 years, you very well could get another 100,000km out of the car - only having to do routine maintenance.

Remember that any used car is a crapshot. At least you have a history with this one. You KNOW what has been replaced and what may need to be replaced in the future. If you buy another used car, you may have to start all over again.

 

[dpodblood]

You need to find a new mechanic. Sounds like you're taking it into a big dealership type repair shop. Find a qualified, private mechanic who will do the work for 1/2 of what you're paying.

The garage I take it to is actually quite good. The manager there has actually recommended I get rid of the car on several occasions, even though it has made them a ton of money. But they aren't cheap (labor is typically $70 an hour around here), and they wouldn't be willing to do an "inspection" if the car wasn't really passable.

Either way cheap mechanic or not this car has had a LOT of problems. Seems unusual even for a 10 year old car.

 

[dpodblood]

I would not want to pay all that interest. I would be making massive payments to pay the loan off early.

Have you been paying extra each month? I would have been doing that with such a loan.

I would like to make extra payments, but I am paying a lot on my credit card right now for all the repairs. Hopefully once that's payed I will be able to pay off the car quick and get something else.

Seems like the general consensus is I should spend as little as possible on the thing, pay it off as quick as I can, then get rid of it.