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Its funny, that someone this broke would not only own two cars, but own two premium brand cars.
Regardless, the obvious solution seems to be to just keep the Audi and get the necessary, not cosmetic, repairs done and drive it as long as possible. Also the timing belt could last well beyond 100,000 miles, it may make more sense to wait until something happens.
Also, dont ever take out a car loan that has a 10% interest rate. You probably bought used. You would have been better off buying something cheaper brand new instead of paying that high of interest.
Its funny, that someone this broke would not only own two cars, but own two premium brand cars.
I noticed that but was just going to let that bit of info slide...
Quote:
Regardless, the obvious solution seems to be to just keep the Audi and get the necessary, not cosmetic, repairs done and drive it as long as possible.
I always think it's best to get a car paid off, and keep it up, keep it as long as you can, in the best condition you can...and drive it until the doors fall off. Now, granted, I buy new cars (not used), but alway keep them at least six years past the paid off date. The car doesn't really start working for you until you have no payments. Both my last cars which I had ten years I ONLY had to get rid off because of accidents and the insurance company totaled them. I bought new again but had to go back to a few years of payments. That broke my heart I HATED going back to car payments. (Some people say they expect to always have car payments. ANd I mean 700 dollar a MONTH payments. Not me.)
My only experience with an older car -- and it was a learning experience, was my mom had a paid off 1996 Mercedes my uncle gave her. I didn't know it but my brother didn't get COLLISION on it. Well, six months ago it was in an accident. It jumped gear rolled back and swiped a gat and a pole. So no 'at fault' or other driver involved.
The body damage is more than the car is worth. So my brothers say it's not worth fixing. So technically we have a perfectly decent car that's not worth fixing. I wondered why there was no collision. But then it was explained to me that even if we'd had collision the cost of that part of the insurance, could end up being more than the insurance company would give up back when they totaled the car. If it's true I don't know.
Having always had new cars and full coverage that included collision I've never thought about doing the math on the cost of collision coverage, how much you'd get IF a car is totaled -- and whether "It's worth it" to have collision coverage on an old car. As long as a car has no payments I tend to think YOU ALWAYS FIX IT no matter what. But this car has 3-thou worth of damage, and is said to not be worth that much. We MAY get 500 for it in it's present state.
That's part of my concern about the OP if he sells the Audi and keeps the Mercedes.
Its funny, that someone this broke would not only own two cars, but own two premium brand cars.
Regardless, the obvious solution seems to be to just keep the Audi and get the necessary, not cosmetic, repairs done and drive it as long as possible. Also the timing belt could last well beyond 100,000 miles, it may make more sense to wait until something happens.
Its funny, that someone this broke would not only own two cars, but own two premium brand cars.
Regardless, the obvious solution seems to be to just keep the Audi and get the necessary, not cosmetic, repairs done and drive it as long as possible. Also the timing belt could last well beyond 100,000 miles, it may make more sense to wait until something happens.
The 1980 BMW 320i (e21) is somewhat of a cult classic. It was purchased from the 3rd owner/friend for $750 and could fetch 2-3k in its current condition on the right car forum. It is more of a sentimental machine that my brother and I have been rehabbing than a second premium brand car.
But I guess you're right, someone as broke as me shouldn't have all this German machinery lying around. I guess that's why I posted in the first place, to get help and find a solution. I think I will just stay the course with this car and put in the necessary work to keep it on the road. The timing belt is pretty necessary and good to replace before something happens since it usually means new motor time if it does go bad. I can fix it and have it paid off by late 2012 and then can find out what to do with it title in hand.
Blame my impatience for wanting to get out of these loan terms as fast as possible for my post. I will never be taking a 10% rate on a late model luxury car again. My payment was only 250 but my interest and cost of ownership made it a whole lot worse of a situation.
You live and learn, I still have plenty of car buying/driving years ahead of me. At least I know my next car won't be a debt trap.
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I HATED going back to car payments. (Some people say they expect to always have car payments. ANd I mean 700 dollar a MONTH payments. Not me.)
