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I have a 2002 Honda Civic EX coupe manual transmission with 111000 miles on it. It needs new ball joints and control arms and AC compressor; when I shift into third gear it grinds; my intermittent wipers don't work anymore; and my rotors need to be replaced because they are warped. In addition to those, my power locks don't work anymore. I have a salary of $49000 a year working as a teacher in NYC and currently carrying $23000 in student loans. Expected graduation date is May 2014. I have about $30K in the bank. I owe $2900 for car repairs over a 5 year span. I plan on getting married in 2-3 years.
Should I keep the car and make the wear and tear repairs or should I buy a NEW used car or new car? I was thinking about the new Mazda 6.
Is it financially wiser to just keep my current car?
Your current car sounds like its about to be a never ending money pit, its gotta go, a new Mazda 6 will just sink you $20K deeper in debt, id be looking for a private well maintained low mileage used car in the under $10K range preferrably closer to $5K. If you had no debt a new car might be an option,however if you arent that comfortable buying a used car you could look into a super low end economy car like a Hyundai Accent, however even though the car is listed for under $13K out the door price will be closer to $15K. 10 cheapest cars: Why (almost) nobody buys them
Your current car sounds like its about to be a never ending money pit, its gotta go, a new Mazda 6 will just sink you $20K deeper in debt, id be looking for a private well maintained low mileage used car in the under $10K range preferrably closer to $5K. If you had no debt a new car might be an option,however if you arent that comfortable buying a used car you could look into a super low end economy car like a Hyundai Accent, however even though the car is listed for under $13K out the door price will be closer to $15K. 10 cheapest cars: Why (almost) nobody buys them
Why not another used car? At 110K it sounds like you just got unlucky with this Honda. A Corolla should be very reliable and the right size, for way less cash.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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If you have the time and patience to deal with the scammers and low-ballers
that you will get selling what is now considered a "beater" car, go ahead and sell it first. In that condition you wouldn't likely get more than about $1,000
trade in but that would be the easier route. In your current situation it seems
a bad idea to go into debt for another $20,000+ for a new Mazda6. I would go for something you can better afford, either a used one or a less expensive model such as the Mazda2. I would not fix everything first, you would not be likely to get back the cost of the repairs when you sell it.
Living in NYC and not use public transportation is plain stupid. Although it is dirty, crowded and at times, can take a long time but it is better than having a car, paying insane insurance rates, deal with parking and congested traffic.
I agree with others. Look into public transportation.
In your situation, I wouldn't advise going further into debt. You don't make a lot of money for NYC. So you spent $2900 in repairs over 5 years? That is only $50 per month.
I say fix your car, and then spend what you would have spent on a new car towards your student loans.
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