How do you decide when to quit spending more money to keep your used car running?

16Nov2007 Filed under: Used Cars Author: admin

Sue Chef asked:

Currentley, I have spent 1,000.00 American to keep a 3,500.00 used car running. I could sell it for three thousand and five or spend another 800.00. If I spend the eight, the mechanic assures me it will be fine. Until the next time it developes another problem. I know this is difficult to answer without all the specs but I am just looking for a general answer. I would be grateful for any help I get. I have an ‘88 Bronco with a rebuilt engine. I can afford to but another used car for 5,000. but I wonder if it will be any better. Also, I don’t know to much about cars, how to select a good used, that is. The mechanics assure me the bills are high because it is a V-8 with 4-wheel drive and worth the money. What with gas prices and all, I am beginning to wonder if I should just get something else. Please Help. I appreciate your answers.

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4 Responses to “How do you decide when to quit spending more money to keep your used car running?”

honky_tonk_amnesia
November 18th, 2007 at 5:37 am

When the repairs consistently cost more than a new car payment, it’s time…..
chuckclone1
November 19th, 2007 at 10:08 pm

SELL THE P.O.S and get a car that needs no fixing. they are out there.i wish i were your mechcanic, i’d be rich. quit being a sucker.
FreedomLover
November 23rd, 2007 at 2:25 am

First of all, an ‘88 Bronco is not worth anywhere near $3500.00. Try more like 1500-2000 IF it is REALLY nice. The rebuilt engine adds zero value. When the engine died, it was worth Zero. The fixed engine restored the value to the previous condition.

A good rule is that if a vehicle is more than 80% depreciated, if the repair cost will exceed half the value of the vehicle, throw it away and get a different vehicle. For example, your Bronco sold for about 14,000 when new. It is now worth about $2,000.00 Therefore it is 85% depreciated. It is a close call, but I would be tempted to sell it for whatever I could get and take $4,000 and buy a newer vehicle.

Fire your Mechanic. These Broncos are inexpensive to work on. Sounds to me like he is taking advantage of you. V8 engine repair bills are not higher than any other type of engine, and the 4wd has nothing to do with any repair that is not part of the 4wd system. If your mechanic thinks it is a great truck then sell it to him. And FIRE HIM IMMEDIATELY!!! A Good Mechanic will never tell someone whether or not a repair is worth doing. He will Educate and inform, but should NEVER make that judgement call. Interesting that the Judgement call he favors is YOU spend BIG MONEY with HIS REPAIR SHOP!!! Does he have a Kid in College? A new Corvette to pay for?

Good Luck!
acmeroadrunner2003
November 24th, 2007 at 5:18 pm

Unless you are going to buy a new car or an almost new car I wouldn’t necessarily get rid of the Bronco to buy a used car. You will just be buying somebody else’s problems. The first thing I would do is go get a second opinion as to whether or not the car will be “fine” after this $800.00 repair. Considering gas prices I don’t know how good of an investment it would be to continue fixing the Bronco.