What do you do when your winter/beater car becomes a money pit?
 

I have a 97 Maxima that was my dad's and then passed to me as my first car in high school. It has been rode hard and put away wet....repeatedly. Several accidents between the two of us, some repaired and some not. About 120k miles, which I realize is not exactly "end of life" for a 97 Nissan.

So over the past few years, I have had to dump thousands of dollars into this car. New CV joints, new starter (twice), new alternator, tires, pads/rotors/calipers, etc. I know most of that sounds standard for an aging car, but there have been a number of other odd repairs in the past that I don't remember. Luckily my father in law is a mechanical engineer so he helps me with some of the repairs to save cost. It's getting to the point though where I can't take it in for a simple oil change without getting a list of 2K worth of repairs from the dealer. The car is probably not even worth 2K at this point, but I keep dumping money into it because I need it in the winter when my 370Z is in storage. My live-in girlfriend does have a car as well but I don't want to rely on her to drive me everywhere in the winter.

So what would you do in this situation? I'm already paying off my car loan for the Z so it seems ridiculous to even think about getting another car at this point. But at the same time, this thing is just eating up my wallet. I'm trying to save for an engagement ring/wedding right now so I can't keep dumping 1K here, 1K there to keep my Maxima running.

Once the money I spend on a car (for repairs) becomes as much or more than a car payment, it gets sold and I move on.

yea that's pretty much it^ just make sure the car you get to replace it has plenty of reliable life left

Dump it and by another beater. That or maybe lease a car?

Definitely get rid of it. You can buy another more reliable beater to replace it or just put winter tires on the Z ;)

+1

You plot to buy a second sports car, even though you shouldn't, specifically one with a 7L v8 pumping out near-as-makes-no-difference 500 hp.

Well, you might not, but I'm getting to that point as my Mazda's useful service life nears its end.

How do you define "Car payment" though? Say I have to spend 2K on my Maxima every year. That comes out to $166 /mo.

If I buy a 10K car with only 2K down and 3%, and assuming I have to junk my car and don't get a trade in value, that means a 3 year loan will be about 250/month for 3 years or 145/month for 5 years.

However, if I buy that same car with 0 down, that means 292/3yr, 180/5yr. What kind of loan duration are we talking about here, and what down payment, because there are a variety of different ways you could look at it. And that's not including any potential maintenance I would have to do on the new (used) car.

Also I'm just throwing it out there that I won't be putting winter tires on my Z because A) the road salt is really bad here in the midwest, and B) I go snowboarding and need a big enough vehicle to haul 2 boards and gear.

Factor in how a CLM like not showing up for work a time or three a year because your beater won't start and/or using vacation days to get stuff fixed instead of for a vacation, and it becomes clear that a paid-off beater is only worthwhile so long as it's at least somewhat reliable.

No question, if the car is a "money pit" you should look to move on. Or, if you don't think you can get a better/more reliable car for what this one's costing you in repairs, and it's not leaving you hanging, then deal with it & fix it.

Well, that's when it becomes a personal decision. If you can't purchase a vehicle that you want for $2000 per year or less (using your numbers), then continue with your current set up until the situation changes. It's a general rule of thumb, if you understand what we're saying, then you can take that information and adjust it to fit your needs.

Maybe stay the course and stick some extra money under the mattress when you don't have to spend it on repairs. Then you'll have more available cash to use towards a new(er) car when the time comes.

:iagree:

ok, thanks for the advice, guys. I think for now it's not worth it to sell the car, but it's still going to be hard to stomach these upcoming repairs. :(

:iagree:

if your spendings more than a $1000 a yr. in parts and repairs to keep the old beater going each year than its to much money.

Best beater to find is a late model car with some crash damage that can be easily fixed or just left alone and driven.

Sounds like winter wheels for the Z should be invested in.