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Car Repair Costs More Than The Car! What Should I Do?

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25 Replies to “Car Repair Costs More Than The Car! What Should I Do?”

  1. Dave is right, if you can get it by postponing it, that would be the better option. I'm not sure it would be the best option if you just look at it from a financial point, though, renting a car, even if it is only 300, is going to be more than the interest for one month on any 5-6000 you'd be lending, especially if you'd spend that 5-6 grand the next month, but he's right that our relationship with money isn't just financial, it's psychological. If you think you are strong enough to keep up the battle, do your maths and see if you can make a sacrifice paying off that extra debt. If not, do as Dave tells you.

  2. As soon as I heard $150k-$195k… good lord these people are stupid and can’t think for themselves. You make around $15k a month. You could literally buy a decent car within a month.

  3. We were in a similar position as well! We have one car. In September, we JUST paid for the power steering wheel to be fixed & after picking it up from the shop we were then informed that 60-65 issues showed up that was wrong with the transmission. Therefore, the entire transmission needed be rebuilt. We can no idea because until we brought it to the shop to fix the power steering wheel, it drove fine & none of the sensors went off about it. Turns out the sensor was broken & also needs to be replaced. We owe around $12k on the car & the amount for a new transmission plus the sensors were going to cost over $5k+ altogether. This is NOT including inner/outer damage costs from an accident I previously gotten into months ago! We wondered if it was worth it although we still owed so much. After much prayer, we decided to keep the car. Paid for a used transmission & the labor for it, significantly cheaper than paying for a brand new one. Come tax season, we want to pay down a big portion of our car debt as well as purchase another car w/ cash. (Not another car loan) That way, we aren't reliant on just one car.

  4. Cut the guy some slack. He's on the DR plan, he said he was looking to replace his car with another (cheap) $5500 car. He's clearly made mistakes but this is why the DR plan exists – many people are not educated about money, and often times when people get into this income level of 160-190k they think they are rich but they don't understand that cash flow =/= wealth. As a result, they get in trouble. It's incredibly easy to torch 165k gross and wonder where your money went, if you are not educated about personal finance.

  5. Save for a week (assuming that in 2 weeks he can save enough to get the car fixed), call the mechanic next week and have them do the transmission. At the end of the second week his car is waiting for him already fixed. Pay the mechanic and he's all set. He's in Richmond, VA and so am I. There are places like the local junkyards that will hook him up with a mechanic and can install a used transmission. I would rather put the money into the car you know that all it needs is a transmission.

  6. How about just fixing the car and then you have a running car for another couple of years, I'm pretty sure that transmission couldn't cost more than two to three grand to fix oh, still cheaper than a car payment, but this goes back to my old saying you're either making car payments or a reliable car or making the equivalent of car payments fixing it old car

  7. I payed off $26K in collage debt five years early making $12 per hour. He is making $14K a month and can't find $5,500 in the budget. Get an economical house, you don't NEED a multi million dollar mansion. Stop all luxury spending and embrace minimalism. Only eat the food you cook. No more movies, plays, operas, concerts, etc. for the next three months. You don't need stuff to make you happy, you just need to spend time with the people that matter the most.

  8. This is the question I always hoped you’d answer!!!! This was my situation at one time and although I picked a solution that I still don’t agree with (it unfortunately became a joint decision with my parents) I am now hoping to sell the car (that i can’t afford) within a year and get something I can afford and pay off completely at the time of purchase. At the same time tho I’m currently attacking my student loan debt now that i have a stable decent paying job (that doesn’t even feel like work bc I love it so much.). Anyway, so grateful I came across you, you’ve been extremely helpful and helped me successfully pay off my $2,800 in debt on my CC (I sold so much of my stuff it was crazy and I got a second job!). And I just paid off $1,400+ on my student loans and honestly am so motivated by all that I’ve learned from you so far. I have a lot more to learn, and really need to commit to finding a cheaper car (obvi the sooner the better..) but im gonna keep coming back to learn more!!! Thank you for all the lessons you share!!! ❤️❤️❤️

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