Question

Yesterday the transmission went out on my paid off 2006 Ford Five Hundred. A brand new one costs $4-5k due to the computerized parts. We paid $4k for it last year. My thought process is to list it for sale for parts, then save cash up again for a new vehicle. At the same time, taking out a small loan from the bank for a basic used car from Enterprise Car Sales or Car Max is really appealing. I currently have a little wiggle room in our budget, but I'd rather cash flow the expenses that come up (camps, home repairs, e. t. c) than be strapped with a car payment. At the same time, doing this means we're back to one car again. With 4 active kids and a husband who works part time, it's stressful. We did this once already, so I know we could survive. I'm on the fence though. any ideas?  

Answer 1

Have you received your tax return yet? Could you make due til that comes in

Comments

The goal is for us to break even, and not owe (we brought in extra income last year, and cash flowed everything that came up). My husband is okay with applying a refund to the car savings, if we get one.  

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@vaporescence I would apply for your return & see what you get back and use that for the car & if you can make do for the month then I'd do that

Answer 2

Do not buy a vehicle that was used for rental! Like EVER!  

Comments

We did that a few years ago, haven't had a problem. We did go through Enterprise Car Sales, so I don't know if that makes a difference.  

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@infirm my husband says the same thing all the time. Rentals are driven really hard and are not well maintained.  

Answer 3

Is there any way you could get a rebuilt transmission and then save up for a replacement vehicle

Answer 4

Oh gosh! Hate that this happened and you can figure out the next step. I have a 2005 Ford Five Hundred and hope this doesn't happen to mine cause I would be in the same boat as you are.  

Comments

How many miles do you have on it?  

Answer 5

So as luck would have it, I listed the car up for sale, and had a buyer within a few days (this post was late getting approved-that's okay, it gave me time to think about this on my own). The plan is to work as much as I can within the limitations I am facing (including having one car, kids/home are my priority/goal, husband needs our car for his side work). I feel like I'm going to go in withdrawals being home bound, but it is what it is until a vehicle is purchased. I do feel like we're in a better financial position than the last time, just will take time to adjust.  

Comments

Could you even just buy a little $1000 car with what you made off the sell? If you and your husband search you can find a little something and it won’t go down much in value between now and when you can upgrade a little