Question

Hello, I need a little advice. I brought my car into the mechanics because I got a warning light on my dash. Repairs are going to be about $2000. My car is worth about 6-7K. Is it worth fixing or should I look at a new car? I don't have great credit and I wasn't planning on getting a new vehicle for another probably 5 years.  

Answer 1

Then fix the car

Answer 2

If you do get a new car look into the clean vehicle act they give low income (53k annually for single adult) a 5k grant to get a hybrid or electric

Answer 3

First off, do you trust the mechanic? I took mine to a chain place, 2, 000 quote later took it to my trusted local guy and it was 165 fix.  

Answer 4

$2000 is better than a $500 a month payment for 4-7 years.  

Answer 5

If it will last 5 years after the fix, then yes do it That is cheaper than a car payment for 5 years

Answer 6

Things you should look into; What is being fixed?. Can you get a better price? Is it a common issue with your car? Is it a precursor issue, such as does it often lead to other issues? What issues are common with your vehicle? (You should be saving for these as they would be a good guide for likely future repairs within the next 5 yrs) or fix this issue and start heavily saving for a replacement vehicle. Google is your friend when it comes to looking up vehicle issues. On a small good credit lease you can make 16-20months of payments with that same 2k. Buying you 16-20 months to save up for a car while driving a reliable vehicle. So really it comes down to above. You dont want to spend 2k to fix the car and then you only get a yr out of it before the next thing. But if you can fix it and get a few years before the next thing then it's all good.  

Answer 7

Fixing it is gonna be cheaper!