Car situation....what would you guys do?

So, our current daily commuter is about 6 yrs old now but has about 20k miles left until the warranty runs out. We were given an extended warranty due to known issues with the car's tranny. The usual cost to fix the CVT tranny would be about $7k!

Should we keep this car and drive it until it dies? Or, should we sell it and buy a Prius or other economy car that'll make a good daily commuter? If we were to sell our current car, it'll probably sell for around $13k or so. So, if we sell it and buy a new car, we'll have to shell out roughly $10k-15k for a new car......the sale of the old car will pay for half of the cost of the new car.

If we just keep the old car, it costs us nothing since the car is totally paid for. However, we run the risk of it breaking down on us and costing us a lot of money if it breaks down after the warranty ends. Based on how much we drive that car, it'll be about 2 yrs from now when the warranty will end. And at that point, it may be wiser to just junk it since the cost for the repair may be the same as the value of the car!

Quote from z2g : So, our current daily commuter is about 6 yrs old now but has about 20k miles left until the warranty runs out. We were given an extended warranty due to known issues with the car's tranny. The usual cost to fix the CVT tranny would be about $7k! Should we keep this car and drive it until it dies? Or, should we sell it and buy a Prius or other economy car that'll make a good daily commuter? If we were to sell our current car, it'll probably sell for around $13k or so. So, if we sell it and buy a new car, we'll have to shell out roughly $10k-15k for a new car......the sale of the old car will pay for half of the cost of the new car. If we just keep the old car, it costs us nothing since the car is totally paid for. However, we run the risk of it breaking down on us and costing us a lot of money if it breaks down after the warranty ends. Based on how much we drive that car, it'll be about 2 yrs from now when the warranty will end. And at that point, it may be wiser to just junk it since the cost for the repair may be the same as the value of the car!

Find out kelly blue book value and then see what insurance would cover. If they are close just simple lower your insurance policy to 3rd party damage. There you save some money.

If you buy a new car your insurance will sky rocket. Id personally get AAA membership with free towing and drive it until it dies at the side of the road. Then donate it for a tax writeoff when it dies.


Hangon never mind your rich you dont need the info.

Trade the used car in at the dealer. Lease a new vehicle (the most expensive that you qualify for).

If you have 2 more years on the warranty, I would keep it until the warranty expires. Sounds like you can afford another car payment if your considering getting rid of this one... So take that money you would make on a car payment and put it into an interest bearing account for the next 2 years. Your car may not be worth as much as it is now, but you'll probably have more saved up then what it depreciates. So less money out of your pocket when you do buy a new car. I mean especially if your not having any current issues with it now and if it the tranny goes out, the warranty covers it.

Is the extended warranty just for the tranny? If that is the only concern, then I would just keep it until the warranty is expired.

Run it until it drops, and save the car payment. I did that and I was able to pay cash for my last car.

Yeah, the free extended warranty is just for the tranny. The car has been good to us all these years though. We only had to fix one thing....the power steering fluid line leaked and had to be replaced.

The car is due for a major maintenance service. I guess if they tell me it needs a lot of work at that time, we'll have to consider our options. But if everything is fine with the car, it sounds like keeping it at least until the warranty expires would be be a good idea as ppl have recommended here.

z2g blows his nose in $100 bills

Quote from Scampsters : z2g blows his nose in $100 bills

LOL......it's not how it used to be anymore in this economy. I'm still doing okay but definitely not "rich"!

Quote from z2g : LOL......it's not how it used to be anymore in this economy. I'm still doing okay but definitely not "rich"!

Anyone who can save $4000 a month needs a brand new car every year.

We have a 96 cavaliar that isnt worth insuring for more than 3rd party. Thats where im basing my advice. It has dont us pretty well until recently and then it was in and out of the repair shop. We spent 5000 on a recondition engine that was the last thing and it has a 50,000 mile warranty. We will drive it until it dies and hopefully that will be later rather than sooner.

Quote from Scampsters : Anyone who can save $4000 a month needs a brand new car every year.

LOL....again, not anymore.

Someone drives a Nissan.

Keep it. No point in buying cars if you are only going to drive it until it is worth about $13k. You have to drive it until it is near $5000 to get what you paid for...

Quote from Curtieson : Someone drives a Nissan. Keep it. No point in buying cars if you are only going to drive it until it is worth about $13k. You have to drive it until it is near $5000 to get what you paid for...

LOL....yep, our daily commuter is a Nissan Murano!

But yeah, I think we'll just keep it now.

Nissan Murano's suck. A close family friend recently sold his and got a 2007 Camry. He likes it so much better.