Author Topic: 4 k quote of repairs on car worth 3k, time for another one?  (Read 661 times)

Tester

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Just got a quote of 4 k work on our car.
2009 honda odyssey, 190k miles.
Bought 3 years ago at 145k miles.
Total cost around 16k as I replaced quite some things.
I am not sure I want to repair it as it is quite old and has a lot of miles.
Good part is that the trans and engine are fine...

I knew I will have to replace it at some point, I just hoped it will be in 6 months as we had a lot of things to soend on for the house and I am not sure how our spending looks in a normal month to be confident we'll save enough in the next 6 months to have a good emergency fund.

But who knows, perhaps this will be the final push to be able to curb our spending...

Bigger problem is that we only have around 50k relatively liquit assets, in stock.

Total net worth is at 530k, invested assets at 270k out of which only 50k in non tax deferred accounts. Started from 0 net worth 6 years ago so somethings went relatively ok...

The worst part is the prices on used cars are crazy right now which makes me think really hard at a new (blasphemy) car.
And as I kind of need a minivan this means a lot of money...
Someone is visiting us for one month  so we will be 5 and a dog for some long trips, plus the kids are still small and a minivan is kind of a miracle... This is why I kind of need one - we could go by without one but then it might add more stress and conflict.
I already have some conflict around not being able to talk about money with my SO... I could use this occasion to say: ok, let's get a new(er) car, but now you understand why it is important to plan and save???
Not that we are spending on stupid things, but I need to feel we have a budget/plan.

What would you do?

New car, new minivan, new(ish) car/minivan?
Repair current car??? It is the lx model sonit only has ac and electric windows... Electric doors would be nice to have...

RWD

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #1 on: June 06, 2021, 04:09:30 PM »
What does the $4k quote involve? Anything you could tackle yourself? How much does it affect usability?

For a replacement minivan (whether now or later) consider the plug-in hybrid version of the Chrysler Pacifica. There are currently some deals on it and it qualifies for the federal $7.5k tax credit.

Tester

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #2 on: June 06, 2021, 04:42:26 PM »
One set of tires, plus suspension and steering work.
I am not good with dyincar maintenance, I just installed an android unit in it and some small electric repairs.
I am not confident to use it as we have to go in vacation next month...
I am looking at the pacifica as it will at least get me into the plug in world.

ChickenStash

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #3 on: June 06, 2021, 05:42:55 PM »
Is there some specific driveability issue you noticed or did you just walk in and ask for a quote to fix everything?

iluvzbeach

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #4 on: June 06, 2021, 05:46:07 PM »
We drive a 2005 Honda Pilot with 204K miles on it and it sure seems to still have a lot of life in it. Depending on the overall condition of your Odyssey, I wouldn’t hesitate much to put 4K into it. The tires are a regular maintenance item; I can’t speak to the other two. If the engine & transmission are good as you say, what’s the harm in putting the money into it and trying to keep it several more years? I suspect the vehicle is worth more than you think.

I say the above assuming your A/C works and the timing belt has been changed at some point.

Tester

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #5 on: June 06, 2021, 06:05:13 PM »
I changed the timing belt at 145k, water pump , engine mounts, brake rotors, some electronic board thing for 1k, shocks, spark plusgs, all in all including price, taxes, registration, I think I spent around 16k on the car.

Now 4 k more, would get to 20k in 3 years for the car.
Alternator gives some signs it needs replacing too, I am wary of paying these 4k and then having to get some more things
Have to see when would be the next timing belt change due, I hope not in the next 15k miles.


Regarding asking for the quote, I asked them to take a look as I am hearing some loud metallic bangs sometime when I turn the wheels all the way left or right.

Sway bar is one of the problems, some other parts ( I am not good with car part names in English), I am not confident in driving it on long trips outside of populated ares.
And I plan to do this in one month for our vacation.


I know it sound that I already made the decision but I did not, I am trying to give more information.

One more important thing: I like my car to be in good working order. That might mean I spend more on repairs than others (more than my father for sure :-)).
I would really like to keep this one as used car prices are nuts right now, but I am stressed about it not being safe ( I can solve this by repairing it) or it requiring constant service from now on.
In the end it is an oldish car with relatively high mileage, so these are expected, I just don't know if I am ok with handling this.

More, we only have one car so it is important to be a le to use it.

On the other side, a new one is expensive...

Will sleep on it and make the decision tomorrow.

For now I am only getting an oil change...


Rob_bob

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #6 on: June 06, 2021, 06:11:43 PM »
Lets say you needed $2k more repairs in the next 6 months.  How much used car could you buy for $6k? How long might it go compared to your car after the repairs have been made?

Dee18

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #7 on: June 06, 2021, 06:22:09 PM »
I would take it to another place and get a second opinion.

yachi

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #8 on: June 06, 2021, 06:36:42 PM »
You're comparing the cost of repairs to the Kelly Blue Book trade in value of your vehicle, but that doesn't tell the whole story.  I have a van valued at maybe 6k, and it gets my family to all kinds of awesome hike locations, family gatherings and takes us camping too.  It does this every bit as effectively as a new $35k van.  Seriously: we travel the same speeds, wait at red lights just as long, park in the same places, and my insurance is cheaper.  Maybe the $35k van has more years before it needs replacing than my $6k van, and maybe it can travel more miles than my $6k van before it needs replacing.  But is it enough to make up the difference in value?

Your $16K spent so far brings your average to date spending on this van to $5,000 per year.  This year it needs $4,000.  Do you think you'll get another year out of it after having replaced what it needs now?  If you get at least a year out of it, you'll reduce your yearly spending on this van.  In my area I see a 2009 Honda Odyssey for sale with 229,000 miles for $5,400 and another with 116,000 miles for $8,500.  This tells me a few things:
1.  I can't replace if for less than the cost of these repairs.
2.  The 3k value is suspect, as a model with 39,000 miles more is for sale for more money
3.  It would be reasonable to assume your van can make it to 229,000 miles, which should give you at least 2 more years of use.
4.  If you can get 3k for your van as is, trading it to one with less miles might be reasonable

Tires and some suspension parts like struts are normal wear items.  Other steering and suspension repairs might not be normal items, but may also not be reoccurring problems either.  Payments on a $35,800 new van may total $3,870 over the next 6 months.

AccidentialMustache

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #9 on: June 06, 2021, 09:34:23 PM »
2009 honda odyssey, 190k miles.
Bought 3 years ago at 145k miles.

The solution to spending less on your vehicle is here: drive less. 15k miles per year is a lot of miles. Move closer to work. Take public transit. Use the *gasp* train(1).

In normal circumstances we drive a bit over half(<8k/yr) your yearly mileage, still including road trips to see parents a few hours away, etc. With the pandemic, we're shooting for a bit over a third that (<6k/yr). We're a single car household, so I'm not hiding all the errands in DW's car or something like that -- that's sum total miles per year. We'll might end up even lower post-pandemic since I switched to full time remote work -- no more driving to the office when the bike path is a snowplow dumping ground.

(1): I rode Amtrak for possibly the first time last year and it was actually pretty nice. I rode business because it didn't cost that much more and is where the wifi was (work trip to a nearby major city, from my small town a couple hours out). I figured after all the "US train is bad compared to Europe" it'd be very bad, but no, it was actually okay. Not particularly fast, but comfortable, had wifi, enough space to use a laptop, power plugs to run the laptop, etc.

Tester

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #10 on: June 06, 2021, 11:17:03 PM »
The kbb value might be because of the mofel, lx which does not have fancy leather chairs (I don't care about them) or other things. I would like the electric doors, but we can handle the manual ones too.
I don't/didn't drive to work, was taking the bus or biking, the miles are mostly for getting kids to school/other activities plus, weekend driving to parks/hikes/friend, vacations plus visiting relatives 200 miles away which are replacing the grandparents for our kids.

I am still trying to calculate the cost per year and the opportunity cost, plus some subjective things like  relationship with wife regarding the car.

I will give this a hard thought before I sleep this night and I will make a decision tomorrow.

Just two days ago I was thinking I will never sell this car as I spent a lot on it, I was thinking I will just buy another one when i'll have to go to work again (wfh for  now) and keep this for fun/hauling and things...

Thank you a for the feedback.

ChpBstrd

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #11 on: June 09, 2021, 10:04:00 AM »
I would take it to another place and get a second opinion.

+1

Whether it needs new ball joints or CV joints, these shouldn't cost more than $1500. Tires shouldn't cost more than $800.

Are these quotes from a dealership? Get your next quotes from mechanics in run-down parts of town, with dirty shops and gravel/grass parking lots, preferably with car parts leaning against the building. Be aware that such places often have a backlog of vehicles, so it might be a while, but you'll save four figures.

NumberJohnny5

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Re: 4 k quote of repairs on car worth 3k, time for another one?
« Reply #12 on: June 09, 2021, 10:51:52 AM »
You have a total of $16k in the van that you purchased around three years ago. That is a bit excessive, I'll agree. We have a 2017 Kia Sedona and paid a couple thousand more, actually let's say $4k because we did have to buy two sets of tires (first set wore way too quickly, turned out it needed a front-end alignment...oops!). Did you just have some bad luck and got a lemon? Are you doing normal maintenance on it, but paying dealership prices?

Regardless, ignore what's already been put into it. Find out how reliable it is now, what needs to be fixed right NOW, and what would be nice to fix but could wait. Bald tires = replace NOW, suspension a bit worn = could wait. Now is probably not the best time to be buying a vehicle, new or used. If I were in the market, now is one of those rare times it might actually make more sense to buy new. A new car with lots of incentives and tax breaks thrown on top could actually be cheaper than one that's a year or three older. Don't rule it out, but don't assume new is the best deal either.

I'll just throw out a couple ideas to help you think outside the box. Have you considered getting a cheap but reliable car for the bulk of your daily driving, but use the van for trips where a van is required? We have a Chevy Bolt that is used for the majority of our family's driving, but if we need to go on a long trip OR we are going more than 10-ish minutes away with the whole family (the Bolt is a bit cramped with all five of us), then we hop in the van. It's working out great for us so far. Another idea, if you only need the van for the occasional long trip...just rent one. Why spend $5k a year for a van that you really, really need for a couple weeks out of the year, when you can spend $1k to rent one for the same period (or however much it would be to rent)?