Author Topic: Need some mustachian opinions  (Read 2889 times)

lilstubbletgvp

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Need some mustachian opinions
« on: March 01, 2015, 03:32:10 PM »
Got some bad new today about my car. Working with my step-dad on my car it seems my torque converter seal has gone the way of the do-do bird. The car is still driveable, but it is not driveable until the car is completely warmed up. Im pretty hand with a wrench, but this fix is beyond my means of skill and tools available. The engine and transmission will have to be pulled to fix it. I currently drive a 02 corolla with 190k miles on it, it was free for me and not well taken care of when i got it so its in pretty shabby condition and only gets about 24-28mpg. My question is we have been saving quite a bit of money to pay of my student loans(7% interest). Should I A: get the car fixed and continue to drive it or B: use some of the money to purchase a used car in cash? I am looking at a used Yaris, Versa or something of the sort.

Bracken_Joy

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Re: Need some mustachian opinions
« Reply #1 on: March 01, 2015, 03:51:55 PM »
How much would it cost to get it fixed? And how much would your target new car be? And how much of an emergency in view of your goals and debt:earnings is the SLs? I feel like we need numbers before we can give good feedback.

AlexK

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Re: Need some mustachian opinions
« Reply #2 on: March 01, 2015, 04:06:02 PM »
I don't know about the Corolla, it's a toss up. Usually you can remove the just the transmission though.

My family has a Yaris (manual) and a Scion Xa (auto). They are very similar cars with about the same weight and same engine. I was getting 42 mpg average in the Yaris manual but only 36 mpg in the Scion with the auto. So my point is the manual really helps with mileage in these cars. Both great cars and I highly recommend them, never a single problem in 100k miles of driving them.

I still don't regret buying the auto because I have an injured left knee right now and driving a manual would be impossible.

lilstubbletgvp

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Re: Need some mustachian opinions
« Reply #3 on: March 01, 2015, 04:09:46 PM »
I havent got any quotes yet on the cost to fix the corolla as its sunday and my shop is closed today. The yaris i'm looking at is an 09 with about 60k miles for 6500.

Bracken_Joy

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Re: Need some mustachian opinions
« Reply #4 on: March 01, 2015, 04:13:28 PM »
Could you pay cash for the new car, or would you need to take a loan? Would it eat up the entirety that you've saved up?

lilstubbletgvp

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Re: Need some mustachian opinions
« Reply #5 on: March 01, 2015, 04:18:30 PM »
Cash for the new car. would eat up about 1/3 of our emergency/savings fund.

Bracken_Joy

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Re: Need some mustachian opinions
« Reply #6 on: March 01, 2015, 04:22:34 PM »
It'll obviously depend on the price of the fix, but I'm thinking if it's more than ~1/4 of the cost of replacing the car, I would replace it. 190k seems like a lot of miles for a corolla, so I feel like you'll just have new issues pop up from here on out. Especially since you wouldn't be wiping out your finances completely.

Best of luck.

Retired To Win

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Re: Need some mustachian opinions
« Reply #7 on: March 01, 2015, 05:05:53 PM »
I havent got any quotes yet on the cost to fix the corolla as its sunday and my shop is closed today. The yaris i'm looking at is an 09 with about 60k miles for 6500.

Have you looked into the possibility of getting an older, cheaper vehicle?  That '09 Yaris is "only" 5 or 6 years old.  And $6500 is not a fortune, but it's still a chunk.

I drive a 1996 Dodge Dakota that was 10 years old when I got it.  It now has over 142,000 miles on its odometer, yet still runs great.  My wife drives a 1998 Subaru Forester.  That car we got when it was 9 years old.  It also runs like a champ, even though it now has over 243,000 miles on its odometer.

You might do very well looking at older vehicles, too.

Good luck with your vehicle search.