need advice

**frugal is fun** · 02-04-2011, 04:07 PM

ok, so remember I think it was yesterday that I posted that Priceless thread and there was a $1,500 major car repair on there. Well I prematurely put that there as that was the quote I received from the mechanic. Well turns out that they can't find the part needed to fix my car.

I verified what the guy told me with the head of Fleet here where I work and basically the story was confirmed. Both have given me the advice of bite the bullet and buy a new car.

So my question is how should I pay for this new car? Ideally I'm looking for a very good used car, in the $14,000 range out the door. I do have the cash in investments and thats where the money would come from.

I spoke with my financial advisor and I can do two things. Take the lump sum, which would leave me about $10,000 left in investments. (this is completely separate from my retirement accts) OR she said we could arrange it to sell off investments monthly in order to make payments.

I have excellent credit, over 800 credit score so I know I would be able to get the best rate offered, although I don't know what that best rate is at the moment. I'm leaning towards getting the loan and then selling off investments monthly to make the payments. This would leave me with more money for a longer period of time with the thought of earning more interest.

Another reason I'm thinking this way is because although I've been working very hard at building my 8 mo EF I was only about 1/2 way there so if something worse than needing a new car happened, I'm afraid my cash would get eaten up and leave me with nothing.

thoughts on this, advice, comments?

O and I just want to add, remember those new tires I just bought in the Priceless thread...now I have to get them off of this car, buy cheap used ones to put back on the car and then try to sell them.

I am so not happy about this!

**Ramona** · 02-04-2011, 05:03 PM

Ideally, you could finance with a rate 0%, sell your investments in installments and let the balance accrue interest. Have you looked in detail at the car you want? New or second hand?

I'd put some numbers together, total package including extras on the car, finance charge, length of loan and let your financial adviser help you decide.

**Russ** · 02-04-2011, 05:20 PM

I'm having trouble accepting a part can not be found.

**Imarachne** · 02-04-2011, 05:29 PM

I don't understand the part thing either--sounds fishy !

**MaryCarney** · 02-04-2011, 06:15 PM

We had this "we cannot obtain the part" issue with an old Cadillac we used to own. Called around a couple of junkyeards and had the part in less than a day!!
Eventually, our mechanic turned that DeVille into a demolition derby car- it was really a blast watching it smashing around the track at the county fair

**Russ** · 02-04-2011, 06:19 PM

Originally Posted by MaryCarney

We had this "we cannot obtain the part" issue with an old Cadillac we used to own. Called around a couple of junkyeards and had the part in less than a day!!

that's what I was thinking.

**HappyMama** · 02-04-2011, 06:23 PM

Having an old mechanic in the family and being a perpetual diy'er I was thinking the same about the junkyards.

**zakity** · 02-04-2011, 11:50 PM

Yep, call some junkyards. Even if you fix the car temporarily, it will buy you some time to find a decent used car and figure out how you want to pay for it.

**frugal is fun** · 02-05-2011, 09:57 AM

well my next step is going to get the car back this morning and then call a Nissan dealer and ask how much just to test it. Everyone locally I talk to still isn't 100% convinced that its the head that needs to be replaced. And since the guy has had my car for 4 weeks and still hasn't fixed it, my confidence level in his ability is a bit low.

I was so stressed out last night about this stupid car but this morning I feel better. Just one step at a time.

And the thing about the part, he says I need a new "head" or a new used head because my car is 10 years old and I have 174,000 miles on it he said if he used a new part there is a good chance it might blow out the bottom engine. I had this confirmed by the manager of my FLeet at work and even had him call around for a part. Granted he only called two places but his guys didn't have the part either.

So as I said, my next step is Nissan, get it tested, see what they say and then go from there.

does that make sense?

**Debbie-cat** · 02-05-2011, 10:47 AM

Fixing a head is a big job but not impossible. I would call around and see if there is a used part you could pick up. The labor is going to be expensive.

If the head is just seeping, there is a product on the market called Cargo Permanent Head Repair that sells for about $3. You need two bottles and drive around for a week or two (if it isn't freezing where you are) but you have to flush all your anti-freeze
out first. Very important. Leave the anti-freeze out while you are driving around for the two weeks and then add the anti-freeze back in. It will fix most heads. My husband who is a 30 year mechanic swears by this. The instructions on the bottle will tell you to only let the product sit for a few minutes. Instead drivet he car for a week or two and it will permanently fix the head.

I hope this is clear. If you decide to try it, I am around for more questions.

**nodmicks** · 02-05-2011, 11:20 AM

We bought a gently used car back in july or Aug I believe. We had the $ saved up separately from the FFEF to pay for it. Over the course of a few months and disaster after disaster the FFEF got wiped almost out and we had to start resaving it. That makes me swing on the side of caution and hope you can get the part for your car. Are your investments iron clad safe that you can guarantee you wont lose $ there to be able to do the monthly sell off?

**frugal is fun** · 02-07-2011, 12:05 PM

update on my car -

It's officially "dead". My ex husband was driving it yesterday and it just died and he had to have it towed. There appears to be electrical issues now. Already spoke to the "junk yard" and they'll give me at least $275 for it, maybe more once they see it, plus I get to keep my new tires so I can sell them.

I have a car lined up. one of the VP's I support wants to sell her mothers car. Its a "little old lady" car, 2004 Chevy Malibu Hatchback with $17,500 miles on it. Kelly blue book has it listed for about $8,000 retail. This is better than the $14,000 I was going to spend. We haven't talked price yet but I think she'd sell it to me for less than the full $8,000.

Feeling a bit beat up emotionally over all this but at least I made a decision and can move forward.

Now the question is...what do I do with the guy who had my car for four weeks, mis diagnosed it, replaced parts that did not need replacing and now apparently caused "electrical issues".... I haven't paid him anything yet and haven't seen a bill. the last we talked he said it would be around $300 but he had to double check. The $300 is for the new parts that I didn't need, but are in the car.....suggestions on how I should handle this one?