Is this an idiotic idea?

[Natalia]

Our second car is 2002 Kia magentis with over 200,000 kms.
It's been one thing after another with this car. Dh is fixing the exhaust and the fuel line, and says the brake lines will need to be redone soon. Once the fuel line and exhaust is fixed (less than20$) we should be able to sell it for 1000$

Dh had wanted to get a new Toyota but saw the light and is willing to get an older car now .. He wants to get a 2000 Toyota echo with 166000. He put it on the hoist and everything is sound. They want $2000 .

We are seriously considering this. Is it crazy to trade a 2002 car for a 2000 and pay an extra thousand ?? On the other hand i think the echo would last longer.

Help!!

[Libby]

I've been in your shoes - what I did was factor in all the repairs I had done vs maintaining a newer vehicle plus the payments.

In the end you need to weigh your options - newer car, unknown history plus payments or a car you know well and how it was driven/maintained. You just need to set aside money for future repairs which generally you'll be able to figure out what is due next by deducting what you've already repaired.

Either way, a car is something you throw money into (like a house ) but do you really want to add insult to injury by adding a payment on top of it? Not sure how comfortable you are with continuing driving your car nor how/where you drive it, these are additional factors as well.

[Natalia]

Thanks, Libby. Well for the moment I did convince dh not to go the new car route- Even though we can "afford" the payments I am vehemently opposed to having payments on 2 vehicles at once- esp since we don't require the second car (but I'd really like to keep a second car)

Dh is a mechanic so we can get repairs done cheaply ... And we wouldn't have to finance the echo.. Just wondering if it can make sense to pay more for an older car?!?

[HappyMama]

I bought a used Mercedes 1994 E 320 at 166,000 miles , it has lasted me 7 years is at 288,000 miles. Now for this particular model some of the parts if you take to a shop can be expensive, but we researched, learned to repair ourselves and buy good OEM Bosch parts and it has been a joy to own, maintain and ride. I always get so many compliments and offers to buy.

We have a couple of other older mercedes and same thing. I love my older luxeries, no car payment, leather heated seats, moon roof and 30 mpg . I can't go wrong.

But with that said "there is nothing more expensive then a cheap Mercedes". If you buy, research, make sure there is good maintenance records on it, and it has been maintained. Be willing to tune up, and change the oil when needed and some , particularly early models mainly Diesels can last up to 500,000 miles. But like said must be willing to maintain, work on yourself if possible and you are mechanically inclined. One was a commuter vehicle for years and you would never know it. There are some out there right now around 3,000. A couple of days ago I just was so lucky to get a maintained, garaged, serviced Diesel at less then 90,000 miles for 900.00 she will need a few parts etc but she was just appraised by a classic car guy that wants to buy her for 6,000.00 these are only a few made models for 3 years.

So moral of my story I guess is research and find a good reliable used vehicle that has been maintained.

[Ashley01]

I say yes because my parents had a Kia and they are cheaply made cars, if you don't have a warrenty on it I wouldn't keep it. But that's just my opinion! I say go for the older car!

[mndtrp]

I sold a perfectly good 2000 Mustang GT with 56,000 miles last year, and bought a 1997 Tacoma with 97,000 miles, while paying an extra $1000. The Tacoma made more sense, and it's been far more useful than that Mustang.

It all depends on your personal finances, peace of mind and how attached you are to your current car. I would go for it, if I had the extra cash to avoid another loan.

[Grayce]

I would buy the Toyota, they have a much better reputation than Kia.

[Debbie-cat]

Sometimes it is wise to purchase an older car. KIA's are known for being a disposable vehicle. Now don't jump on me all you KIA lovers! toyotas are a better made car and since your hubby is a mechanic, it helps tremendously for maintaining it cheaply. If he thinks it is sound, I say go for it.

[Natalia]

Well, it seems there has been a change of plans. Dh came home today and told me he is laid off effective April 30.

Its such shame because he just loves it there, and his boss loves him, but the situation is that their building lease runs out the end of April. The dealership next door who owns the property, wants to expand. dh's boss has been looking for an alternate location. He has not been able to find anything for the right price, and today was really his deadline, in terms of them being able to move in smoothly without disruption. We are still unsure at present if dh's boss is going to continue to search for new place or is going to move on from this field (he just inherited the business in Nov 2010 but seemed to like it)..I'm thinking the profit just isn't there..
He said he felt bad for dh and co-workers but would try hard to see if he could place them at our local Honda, Chev or old Pontiac dealership (he has ins with each of these places)...

annnnnnd.

I am just on the cusp of having my definition of disability changed from "unable to perform my occupation" to long term which is "unable to perform any occupation". This is really had to get, and this time I'm going to appeal and do whatever necessary to keep it going... but the change of definition happens the first week of May. So its possible both of us could have nothing coming in!!!!!! DH will have to wait 4-6 weeks for EI to start up..and that only at 55% salary.

so what I'm thinking is that either way, we should hold off on buying the toyota. I'm thinking we should put the Ki for sale and sell it before anything else goes wrong with it. Put it aside for a new beater and it will be there for food/shelter if need be. then we also save insurance, gas and upkeep. Then once dh gets re-employed, we can scope out a car for him ...

the only way I think we should go ahead with the toyota is if honda or chev hires him on right away ..but even then I'm not so sure as what if it doesn't quite "work out"...

As soon as I start to feel like I can make some progress on our debt, another hurdle gets thrown our way. At least there is some fat to trim

[frugrrl]

We had a KIA once. "Had" being the operative word. I would never buy one again.