BEF/car repair... advice please

**Mochashello** · 10-04-2008, 02:20 PM

Alrighty, here is the situation. We have a vehicle that isn't running sitting on the street outside our house. When it died, we replaced it with a new vehicle. Now that we are trying to get serious about our finances and have gone through Dave's Book (TMMO), we are thinking we should sell the newer car and fix the old one. (Although I can't drive the old one because- don't laugh- I can't drive a stick. The new one is an automatic. That would be kind of sad, but I drive the minivan more often anyway.) So today we had a mechanic friend come to look at the old car to get an estimate on what it would take to get it running.

Anyway, I have two questions:

1) The mechanic said he might be able to fix it with a kit that costs around $400. But if that didn't work he'd have to remove the head and the job would cost closer to $1,000. But he wouldn't charge us for both if the first fix didn't work. But would it be prudent to go with the cheaper fix even if it "works" since it is more like a patch job than fixing it the right way? My husband drives about 35 miles to work each way 3 days a week. Is it better to spend as little as possible for as long as possible, or get it done the right way by not even trying the "patch job" and going straight for the "real" repair in the $1,000 range?

2) Obviously, I don't want to use credit to pay for the repairs, even though the plan is to soon sell the Camry, because it is borrowing from tomorrow. Here are our financial standings:

$685 in BEF right now
$400 in the mail (pay for side job)
$330 designated for Visa paydown on 10/16
$400 at completion of job (within a couple weeks)

So basically I want to know when we should move forward with the repair.

If I go with the $1000 repair without trying the patch job first, do I drain the BEF along with the $400 check that should arrive on Monday to get it done asap, in order to get the other car sold asap? (The car will sell for about $15K). Or do I wait till we either finish this job and get the last $400 and use that, leaving us with a few hundred in the BEF? Or, similarly, wait till the next payday 2 weeks from now and use the $330 for the repair instead of making the Visa payment?

If we were to try the patch job ($400), and use the BEF, we could have it towed there today.

**stinkbug** · 10-04-2008, 03:25 PM

I can't help you with the repair issue...but why can't you learn to drive a stick shift?. I learned at 28.

**Mochashello** · 10-04-2008, 04:41 PM

I could if I wanted to. I just don't want to.

This last year with the Camry has been the first time in our marriage that we've had a car that's an automatic (since having kids and selling my personal car to get the minivan). We always had dh drive the car and me drive the minivan.

It's going to be hard to get rid of the Camry and go back to the 2001 Dodge- which is all smelly and old. But we did it before so we can do it again. (Even if I could drive a stick, I wouldn't want to drive that thing! It smells like a bachelor's car- like stale drive thru and cologne. Ick.)

**Greebo** · 10-04-2008, 05:09 PM

Since it will cost you nothing to try the cheaper fix if it fails, I'd go ahead and try the cheaper fix first.

How much will you net from the car you sell?

You can't be SURE you'll get 15k - just cause that's predicting the future - and the existing car does work....so fixing the dead car isn't an emergency, really...

So I'm inclined to say, snowball the car repairs as priority one, then once car is working, sell other car, and apply the net from that to the baby steps in order.

My $0.02...

**peanut** · 10-04-2008, 05:59 PM

I think if I were planning to keep the old car to drive to work, I'd want it to be dependable. I'd probably go for the proper fix.

I wouldn't use the EF though, because you still have a car you can drive. I'd do what Greebo suggested and snowball the payment, making it your first priority. And I agree with him, you can't be sure what the Camry will sell for.

Jean

**Mochashello** · 10-04-2008, 06:12 PM

Thank you!

We can't be sure what it will sell for, that's true. I'm estimating. Comparable cars are advertised in the Auto Trader in the $17K range so I'm hoping to get at least 15K. That would all be net since we don't owe on it.

The only factor for "rushing", is the possibility of losing resolve to do this. But even if we do snowball it, that means no $330 toward the Visa in 2 weeks, and hopefully it will be about that time that we get the second $400 for the side job we are working so hypothetically we could have $770 of it within 2 weeks. Actually, since I have $685 in the BEF and $400 in the mail, after I deposit that there will be $85 extra beyond the $1K BEF so within two weeks I could have $855.

I'm still not sure which fix to go for because both those responses echo the voices in my head, lol. The cheaper fix could work and wouldn't cost anything to try, but it is more like a temporary solution and if we have problems again in 6 months we'll end up spending the $1K at that point anyway. But for all we know, the cheap fix could last years or until we sell it if we can ever afford to get into a better car.

**Lady_V** · 10-04-2008, 07:02 PM

You have to keep the old car...

For Sale --
2001 Bachelor Box - Bad head -Smells like McPolo
(Dancing Hula Bobble doll included free)

**Mochashello** · 10-04-2008, 07:21 PM

I know, that's the plan. My question is regarding my choices in how to fix it and when.

**Wendy99** · 10-04-2008, 08:02 PM

Do the cheap fix !!

**Cricketlegs** · 10-04-2008, 10:53 PM

I say if you have another car to drive right now then do NOT touch the EF.

It should make you feel like you need to throw up to use the EF for it to be a real emergency! LOL.

Never be nonchallant(spelling) about using the EF.

Better to pretend it isn't there or you will use it easily for every little thing.

It is the EMERGENCY FUND not the EVERYlittlething Fund right?/

Save up the money to fix the car. Also, try the quick fix-it may be all it takes. Also, sure you may be putting a bandaide on a bullet wound BUT if the bandaide stops the blood until you can buy a bandage who cares right??

If dh can be safe on the road is the question that matters now.

**tmffv** · 10-05-2008, 01:46 AM

Well, I'm not an expert, but my feelings would be to save up until you can do the proper fix. Better to wait a few months and use the dependable car you have then doing the cheap fix and taking the chance of it only lasting 6 months and then be possibly forced (or just tempted) to use the BEF because you no longer have the camry to use instead. But I'm a worry wort like that and have a very low threshold for "risk" in any form. I'm just goofy that way.

Plus, if you put your camry up for sale now, knowing that you have several months before it needs to go, you can be more picky with the offers you get and possibly come out making more than you hoped. Any extra would then be used to fix the old car immediately.