Regarding a car, what is the average person supposed to do in this situation to have a car?

Question

What is a person supposed to do in the situation that they finance a car, it is not under warranty because it's a used car, and the engine and transmission both blow up , and then the repairs are around $5,000. Plus the car payments are $250 per month? And this person needs a vehicle for work and school?
What would you think should be recommended to do in this situation?

Answer 1

Next time the person should finance a new car for an extra $100 a month, so if the engine and tranny blow they are under warranty.



It is not worth spending $5000 to repair a used car, buy a beater to use.

Answer 2

Too late to do anything now, the car is shot. Next time the person should have the car inspected before buying used, or take better care of it so that the engine and transmission do not blow up.

Answer 3

That's bad news.

Alternatives:

1. Use unsecured debt to pay for repairs.

2. Sell the car for scrap value, use unsecured debt to pay off the loan, then buy another car.

3. Park the car in the back yard, keep making loan payments (and insurance -- required by the lender), buy another car.



Choice depends on availability and cost of credit to "this person", the value of the car with a working power train, and the payoff balance of the loan.

Answer 4

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Answer 5

First of all, you didn't tell us what car it is, the year, the miles, the condition, how much is owed on it etc. It's impossible to say fix it or junk it without knowing all the information.