I’m having a hard time deciding what to do about my car and would really appreciate some feedback or advice. Here’s the situation: my 95 Dodge Intrepid (85,000 miles)needs to have the transmission rebuilt. This will cost me exactly 1450 dollars at Lee Myles, with a 1 year guarantee. (This is better than simply replacing it with a used one at 1300 dollars w/ a 1 month guarantee). What I can’t figure out is if the car is worth spending this much money on. Its worth $5600 in good shape according to Kelley Blue Book. I’ve spent $2500 so far in terms of down payment, taxes and loan payments (I’ve owned it for 8 mos.) I don’t own the car outright yet.
Should I have the car fixed and then sell it? (I’d probably get 5-5500 for it)
SHould I try to sell it with a busted tranny? (Who knows how much I’d get?)
Should I trade it in and use the 1450 for the tranny as a down payment instead? (Even if the car dealership doesn’t realize the tranny is shot, because the car runs well at low speed, I doubt I’d get more than 2000 for it)
Your thoughts? If you need any more info, please ask.
Are you figuring in millage and such with blue book? (I assume you are I just had to check.) As far as what to do, interms of a finacial sense it is almost always better to fix it and drive it. When you trade-in your car you lose money, end of story. However if $ really isn’t to tight and you’re pissed off as hell at the car you could get rid of it. Personally I would fix it (make sure it is a new, not newly rebuilt, trany) and drive it to 100-120k (if you want to get something else), cause after that the car won’t be worth much. Best of luck.
Buy an import. I won’t drive an American car. I’m sorry, but I don’t feel they are as reliable or as stylish. Your best bet is to fix it and sell it for as much as you can get. Then upgrade to something better and more reliable.
I’d get rid of the car because it will just give you more trouble. I had a '96 Intrepid for a few years that the same thing happened to. Transmission just died. I didn’t want to spen the money for a new or rebuild so I gave it to my roomate for $1500.00 and he got it fixed. What a good move! Since then, it’s given him trouble.
In my experience, it was much better to get a new car. The busted trannie was the kick in the ass I needed to move on.
As for if you should sell it broke… I wouldn’t do it but your ethics might be different than mine. Definitely something to decide for yourself.
Good luck.
If money is mt an issue I would trade it in on a new car. You are going to lose money eiher way, but at least you’ll have a new car with no worries.
Get rid of that piece of shit anyway you can.
First of all, Kelley Blue Book is always high. I buy and sell cars for a living and I normally don’t even price my cars at the Kelley Blue Book Value. Next, I’m assuming that $5600 is the retail value in the Kelley Book. Which means the wholesale value would probably be around $3200. That said, you probably would not get that much for it on a trade in. Asssuming the tranny was not shot, I’d be surprised if any dealer would give you more than $2500 to $2800 for a 95 Intrepid with 85,000 miles. A private party might give you more, but then again this is without even considering the shot tranny. Your trade in value would probably be pretty low so trading it in might not be worth it (you really won’t be deferring much of your cost). You might want to cut your losses anyway and just get a new car, but realize that your car is almost worthless and a dealer will not be looking to help you out too much (with or without a new tranny).
On to another point. Typically some foreign cars are more reliable than American cars (as far as being more stylish, I don’t know, all cars look the same nowadays anyway), but I’ll say that if you take care of a car (change the oil, rotate the tires, don’t beat the shit out of it when you drive) you can make just about any car reliable up to 100,000 miles and then some. I’ve seen just as many Toyotas that are ruined at 50,000 miles as I’ve seen Fords. Usually it is due to poor maintenance.
And finally, new cars are not always the answer. For the amount you can save on getting a car that is 2 or 3 years old , it is usually a better financial investment than going new. I deal with automobiles every day and many new cars come with defects from the assembly line. They are covered by warranty, but so are they if it happens in 3 years.
If I was in your situation. I’d probably fix the tranny and then try to sell it to a private party. If not, trade it in on a '99 or 2000 model that has low miles and buy from a reputable dealer who offers a comprehensive warranty. Never, I repeat, never buy from people using Eagle Warranty Company. That co. is a scam.
“Should I fix my tranny?”
Sorry, I took one look at that post and was unsure if you were talking about a car problem or a transgendered roommate. LOL.
Thanks for all the replies. I knew I’d get some good responses! But…I have to say I’m more confused than ever. You see, right now I’m in the worst financial period of my life, so I have to be really prudent about what I’m going to do.
Josh and Vlad- I have heard that Intrepids don’t have a good mechanical rep, which is making me trigger shy about spending the cash.
Nate Dogg- I’m never buying a used American car again. Ever. And maybe not new either. My first car was a Ford which blew a tranny, forcing me to buy the Dodge and sending me into this financial tailspin from which I have yet to recover.
JV- I used to sell cars too, and I’m considering doing it again cuz then I’d have a demo car and be saving towards buying a new car in cash at a hefty discount!
Well, I’ll make a decision soon and let u know what I’ve decided. My accountant says to fix it and try to get another couple of years out of it because I’ve already invested so much in it. And I’m taking his advice seriously.