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Old January 2nd, 2018, 23:20   #3
Veteran Member
Join Date: Mar 2011
Location: Northern MD
Fuel Economy: Race: 12mpg, Gandma:65mpg

The bigger issue, is what the condition of the car is in, you need to assess what the car is truly worth, what you have put into the car already for main repairs and preventative maintenance. How many miles you have on it and what it has left. Now you know what it’s worth and now how much to fix it? Parts or parts and labor? Do it yourself and save and maybe if you love the car. From an investment and smart financial move, don’t spend more than 1/2 the total value of the car in repairs that will not get you more than x amount of miles. My rule of thumb for cars that new where less than 40K when purchased, a repair that can get 20K miles is only worth 500 bucks on a car with over 200K miles. I use 500 as a factor of 10% of the miles on the car. 500 bucks in repairs for 30K miles of life for a car with 300K and so on. Now if you replace a transmission for say $2000 in total (just easy numbers) you’re looking at least having to get 120K miles on a car with 300K on the clock. You get the point. Stand by some guidelines and never exceed the value of the car in repairs by half every 10 years. Car with 2,000 only spend 1,000 in repairs over 10 years. Now this is for a car with 200K+ that is only worth 3-4K in total value.

TLDR version, does the math, be smart, don’t throw money at a daily unless it’s your hobby and you can afford to do so. Cars are an asset and should never be a liability.

Fix the easy and cheap stuff $100 max in repairs and find out what else is actually wrong with eh Trans before going further.
Mongler98 is offline   Reply With Quote
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