Help me with my car decision, please: Buy, Wait, Sell, Save, Do Nothing

[katamari]

My current car, a 1997 Volvo wagon with 147K miles, is going downhill fast. In the last 3 months, I have put $3600 into it and it realistically needs about $2500 to be back in great shape. I have had all the routine maintenance done to it since I owned it and the outstanding repairs it needs are to deal with non-central, non-running issues: it has no working AC/the heat only works on high and in spurts, it has a problem in the exhaust manifold that causes it to be embarrassingly loud and pollute (though it doesn''t interfere with it running), and one of the CV joints is breaking. I am very sick of putting money into it.

I don''t really fancy owning a "new" car, but I have been really fantasizing about trading this albatross in and getting a newer used car (another wagon, preferably around 50-60K miles, less than 10 years old).

However, I am a grad student (for only 8 more months!) and do not make a ton of money. Plus, I don''t really drive all that much since we live in an urban area with manageable public transportation (I might put 6K miles on my car in a year). And, I am moving 2500 miles away in August. I am not planning on driving when I move, so it will cost $800 - $1000 to ship the car new.

Our original plan was to sell my car right before we moved and just get me a new one when we get there. But, seeing as how my car is fading fast, I am not certain we could sell it (and if we do it will be tough). Summers here (when I would sell it on this plan) are easily 90-100^F and I just cannot imagine it would be easy to sell a 13-year-old, high-mileage car without air conditioning. It makes me think trading it in will be the best option because we would get something for it and the shop that bought it could repair it before reselling it.

We have thought about our options and I am wanting to hear about what you think would be best (included them in the poll) and why you think this. I have had 5 different cars in my lifetime, but they have always been a hand-me-down/short sale from a family member, so I feel really dumb about all this and could use some advice.

 

[katamari]

Oops. Question should be "Buy Now or Not?" And there should be an option of just doing nothing and saving until I this car breaks down again and I have to decide to either fix it or buy an new one.

 

[joflier]

I think that you should trade or sell it. I've always sold my vehicles through craigslist or newspaper adds. More $ than tradein. You might be surprised at the response, esp if its been cared for. that's a lot of cash to stick into a 13 year old vehicle for repairs. That, combined with the fact that your not real in love with it, anyhow. You could get it fixed up, and a month later have something else go, and stick another grand into it. I vote to sell it and get something newer!

 

[Dancing Fire]

Date: 12/30/2009 12:01:05 AM
Author:katamari
My current car, a 1997 Volvo wagon with 147K miles, is going downhill fast. In the last 3 months, I have put $3600 into it and it realistically needs about $2500 to be back in great shape. I have had all the routine maintenance done to it since I owned it and the outstanding repairs it needs are to deal with non-central, non-running issues: it has no working AC/the heat only works on high and in spurts, it has a problem in the exhaust manifold that causes it to be embarrassingly loud and pollute (though it doesn't interfere with it running), and one of the CV joints is breaking. I am very sick of putting money into it.

you should get rid of this car and shouldn't of spent the money on repairs.we went through this with my wife's 95 BMW a few yrs ago. we spent more on repair then what we paid for that POS,so finally we decided to traded in for my daughter's new Civic.

 

[iheartscience]

I vote you trade it in or sell it and get a new car now. If you can afford to get the car you want now, you may as well get it. I wouldn''t put another penny into your current car no matter what, though.

 

[reader]

Sell it, Volvos are safe, but best handled by a mechanic that is a fan or a specialist once they get some age. Where do you live btw? If you are in Maryland or nearby, I know a guy who is a huge Volvo fan, and he might be able to recommend a mechanic.

 

[fleur-de-lis]

You need to put $2500 in repairs on top of the $3500 you've already put in it to bring your 1997 Volvo Wagon with 150,000 miles up to its Kelly Blue Book value... of ~$2000?? Link to KBB for 1997 Volvo Wagon

From the outsider's perspective, it's rather clear that you should ABSOLUTELY hold off getting a new car until you're settled in the new location, so that eliminates some of the options at least. (After all, not only would $1k for transport likely go a long way for the next car you're contemplating, but there are all the wasted resources for taxes and re-registration times two.) As for the remaining sub-Q of sell now v. sell later, it seems the answer would turn on what really works for you:
-- how reasonable would public transport REALLY be for you for 8 months?;
-- how desperate are you for some money from the sale, versus the convenience of just driving it into the ground then donating it to a charity right before you go?

Hope these questions help you figure out for yourself what works best for you! (FWIW, unless public transport was equally easy or easier, I'd probably keep the $2K car to the end then either fire-sale price it to a poor college student who doesn't care that it has no A/C or donate it to charity if it's "unsellable" if I were in your shoes. But good luck with your choice-- it's easy enough for random internet people to hypothesize and answer hypotheticals with certainty, yet always harder to see the right decision when it's your own situation and you have to really weigh the actual variables, isn't it?)

ETA: I clicked for "sell now" in the poll because I liked the idea of a grad student pocketing all the money and adding an extra 1K from not having moving expenses, but that was before I saw the KBB on a 97 Volvo Wagon.

 

[swingirl]

Sell it on Craigslist. Don''t pay for any shipping when you move. Buy a used car once you relocate.

 

[AmberGretchen]

I vote to sell it now - you''ll have some cash that you can start saving towards a car after you graduate and/or use for your move, and if you can survive on public transportation for your remaining time in school, I really think its worthwhile to not have to deal with the stress/expense of shipping a car cross-country (speaking from experience).

 

[steph72276]

Date: 12/30/2009 9:32:05 AM
Author: AmberGretchen
I vote to sell it now - you''ll have some cash that you can start saving towards a car after you graduate and/or use for your move, and if you can survive on public transportation for your remaining time in school, I really think its worthwhile to not have to deal with the stress/expense of shipping a car cross-country (speaking from experience).

ditto!

 

[reader]

Parents of first time drivers hunt Volvos as well.

 

[katamari]

Thanks everyone for your responses and help! I am going to talk it all over with DH over dinner here in a bit, but I am 100% certain that I am not going to put any more money into my current car, regardless of the outcome.

joflier, I looked through our local Craigslist ads, and people are selling similar cars in worse shape for more than I had planned (I expected $1500 max), so that is promising.

You are totally right, DF. I was trying to save it since, when it last broke down, I was still on the job hunt and wasn''t sure what my financial situation would be after this school year. I wish I would have used that $3600 to put down on a new car. For what I am looking for, and if they would have given me anything as a trade-in, it could have paid off about half a different car.

This thread certainly helped me realize I shouldn''t put any more money into it, thing2. That is for sure.

Reader, I take my car to a Volvos only mechanic in my city (which is in OH, unfortunately). I called him today and he said that when I sell it, he would be more than happy to advertise it in the shop. He said someone, likely a Volvo fanboy/fangirl, will surely snatch it up. That gave me a little hope.

Eeks. Thanks for the link, fleur-de-lis. I didn''t know it was that bad. I hadn''t planned on selling it for over $1500 since it has other issues, but I might not even be able to with such a low KBB value. Our original plan was to wait, so it is good to hear that is the best option. And, these are some really good questions to think about--as well as great options to pursue. I live in a city with a HUGE university, so there are several different markets. I use PT to get to and from work or ride my bike and my DH has a car, so I am fine with using it. And, while the money would be nice to have in hand before we go, we have already saved a couple thousand for the move (and I get a reimbursement from my job), so it might be worth it to look into charity. If they can really fix it up, it would be a good family car since it comfortably seats 5 and can seat 7.

Thanks, swinggirl!

Thanks, AG. I will probably have lots of threads about long distance moves here in a couple months, too, so hopefully you can provide insight then, too. I also think it might be better to sell it sooner, just because trying to sell it as I am moving puts so much more pressure on making the sale. Something I don''t need during the dreaded defense month.

Thanks, steph!

 

[AmberGretchen]

Date: 12/30/2009 7:40:30 PM
Author: katamari

Thanks, AG. I will probably have lots of threads about long distance moves here in a couple months, too, so hopefully you can provide insight then, too. I also think it might be better to sell it sooner, just because trying to sell it as I am moving puts so much more pressure on making the sale. Something I don''t need during the dreaded defense month.

I will for sure chime in when you need help w/ long-distance moving advice - I was exactly where you are so recently (defended in July, moved 2500 miles and started new job in August/September), so I really remember what it was like. I think you are spot-on to want to try to sell it before you get to that point - there will be so much going on, and you will be so crazy busy and stressed, you really won''t want to deal with anything else (and neither will your DH). Its funny - I don''t think I realized how deep the roots were that DH and I had put down in the city we lived in when I was in grad school (I''m from there originally, but its so different as an adult), and that was really a stressful part of the move as well, on top of all the complicated logistics, expenses, etc...

Best of luck with your defense, in any case, and with the car!

 

[sunnyd]

I wonder if you''d even be able to sell it privately. New cars are so cheap these days, and I know personally I''d rather not deal with the hassle of buying a car and then having to pay more to fix it. Especially since it would cost more to fix than it''s worth.

Have you looked into donating it? The tax write off might be worth it. I voted for trade it in now, but FDL is right, you''d have to pay tax again and re-register when you move...and WA''s tax is 9.5% right now!

Not chump change!

 

[MichelleCarmen]

I''d sell the car now and take public transport until your move. Are you still planning to move into the Tacoma area? In your shoes, I''d plan on buying a reliable car ASAP after your move.

 

[PilsnPinkysMom]

Another vote for trade/sell now. I was in a similar situation a few months ago, and while I didn''t really LIKE getting a new car, it beats throwing more ''moolah'' into a car that is no longer worth the expense!

If you keep the car and it simply... dies... Or if the next repair is just too costly, you''ll be in a tough situation. Forced to buy a new car ASAP or thrust into using solely public transportation. Public transport is great in a metropolitan area BUT I''m a worry wort and always think, "What if there''s a random emergency and I need to use my car? What if I need to leave the city and my DH/DH''s car aren''t available?"

If you sell/trade now, you''ll get the most money back and there are a lot of great deals with dealerships trying to get rid of the ''old'' and make room for the new as we move into 2010.

And slight TJ: Where will you be moving to this August?? You''re currently in C-Bus if I remember correctly? I hope it''s because you found a fab job (teaching? something else?)- congrats on being at the end of graduate school! Soon you''ll be Dr. Katamari!

 

[katamari]

Date: 12/31/2009 12:39:23 PM
Author: PilsnPinkysMom
Another vote for trade/sell now. I was in a similar situation a few months ago, and while I didn''t really LIKE getting a new car, it beats throwing more ''moolah'' into a car that is no longer worth the expense!


If you keep the car and it simply... dies... Or if the next repair is just too costly, you''ll be in a tough situation. Forced to buy a new car ASAP or thrust into using solely public transportation. Public transport is great in a metropolitan area BUT I''m a worry wort and always think, ''What if there''s a random emergency and I need to use my car? What if I need to leave the city and my DH/DH''s car aren''t available?''


If you sell/trade now, you''ll get the most money back and there are a lot of great deals with dealerships trying to get rid of the ''old'' and make room for the new as we move into 2010.


And slight TJ: Where will you be moving to this August?? You''re currently in C-Bus if I remember correctly? I hope it''s because you found a fab job (teaching? something else?)- congrats on being at the end of graduate school! Soon you''ll be Dr. Katamari!

Thanks for the input MRS.Pnp

I started looking to budget, because I am trying to save a potential car payment each month to make sure I proper access what is a comfortable amount, and am shocked at how much of a range there are in car prices. Some 2009s are selling for only $15K new! I had been looking at the price of the car I currently have new, which is, like, 4xs that, and just assumed I could never afford it. i also hear you on the "random emergencies" and that is my biggest reservation and why we aren''t a one-car couple already. Decisions. Decisions. Bah.

And, I am moving to the Pacific Northwest! I am so excited, though I love, LOVE, L.O.V.E. C-Bus and will be horribly sad to move. I got my dream job as (tenure track) Professor Katamari at a small liberal arts college outside of Tacoma. We will probably live in Seattle, because that is where Mr. Kat is job hunting (and it is bigger and generally more awesome). Thanks for the congrats! It has been a really exciting time!