Should I repair my 200k-mile 2012 Civic or finance a newer car on a $1,800–$2,200 monthly income?
I’m a student living in Texas, and I’m trying to make the most financially responsible decision about my car. I bought a 2012 Honda Civic about 13 months ago for $4,000. It had approximately 180,000 miles when I bought it, and it now has just over 200,000…
I’m a student living in Texas, and I’m trying to make the most financially responsible decision about my car. I bought a 2012 Honda Civic about 13 months ago for $4,000. It had approximately 180,000 miles when I bought it, and it now has just over 200,000 miles. I have driven it around 20,000 miles in a little over a year. About one to one-and-a-half months ago, the starter failed, and I paid around $400 to replace it. Afterward, the mechanic told me the flywheel/ring gear is also damaged and that it may damage the new starter again if I do not replace it. I was quoted approximately $700–$800 for that repair. The car probably has an as-is value of around $3,000–$3,500, so spending $800 on one repair feels like a lot compared with its value. However, I understand that an $800 repair is still much less expensive than replacing the entire car. There are also some other issues: ABS warning light/problem Check-engine light Transmission-fluid maintenance warning, and I have not changed the transmission fluid Occasional metallic/clanking noise, especially when the car is cold Fuel economy is usually around 21–28 mpg The starter was recently replaced for $400 The mechanic says the flywheel needs another $700–$800 repair My income is approximately $1,800–$2,200 per month. I am considering three options: Repair the Civic and continue driving it, knowing that additional repairs could happen. Buy a used car for approximately $10,000–$13,000, possibly a 2016–2018 Corolla, Civic, Mazda3, or something similar. Finance a new Kia K4 or another basic new car. I have seen some advertised around $20,000, although I know the actual out-the-door price would be higher. The appeal of a new car is the warranty, reliability, and not constantly worrying about breakdowns. However, I also understand that a new-car payment, full-coverage insurance, depreciation, registration, and interest could be too much for my income. I’m worried that buying another used car could put me in the same position if it develops problems, but I also do not want to make a bad financial decision by financing a new car that is too expensive for me. What would you do in this situation? I would appreciate advice from mechanics, high-mileage car owners, and people who have faced a similar financial decision.
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i mean I do have money for the repairs but I dont know if repairing is actually worth it?
I recently financed a low miles but 10 year old family van (young kids, we needed something more reliable, they got stranded once and I didn't want to see that again especially with the heat) well not 1000 miles later the transmission is shot. Amazingly, it was a part of a recall and was actually covered so, we ended up with a brand new transmission and a free rental for a while. Still owe $5k on it but the payments are easy and the rate is like 4.25%, plan to pay it off by the end of the year or if not then by tax return time. In all not a bad deal I guess?
It’s always cheaper to drive the car you already own.
That camry is going to be 20k in today's used market lol
You have to do a lot of repairs yourself. A starter going out can be done at home with hand tools for the cost of the starter and some ratchets and sockets. I'm sure that a four-cylinder starter replacement can be done by the average joe.
Get 2 quotes from 2 honest well reviews autoshops and weight the options. Flywheels don't just become damaged and usually that would take an inspection. Clutch maybe? You don't make enough for afford a 10k car, payment or not. Get a loan from a low interest rate credit union for the repairs, and have anything important done at once gl
A failed starter, especially the solenoid, can absolutely take out a ring gear.
Repairing a civic like that is worth it if you 1) know what needs to be done, 2) are budgeting for big upcoming maintenance like trans fluid drain and refill or new tires, 3) can afford the repairs and get a few more months out of the vehicle. Your income is limited and a $400 car note plus increased insurance costs for comprehensive( if you aren't paying that now) add up. The real problem is that you have multiple issues and I don't think neither you or your mechanic have a solid idea of what needs to be done to fix it all
Fix it when it breaks
From this comment and your post it seems like you just want to get a new car and are looking for permission. The most financially responsible thing you can do right now is get a small loan for the repairs and keep the car you have. Hondas are known to go well over 300,000 miles if you maintain them well. If you do the repairs and fix everything that's wrong this car could last you a few more years. I just got a new (to me) car and this is not a good market to buy a car in.
Financing a car is almost never the answer. Fix what needs to be fixed. Drive it until the wheels fall off. Try and save for another beater. If you have to finance a car. Get the cheapest reliable car you can. Nothing is worse than financing a car that will take you ten years to pay off and having the transmission blow.
$800 repair + few hundred more to do all the other things, like DIY trans drain-fill, ODB2 meter to read codes This makes more sense than those other cars. But, if you could find a low-miles 2017 Camry, the most reliable car ~ever made you should be able to take it to 300K easy
Is it safe to drive? I’d try to just drive it and only fix absolutely essential things. Like won’t start without it or very unsafe to drive. If you can hold on to the car until you graduate or save up money, that’s ideal.
this is why im against all average Joes that brag about "buy a used honda/toyota because they last forever". They dont and now u stuck with a money pit and long term headache
I drive a 2008 and 2011 and was having this debate, one friend just told me it’s always cheaper to repair the car you got then get a new one, especially a reliable car like a Honda civic.
I would get a newer civic, corolla, or prius financed. And uber to help cover the costs. Look into this option.
Been there before many times. I would highly advise against trying to finance a car with where you’re at with your income. I would consider selling the car to Carvana or similar(get multiple quotes) and purchasing another used car. The most important thing is that before you go look at a car you find a mobile mechanic that can professionally inspect and identify possible liabilities in the new car. This will save you from the headache you’re going through now.
Me personally if the starter is not making any unusual noises when it starts you are most likely fine. My 1988 Ford ranger had a badly damaged ring gear and I drove the heck outta that thing for many years as it was. That's not to say it can't fail suddenly. If I were in your shoes I would continue driving what you have until repair costs just kill it. While doing this start saving for a newer car right now. Use an app if you need to (I am using rocket money) and have a small amount automatically deducted from my account each week. I truly don't miss it and I have saved close to $3500 in the few years I have been using it. That's money I forget I even have! It's for emergencies but also might be a nice vacation some day. You can set it for aggressive savings or light (mine is middle).
Do not get yourself into debt on a car. Keep and repair the Civic.
Do you really want to spend $300-500 a month for 5 years for a car payment ($18,000-$30,000) and are you on your parent’s insurance? Or do you want to spend $1500 to $2,500 a year for the first 2-3 years of catch up maintenance and wear items, knowing that the annual repair costs will likely go down as the bigger items get tackled? Maybe you hit $10,000 by year 5 but I doubt it. I don’t know much about your finances but generally that money is better spent saved/invested at your age. Check out Dave Ramsey. Source: I’ve owned 10-20 year old Hondas for a couple decades.
Let’s consider the options: Purchase another vehicle for $10,000. Think about the amount of the loan payment each month. How much would you be paying in a single year? To repair your current vehicle, would it cost less than those car payments? To consider: Any new (to you) car you buy will also have issues and you will have to make those repairs while making the car payments. 2. Buy a brand new Kia. Even if you had the money to pay cash for that car, buying a Kia is just a bad idea. They are cheaper than other cars for a reason - very high rate of engine failures, early in life. 3. Keep your current vehicle. Shop rates are high, which can make it expensive to repair a vehicle. Never consider the market value of your car as it’s actual value TO YOU. This vehicle has a greater value to you because of the freedom (from debt) that it gives you. And once you learn the issues of your current vehicle, you can deal with those issues accordingly instead of buying another used car that you’ll have to go through the same process on. Hondas can run a really long time just like Toyotas. Take care of it and it will take care of you.
You can't afford a new car.