Buy New or Fix Old??

mariange99mariange99 Member Posts: 1
in Honda

Hi,

I have a 2001 Honda Accord that I purchased new. I have followed my regular maintenance schedule etc, and really have never had any major issues with my car(thankfully). Just regular stuff that goes wrong with age i.e. timing belt, brakes, joint,etc. However, just yesterday the check engine light went on. Also, Ive had the SMS light on for some time. I am taking it to the mechanic on Monday. This event has made me question is when is it time to buy a new car vs. fix an old one? I know there is a bunch to consider, but my trade in value keeps going down every year. I know I will eventually buy another car, but should I wait until my car completely breaks down i.e. no trade-in value or should I buy now that I still have some value???

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  • rm2008rm2008 Member Posts: 31

    mariang99,

    There's many things to consider, but if you're looking at it from a financial perpective, it is almost always cheaper to fix the car and keep it. This article goes more into detail about the pros and cons: http://www.edmunds.com/car-care/fix-up-or-trade-up.html

    Hope it helps,
    Ron Montoya, Consumer Advice Editor

  • Mr_ShiftrightMr_Shiftright Member Posts: 64,481

    What's the mileage on the car?

    @mariange99 said:
    Hi,

    I have a 2001 Honda Accord that I purchased new. I have followed my regular maintenance schedule etc, and really have never had any major issues with my car(thankfully). Just regular stuff that goes wrong with age i.e. timing belt, brakes, joint,etc. However, just yesterday the check engine light went on. Also, Ive had the SMS light on for some time. I am taking it to the mechanic on Monday. This event has made me question is when is it time to buy a new car vs. fix an old one? I know there is a bunch to consider, but my trade in value keeps going down every year. I know I will eventually buy another car, but should I wait until my car completely breaks down i.e. no trade-in value or should I buy now that I still have some value???

  • jprocjproc Member Posts: 135

    I have a 2000 sienna with 205k miles.I figure if I can keep it running for $ 1,0000 I am way ahead of the game.

  • jprocjproc Member Posts: 135

    I meant a 1,000 a year

  • steverstever Guest Posts: 52,454

    My '99 Quest with 197k just died about 30 miles from my brother's house. Good timing; found a tow and a mechanic in a small town who hopes to get it going tomorrow. No huge biggie since we can stay in Chattanooga for as long as we need.

    The biggest issue is that this is the second tow in about 18 months and my wife is getting a bit dubious about driving it much longer.

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