Need help deciding what to do Buying vs. keeping current
I'm not sure what the best option is right now. My car is due to have its timing belt replaced in 4000 miles according to the recommended maintenance from the manufacturer. My car is 9 yrs old and has had nothing but problems most of the time I have owned it. In calculations I determined I spent an average of $200 per month last year, and $150/month in repairs and maintenence the year before. I don't believe my car is worth replacing its timing belt. My plan has been to get a new car before this happens. Financially I need to wait until April to buy another car. At the rate I drive that will be almost exactly 4000 miles. I am worried my car won't make it that long before needing an expensive repair. On the other hand I'm not in a position that would be able to buy a car right now, but I will be by then. My options would be to buy a used car sometime soonish as I can't really afford a new one. I really like the 2014 Toyota Corolla LE, and particularly want the Eco trim. These are very rare on the used market right now. I could afford the Le model but if I really want the Eco model I will most likely have to wait until fall when the 2016 models come out. It appears to me that there are lots of the Eco model in 2015 and I will be able to afford a 2015 once it is a year old. If I really want the Eco model is it wiser to wait until fall to get the car I want, or buy a car sooner before my car breaks and I'm out $800+ more in repairs? I have also considered buying an older more reliable car (than mine) and seeing if I could trade it in in 2 years for the car I want, but I'm not sure that is a financially good decision. My trade in value right now on my car is only around $2000.
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