I have a used 1988 caddy that needs engine work. What should I do fix it or go in debt to purchase a newer car

Question:
The caddy is worth about $2500 in execellent condition, I paid $2800 for it and right now it is worth(with the need of repairs) about $900. I planning to purchase a 2000 Honda Accord EX and make car payments.

Answers:

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That is really a personal preference. You are either going to put money into a new car which will be able to handle everyday use and wear and tear, or put as much money into the caddy as it would be worth if it were in EXCELLENT condition, which means, when it's driven off the lot. And the Caddy will not be able to handle continuous wear and tear for too many more years, by the way, it's almost 20 years old. I say that making a payment every month on a new car that will be able to handle wear and tear and everyday use, is your best bet. And it is an offset for your taxes. (you also won't have to worry about it breaking down soon, and you can drive a newer car on "E" for a couple miles rather than you would on the '88). I personally would sell the caddy for the $900, save back $400 for gas and "IF" anything happened with the new car HEAVEN FORBID, have the $400 saved back. Then use $500 down on the 2000 Honda EX. By the way Honda's are great vehicles which have been known to go for miles and miles. Good luck!

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In the long run it is cheaper to fix an old car.
But that 88 caddy prob sucks gas, might be better off getting a better mpg car.

Salvage car?

Sounds like a walk away from. I doubt you'll be able to recover enough from sale of the vehicle to recover repair costs.

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Why take on car payments for a 2000? I was just at an auction a few weeks ago and saw plenty of 2000 model cars go for like $2000-$3000 and some even cheaper. I would totally check my local vehicle auctions before taking on that note. I have compared the prices of used cars on lots and at auctions and dealers are charging at least $1,000 more. But then again you may be able to get a warranty with a note.

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Hey Jigga,
It is time to move on and get a new car... That caddy is almost 20 years old.. you will end up paying a lot more money on it then you want to... it's better to buy a new car with a low interest payment that has a warranty...

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if car value maintains per blue book or if offers on car mean you can make money on 88 caddy,fix it up

Whereor how do I get my apprasial value for my car? and not kelly blue book need someone to actually look at i

foist that puppy off on someone who is into " gangsta" and get a Honda , you will probably save in fuel what your payments will be

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Most GM Ford or Chrysler engines can be rebuilt on average for about $150 for each cylinder. You are looking at about $1,200 to get back up and running. So I guess your question at this point would be, do I want to put half again as much as the car is worth into it? if you are planning to trade anyway, why spend the $1,200 ? The $1,200 would be a good down payment on another, then take anything you can get for the Caddy, at that point its all a Plus.
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