So, I was sitting with my son and told him that I "just signed up on the new Scotty Kilmer forum." We watch Scotty all the time. He then said, "Hey, ask the board what we talked about and see what they think." Here goes :-).....
...... my son bought a 2000 Corolla 2 years ago -- currently has 110000 miles -- purchased for $1400. He's put about $250 into for some repairs. Currently, needs shocks all the way around -- he says $300 for that and an alignment.
I suggested he sell it and put the sale money and the $3-400 into a newer vehicle -- like the 2008 Civic I found that looks to be in great condition. Does have about 165000 miles -- cost $2500. If he got his $1400 back and that $400....... he's into an 8 year new vehicle for about $700.
I know there is no perfect answer, but what do you think he should do?
As you describe your current status, for the short term keep the Corolla and make the repairs. The cost of replacement far exceeds the cost of repair. And there's a lot to be said about having a pink slip.
For the long term, I'd pass on the Civic and shop the market for a much newer vehicle with far more service life remaining. There's lots of them out there for $8,000 and less.
That Corolla is too old and whatever money you into it is lost if you want to sell it.
On the other hand, the 2008 Civic with 165,000 miles, assuming it is automatic, it is not worth that much.
Actually, with $2500, I don't think you can buy a good used 2008 car.
