Car repairs too expensive still owe money I cannot Sounds like it'd be pretty hard to come up with the money to pay the gap if you can't come up with the money to fix the car. Depending on the situation, you could get money back or use the vehicle for some trade-in value. Collision insurance usually isn’t too expensive, You might be wondering what to do when your car is There are limits on how much insurers pay toward a totaled car. 50 per year. etc. But that 19% drop in used car prices since their peak in 2022 means more cars are now worth less Based on my experience, Lexus is reliable but expensive to repair. $750/year in maintanance vs $1000+/year depreciation. It bridges the "gap" between what you owe on the car loan and what the car is worth at the time of a total loss event. "Take it back to the shop you got I’ll start by acknowledging the frustration of paying for car repairs only to discover that the issue hasn’t been resolved. JB Umphrey. Being “underwater” is common because a car loses value as soon as it is driven off the lot. Ask the garage for a courtesy car until the work is completed; Take your own car back and use it, if it’s still roadworthy, until the garage is in a position to complete the repair; Get the car repaired by someone else, if it can be taken away safely, and claim compensation from the original garage. Repairs look to be substantial and expensive, and she still owes thousands on it. Usually with a manual transmission, the car is Yes and no. Example. The initial diagnosis was wrong, but the tech reiterated and corrected the diagnosis. The rate must have been terrible. If your insurance company has declared your car a write-off, this is usually because your car would be too expensive to repair, or the damages are so significant your car is beyond repair. Car repairs blow the budget of car owners faster, as only a few of such appear less expensive. Here are 6 ways to pay for car repairs with no money: Personal loan Using a personal loan to pay for car repairs allows you to pay the mechanic Last year, I spent $1,500 on repairs for my 11 year old car or just over $100 a month. Your insurance provider may decide your damaged car is totaled if repairs would cost more than the car is worth. You’ll also notice that your engine fails to turn over. Does anyone know whether they'd accept a suggestion for me to reschedule agreement by buying another car and selling my existing car for parts. If you’re thinking about what to do when your car is totaled, and you still owe money for it with no insurance in place, unfortunately, GAP won’t help. A couple hours and $33 later and I have a new working regulator installed myself. Category S: The car can be repaired but is currently too unsafe to drive. Need car repair: no money. Sponsored: Owe the IRS $10K or more?Schedule a FREE consultation to see if you qualify for tax relief. Car maintenance and repairs are unavoidable, but sometimes there is a major repair that gets you wondering if you should simply invest in a new car. Edit 2: if you’re coming to comment that my job actually sucks or that I should just buy a Honda/toyota then save yourself the time. This is a new experience for us. The fluid totally drained Car repair more than value of the car, bit still owe on loan. Car repair more than value of the car, bit still owe on loan. Before the worst happens, Instead, some dealers just roll over the negative equity into your new car loan, so you still end up paying it. There are lots of different types of write-offs: Category A: The most damaged a car can be. . i made this post for r/poveryfinance but i decided to also try my luck here and see what subaru people say. I have about $5500 owing on the car still. One in eight Americans wouldn’t be able to afford a car repair bill of $1,000. That means you have $3,000 in negative equity. You also authorized a repair, however the repair did not fix said concern. However I would still argue that new cars are a damn boon to the consumer as people have no desire to bother I’m a technician and I think I can shed some light. If you If you need to spend $3000 every year in repairs but a new car would be $6000 in annual payments, that to me is a no-brainer: You keep the old car & pay for repairs unless the old car Up to potentially 10k in repairs on a car we still owe 21k on, what are our realistic so we actually tried that but the dealership told us the car was useless to them for a trade in cause the costly My wife and I have another car that's paid off, so this company vehicle wouldn't be my only transportation if it were to need repairs, and even then my employer would give me a loaner. Budget something every month, maybe $150 and set it aside for repairs and regular maintenance. im honestly not the best with cars which makes this whole situation worse so i wanted to hopefully get some educated opinions. If your vehicle is totaled and you still owe money on the loan, the insurer will reimburse your lender for the car’s worth (i. I owe $9300 hundred on the lease. If you end up owning money, it's definitely less than the 2019 Buick would have cost. We don't know exactly what happened but at this point that is all moot because the engine is toast. Averaged out, the repairs on the old car are $167 a month, and the interest-free loan payment on the new car is $500 a month for 5 years. It wasn't the best value but I needed a car and they were able to get me decent financing for it along with a warranty. If you can no longer afford your car payments, you can return the car to the lender in an exchange called a voluntary repossession. By the way, we have full collision insurance, but I don't think we had gap Since you love the car; wouldn’t you rather pay less interest, keep it and build equity rather than lose 5k? Your insurance is expensive but you do have multiple cars and are under 26 and coverage for a Camaro is typically higher than a Toyota. A car lacking equity has no value or even negative value in a replacement car transaction. UK-Justice. (I bought it for around $9000 two years ago ) Overall before this problem happened I was thinking about looking for a pickup truck to trade the Subaru for. Still owe money on the trade-in? No problem, they will just roll that into your new loan. But I could trade it at the Kia dealership. S. Otherwise, its been a decent car. Both new and used car dealerships buy used vehicles. I still owe 10k. so for some backstory, a little over a year ago me and my girlfriend bought a nice car together (2018 subaru outback) back when we both had nice One option is to sell your damaged car and put that money down for a new car. We owe about $13k on it. Idk what your CC debt is but you're only netting There are some things on this list that may be optional. This can leave you asking: What to do when your car is totaled and you still owe money? Most of even if the price is "high" though it could still save me money by about 50%. Car payment is $545 a month. If I had that repair done at a dealership they would’ve charged ~$200. If we can figure out how much more money they will give us if we repair the car, then it may justify doing the repair or not. Maintenance alone costs an average of $766. However, keep in mind that the majority of individual buyers will be hobbyists There are limits on how much insurers pay toward a totaled car. This is a massive failure on her part. After you drop 20k If you still owe money on the car, the insurance payout will go towards paying off the remaining Learn what to do when your car is totaled and you If the salvage value is too Very interesting thank you. Category C (too expensive to repair) Cars in this category can be repaired, but the repairs would cost more than the vehicle’s worth. You can also ask the bank servicing the lemon to do a refinance and explain the situation. I have the cash to pay it outright, but I'm seeking other options. For car repairs, if I am cash short outside of my emergency fund. The problem is people who don't have a lot of money "affording" a car on 96 month payments who then can't afford to keep up on maintenance and repairs. I definitely am considering the independent mechanic route. You still have 60 months to go at $12,000 remaining, 26%(!) interest, and $357/month, yet you say you have been paying Long story short, I owe 8K on a 2011 Toyota Avalon and the transmission went out. You still owe $18,000 on your car loan. Then, Your insurance provider may decide your damaged car is totaled if repairs would cost more than the car is worth. It is no longer covered by the dealer One of the easiest ways of avoiding the stressors of an unexpected car repair is to save for repair costs beforehand. Lawyer. If the car accident rendered your vehicle inoperable, think about the repercussions of not using the money to get it fixed. 1 / 11. If you sold the car and get a $7000 car, i. Don’t You Totaled Your Car & Still Owe Money - What Do YOU Do? We Have the Answer: Getting Two Checks for Your Wrecked Car is Generally Possible. We may want to find a dealer who will take it in any condition and if we have to tack on the $15K to the new loan then so be it. The best place to sell your car in need of repairs depends on how quickly you want to complete the sale, how much you want to get for your car and what your immediate goals are. There highly complex computers with sensors everywhere. g. It’s the costly repairs that start you thinking about whether you should replace the car or not. I can't keep renting a car at $500/week for that long. The Best Place To Sell Your Car That Needs Repairs. Twice a year I get an “extra check”. Because that’s still significantly less than a car payment, I choose to keep it. Before getting What happens if your car loan lasts longer than your car? While you may have every intention of driving a car long after it’s paid off, an accident (and inadequate insurance), Hey man I just read through all of the comments here and have 2¢ to add. Category B: The body is too damaged, but some parts can be redeemed. Very interesting thank you. According to AAA, the annual cost to own and operate a vehicle is $8,698. That way you still have some money leftover and you aren't car poor. When Repairs Cost More Than The Car DoesWondering if it is worth it to fix your car? When trying to calculate if a car’s repair is more than the value of the car, ask yourself th When facing car repairs that exceed the vehicle’s value, understanding the intricacies of insurance settlements becomes critical. You do own the car, you just agreed to let the bank hold the title while you have a loan with them. You can trade in a financed car you still owe money on. Will get more for the sale, but will For example, the Michigan DHS car voucher program provides up to $10,000 to buy, fix, and insure a vehicle used for work-related transportation. For example, the window regulator on my 2012 Corolla broke this morning. Our goal is to skilfully manage the claim process and secure a fair settlement. Investing more than a vehicle is worth on paper might initially seem like a bad The real problem is you borrowed money to buy the vehicle and you still owe that money even though the value of the car is gone due to a major repair need. Posted on Published: June 24, 2023 - Last updated: October 13, 2023. My car’s repair/maintenance costs were 47% lower than the average cost to repair/maintain a car with similar mileage, Meanwhile, the top 10 most expensive cars to maintain have an What to Do When Your Car is Too Expensive to Repair. Although it’s almost What Happens if You Still Owe the Bank Money for Your Totaled Car?The insurance company usually pays the car's actual cash value at the time of the loss if you still owe money, minus any deductible and the amount you still owe on the car loan. For $350, my guess is that he did a brake job on the end of the car on which the brakes were worn out. You can keep your car Even if you succeed in getting a lower estimate, you may still need options for paying for car repairs. You do not owe the tech Your owner's manual details maintenance intervals. Discovering your car is too expensive How Can I Finance an Engine Replacement? Car trouble can happen when you least expect it. The dealership will take a car on which you still owe, but then put that old Car repairs are unavoidable and, even worse, expensive. If you are spending too much money on repairs. Check your owner’s manual before you fork over money for an unneeded lube job. But what if your car breaks down and you don't have the money to repair it? Options include: Pay with a credit card. However, keep in mind that the majority of individual buyers will be hobbyists looking to mine your totaled car for parts or take on a Repair Costs and the Value of Your Car. “The first thing you need to do is find out the payout amount from your financial Historically I get paid bi-weekly and budget based on 2 paychecks a month. I still owe 12500 on vehicle. (Which we don't!) If the car is scrap w/o the repairs, you are still paying on the 5K note, too expensive. Here's the real kicker We still owe $5000 on this car! So fixing it is out of the question, even if we did have the money. Here are six options you can try: 1. Depending on 9 Ways to Pay for Car Repairs. Is Your Time Valuable? Of course, if your old car starts needing repairs a lot, then your time is something to think about. This thread is archived New comments cannot be posted and votes cannot be cast comments sorted by Best Top New Controversial That will most likely be less than the remaining balance on the loan, which you still owe. I know more than a few I only had a year to pay on it. I was looking for advice on what I can do today since my car is broken, I have no money and I still owe more than it’s worth. When trading in a car that you still owe money on, You can trade in a vehicle even if you still owe money on it. Finding a good used car right now is very dependent on your knowledge of what to look for and how much certain repairs cost and what’s most likely to happen, etc. an invoice), you don’t have the ability to pay, then the first step is to speak to the business to try to come to an agreement with them, such as putting a payment plan or affordable installments in place. Japanese Cars can lasts 10-15 years if you drive it I don't have this money and at the moment don't have a car and need advice of how to approach Finance Company. Corrosion is too expensive to repair and will only cost you money in the future. If the car is drivable, try to take it to other mechanics for a quote. Skip to content (888) 711-0450. If you're low income, you can't afford a 10 year old European car in the US, Generally, an estimate won’t bind the garage, although it will be an indication of the eventual cost. Drove a sports car back then which stats it requires premium gas. Find out what to do if your vehicle is totaled while you're still making payments. Jan 16, 2018 // Your health and well-being are too important to risk. I've been feeling the new used car desires too, having an older car myself. If you don't pay that back you My daughter’s (used) car broke down - a Cadillac. You never know what they're However, if you don’t have the money for a new car or repairs, or if you still owe money on an older vehicle, it can become a more difficult decision with limited options. How it works. Toyota is reliable and cheap to repair. First, resist the urge to swipe your I don’t know if I should just continue to pay on my loan and hope for the best and just get necessary repairs done. Once this happens, all the parts in your car’s engine will stop working in sync. Say you want to trade in your car for a newer model. being as high as they are these days, shop time has gotten expensive, and parts have continued to rise too Motor Blows Up on Financed Car; How to Get Rid of Your Car If You Still Owe Money on It; What to Do When Your Car Dies And You Still Owe Money on It; Can You Voluntarily Surrender a Car That Doesn’T Run; Car is Junk But I Still Owe Money; Car Broke down Still Making Payments Reddit; My Car Broke down And I Can’T Afford to Fix It You only have one opportunity to use the money you receive to fix your vehicle. 13 years hanlding consumer protection matters. Planning for the eventuality of car repairs means you don’t have to rely on whether or not car insurance covers the cause. The fluid totally drained Insurers know the ropes of legal options should a mechanic not deliver the quality of work that was paid for, but you can take some steps on your own. If you want to sell your faulty car quickly and just be done with it, a junkyard or scrap yard may be the best choice. I am in an upside down loan with a car that is having issues, I owe $3000 left on it. Then, you must pay off any remaining balance if that amount is less than what you owe. lost the complete value that the older maxima still had and had to struggle with down payment money on a financed used car It is something to consider if you still owe money on the car. Our credit isn't great right now. Use that money to do things like replacing the timing belt. We also still owe $5,000 on the loan. I was in an accident with a brand new car when the value was still $23,000. Likewise, you may very well have a car that you enjoy too much to give up - sometimes money isn’t the only important factor to consider. However the mechanic at the dealership said that even if I paid the 5k So you make 800/week, you drive a bmw that to fix will cost as much as a 2016 Corolla with low miles. If the total loss car is still drivable, you'll need to get it It's less expensive to drive an old car. I am in a tough spot in life. I got it. For example, let’s say your car was worth $10,000 on the day of the crash but it will cost $9,000 to repair it. I was quoted $11k to repair the vehicle. A faulty timing belt might cause your engine to misfire, or oil to leak. When you initially brought the vehicle to the tech you authorized a diagnosis. You can replace both headlight assemblies, with bulbs included, for $50. 1)NEW 2006 Toyota Tacoma traded in for a 2)USED 2003 Toyota Tundra, 4-door Crew Cab which we dicided was too expensive so it was traded for a 3) USED 2003 Toyota 4-Runner, but then we had to drive accross country and move a trailer Inflation hit car parts and labor too. Still Owe Money On A Totaled Car? Here’s What To Do. This money is still part of your debt to the lender, so you will have your car is now worth $15,000, and you still owe $10,000 on Starting a car-repair emergency fund is still related to keeping your car in good working order and helping to I have a car where the engine blew and still have a loan on it. Animals and Pets Anime Art Cars and Motor Vehicles Crafts and DIY Culture, Race, and Ethnicity Ethics and Philosophy Fashion Food and Drink History Hobbies Law Learning and Education Military Movies Music Place Podcasts and Streamers Politics Programming Reading, Car repair is too expensive, still owe on loan. At the point you can make a the decision to the mechanic with the least expensive repair quote and fix your car or sell it to a junkyard. If you still owe money on the car loan for your existing used car, we recommend you try to pay off the loan yourself, this way you get the title in a week, you no longer have to worry about who's going to pay off the loan and now you have a car that is easier to sell to more potential buyers, both private buyers and car dealers, because many used car buyers won't Even if you succeed in getting a lower estimate, you may still need options for paying for car repairs. Instead, some dealers just roll over the negative equity into your new car loan, so you still end up paying it. Yeah, parts typically aren’t too expensive, it’s the price of labor that makes repairs so expensive. The engine the car uses is an expensive. The auto insurance company issues a salvage title, and you'll be responsible for making repairs to the car if you decide to keep it. Kia wants $4000 as a down payment for a 2023 car. Two Months ago the engine blew and it will cost too much to get it repaired. I got the car with a 60-month Then you owe more than the car is worth. It is only good as scrap. is almost always lubricated in a closed, sealed system. Buying used can save a significant amount If pre-agreed repairs have been carried out on your car, and on receipt of the bill (e. Was the car economical? Older cars aren’t known for their fuel economy and aren’t as environmentally conscious as newer models. Does auto insurance cover repairs if your vehicle suffers damage? The answer depends on what type of coverage you have and when the damage occurred. No need to stress yourself over expensive car expenses. $2500 for the headlight assembly on my car, for example. While I openly acknowledge my biggest financial mistakes, keeping a car for more than 13 years is definitely not one of them. an invoice), you don’t have the ability to pay, then the first step is to speak to the business to try to come to You encounter an issue with your vehicle, dutifully take it to a garage or dealership, and are rewarded with a repair estimate that blows past your budget. I think the obvious answer is that you don't drive a BMW anymore. Usually with a manual transmission, the car is Chassis corrosion changes everything; this type of vehicle isn’t worth fixing. The car had 85k miles before it died. If the repairs aren’t too costly and you know you’ll be able to handle the extra monthly payment, repairing it Quick Facts About Trading In a Car. If OP wants a solid car, They are an entry level car and imo designed purely to make techs money. Newer cars require less maintenance, less repairs but the parts are more expensive and the maintenance is more expensive. And these costs only increase as cars age: Consumer Reports’ 2021 Annual Auto Surveys showed the 12-month cost of maintenance and repairs for a 10-year-old car was nearly double that of a 5-year Keep in mind that it’s almost always less expensive to repair your car than buy a brand-new car, and it’s often still cheaper than trading for a newer, used vehicle. I If you’ve had a problem with a car repair or service, the best thing to do is negotiate with the garage to work out the best solution. You can add the debt from your old car to a new car loan Quinn Osha, founder of Topmarq, gives examples of upside-down math on car repairs. The only big debt that bankruptcy would help with is the car, and that's only $8000. To boot I am 35 weeks pregnant with a toddler at home as well. Contrary to popular belief, a written-off car does not mean your car can no longer drive, it relates more to the damages the car has incurred. That When your car breaks down and you still owe money to the bank for the vehicle, you have a few options: Roll it over. I charge it to a The other thing to remember is that unless the car you buy next is covered under warranty, you'll still face the prospect of repair bills. Let’s face it, not everyone has money saved up for that one rainy day when their car needs a new timing belt or something even bigger. Can’t believe you still owe money on a car a loan from 2010. You can also ask the bank servicing the lemon to do a refinance Current Car Market. Welcome to the world of used German cars, where few things are more expensive to maintain. Your old car is worth $15,000. Lenders also offer really long loan periods on vehicles, sometimes up to 7 or 8 years. If we can figure out how much more Yesterday, vehicle wouldn't stay in gear and my husband got it towed to AAA's repair shop. Sometimes, even knowing how to pay for car repairs with no money isn’t enough. Lowering the costs of your auto repairs makes it more affordable. Learn how it works and how it impacts your credit score. On the other hand, In Texas, when repairs to a vehicle will cost more than that vehicle is worth, it’s considered a total loss. Needing a car asap. A 2008 Toyota Camry with 150,000 miles has a private sale value of about $5,000, according to KBB. But $1000 every time is way too much. Crappy part is I still owe $6000 on the car loan. As the owner of the Based on my experience, Lexus is reliable but expensive to repair. I still owe $4500/4 years on my car loan (just got it about 8 months ago) So The car is totaled and I still owe 14k on it--way too much to pay it off. To find out whether this is the case, you should request a repair quote from a reputable local garage - and then research how much the car is actually worth. They may pay out a larger amount, say Skipping collision insurance means you must pay for car repairs by yourself. Small repairs and regular maintenance aren’t anything to worry about. If you're buying a new car from a dealership, you can tow your non-running car there and have them determine its value. By Author Resto NYC. Purchasing expensive insurance, protection or customization packages. They can also say it's totaled if it's too expensive to repair. Now Trending. I went back to the dealership and asked them if they trade in and get me into a new car and the said yes. Japanese Cars can lasts 10-15 years if you drive it Your car is too damaged or old for repair but some parts may be re-used or sold second-hand, as long as they’re removed by an expert. But you can call around. It's easy to end up with a car payment and expensive Car maintenance and repairs are unavoidable, but sometimes there is a major repair that gets you wondering if you should simply invest in a new car. Cars aren't simply switches and relays anymore man. Really sorry this car stuff is not working out for you. Plus, automakers are adept at marketing the image of a stylish (and expensive!) car. Then coolant in the crankcase can suggest damaged rod bearings too. It is even worse if you still owe money on the vehicle because the debt does not go away simply because the car is For many people, a car provides necessary transportation for work, school or other everyday needs. Now last Saturday the transmission went out when the car hit 90k (Something I found out is very common for this car). The insurance total loss payout will be reduced by the car's salvage value. Trading in a car that you still owe money on – This is a slimy tactic that dealers use to get you into a new car. When buying any used car its always smart to have the same amount of money of the value of the car stuffed away for any unforseen circumstances. While most people don’t budget for car repairs, it’s still a good idea to set up an emergency savings account that would cover the costs of car-related problems in the near future. Its a sliding scale: less maintenance and less repairs, but when you do need it, it's more expensive per repair. I decide against it and have the car and Since you love the car; wouldn’t you rather pay less interest, keep it and build equity rather than lose 5k? Your insurance is expensive but you do have multiple cars and are under 26 and Now, cars are expensive and the cars that can get modified to play with are even more expensive. Call us at (866) 781-3698 I’ve spent as much on car payments and i have in repairs, still owe 8,000 and car is broken again . Unlike many of the repairs mentioned on this list, fixing a timing belt is often expensive because of the labour costs. Our mechanic says he has a used engine with 83k miles on it and he would put it in for $2,000. That's more than fair on both accounts. But that 19% drop in used car prices since their peak in 2022 means more cars are now worth less I am posting from a friends account. Perhaps, you could sell one of the other cars to reduce your insurance and other car expenses. I could opt for a used engine but I am not sure how great of an option that would be. If your mechanic won’t work with used car parts, find one who will. Car is only 2018 but unfortunately due to late oil change engine the repair will not be covered by warranty. If your negotiations don’t work, you can take further A few days ago my car broke down, mechanic says my motor is shot. the actual cash value). Our options are: say goodbye to the car, pay off the $5,000 loan, and get $300 for junking it Learning that your car is totaled can compound things, especially if you owe money on a loan or owe more than the car is worth. Get the car fixed and then sell it. I don’t think I can sell it if I still owe money on it. If your car, truck, or other kind of motor vehicle has been damaged in any kind of accident, the first thing to know is that any insurance company—whether it's your own insurer or the other (at-fault) driver's—is only required to pay up to the value of your vehicle at the time of the accident (also known as "actual cash value"). You only need a small amount. Get started with an instant online offer. It’s a situation that can leave you feeling perplexed and even a bit While it is more complicated to sell a vehicle you still owe money on it, it’s still an option. Failing to fix your car could also diminish its resale value. If you DONT have a lot of money, save up as much as you can and keep the payment as low as possible on a maximum 5 year loan. Learn more here. 00. 5 / 11. putting the cost of those repairs toward buying a new car there's no guarantee you're not going to still have a $2000 repair needed in the "new" car. If the repair costs exceed the car’s value, it is possible to limit the damage and financial obligations even with catastrophic engine failure if you still owe money on the auto loan. If you are happy with the offer all you have to do is drop off your car at a convenient Canada Drives location and get paid! If you still owe money on your car Canada Drives can handle the process of paying off the balance owed to your lender and you'll get the difference. A little over a year ago I bought a car from Napleton Nissan that had 60k miles on it. From routine maintenance to repairing or replacing damaged parts, keeping your vehicle up and running Totaling a financed car can be stressful and worrying, especially if you still owe a considerable amount to pay back. I only had a year to pay on the vehicle. Ask for help, 24/7. Salvage Value: A car's salvage value is the amount that the vehicle KBB says it's worth 8k (of course, with an engine that works). A new engine sounds like it could run $6-7k, which is about as much as I owe on the car. Cut my monthly payments and car debt in half. As the owner of the If you DONT have a lot of money, save up as much as you can and keep the payment as low as possible on a maximum 5 year loan. As a brand, BMW and Mercedes both have the reputation of being unreliable and expensive to repair. You owe the tech for that. Even with just those two items I'd still owe well over $4000. It might be worth $15k? $17k tops. Cant afford to fix, You can put that money towards a new car. $350 is a perfectly normal cost for this work. The damning verdict comes just weeks after ministers moved to cut grants I'm assuming I'm only going to get that $8200 from the insurance company, which leaves me with nearly $4000 I would still owe toward the car, and that doesn't even factor in me getting a This means that if a repair shop quotes you $2,000 to repair your air conditioning system, the value of your car doesn't automatically drop by $2,000 if you don't repair it. A Category B write-off can’t be sold second-hand as a complete vehicle. The repair shop has been really nice and I haven't been charged a storage fee the past month it's been sitting there, but I've seen some horrible jobs like that too in my career, but I've never worked at a shop that took work like that in. This can be frustrating For instance, luxury cars and cars with specialty parts, like hybrids, are usually the most expensive to repair. Leftover money is a misleading way to think about cash left over after buying a car. That is unheard of today. Is it possible to trade it in and finance on another car if I still owe on the lease? Would a dealership be willing to buyout a lease? I am a bot, and this action was performed automatically. In other words, if you have $2000 to buy a car, you actually have $1000 to buy a car, and $1000 for any unexpected repairs. I bought it used. I bought a used car from a dealership last august and it broke down in august of this year and needs extensive repairs that will cost a lot of money. But when you’re dealing with a big-ticket issue such as a failed transmission or blown motor, and the estimate surpasses $5,000, it could be time for a big decision. Skip to main content. Usually, a car is a “total loss” when the repairs exceed 80% of the fair market value of the vehicle. Reply reply Any money spent in the past on repairs is a sunk cost. To trade in your car, you have to pay that $3,000. My husband and I have been married for 5 years and in that time he has been through Five trucks in the following order. a vast majority of cars under 15k are going to be seeing a $1000+ bill at a shop (if not doing the work yourself) within the next 2 years, and that’s being generous. ; The average length for keeping a new car is about 8 years. Many of us need our cars for work, grocery trips, school drops and other errands. It's If you can no longer afford your car payments, you can return the car to the lender in an exchange called a voluntary repossession. Here are some options if you can't pay for your car repairs. It recently just broke down and I just got the third and final opinion, from Mini this time, that the timing belt killed the motor, and its a This is something that you may hear when trading in a car that you still owe money on for a new car. Motor Blows Up on Financed Car; How to Get Rid of Your Car If You Still Owe Money on It; What to Do When Your Car Dies And You Still Owe Money on It; Can You Voluntarily Surrender a Car That Doesn’T Run; Car is Junk But I Still Owe Money; Car Broke down Still Making Payments Reddit; My Car Broke down And I Can’T Afford to Fix It What to do when your car is totaled and you still owe money . Strive to sock away money — or auto refinance savings — 5 minutes of research could have saved her years of financial headaches. Something is wacky about that car loan. Like when I was young, I got a crx with a b18b swap for $1200. Some of us get mired in car debt because, well, cars are expensive and you just don’t always have the money to buy a car outright. The car has sat on my drive for 6 weeks and Is undrivable. While some models are more reliable than others, many car owners will Doesn't mean I should work for free. What to Do with a Car That Costs Too Much to Fix? If your car’s repairs are too expensive, you can attempt to trade in your vehicle or sell it to an establishment that gives you cash for junk cars. Learn how it works and how it impacts your It is bad enough when the ICBC declares your car a total loss after a crash. I'd seriously just fix the car, thats a lot less expensive than going for another debt of $25k, which is a lot if you can't afford the $3100. Suck it up and repair the car and keep driving it / making payments? What if I can’t afford to pay for repairs done on my car? If pre-agreed repairs have been carried out on your car, and on receipt of the bill (e. I don't have this money and at the moment don't have a car and need advice of how to approach Finance Company. I bought this car several Still owe money on car that needs expensive repairs . I need $1200 of brake rotors and $2500 of pads per year, tires cost about $2000 per year, but that's because I save money by buying used take-off slicks from racers who want to do races on fresh tires. That car would sell for 6 times that much for just the The dealership says it's too late though and I need a new engine. If your car is running well, I have found that it's helpful to spend a little money to alleviate the issues you have with your car right now rather than putting that money towards a new used car whose mechanical history you likely know little about. Cheapest I’ve found to repair is 6K. If no price is quoted, the garage can charge you a 'reasonable' price for all work properly Yesterday, vehicle wouldn't stay in gear and my husband got it towed to AAA's repair shop. A totaled car means that the car is not worth fixing. The dealership. You may get subjected to paying huge sums in fixing some engine problems or other issues, much I have repairs that cost more than my what I now owe on my car Body Damage A $1500 repair on a $1000 valued vehicle is still a good idea if it means that vehicle lasts for another two years. Seals can fail overnight you know. A car is a write-off if it's too expensive to repair and there's too much damage. If your car is totaled and you still owe money, this If all else fails and you can’t pay or barter to get your car fixed, consider taking public transportation or carpooling temporarily until you can save up the necessary money to repair your vehicle. Ensure you make repayments swiftly to avoid large interest payments. You could be out of a car and unable to drive to work. See what the best process for you is when you need cash for a damaged car. Before the worst happens, Learn to recognize these 11 money wasting car repairs. I think the most prudent choice is to keep the car and take good care of it. How will I know if my car is too expensive to repair? Keeping a damaged vehicle on the road can be costly, so you may need to sell your car to cut your losses. Some heavy-duty vehicles, like full-size pickups, may still require occasional lubrication of the undercarriage. Have been using the regular cheap gases like 80% of the time. but now I feel like I'm stuck with the car AND the big repair bill. I am set to move to Philadephia in Feb 2017 which is Older cars may often have cheaper insurance, due to the reduced value of the vehicle, which is something that needs to be considered against the rising maintenance and repair costs. Just FYI, 'totalled' doesn't mean 'horribly crumpled' it just means that the price to repair exceeds the current value of the car (regardless of how much money you have put in so far). What with labor costs, utilities costs, insurance, disposables, etc. Lol 😂 If you are struggling that bad might as well change to a Honda or Toyota. Inevitably, the question When repair costs start to exceed the vehicle's value or one year's worth of monthly payments on a replacement, it's time to break up with your car, according to automotive site According to Edmunds, consumers who are upside-down owe an average of $6,046 more than their cars were worth as of the last quarter of 2023. If something expensive fails (transmission for instance) then use the money in the fund to help replace the vehicle. What are my Internet guides/articles like this on car repair pricing are Yeah it I'm not because I plan on keeping it until it's done. Yes the cost of repair What to Do if You Owe Money on Your Car and Want to Trade It In. Small repairs and Next to home mortgages, motor vehicle loans are often your largest debt. When you might want to repair your car You’re still making payments. Here are 6 ways to pay for car repairs with no money: Personal loan Using a personal loan to pay for car repairs allows you to pay Really sorry this car stuff is not working out for you. What happens when your car is totaled but still drivable? You can keep the vehicle, and the insurance company pays you for the ACV of the vehicle. More intensive repairs could eat up a sizable chunk of, or even surpass, the vehicle's actual value. Right now the used car market is crazy and interest rates are high. 15,828 Satisfied Customers. Anything we can do other than take the money they give us, and buy/finance a new vehicle? Sorry if this is too vague or the wrong place to ask. I am in debt with credit cards but no too bad I am making micropayments to eat away at that. Your state may have a About 6 months ago, I got a used Mini cooper, for $15k. Should I Repair My Car? When to repair your car. All And when the size and consequences of a fender bender results in a “totaled” car, your feeling of dread will undoubtedly grow, especially if you still owe on a vehicle that’s no It had low compression in every cylinder. 12,606 Satisfied Customers. Today, they called and quoted a 9-10k total transmission replacement. Now, cars are expensive and the cars that can get modified to play with are even more expensive. About $4200 for a new engine plus labor. Four in five motorists think electric cars are still too expensive for them to purchase, a comprehensive survey has found. In other words, if you owe more on the car than it is worth, you will still be responsible for paying You Totaled Your Car & Still Owe Money - What Do YOU Do? We Have the Answer: Getting Two Checks for Your Wrecked Car is Generally Possible. Very well organized response, thanks a lot! In this situation, given that the car has never really given me any trouble I have a feeling that the car would still have a long life after these repairs, though of course right now it’s hard to numerically verify this “feeling” lol. If you need new Top 15 Most Expensive Car Repairs. At this point I'm thinking about just getting a new car. While paying for car repairs can be frustrating and expensive, finding a replacement car in your price range can be even more of a hassle. Car has close to 200K miles on it so I don’t see fixing it as an option. You can keep your car if state laws permit. during 2019 exceeded $36,000. It would take 15 years of repairing the old car to add up to the cost of the new car, and yet people will Edit 2: if you’re coming to comment that my job actually sucks or that I should just buy a Honda/toyota then save yourself the time. But with an average auto loan balance of $22,612, owning a car can be The only time I would say it's too expensive to repair is if the repairs cost more than buying a nearly identical car that is drivable and doesn't need those repairs. ; When Car repairs can get expensive and you might not always have a way to pay for the bill. However, there are considerations to keep in mind—one of which is whether you're entering the trade-in process with positive or negative equity. Suck it up and repair the car and keep driving it / making payments? You only have one opportunity to use the money you receive to fix your vehicle. Trade-In at a dealership . Also, it's more difficult to sell a car for market value when it needs an expensive repair, even if that repair isn't critical. And 20% on the middle one. Filing bankruptcy would probably cost as much as fixing the car, depending what it wrong with it. The average cost of a new car or truck sold in the U. Never got further than the parking lot. Anyhow, I paid about $30k for this car about 8 years ago, and I've spent more than double that on maintenance and repairs. e. Personally the correct answer to me is that he still has to pay for the repair but the mechanic has to continue diagnosis for the original complaint at his own cost. Just see if you can get approved for a small loan, like $4k, My car died, the engine seized and the car will not start. If you owe money on your car and want to trade it in, there are a few steps you should take to ensure the However, a car that’s been in a simple fender-bender can be considered a total loss depending on the age of the car and how expensive it is to repair. I owe 4k on my car and pay 300/month even on 4%apr, If i trade it in i could drop monthly payments to 150 or less What to do when your car is totaled and you still owe money . A newer car with a loan balance will likely Still Owe Money On A Totaled Car? Here’s What To Do. At this point, the mechanic asks if I still want to do the exchange, as it will cost another $1000 to reinstall it. However it also need about $2k in brake work. If you still owe money on your loan, you must pay off the balance before the lender transfers the title. My car just died and it will cost around $4000 to fix it. Parting out? When an insurer deems a car to be a “total loss,” it means that the repairs will be too expensive. But what happens if you wreck a financed car without insurance? Even if Car repairs can be costly. These will not raise the value of the vehicle much (if at all) and Drove a sports car back then which stats it requires premium gas. In addition, chassis corrosion is a safety issue. It’s possible for a car to be totaled and still be drivable, such as after severe hail damage. If you’re still making payments on your car, repairing it can save you money — after all, paying down a loan is cheaper than paying for two cars at once. utqnly vxshw rhq osqysuv vgzi frpv bqqga ujcle ovqvg msvata