Keep & fix, or sell and buy new?

[fsdork]

Hey All,

I am facing some repairs on my '92 Accord, and am on the fence as to whether I should keep it, or let it go and get a new vehicle.

I do appreciate the concept of repair bills going away, and car payments staying around for quite a while, but there are two additional factors on my mind:

1) Safety. This car has a single airbag, less crash protection from the body than a newer car, no ABS, and no stability/traction control. The lack of ABS (and yes, following too close) put my girlfriend into the back of another vehicle a few months ago. No significant damage this time, but who knows what might happen in a different situation.

2) Body rust/general fluid leakyness, normal for a car of this age. The car is slowly developing the typical Honda rust in the rear wheel wells, and has small leaks from both the top and bottom end of the engine. It would not be practical at this point for me to chase down multiple seal leaks. The car loses/burns less than 1L over a 6-month OCI.

The Good: Recent timing belt, water pump, cat-back exhaust, and tires (both summer and winter).

The bad: Red dust of death in the distributor cap, which as I understand it spells impending doom for a critical distributor bushing. Exhaust leak, either at the manifold or downpipe/flex pipe. Front brake rotor vibration, and these rotors are a PITA to replace, as they are pressed on to the bearing assembly.

I probably paid too much for the car ($3k) last July, but am not really worried about walking away from the car from that perspective. If I could sell it for 1-1.5k as is, I wouldn't lose any sleep over it.

Any thoughts?

 

[The_Jeff]

You would buy new? You make a good case. Another Accord?

You sound like someone who can manage a used car. Lots of 2001s out there. But if you like Hondas, the best buys are new, as resale is ridiculously high.

 

[FL_Rob]

If she drives it more than you, get her something better.Vice-versa(no i didn't say buy a Versa,

) keep it for your beater until the 20-30% point on repair vs payments.The 50/50 break even point is too expensive to keep IMHO.

 

[Rix]

The rust is the deciding factor to me.
Rusty panels (perforation) in a uni-body = bad mojo.
THAT would make me buy something else.

 

[rg200amp]

I'd vote buy new! The 2012s will be hitting in a few months. You should be able to pick up a 2011 for a good price if you can wait. . .

Or just buy now and be done with it. My 04 Lincoln had countless coil pack issues. It was misfiring. It needed all new spark plugs, coil packs, transmission fluid change, fuel filter change, and after all that, I still would have a 04 with 100,000 plus. I owed 6K and that was paid for by VW on trade in. So, in my eyes, it made sense to get out of it and into new. Im getting around 8 more MPG city with the VW and my auto insurance dropped around $60 a month.

All that, plus that VW approved me for 0.9% financing everything added up and I made the jump.

Go to a few dealers, way your options. See if everything adds up for you.

 

[exranger06]

I would fix it and keep it. I also have a 92 Accord with more miles than yours, and I have already done or am currently doing almost all of the repairs you listed. (Recent timing belt, water pump, exhaust, rust fix, new tires waiting to be installed, and I will hopefully get around to replacing the front rotors this weekend). I plan on hanging onto this car for at least another 7 years.

 

[UNC017]

Sell and buy a ~3-5 year old used vehicle. Buying new is like flushing a quarter of the purchase price down the toilet the minute you drive off the dealer lot. Keeping a 92 Honda means continually escalating repair bills, especially if its starting to rust- that's a terminal disease. So compromise.

 

[fsdork]

So the consensus is that there is no consensus.

All joking aside, the feedback is appreciated (keep it coming).

If I were to replace the vehicle, yes, I would be buying new. I would normally focus on a 2-3 year old vehicle, but current market conditions don't seem to encourage that approach. I have access to Ford X-Plan, and have generally been happy with my '09 Escape thus far. As such, I would probably be leaning toward a Focus or Fiesta, or I might check out something like a Hyundai Elantra.

 

[IndyIan]

I vote for repair unless you think the rust has gotten too bad.
What does getting the brakes turned and the distributor replaced cost?. 2 car payments?
Unless your Accord is really shook, it probably drives better than most new compact cars anyways. Same mileage, same hp, your car probably handles better.

 

[hr1940]

I think the Elantra would be a good choice due to the warranty. My daughter in law has one and loves it. Considering the shape your car is in I would buy new one. The value will not increase but the repairs will continue.

 

[SLCraig]

Originally Posted By: hr1940
I think the Elantra would be a good choice due to the warranty. My daughter in law has one and loves it. Considering the shape your car is in I would buy new one. The value will not increase but the repairs will continue.


I agree. Had an Elantra as a rental, it was just fine. And its an inexpensive car.

 

[Pop_Rivit]

Not knowing your financial situation it's hard for anyone to really help with the decision. That being said, car payments and leasing are for fools and people who prefer to waste their money. If you can afford to pay cash for your new/newer vehicle then by all means purchase one if you so desire.

If you can't afford to pay cash then you can't afford to purchase something newer, and financially you're better off keeping what you have until you can afford a new/newer vehicle.

It would be really, really smart for you to put that monthly car payment into the bank for a couple more years and then go car shopping. Your girlfriend may simply have to take some responsibility and drive carefully, which would be sage advice no matter what the age/condition of her vehicle.

And just think of the savings you'd have if you would have put that $350/month car payment into the bank each month when you purchased this car-you'd be well on your way to a much newer and nicer vehicle.

Or you can choose the path of perpetual debt that so many others foolishly follow. It's much more fun making that monthly payment to yourself rather than your banker.

 

[Bill in Utah]

Originally Posted By: Pop_Rivit
Not knowing your financial situation it's hard for anyone to really help with the decision. That being said, car payments and leasing are for fools and people who prefer to waste their money. If you can afford to pay cash for your new/newer vehicle then by all means purchase one if you so desire.

If you can't afford to pay cash then you can't afford to purchase something newer, and financially you're better off keeping what you have until you can afford a new/newer vehicle.

It would be really, really smart for you to put that monthly car payment into the bank for a couple more years and then go car shopping. Your girlfriend may simply have to take some responsibility and drive carefully, which would be sage advice no matter what the age/condition of her vehicle.

And just think of the savings you'd have if you would have put that $350/month car payment into the bank each month when you purchased this car-you'd be well on your way to a much newer and nicer vehicle.

Or you can choose the path of perpetual debt that so many others foolishly follow. It's much more fun making that monthly payment to yourself rather than your banker.


+1 and add that the increased insurance payment for 3 years (at least) since your girlfriend hit someone (at fault in 99% of situations) take the extra time and save up for a paid in full vehicle. Plus you'll get to see how the future works out for the newer vehicles.

Best way to be safe is to avoid accidents. I've got a 2005 without side airbags, ABS or anything else and happy that it does not have all the "stuff". The 04 truck and 07 Subaru have ABS and airbags but never plan to use them.

Nothing beats a paid for car no matter the age.

Bill

 

[Spyder7]

Originally Posted By: hr1940
I think the Elantra would be a good choice due to the warranty. My daughter in law has one and loves it. Considering the shape your car is in I would buy new one. The value will not increase but the repairs will continue.



+1. When I helped a co-worker find a good, solid car with good FE that wouldn't be too hard a hit on the monthly payment, we narrowed the choices to the Elantra and its cousin, the Kia Forte. In the end it was, literally, a coin toss between the two and she went with the Forte because the Kia dealer here was more flexible on pricing and came up with a figure the Hyundai dealer simply stated there was no way he could match.

But it was really a coin flip if the prices were matched, and these are the same two choices I would be torn between if I were in the market for a new car.

-Spyder

 

[rjundi]

Fix the exhaust leak and drive on.

Save money in the interim for your new vehicle. You can get the same $1000-$1500 for a poor barely running Accord.

Insurance is one thing look at closely before you drop your vehicle. It was a major mistake($1500/year from $200/yr) for me when I dumped my first car and bought a brand new one.

 

[The Critic]

Originally Posted By: rg200amp
I'd vote buy new! The 2012s will be hitting in a few months. You should be able to pick up a 2011 for a good price if you can wait. . .

Most Japanese cars are going to be selling very close to sticker due to production cutbacks, which have resulted in a severe lack of inventory.

 

[CaspianM]

Figure out the total cash outlay for repair, wasted time to have all the work done and for how long more you would be riding the car. With cost/year and residuale value make a comparison with a new car to see where you stand.
Buying new is always a more expensive option but that doesn't make it a bad option. It brings the ownership to a different level depending on the car. A used car is always more expensive to maintain and has always lower value. So if safety/features low maintence are on top of the list a low lease would make sense.
It is true the new car would loose a bunch early but buying new is a longterm investment not hort term so early depreciation is moot unless have to sell early.

 

[meep]

the oil consumption is better than some new cars. if the rust is just body panels with no structural value then no worries there.

me? I'd do this

1. every month deposit $400 into a separate "car account"
2. starting now, only fix big things, like distributor, when it goes.
3. in 2 years you will have $9600 saved

use that to buy something used or for a healthy down payment. you can prolly sell it for $1000 if it still runs. A 16 year old driver flipping burgers to earn a car would love a honda for $1k.

M

 

[MarkM66]

Sounds like small problems to me.

Fix, and drive until something catastrophic happens to it.

 

[fdcg27]

Are you sure that this car's mileage was actual when you bought it, and that nobody rolled it back?
The dist problem doesn't usually manifest until close to 200K, or 300K+ kilometers.
Still, a rebuilt unit is not that expensive, and installation is easy.
The brake rotor problem may resolve itself.
Here again, the rotors are not all that expensive, and you're looking at a one-time repair.
How bad is the rust?
What does the car look like underneath?
If the rust isn't that bad, I'd fix the brakes and the distributor.
You've already done some expensive stuff, like the T-belt, the exhaust and two sets of tires.
Also, ABS might or might not have prevented the rear-ender.
If the car is structurally okay, I'd fix it and drive it for a while yet.