Pimp My Ride or Ditch it?

[CuatrodeMayo]

It is time to make a decision.

My 1993 Toyota Camry XLE has been a good car for me and my wife. However, lately it seems to be falling apart. I had the head gaskets and the water pump replaced last month but there are several more problem yet to be repaired, both mechanical and cosmetic (a large dog @ 70 MPH does amazing things to front of a car). I am faced with the decison to either fix it...or ditch it. (FYI: It was paid off in January.) I have prepared a Repair Cost Estimate to assist me in making a decison.

Please download this Excel spreadsheet and help decide what to do.

Camry Repair.xls

Virus-free

[okclee]

depending on the miles, but I say ditch it.

My experience when things start going one after another like your camry, it is now a never ending cycle.

[Karried]

It's not letting me Download it.. but based on your description.... year of vehicle and future repairs... I say time for New(er) Vehicle.. .but it all depends on your financial pic too.. do you want a side of new car pmt with that new car?

Plus factor in higher insurance costs.. but remember that might balance out with the new safety features and possible better mileage with a newer car.

[CuatrodeMayo]

It won't be a "new" car. Less than $13,000.

It has 139K miles.

[okclee]

You can get a nice used car for less than 13,000.

I think that it is time to buy used.

I bought my last used car off of Ebay and got a tremendous deal.

[Misty]

If you get something new pay cash! If you have to finance it you don't need it. I'm been half tempted to do the same, my car is in the same shape as yours AND I have no a/c. But, it's paid for, good on gas and I really don't use it very often. But every now and then I see someone drive by in a nice air conditioned Mercedes and my heart aches.

[MadMonk]

It all depends on your emotional attachment to the car. Financially, it usually makes more sense to keep it. It sounds like the problems with the car are 50/50 mechanical and cosmetic. So, look at it this way - how many car payments would it take to get your car pimped the way you want it?

[metro]

I have to agree more with the mindset of Misty and MadMonk. We live too much in a consumeristic society to have a newer nicer car, etc. It's a Toyota so it will last forever with little maintenance. Probably the only reason you're having maintenance issues now is that someone in the past yourself or otherwise did something improper and/or did not service it as required. As Misty said, if a person has to finance and can't pay cash, they can't afford it. You should check out some of Dave Ramsey's financial advice stuff. Instead of that extra money you would pay on a car payment or more in insurance premiums, you could pay off student loans quicker, mortgage, etc. Not to mention an old Toyota still gets better gas mileage than most new American cars. By keeping it, even though you may spend some cash to get it in the condition you want it, you'll have the pride and confidence of owning a debt free vehicle. The new status symbol is starting to be and definitely will be in the coming years as more and more bankruptcies, etc. will occur is a paid off mortgage, loan, and not how big is your house, how new is your Mercedes, do you have a beach house? Being debt-free is the way to be.

[windowphobe]

I've only owned one Toyota, and I got 194,000 miles out of it; a subsequent owner pushed it over 200k before it was wrecked. I'm thinking a 14-year-old Camry might be worth saving - certainly more so than that 20-year-old Celica.

[Dark Jedi]

Keep it. Have a full workover done, it won't run much in the way of moolah. A toyota is just broke in at 140k miles.

I have a nice Durango that sits in the driveway. I parked it in favor of a 1995 Escort that I traded an old motorcycle for. Easier on the gas pumps, and reliable. Ugly, yes. But reliable.