Car advice sought

[Smallpotatoes]

I have one payment left on my current car, a 2001 Ford Taurus with 163,000 miles on it. By the end of the month, I need to get repairs done for it to get an inspection sticker. These repairs include, at minimum, a right outer tie rod, which is badly worn, and whatever has caused my check engine light to go on. Plus God knows what else.
It still runs, though the last time I turned on the ignition, I heard a disturbing grinding/roaring noise. The suspension isn't the greatest either after four years of driving on the motocross courses that are this state's roads.
My plan for the last year or so was to make sure it lasted at least until it was paid off. At this point, could I make the final payment a few weeks early, get the title, then trade it in for another car? I doubt I'd get much for it, but it would be something. My credit is not horrible, but not spotless, which may be a problem in this economy, so I'm not sure what my chances of getting another car loan are.
Would I be better off getting it fixed and trying to get another year or so out of it? (Though at this point if I can get another car loan, that may be more affordable than trying to fix it)

 

[KevinmH9]

I had a problem similar to this about a year ago when I returned from college. I had an old 1992 Honda Accord, that, to pass inspection, would need very costly repairs to pass inspection. In fact, the repairs would have cost more than the whole car was worth itself!

I look at it this way, if the repairs you need exceed the car's value, get rid of it.

With how the economy is, you can find a decent used car at a cheap price or even buy a new car and get a good deal on it. Some people may not take your current car, some will.

 

[txsportsscribe]

there comes a time when repair costs far outweigh the freedom of a paid-off car. i think it's time to put the taurus out of it's misery.

 

[OTD]

Grinding/roaring noise might be CV joints, which would be a few hundred dollars.

It sounds like you've been thinking of getting a new car, and it sounds like it might be time. If you're a member of a credit union, try there first for a loan.

Let me know if you want a copy of OTD's patented car-buying tips.

 

[User 1019]

There's probably still value in the old car, though.

You mentioned your credit may be an issue. If it's going to drive up payments on a new one, just have the old one fixed and keep driving it.

Look at it this way ... $1,000 to fix a $500 car is better than $400/month payments for five years if money's a little tight.

 

[fishwrapper]

tbf, is right.
My father's friend growing up always had the best line on this matter.
He was an expert on the subject(s):

"Cars are like wives. It's always cheaper to keep the old one."

 

[Sam Mills 51]

tbf, is right.
My father's friend growing up always had the best line on this matter.
He was an expert on the subject(s):

"Cars are like wives. It's always cheaper to keep the old one."

Yup. Key is to find a mechanic who can pinpoint the specific problems. That is, they might be low-cost repairs that could make the car worth keeping a while long. They could also be long-term issues that will make you run ... fast ... now.

The tie-rod could be a bent suspension arm or just a product of facing too many deep potholes. It could also be replaced at a relatively affordable price - take your pick on what you deem affordable - combined with a proper alignment for caster and camber.

The grinding/roaring noise could be CV joints - run fast! - or worn-out bearings, which can be replaced at a decent rate or even just bearings which need repacking.

 

[Shaggy]

Buy used. Buy Japanese.

 

[Sam Mills 51]

Buy used. Buy Japanese.

Well, there's this suggestion as well. About as solid as suggestions get.

 

[mustangj17]

Don't worry about getting a loan. The banks are already at it again.

I bought a car on Tuesday and they gave me a good interest rate. I told the guy I was considering having someone cosign to get a better rate.

He called me back the next day saying he "toyed" with the numbers and was able to get me a percent and a half lower.

 

[fishwrapper]

Don't worry about getting a loan. The banks are already at it again.

I bought a car on Tuesday and they gave me a good interest rate. I told the guy I was considering having someone cosign to get a better rate.

He called me back the next day saying he "toyed" with the numbers and was able to get me a percent and a half lower.

That's exactly what they used to tell homebuyers

 

[Hank_Scorpio]

When I bought my car in February 2007, I got a very low interest rate (I think it was 0.9 percent, but can't remember exactly right now).

I also was able to put $5000 down, not that that really affected the percent rate so much.

 

[Smallpotatoes]

Remember that accident I had in March, where I skidded into a tree in a snowstorm?
My insurance is now $60 a month more.
That'll teach me to have bad luck.

 

[Smallpotatoes]

The mechanic said I'm looking at a tie rod, two tires, a valve (I can't remember exactly what it's called, but that's why the check engine light is on) and the compressor on the air conditioner.

 

[pressboxramblings07]

Sounds like a lot of coin. Did he give you an estimate?

 

[OTD]

The mechanic said I'm looking at a tie rod, two tires, a valve (I can't remember exactly what it's called, but that's why the check engine light is on) and the compressor on the air conditioner.

The valve is probably the PCV valve. That (among many things, including a loose gas cap) would make the Check Engine light come on.

A/C compressor could be pricy.

 

[Smallpotatoes]

Sounds like a lot of coin. Did he give you an estimate?

No.

 

[Pete Incaviglia]

The mechanic said I'm looking at a tie rod, two tires, a valve (I can't remember exactly what it's called, but that's why the check engine light is on) and the compressor on the air conditioner.

The valve is probably the PCV valve. That (among many things, including a loose gas cap) would make the Check Engine light come on.

A/C compressor could be pricy.

So pricey on my 2002 Dodge Stratus it was the final straw in me getting a new car — after going one full summer with no A/C.

 

[pressboxramblings07]

Sounds like a lot of coin. Did he give you an estimate?

No.

Having to replace a tie rod and the A/C compressor will probably be enough to put you over the edge.

 

[Smallpotatoes]

I had tires done today for $208 at another place. The tie rod, I'm told, will be another $350.
Not sure about the rest of the stuff.
If fixing it isn't worthwhile, I still have one payment left. How does one go about trading it in (though I doubt I'd get much for it) if I have a payment left on it?