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The vehicle was originally owned by FIL, who kept up on all repairs and maintenance. We've had it since 2004 from him, and we haven't had anything go wrong with it, and he looks at the fluids.
The car has 150K. He thinks the transmission MIGHT be going. Just in case he is correct, is it worth it, for the age and mileage of the car, to get a new transmission?
no way. A new trans for that car is a $2000 bill. Way more then the whole car is worth... Why would you pay for a repair that is more then the value of the car? Makes NO sense. You get in an accident and the insurance co will not repair it if the value exceeds the value, why should you?
no way. A new trans for that car is a $2000 bill. Way more then the whole car is worth... Why would you pay for a repair that is more then the value of the car? Makes NO sense. You get in an accident and the insurance co will not repair it if the value exceeds the value, why should you?
Yeah but getting a new car with cost him $2000 in taxes, plus increased insurance rates. If the car is mechanically sound otherwise and you can actually get a new trans for 2K (which I doubt) then get the trans replaced.
what about when something else goes wrong that is costly? How about a timing belt that may snap causing possible engine damage? You can't keep throwing more $$ after more $$ when you can buy a new car with a warranty that won't need large repairs for many years. So if in the next few year you will(may) spend 4000-5000 on a car that is worth $1000.. You are throwing money away. Rule of thumb... Take this from an automotive engineer(SAE member) if the repairs exceeds the value of the car, its time for a replacement.
The vehicle was originally owned by FIL, who kept up on all repairs and maintenance. We've had it since 2004 from him, and we haven't had anything go wrong with it, and he looks at the fluids.
The car has 150K. He thinks the transmission MIGHT be going. Just in case he is correct, is it worth it, for the age and mileage of the car, to get a new transmission?
Thanks!
Have the trans fluid flushed complete and install new fluid and filter to see if that fixes the concern. While the tranny pan is off have the shop look at the debris that is in the pan to see if its normal wear debris or a failure in progress. Ask about a REBUILT tranny over a NEW tranny if it needs replaced. Saves a bunch of money and will work as good as new for just as long or longer.
Then If you like the car then fix it. I've never known of a machine yet that didn't need fixed from time to time.
what about when something else goes wrong that is costly? How about a timing belt that may snap causing possible engine damage? You can't keep throwing more $$ after more $$ when you can buy a new car with a warranty that won't need large repairs for many years. So if in the next few year you will(may) spend 4000-5000 on a car that is worth $1000.. You are throwing money away. Rule of thumb... Take this from an automotive engineer(SAE member) if the repairs exceeds the value of the car, its time for a replacement.
There is a bell curve pattern that is the wear pattern for most cars that says once the new car parts wear out and are replaced, one time, the car will not need further major repair until the end of it's useful life.
no way. A new trans for that car is a $2000 bill. Way more then the whole car is worth... Why would you pay for a repair that is more then the value of the car? Makes NO sense. You get in an accident and the insurance co will not repair it if the value exceeds the value, why should you?
Let me know where I can purchase a 1998 Toyota Camry for $2,000.00 or less.
Let me know where I can purchase a 1998 Toyota Camry for $2,000.00 or less.
Doesn't quite exist in the Northern NJ area.
Bingo. People do the math wrong all the time by attempting to compare any repair cost to the insurance reimbursement value or even kelly blue book.
The real replacement value would be to attempt to get the same vehicle, similar mileage and without said problem, on the open dealer market. That value (however inflated), is the TRUE replacement cost of the vehicle. Not the pittance the insurance would give you if you exceed their assessment, and not KBB.
Furthermore, many purchases that require car payments (most people simply do not have enough liquid to replace vehicles outright) represent a higher cash commitment, when amortized in a year, than the repair in question. Add higher insurance costs, taxes and registration, that "replacement" easily exceeds the yearly cost of keeping the old vehicle and going ahead with the repair.
Lastly, an important distinction needs to be made about repairs. If one were to get nickeled and dimed with cosmetic and "creature comfort" repairs, then yes, one could justify the replacement of the vehicle. But if one were to consider the opportunity cost of doing without these non-drivetrain or non-climate control repairs, then keeping the old vehicle is worthwhile up to the aforementioned "true replacement cost". In other words, electrical/cosmetic fixes can be quite expensive as well, but they do not provide the same utility value a replacement tranny, rotor replacement, engine sensors replacements et al, provide. So, learning to live with inop power windows on the back of the car, inop onesy twosie car speakers out, roof upholstery and the like, is worthwhile as they do not affect the ability of the vehicle to take you from point A to point B more cheaply than getting the car payments.
There is a bell curve pattern that is the wear pattern for most cars that says once the new car parts wear out and are replaced, one time, the car will not need further major repair until the end of it's useful life.
Are you saying only one trans rebuilt and one timing belt and/or engine work? For the life of a car? Not so. I have replaced the trans a few times on cars I have owned in the past..And that theoretically means you will spend thousands on a car that is worth much less then that when you could be putting it towards a new car payment and have the piece of mind that you can rely on the car.
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