So, I still owe about 16 months of car payments on my 2007 Kia Sportage. Today, I learned that to get all the repairs done that need to happen, it would be the equivalent cost of 16 months of car payments.
I’m in graduate school so I’d have to use 1/3 of my fall refund to pay for ALL of the repairs at once, which are:
-all 4 tires are bare and need to be replaced
-needs new brake pads
–needs new belt
-needs both rear quarter panels replaced b/c the rust has reached the gas tank
-needs new front and rear ball bearings
What is the most practical solution? I feel like I’m stuck between a rock and a hard place, especially since I’m in grad school and rely on my tuition refund money for living expenses. If I just pay off my Kia Sportage, I can buy a used car from someone online (not from a dealership b/c I have a low credit score, am not employed full-time so I wouldn’t qualify for financing since I also have student loans). Or, I can pay for the repairs and continue to pay off the Kia Sportage knowing it may not last that much longer.
What should I do?