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re: rust and timing belts
Timing belts can last quite a few more miles than the manufacturer’s recommended intervals, so if you replace the timing belt twice already, say at 60k & 120 k, then at 177k you are probably safe to not replace it for a while at least. It’s a risk, but probably worth the gamble. If the original timing belt has 177k miles on it, it pretty much needs to be replaced. Ignoring Deferring the rust repair is probably ok as long as the rust isn’t affecting the car’s structural integrity. That’s what you need to ask your shop tech about.
If your mechanic is being honest with you, the rust is likely at the attachment points for the gas tank hanger straps. If they let go, your gas tank drops out.
Since you still owe 3 grand on it (meaning upside down) you certainly have to fix some things on it. If you bail now for 500 bucks the lender is going to come after you for the other 2500.
I faced a similar situation in graduate school. A snap ring broke in the manual transmission of my 1965 Rambler which was five years old at the time. I debated as to whether to buy another car and sell the Rambler for what I could get for it. Buying a newer car would have wiped out our savings and put a strain on our budget. I sought out the best transmission expert and had the Rambler repaired. I not only drove the Rambler through another year of graduate school, but ran the car three more years. The money we saved in not buying a new car was used to make a down payment on a house.
Absolutely agree. That is not going to happen. If I come to buy your car and I see the rust, and the bald tires, and find the bad bearings on a test drive, etc etc, I’m going to know that I have to replace those when I buy it, and I will reduce the price of the car from blue book appropriately.
So, you aren’t going to get bluebook value because it’s not worth anywhere near that much. Your car’s worth a little under 2 grand in fair condition (and it’s actually worse than fair if the rust is as bad as you say). The cost of repairs is probably around the value of the car, which means prospective buyers are going to want it for basically a few hundred. $500 if you’re lucky. You will still have to pay off the loan after you sell it, so financially I think it makes more sense to carry out the repairs and keep the car.
If you’re taking it to a dealership, don’t. Take it to a local independent. They’ll probably be cheaper.
I would ignore the rear quarter panels. The “it’s close to the fuel tank” statement is dumb because it’s not. The fuel tank is attached under the car, not to the sheet metal of the quarter panels. Most likely, the rust is ugly but not a safety concern - but you should show us a pic to be sure. Not fixing the rust will take a big chunk off of your repair bill. You can probably do the rest for around 1500. Even less if you find a used tire shop.
I think what you did in your situation was wise especially because the car lasted longer and you were able to save money for a house downpayment by NOT buying a newer car.
I think I will just eat the repairs cost and spend the next 16 months paying off my underwater loan. I am REALLY upset that I was duped the way I was by the dealership finance guy, who tacked on $6K to the $5998 SUV sticker price. Total underwater loan. He even ignored me when I said I didn’t want to pay $13K for a used SUV. But lesson learned.
The dealer did not put you underwater . New or used what ever you purchase is not worth the amount owed as soon as you sign the loan papers . A simple Kelly Blue Book search will show you that trade in and purchase price can be thousands apart depending on the vehicle .
I don’t think anyone’s assuming you wouldn’t pay off the loan. We’re just pointing out that after selling the car, there will still be a lot of loan to pay off.
Just to be sure the lesson sticks, of course he ignored you. He wanted you to pay $13k for a used SUV. That’s to be expected. The trouble is that you ignored you.
This really makes no sense. How could he tack on $6K to the price? How could he ignore you when you said you didn’t want to pay $13K? You signed off on all of this, right?