Fix, Sell, or Junk?

Van needs a new transmission. 2000 Honda Odyssey - going to cost $2500 at least. It has 135,000 miles on it. Body has several problems(scrapes etc.) and the video doesn’t work anymore and can’t be fixed. Here is the kicker. We owe $2500 on it and it is worth $2500 - working. What should we do?

Replace the transmission, drive it while you pay it off, then trade for something else before the transmission goes again.

Pay it off as quickly as you can.

One consideration is the engine. If the timing belt hasn’t been changed, there is another potential problem. I don’t know if the Honda Odyssey has an interference engine, but if it does and the timing belt breaks, the engine is ruined. You wouldn’t want to put $2500+ into this minivan for a transmission and then have the engine blow.

If you can sell it “as is” and get a few hundred dollars to apply to the loan, this might help. You are still paying for a dead horse, but this is probably the best you can do.

This is an interference engine. If the belt has not been replaced then you are looking at further expense. If the belt breaks the engine will be ruined. I would sell the vehicle if possible and cut your losses.

We had the timing belt replaced last year.

So the only real question at this point is: Do you have the $2500 (better figure $3200) to rebuild the tranny?? If you must borrow this money too, you are in a real jam…You will now owe $5000 on a car that’s only worth $2500…