I have a 1992 Honda Accord with 185K that is in need of several repairs and I need some help deciding if it is worth fixing stuff or buying something else. The car runs great, but it need new breaks now, a new clutch very soon, and a timing belt in a few thousand miles. All of this will cost me about $1500 and the car is only worth $1700 on KBB. It does have some minor cosmetic stuff too (like the window won’t roll down), but is in fair shape. Any advice as to sell or repair would be greatly appreciated.
Have the mechanic check for any other problems that might arise. $1500 is a lot then what you would pay for 6 months new car payments and the increased insurance you will need.
I always make it a game to see how many miles I can put on a car, it is a point of pride for me. I had a 76 Nova and was very pleased with myself when a friend of mine pointed out that I was rolling over the 100k mile mark and I would have a new car (they only went up to 100k before registering 0 miles) and I told him it was the second time. I still miss the old tank.
Those are routine maintenance items. You have (and, have had) plenty of time to plan, and set up financing, for them. If you get another used car, it could very well need those same things. It’s better to have the devil you know than go to an unknown one.
I also have a 92 Accord. Bought it new and it now has 245k miles. I’ve kept it up all along. I currently average about $1000-$1500 per year on maintenance and repairs. I love the car, which always helps when it’s time to spend money.
About 2 months ago I hit a deer which did $2700 worth of damage to the front end. I was afraid the insurance company would total it. Surprisingly they paid for the repairs (minus the deductible, of course).
I don’t consider 185k too many miles for a Honda, but it all depends on the condition of everything else. If all else is in good shape, I advise you to keep her on the road.
Now is the best time. I always recommend the new car for money reasons if people have the money.
If the car is in otherwise good shape and meeting your needs, it’s worth fixing. These are all normal wear items.
$1500 is what, 4 or 5 months worth of payments on a new car? That’s your “payback” period! Pretty short, huh?
In addition to the previous comments, It depends on your needs. Are you tired of the car? How much money do you have to throw around? How much tolerance do you have for down time while it is being repaired? Driving a car with little value is very liberating. If someone hits it or it is stolen, be happy anyway. If you get a scratch on the new one it is a crisis.
Do have it fully checked over. What kind of shop do you have to do the work?