I’ve got a 93 Saturn sedan with nearly 177k miles on it (new engine at 139k, which is when I purchased it). I’ve been having some high-pitched squealing at startup, but this morning it lasted longer than it ever has, and was accompanied by some smoking under the hood and a slightly sweet odor. Knowing what burning coolant smells like, I took it to a Saturn dealership to have it looked at. The verdict: a little over $1150 worth of work that needs to be done (replace the water pump, serpentine belt, tensioner, idler, a ball joint and control arm, and maybe an engine mount, since they’d have the thing open anyway).
I dumped $1000 into it in January on front end work (as an aside, I think I had both front ball joints and control arms replaced. I have to check my records, but if that’s the case, the shop that did the work is going to get an angry call from me).
I’m really conflicted as to whether I should fix my car or declare it dead. I was planning on getting a new (to me) one sometime in the future–possibly in the fall of '06. I can afford the repairs now, but I’m afraid that if I fix this stuff, something else just as expensive could come up again. Here’s what I see as my options:
A - Fix it. I’ve got a mini emergency fund, so it wouldn’t put too much of a dent in my finances (though it sucks to have it happen around the holidays).
B - Pay cash for a beater to get me through until I have some more money saved. I could probably swing something up to ~$2500, but it would mean I’d have to sell off all my company stock (which I was planning on using towards a better new car). Insurance costs (mostly the fact that I wouldn’t need collision) would be roughly what I have now. Also, what if something goes wrong on this sucker?
C - Get a better car. Yeah, it’s about 9 months sooner than I would’ve liked, but I could make it work. I’m not thrilled about having to take out a loan, but I could probably end up paying a significant amount down (or off early) once next fall rolls around. I’ve got a pretty good credit score (better than I thought) and have already been approved for a loan at my credit union. Downside–I’ve been thinking about getting my Master’s starting in fall of '07. If I stay in my current apartment, I really wouldn’t even need a car. Is it worth it to buy a newer car to turn around and sell it in less than two years?
Any suggestions? I could also use some recommendations for cars if I go with options B or C. I’m looking for something really reliable, that’s not a deathtrap and gets good mileage (despite my car’s age, I get at least 35 mpg on the highway and really don’t want to go down too much). I want a smallish car–I really don’t have much use for SUVs or trucks, or even big sedans. I test drove a Scion xB, but I’m worried it won’t have good resale value. I’m also considering a Honda Civic or a Toyota Matrix. I think buying something coming off a 2-year lease would be good–I don’t have to deal with the initial depreciation, but it will still be new enough to not need a lot of immediate repairs. I’m looking for something around $16,000. I could go up a bit in price, but if I can find something cheaper, I’d take it.