Last post on Oct 15, 2013 at 7:52 AM
You are in the Maintenance & Repair
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Car Safety, Tires, Wheels, Auto Body, Brakes, Engine, Interior, Paint, Transmission, Fuel Efficiency (MPG), Buying Insurance, Coupe, Convertible, Hatchback, Truck, Sedan, Wagon, SUV, Van
#891 of 900 Re: repair or buy new-to-me? [ohenryx]
by MrShift@Edmunds HOST
Oct 04, 2013 (6:43 pm)
I question these repair estimates, first of all (I mean the quotes from the dealer). I would think an indie shop could re-assess what's going on and come up with a much cheaper bill. I didn't see anything in there that should cost $4000 bucks---a CV joint is just bolting in an "axle kit" (if that's even the "click"), a power steering pump is a nut and bolt job, and a small oil leak? So what---snug it up see what happens.
Buying any replacement used car that's out of warranty is just a case of " fire meet frying pan".
#892 of 900 Re: repair or buy new-to-me? [MrShift@Edmunds]
Oct 04, 2013 (7:46 pm)
I definitely want to quote out the repairs. No doubt about it.
Here's a more specific breakdown for OEM Lexus labor. They're all very high.
Transmission pan replacement- $340
Power Steering pump and pressure line - $1420
Replace entire steering rack - $1320
CV Joint and axle - $400
Oxygen sensor - $480
Ignore oil leak for now.
I'm certain I could find an independent mechanic and used parts for much less. Having had time to think it all through - I imagine I could get it all done for about $2000.
Then the only thing that hasn't been replaced on the car is the transmission. Body is perfect. I'll probably need break pads in about a year. Water pump and timing belt in two years.
What's the cost of running a car until it simply can't be repaired any more versus taking a risk on a $6000 5 year old car with about 120,000 miles?
Seems like I could sell the lexus now for $2000 ($2500 for rough condition private party according to edmunds appraiser). Versus pour how many thousands into it each year and hope for 2-3 more years then not be able to sell it for anything.
The Prius got great gas milage when it was needed for a 180-mile daily commute. Now spouse works from home and seriously drives less than 5000 miles annually. I don't like the Prius. I don't want to be its primary driver. But I've done more unspeakable things in the name of frugality...
PS - I bought the lexus 4 years old an I have done all the maintenance by the book at the dealer over the last 6 years. I'm really hoping these issues are the result of putting so many miles on it and not the dealer service center neglecting necessary maintenance. Surely the first measly 50K on the engine before I bought her couldn't have been a time bomb.
#893 of 900 Re: repair or buy new-to-me? [keep_it_simple]
Oct 05, 2013 (2:36 am)
By features I meant safety features, which are standard on most cars now. "A 1-owner vehicle" doesn't say much about what kind of vehicle you want. Your options are pretty determined by the small amount of $$ you have to spend. I take it you don't want a car payment. For that amount down you could get a new compact car with a very low interest rate. Or you could buy a used compact and save up for the SUV you want.
Repairs on a Lexus are likely more expensive than on a Toyota. CV boots were around $2-300 on my Mazda around 10 years ago, so $400 isn't surprising. I just wouldn't put any more $$ into such a high-mileage car.
#894 of 900 Re: repair or buy new-to-me? [MrShift@Edmunds]
by kyfdx@Edmunds HOST
Oct 05, 2013 (8:04 am)
"Cheaper than $600 a month car payments."
Probably not.... you could easily have $10K sunk into the car, counting present value, current repairs and near future repairs.... and, still end up with a non-roadworthy car in less than a year.... With it already having 230K miles, I'd put that probability at 50%..
Would I buy any car with 230K miles? No...
Of course, there are plenty of alternatives to a $600 car payment.. We have a 2011 G37X lease that is $378/mo., tax included.... sans downpayment.. That's not a Honda Civic, either...
#895 of 900 Re: repair or buy new-to-me? [kyfdx@Edmunds]
by MrShift@Edmunds HOST
Oct 05, 2013 (2:59 pm)
A lease is also risky on any number of levels---the person who sinks some money into a used car can always bail, but you can't....so what I mean is that a lease is not necessarily a fiscally alternative solution to used car repairs.
But okay--point taken---putting money in a high mileage used car is risky--that's why i called this whole thing IFFY
#896 of 900 Re: repair or buy new-to-me? [keep_it_simple]
Oct 08, 2013 (1:22 am)
Not like the car has been problem free till now. Reliability issues not going to get any better with 230k miles, only worse. I say buy new to you.
#897 of 900 Re: repair or buy new-to-me? [ohenryx]
Oct 08, 2013 (1:30 am)
If you put $5,500 down on a leased Civic LX, which probably is not a good idea, you'd probably be looking at a $40 a month payment.
#898 of 900 Re: repair or buy new-to-me? [jipster]
by MrShift@Edmunds HOST
Oct 08, 2013 (9:00 am)
Not a good idea if the car gets wrecked, that's for sure.
Oct 11, 2013 (5:25 pm)
Is leasing and then buying out at the end always more expensive than purchasing and financing outright? What is the most affordable way here? Get that with leasing, one can get into a more expensive vehicle than they normally would be able to afford. But with going the lease route or the financing route, which is the cheapest? Have never leased but would be afraid that they would charge for every scratch, dimple etc. that happens with normal driving. With owning, the hits to my back bumper from the garage door hitting it when it came down bothered me but I am living with the damage still but if it was leased, I would've already had it repaired. Have read about these humongous charges for these things upon turn in...how picky are they really? And on the sneakers, does one have to put the same exact ones that came from the factory or can one use a cheaper brand? I realize that each axle must have the same kind of tread but how picky are they about this also? I like the idea of leasing for the fact that one, like myself, could get into a really nice vehicle for just a couple of years to scratch that itch and then buy something more affordable after the lease is done. think it would be fun for that little time period as one only lives once!
#900 of 900 Re: Leasing With Buy Out [sandman_6472]
Oct 15, 2013 (7:52 am)
Is leasing and then buying out at the end always more expensive than purchasing and financing outright?
No. I've seen examples (have had a couple myself and a couple for family, too) where there is big trunk money and super low rates for a lease that are not on financing the same car. I couldn't tell you why a manufacturer would do this, but it happens. So if you calculate it out, you find that you could save some money taking advantage of the lease and then financing the buyout.
Of course, the risk is that interest rates skyrocket during your lease term, making financing the buyout at the end more expensive than anticipated.