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Discussion Starter · #1 ·
When do you stop the suffering and let your loved one go? When repairs reach 50-70-100% of the cars worth?
But is that really a good determination? 50% of a $20,000 car is a lot more than 50% of a $3000 car. So do you use the percentage or is there a certain magical dollar amount you use?
50% of $20k is some major ass work and probably means that an insurance company would write it off.
50% of $3K is a timing belt and a tune up. Nothing major, but it's still 50%.
How do you determine when too much is too much?
 

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Re: When is too much too much? (Silly_me)

Weigh the costs of fixing your car periodically (it isn't a monthly thing is it?!) vs. payments on a new car. The used car usually still ends up cheaper. Remember you can never get away from maintenance.
 

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Re: When is too much too much? (Silly_me)

Is this repair costing more than the car is worth pre-repair or post repair?
Like a $100 Fiat with $1100 worth of repairs so far...
The usual criterion I use is is the car worth it to ME to do the repairs? A good example was my RX7. I had spent $1200 on the suspension/wheels and tires to go autocross it, but in its otherwise stock form, it was worth maybe $1500-2000 at the time. When the engine died, it was going to cost me $2500 to repair it. That wasn't worth it, because it would STILL have only been worth $1500-2000 overall. As it was, I spent the same money on modifying it, including the engine swap, and increased it's street value more than double (in fact, it was sold for $5k, which was more than I had into it...).
The Jaguar is really straddling the line. It's not worth what I have into it already, as a dollar value. But overall, it still costs vastly less than buying a new car, and it's still a classy ride, so yes, it's worth it to spend on repairs (got lucky last week and kept from having to spend a grand on a rebuilt head... That was almost enough to do the Chevy swap instead...)
 

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Re: When is too much too much? (Silly_me)

you let the car go when the repairs exceed the value of getting another car in BETTER condition.
in other words, when my wife blew the engine on the Geo, the repair was $900. we could have bought another Geo for that price. when the Subaru required $1500 in repairs... the repairs were STILL cheaper ( even when combined with the cost of the car) than finding another Subaru in the same condition.
good luck
obin
 

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Re: When is too much too much? (Obin Robinson)

Too much is too much when it pisses you off. There is no rhyme, no reason to this.
Sure, you can try to build an equation with present values, return on investment, depreciation, and lots of other "facts;" CR did this a few years back. (I will not offer my opinion on that article, which was written by our finance people, not the car folks.)
But it all boils down to whims and fancies, the caprices (or Caprices) of a moment. You see a lot of owners of nearly new cars, cars worth $15k-$20k, dump them for being unreliable if they have to spend $2000 out of warranty. There are people like me who dump $3000 into a $3000 Volvo, winding up with a $2800 car. (Yet that car - well cars, since I did it twice - were perfectly reliable for their next owners.)
It mostly boils down to what you want to do with your money, how much you like the car, and how willing you are to "put up" with things. How's that for a non-answer?
All opinions my own, not CRs.
Tom
 

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Re: When is too much too much? (mutcth)

Quote, originally posted by mutcth »
Too much is too much when it pisses you off. There is no rhyme, no reason to this.

http://****************.com/smile/emthup.gif http://****************.com/smile/emthup.gif
 

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Re: When is too much too much? (BltByKrmn)

I can see the next thread. "I snapped the timing belt on my V8Q, do you want to fix it Chris?"

Chris
 

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Re: When is too much too much? (BltByKrmn)

I agree 100% with Obin. You need a clear sense of the market and a realistic idea of your car's condition and value relative to that market. I have an old Range Rover (1991). It occasionally needs expensive repairs but thus far it has been worth my time to perform said repairs because it would cost me more to dump mine and go out and buy a Rangie in better overall condition than it would to just fix the one I have.
 

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Re: When is too much too much? (200HP4dr)

Quote, originally posted by 200HP4dr »
I can see the next thread. "I snapped the timing belt on my V8Q, do you want to fix it Chris?"

Chris

No that won't be a thread, it'll be the news at 11 Distraught Audi owner leaps from bridge after T-belt snaps

I was just thinking hypothetically. I've seen soo many people but soooo much money into cars. Why do we do it? Chris' Fiat will never give him that money back, but yet it poisons him. My Jetta could never be sold for what I've got in it...so why do I do it.
I don't think I'd put 50% of repairs and modifications to my home, I'd go and buy another one instead...so why do we do it with cars?
 

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Re: When is too much too much? (Silly_me)

Quote, originally posted by Silly_me »
I don't think I'd put 50% of repairs and modifications to my home, I'd go and buy another one instead...so why do we do it with cars?

There are probably lots of people who are putting 50% of upgrades into their home, partly due to nesting, partly to hope to gain from increased resale.
Why do we do it with cars?
1) The money amounts are lower. $3000 buys a lot of repairs on some older cars, especially if you do the work yourself.
2) We prefer the devil we know to one that we don't. After owning a car for a while, we know where we stand. We know if it's been cared for, and that the muffler bearing was just replaced. Starting over, who knows?
3) Once you get below a certain amount of value, it's hard to do ANYTHING to a car without it being over a high % of its value. However, the transportation value to us is worth more than the financial value.
Tom
 

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Discussion Starter · #12 ·
Re: When is too much too much? (mutcth)

Good point tom. For some reason I always over look the transportation value of a car

That reminds me, it's time to go rotate the muffler bearings in the Geo
 

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Re: When is too much too much? (mutcth)

And you also need to consider what kind of new car you'd be getting to replace the older one. I mean, I have two current vehicles though I'm trying to sell the BMW.
I have about $7,800 in it at this moment. The short blocks are pretty much 500,000 parts but if the head goes, that'll cost about $2,800 to have a shop to it up better than new. If the transmission goes, I'll replace it with a 5 speed swap which I've had priced at about $1,800 for parts and about $500 or a bit more for labor but I'd do the swap if a family friend. That's really just about all that could be expect to go wrong with it right now. What comparable brand new car would I gladly exchange the BMW for? A $42,000 530i. For used but basically new cars, maybe a 98-99 Boxster. Or an E36 M3. Still well double the cost of my car plus all possible repair bills.
My other car, my daily driver is a 98 Contour SVT. $4,300. It runs tip top but will probably need brake pads, maybe front rotors as they tend to warp pretty easily with hard use. $200 total with me doing the work. Needs grippier tires. $500 total. I'm putting a stereo together but that doesn't really count to what is needed. What new car would I gladly trade the SVT for? A 5 door Focus SVT hatch. Or a Impreza 2.5TS wagon. Both of which are just under $20,000. So that allows at least $5,000 towards repairs on the Contour before I'm at the half way mark and still no payment... lower insurance... Don't mind getting it banged up a little bit.
I honestly can't see myself buying a brand new car in the next 10 years. I'd like to get a 78-82 911SC or 930 Turbo. Or maybe a 3rd Gen RX-7 instead for the right price. Maybe a older Sentra SE-R to set up as an autocross/rally car. We just moved out to an area where there are many lakes close by so we'll be getting a boat so we'll need to get a truck to haul that. Looking at a 97 or so 4Runner that you can buy at auction in tip top shape for $5,500 or so. I can buy ALL of these for the price of a new WRX. And I'd much rather have a 911SC AND an SE-R beater AND a 4WD SUV than a WRX.
 

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Re: When is too much too much? (cratz2)

cratz2, so I take it your Ebay SVT worked out OK.... http://****************.com/smile/emthup.gif
Tom, apologizing for hijacking
 
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