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Question DetailsAsked on 9/9/2014

Its an 2005 Kia Sedona w/98.000 miles and I'm still making payments on it. I still owe about $4,000 on it. What w

Because of the major repairs the car needs, was advised to consider a new car. My question is in response
to a previous question in which responding to with an open ended question.

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Here is a link to your prior questions about this car -

https://answers.angieslist.com/profil...


I should have told you before, that to keep everything about one question or issue in one place, use the Answer This Question button below your question as you did one time to respond back to answers that have been posted - that way everything on the case stays in one "thread" of question, answers by contributors to this forum or AL, responses or further question from you, further answers, etc.


At this point, on this question, not sure what you are asking now - do you have further questions about my last responses on whether the car is worth keeping, or the answers on rough repair costs ? you are clearly in a tough position, as it sounds like it might not be worth the $4000 you owe on it, so do you take a possible loss now in trading it in or selling it for maybe $2000 and avoid the repair costs, or risk putting good money after bad on getting it fixed up so it is worth about what you owe, but only after sinking another thousand or two into it ?


Obviously, your personal financial situation will probably control the answer here, particularly if you do not have the money for a replacement car, or would have to borrow to do the repairs ? I guess getting an trade-in offer price from the dealer you might consider getting a replacement car from might be a starting point, to see what it is worth right now. Course, what they might say on the basis of a drive-in discussion might be a lot more than they will actually offer when it comes time to actually do the trade-in - that is a common scam to get you to do business with them.

The big problem I see is, say it is worth $2000 as-is - so you lose $2000 if you sell it, by having to pay off the $4000 loan with the $2000 you get plus $2000 of your money out of pocket - so you basically throw away $2000 to come clean on that car. However, scenario two is if you fix it up for say $2000 and can make it worth $4000 and sell it for that amount (using the money to pay off the loan), then you are out the same $2000 out of pocket to get free of the car. The third alternative is spend the same $2000 to fix it up, then spend the $4000 paying it off on payments - hoping that you have fixed all the major issues with it - not something I would hold my breath on. Of course, buying another used car (presumably with same or lesser monthly payments if one a tight budget) could end up with the same sort of situation with a different car - which is why I only buy new, fully-warrantied cars.


Personally, considering the miles and age and value of the car and its manufacturer reputation car quality and maintenance-wise, if I had the money to get into a replacement car (used or new per your finances and preference) I would just dump it without fixing it up if you could get $2000 or more for it - preferably as a trade-in as you are probably going to get more for it that way then on a market sale, assuming its issues are evident in a test-drive. That way you have a sure deal, and are not trapped by the possibility the $2000 number for repairs might mushroom once you are into them. Also, bear in mind allthis is predicated onthe mechanic being right about what it needs, and not having missed other significant flaws in it. Other alternative is put the money into it and plan on keeping it till 150-200,000 miles and cross your fingers other major issues will not appear.

Answered 5 years ago by LCD




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