I'd just like the opinion of a third party that I don't know...
I'm a junior in college with a 1997 Ford Explorer with 120,000 miles that was purchased for $1,800. Over the past year or so, my car has needed more and more repairs. As far as I know (since I'm really bad with all this car stuff) we had a whole new radiator put in, new suspension parts, power steering, new thermostat...and now it needs a new head light, the AC is shot (needs a new accumulator i think it's called), the engine over heats every 30 seconds, and the brakes squeak and make a horrible noise. In total, I personally have paid around $2000 in repairs and my parents have probably also put the same amount into it, if not more. We're bringing my car in on Thursday to get it looked at again and get an estimate. I already know it's going be around $800 total to fix the light and AC.
My question is whether we should just cut our loses and get a new car, or continue to fix the old car.
I'm a college student with 4 student loans and my parents have already cosigned for me, so they can't cosign another loan..and I don't think I'll be able to get a loan on my own.
My friend is offering me his used new (2006) car for $6000...I personally have around $2500 saved. However, with school I don't make a lot of money with my job and the hours that I have to work. My friend told me that in the past, he used his student loans to buy a new car. Has anyone heard of this before and how'd you do it?
Essentially, my other question is if I should cut my loses...what should I do?
Sorry for the rambling and thanks for your opinions.
I'm a junior in college with a 1997 Ford Explorer with 120,000 miles that was purchased for $1,800. Over the past year or so, my car has needed more and more repairs. As far as I know (since I'm really bad with all this car stuff) we had a whole new radiator put in, new suspension parts, power steering, new thermostat...and now it needs a new head light, the AC is shot (needs a new accumulator i think it's called), the engine over heats every 30 seconds, and the brakes squeak and make a horrible noise. In total, I personally have paid around $2000 in repairs and my parents have probably also put the same amount into it, if not more. We're bringing my car in on Thursday to get it looked at again and get an estimate. I already know it's going be around $800 total to fix the light and AC.
My question is whether we should just cut our loses and get a new car, or continue to fix the old car.
I'm a college student with 4 student loans and my parents have already cosigned for me, so they can't cosign another loan..and I don't think I'll be able to get a loan on my own.
My friend is offering me his used new (2006) car for $6000...I personally have around $2500 saved. However, with school I don't make a lot of money with my job and the hours that I have to work. My friend told me that in the past, he used his student loans to buy a new car. Has anyone heard of this before and how'd you do it?
Essentially, my other question is if I should cut my loses...what should I do?
Sorry for the rambling and thanks for your opinions.