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Old 02-03-2013, 06:11 PM   #16
Snarky
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Is the Mountaineer something 'interesting' such as AWD or a V8? Or an AWD V8? If not, I would certainly toss it. It's had a long life. It's a Ford Explorer, unless they have a unique option such as previously mentioned, they are worthless.

You could fix the air duct yourself and grab a lower mileage warrantied junkyard tranny and put it in yourself with minimal effort. But if it was a bland car to begin with, it's not worth the sweat-equity. Me personally? I would replace it would something better on gas but interesting. As interesting as I could afford, but I'd rather have a car I loved to drive as a top 3 on my necessity list. But that's just me as someone interested in cars.

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Originally Posted by oldmanb777 View Post
Lots of people discard thier perfectly good cars because they got dirty or something. I have made lots of (beer) money flipping cars over the years. My current driver is an 1989 F-150 4x4. Neglected when i got it 5 yrs ago with ~ 60,000 on the clock. needed a rear u joint. I paid $2000 for it. Bullit proof drivetrain. Has the big 6 and cast iron 4spd. I changed all the fluids, major tuneup, hoses etc. Just turned 100,000 miles, still has easily 100,000 miles left. Yes its slow and a little uggly, but not hard on gas. The only thing I have put in it is a battery and gas and oil since. best thing about it, It's PAID FOR!
We had a 1999 Ford F-250, non super duty (F-150 body), 5.4L, 4x4, extended cab, tan contractor interior, white. Perfect body, but it needed an engine overall (dogged). We bought it for 500$. Bought an engine rebuild kit for 1000$. Tossed some sweat equity into the engine, had the heads checked.

After the rebuild it ran like a top. Put another 80,000 miles on it. Sold it with around 230,000 on the clock, but it still ran well. Sold for 4000$. We turned around an bought a crashed 2001 Golf for 1000$ (and rebuilt it on the cheap) and an '89 BMW 635 in good condition. Still have both of those.
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Snarky screwed with this post 02-03-2013 at 06:25 PM
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Old 02-04-2013, 09:05 AM   #17
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I agree with buying used and buying something that may need a little work. People tend to get tired of perfectly good vehicles these days because of what they consider a mounting repair list. I purchased a very nice 2004 Ford F250 V10 (crew cab with leather) for $1,500 (no rust at all). The owner thought that it was getting ready to die since it was shaking violently (especially after it rained), needed brakes, made noises. The shaking was taken care of by replacing the plugs and wires (water was getting to the plugs), replacing brake pad/rotors, and the sway bar bushings. Son and daughter both have decent vehicles that I purchased and made repairs to. Some people will just about give a car a way due to a drooping headliner.
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Old 02-04-2013, 09:18 AM   #18
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There is something to be said for paying for the privilege of knowing how all of the miles have been putting on your vehicle and that no one else has farted and picked their nose in it. Also you can still get zero interest on new car loans.

Keep your eyes open for one of those "We'll give you a ridiculous amount for your POS trade in!!!!1!" dealer promotions, and see if they will give you enough to take the sting out of buying new.
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Old 02-04-2013, 10:05 AM   #19
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Originally Posted by JamesG View Post
There is something to be said for paying for the privilege of knowing how all of the miles have been putting on your vehicle and that no one else has farted and picked their nose in it. Also you can still get zero interest on new car loans.

Keep your eyes open for one of those "We'll give you a ridiculous amount for your POS trade in!!!!1!" dealer promotions, and see if they will give you enough to take the sting out of buying new.

OP can see there are a lot of varying opinions on the subject. Some are okay with car debt some don't like debt. 0% loans are still debt. In the no debt camp, if you don't have the cash to pay in full, you keep what you have and keep it on the road until you have the cash or buy something used that costs less. 100% of car repossessions happen to people with car loans.
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Old 02-04-2013, 11:04 AM   #20
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Quote:
Originally Posted by MJBADV View Post
OP can see there are a lot of varying opinions on the subject. Some are okay with car debt some don't like debt. 0% loans are still debt. In the no debt camp, if you don't have the cash to pay in full, you keep what you have and keep it on the road until you have the cash or buy something used that costs less. 100% of car repossessions happen to people with car loans.

Why in the world would I pull money I have invested at 6% - 8% out to purchase an asset I can finance at 0%?
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Old 02-04-2013, 12:43 PM   #21
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Originally Posted by pachap View Post
...It is possible that I will be commuting to school to the tune of a 500 mile round trip every week for two and half years (that is whole separate bitch-fest). That certainly necessitates a dependable ride.
It also necessitates a ride that gets good mileage. That Mountaineer is going to absolutely kill you on fuel costs. Do yourself a favor and dump it now. Don't drop another dime into it. A/C is not a necessity anywhere in the USA. I commuted to school in a car that required I run the HEATER during the summer to keep it from overheating. I did that on many 115 degree days, and the car paid for itself in 1.5 semesters. Even the $1000 you are thinking of spending on A/C could buy you a beater commute car.

Just sell the Mountaineer for $2000, and buy a Honda Civic with that money. No additional funds needed, no car payment, and you will have lower insurance costs. Your unspent gas money can start piling up in your bank account for a nice car once you finish grad school, and you won't have a payment then either. Be smart.
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Old 02-04-2013, 01:05 PM   #22
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There does come a point where it makes sense to dump a vehicle while you can still get something for it.

That being said, I've got a 1997 VW Golf TD (not i!) rolling up on 200,000 miles that gets just shy of 50mpg. I bought it for $7k with 100,000 miles on it.

I've been putting about $1,000 of repairs into it every year, brakes, bearings, shocks, timing belt, fuel pump, turbo, muffler, etc. in the time I've had it. The $1000 annual repair bills are about 2-3 months worth of car payments on a new vehicle, so I'm certainly "ahead" on this one, and will probably get another 5 years out of it easy.

But that being said, it's fairly reliable, and if something serious happens I could get a rent and pick up a new vehicle in a matter of days with what we've saved so far.


OTOH, the POS diesel Passat of the same vintage we owned was unredeemable. Bad mileage, low power, it leaked, had a funny steering shimmy, a warped head, a chewed up crankshaft nose I had to hillbilly repair into submission, and the coupe de grace was a series of small electrical fires in the dash. I finally threw in the towel and had it purposefully fail emissions so it would qualify for a environmental rebate when it was taken off the road
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Old 02-04-2013, 01:15 PM   #23
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Quote:
Originally Posted by MJBADV View Post
OP can see there are a lot of varying opinions on the subject. Some are okay with car debt some don't like debt. 0% loans are still debt. In the no debt camp, if you don't have the cash to pay in full, you keep what you have and keep it on the road until you have the cash or buy something used that costs less. 100% of car repossessions happen to people with car loans.
What Xeraux said.

Repossessions happen to people who go into more debt than they can afford. We are in a period of unprecedented low interest costs. There has never been a better time to finance things than now, assuming you are one of those who can afford to buy things.

Debt at zero precent or near it, is actually a discount on the total amount you pay for something because of the time value of money in addition to whatever interest you can tack on to the money that otherwise goes to the bank.

About the only real downside to financing a vehicle is the expense of maintaining full coverage insurance on it. Just another cost of having that shiny new smelling car...
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Old 02-04-2013, 02:28 PM   #24
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Quote:
Originally Posted by MJBADV View Post
OP can see there are a lot of varying opinions on the subject. Some are okay with car debt some don't like debt. 0% loans are still debt. In the no debt camp, if you don't have the cash to pay in full, you keep what you have and keep it on the road until you have the cash or buy something used that costs less. 100% of car repossessions happen to people with car loans.
Loans on vehicles are only considered debt if the vehicle is worth less than the balance. For example, I do not consider a $30,000 vehicle with a $20,000 loan a debt. It is an asset - though a depreciating one, and can be turned into cash at any time. And even though it is depreciating, I'm much happier if I don't have to worry about pushing it or climbing under it in 20 degrees and snow to pull a transmission. Additionally, one call from the SO saying she is stranded on the side of the road (BTDT) will cost more in lost wages (even for just a day off work) than three months worth of car payments.
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Old 02-04-2013, 06:09 PM   #25
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Originally Posted by JamesG View Post
What Xeraux said.

Repossessions happen to people who go into more debt than they can afford. We are in a period of unprecedented low interest costs. There has never been a better time to finance things than now, assuming you are one of those who can afford to buy things.

Debt at zero precent or near it, is actually a discount on the total amount you pay for something because of the time value of money in addition to whatever interest you can tack on to the money that otherwise goes to the bank.

About the only real downside to financing a vehicle is the expense of maintaining full coverage insurance on it. Just another cost of having that shiny new smelling car...
You're making the assumption that you have the cash to pay outright and can invest the money you were going to pay on the car. How many people do that? A very small percentage of the population. A wise person once told me "don't take financial advise from broke people". Good reading is the book The Millionaire Next Door.

I'll shut up now. I work on the side advising people who have made poor financial decisions and a lot of the issues I see are related to car and credit card debt.
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Old 02-04-2013, 06:22 PM   #26
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Quote:
Originally Posted by MJBADV View Post
You're making the assumption that you have the cash to pay outright and can invest the money you were going to pay on the car.
Incorrect. If you can borrow money at zero or little interest, its actually better than paying cash because you get to collect or use the future value of the money that you aren't paying outright today.

Quote:
I'll shut up now. I work on the side advising people who have made poor financial decisions and a lot of the issues I see are related to car and credit card debt.
I hope you don't charge anything for your advise.
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Old 02-04-2013, 08:20 PM   #27
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i just bought a 2010 hyundai sonata limited with 47,000 km's (30,000 Mi. for you mericans) for 15k. I absolutly love this car!
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Old 02-05-2013, 03:25 PM   #28
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Originally Posted by High Country Herb View Post
It also necessitates a ride that gets good mileage. That Mountaineer is going to absolutely kill you on fuel costs. Do yourself a favor and dump it now. Don't drop another dime into it. A/C is not a necessity anywhere in the USA. I commuted to school in a car that required I run the HEATER during the summer to keep it from overheating. I did that on many 115 degree days, and the car paid for itself in 1.5 semesters. Even the $1000 you are thinking of spending on A/C could buy you a beater commute car.

Just sell the Mountaineer for $2000, and buy a Honda Civic with that money. No additional funds needed, no car payment, and you will have lower insurance costs. Your unspent gas money can start piling up in your bank account for a nice car once you finish grad school, and you won't have a payment then either. Be smart.
What would you say if I told you I sold a 2005 Civic last year and chose to keep driving the Mountaineer? Go back and read everything I listed that has been replaced on the Mountaineer. If I could go back, I'd still choose the Mountaineer over the Civic. I had far too many problems with it. I would buy another Ford product before I bought another Honda. Replaced the front bearing assemblies 2x each, replaced the AC twice, had to replace the valve cover gaskets twice, and had to replace the alternator. So, no thanks, I'll pass on the Civic idea.

Also, to each his own I guess, but in south Georgia, AC is a necessity IMO. Even if I didn't have two children I haul around, I have to have AC, so it's worth it to me.

So, after talking it over repeatedly with me wife, I'm dumping the cash in it to get the AC fixed and praying to whatever god that listens that it makes it to the end of the year. My wife has offered to buy me a new ride for a graduation present.

As for the car payment and financial discussion above, I don't mind carrying a car payment. Whatever I get, whether I buy new or used, I'll probably fund it with a 401k loan.
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Old 02-05-2013, 09:34 PM   #29
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Incorrect. If you can borrow money at zero or little interest, its actually better than paying cash because you get to collect or use the future value of the money that you aren't paying outright today.
IF you have excellent credit! And if you do qualify for 0.0% financing, the car starts depreciating immediately after you drive it off the lot. Some not as bad as others and a couple you can buy and sell for little to no loss after a few thousand miles (this rarely is the case).

Even at 0.0% on a new car comparable to the old Exploder you're looking at a $30K car which would be $500/mo for 5 years, plus the added insurance costs on a new car, the sales tax and possibly yearly excise taxes. If you can afford it, fuck it having a new car is awesome, but people with money troubles shouldn't justify the new car purchase just because the financing cost is low.

Used can be a lot cheaper when you add up the expenses. I'm not saying never buy new, but financially buying slightly used, MOST of the time will be much cheaper than buying new. I've bought a couple used trucks that I financed through a credit union at 2.9% and owned the truck outright in 2 years. Toyotas both times so I wasn't scared of owning them outside the warranty period and best of all they only cost me a couple grand to drive for 30K miles. If I had bought them new and drove 30K miles I'd have lost a shitload more money.
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