New Used Car- HELP

[fruitbowlk]

Hello everyone,

I need advice. I have a 2000 Hyundai Elantra with 112,000 miles(guessing)on it. I check Kelly Blue Book andi in Fair condition it's valued at 1,250. On saturday it stopped working on me and I took it to the shop and it's the crankshaft getting wet due to an oil leak from the rear main seal. He also stated I need a new timing belt and bow cure(sp)etc. it will cost me 700.00 to get just the oil leak and cranshaft fixed. It will cost much more to get the timing belt etc fixed. I have 3000.00 in my EF and a little over 1000.00 in savings bonds. I'm don't want to finance a car at this point due to me losing my job next year it could be sooner. And I don't want to use all of my EF to buy a new used car. I don't know too much about buying car from owners I'm hoping my father might be able to help. What would you all do if this was your situation?

PS. This car is in the the shop every 3 to 4 months getting repairs. I have surpass the value of the car with the repairs I'm getting done.

Thanks

[MonkeyMama]

If it were me, I would fix the car. A timing belt is a common/low cost repair, in my opinion. Though I suppose it depends on the car - I am assuming you can get it done for $250-ish.

(I just googled it very briefly and read an Elantra should last 200k+ miles very easily. One of the first things that popped up was that timing belt is one of the first things to repair. If it's lasted this long though, big whoop. You'd expect to replace these kinds of things every 100k miles or so. In my opinion - much cheaper than considering another vehicle).

The track record of the car would influence my decision. Why I looked up how long it should last.

Car buying, from both owners and dealers, is rife with risk. To me, the safest route would be to fix the car. Most certainly the least costly in the end.

[fruitbowlk]

A timing belt replacement can cost up to $500 amd above.

QUOTE=MonkeyMama;258135]If it were me, I would fix the car. A timing belt is a common/low cost repair, in my opinion. Though I suppose it depends on the car - I am assuming you can get it done for $250-ish.

(I just googled it very briefly and read an Elantra should last 200k+ miles very easily. One of the first things that popped up was that timing belt is one of the first things to repair. If it's lasted this long though, big whoop. You'd expect to replace these kinds of things every 100k miles or so. In my opinion - much cheaper than considering another vehicle).

The track record of the car would influence my decision. Why I looked up how long it should last.

Car buying, from both owners and dealers, is rife with risk. To me, the safest route would be to fix the car. Most certainly the least costly in the end.[/QUOTE]

[MonkeyMama]

I should have also said to get second opinion (or more opinions). Do you have a trusted mechanic? Makes all the difference, financially. Though it could cost that much due to the make/model of the car.

I'd still just repair it.

The exception is if I looked up reviews on the car and it was common to have a pile of expensive repairs in the near future. Any car will have standard maintenance and repairs around the 100k mile mark. If the car is a piece of crap, trade it in for a similarly priced car with a better track record. That would be the alternative. The gamble there is not knowing how other owners treated the car. Why I would just be inclined to repair it if it has been well maintained.

[CalireEHughes]

Honestly, I would just cut my losses with this car. I would try to sell it and find something else. If you don't have a lot of money to spend on a car, you can try going to a government auction. I know people who have found really good deal on a car at an auction. Cars are such a waste of money!!

[sj999]

Time to trade it in.

[Ralph]

That is a tough choice

My experience with Hondas is that it is usually worth it to repair them, since I can be relatively assured that the car will still be reliable. I usually only have to put repair money into the older ones about once a year or so. BTW, a timing belt is more routine maintenance than a repair, stuff that has to be done, like oil changes.

Hyundai is an open question in my book. The old ones were crap, but they have been getting steadily better if the automotive press is to be believed. 2000 should be better, but maybe still not the best. I would base it on the other aspects of the car. Is it in generally good shape, does it burn oil, etc.?

Good luck. This is always a hard question for me since I am so averse to car payments so I tend to hold on until the car just totally dies, but eventually there comes a time when a new(er) car is inevitable.