Join Date: Sep 2015
Location: Lindsay, Ontario
Mentioned: 33 Post(s)
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The one thing I will never understand is why most people simply dispose of a car that needs a new engine and rush out and replace it. If you have the disposable income then it is not so much of a big deal, but ditching a paid off car for a new fresh loan to me is insane. In my mind, replacing that engine is FAR cheaper than another car.
I know I am of a very small minority, but if I cannot buy a car for the cash I have saved then I cannot buy a car. I don't even like the idea I have a mortgage, but we do concentrate on paying it down.
Simply put, if you can afford to buy a new car with no loan then it could be a viable choice, but if you have to get a loan it is FAR more financially prudent to take out a much smaller personal loan and fix the car you have.
2004 Mazda 6s 3.0 5dr. 5spd never ending money vacuum project:
CP-E headers w/catted mid + Magnaflow carback/AEM CAI/3.7L TB/Speed6 springs/RX-8 wheels
AWR 70D Enginemount/CP-E Dogbone/Custom urethane stock trans mount
Ralco shortshifter/Bose w/Auxmod/sharkfin antenna/lots of little things...