Should I buy a new car?
In January of 2014, I brought a used 2002 Chevy cavalier for 2,500(it's my first car) I am a 21-year-old female and I use my car for school and work. since September 2014 I’ve the car keeps breaking down. gas pump, brake sensor, transmission cable, radiator, I've spent at least 1,300 fixing these things. I also need to fix the valve cover gasket, brake caliper, and something else with my brakes because they recoil and make a grinding noise. I'm so tired of this car, but everyone keeps telling this is such a great car, they say it's cheap to fix, it’s great on gas, don’t give up on the car. However, I don’t see them forking over 50 bucks to get it towed and 300 or 400 bucks to get it fixed. I didn’t want to get a car with a note, however, the money I’m spending on fixing this piece of crap could be going towards me saving for another car. Should I get a car with a car note (I got approved for a 10,000-dollar auto loan with 3.5 interest)? I know if I get a car with a note, I will have to have full coverage insurance. And since I’m young my insurance will be high. Should I keep paying for a piece a crap? Or should I get a car with a note? My car has 160,000 miles on it, how much longer do you think this car will last? Is my car a really good car? Please any advice will be great, and if it helps I work 35 hours a week and I make 9.25 an hour. And where I live we don’t have a city bus and my friend charge way too much to ask for a ride.
I'm not familiar with American makes and models, but, in the absence of anyone who is...Well, for you it's *not* been a 'great car', has it. Great car is as great car *does*. And anyway, just because the make and model is normally reliable, well-performing, economical, etc., that fact doesn't negate the other fact that one of them might well have come off the 'factory conveyorbelt' as a secretly total Lemon, does it.
There's nothing worse than feeling insecure about your car and whether this time it'll get you safely from A to B or again leave you stressed out, vulnerable at the side of some road and needing another rescue/tow-truck, ker-ching-ker-chingg! What price peace of mind?
And yes, ref how much you could already saved up by now, that's the long, short and curlies of it in the final analysis. And in fact, had you made the decision to dump the mechanical dud long before today, you'd already be halfway or more to affording its replacement (possibly helped by getting cash back for any serviceable/re-usable parts).
Fully comprehensive insurance *is* more expensive, yes. But surely, HOW expensive depends on the power capability of the car and its reputation amongst the insurers and underwriters plus your own driving record? Or does this loan come with a set and non-negotiable condition of taking on a certain, pre-set insurance package at a set cost, regardless of such factors as can normally bring the cost down?
What about dealers - are there any in your area that offer second-hand car purchase via a trade-in of your 'old' model? And what about your parents? Could they help, financially? Better to owe your parents money than a formal lender, albeit you obviously have to still show them the same courtesy in keeping up repayments.
PS: Your "friend" CHARGES YOU for rides? Do you mean, asks you to contribute towards petrol money?