Selling a dying car

The facts: I've got a 2007 Mazda 3, 160,000 miles. Needs new front struts, Front right wheel bearing, and a/c compressor. Owe a little over $4k on it. Estimated total repair cost is $2200.

My question. Do I get the repairs done then try to sell it, or try to sell it as-is? I'm in a position where I could do either. Either way I think I would still be trading it at a loss.

Another question I just thought of. Should I pay extra on the monthly payments to break even, or take the negative equity and pay extra on the next car?

Well it sounds like you have the ~$2200 to pay for the repairs, correct? KBB shows trade-in right at $2k, and private-party at $3k(both of which are probably higher than reality). Since you owe $4k on the car, I'll presume you have another 2-3 years to pay it off?

The absolute last thing you want to do is have negative equity going into a new loan on the next car. It seems like you may have enough cash to get make up the difference between trade-in and payoff - but really, when dealing with dealers it's a bit of a shell game anyway...and once they see you're in a bad position like this, the fleecing will really start! However, having said that - if you can be in a position to buy a new/nearly-new car and still have it paid off in 4-years or less, and not drive so much that it will have 100,000-miles plus by the time it's paid off...then I'd say it's not a completely horrible deal.

Otherwise, fix it, keep it until a year or 2 after it's paid off(sticking that extra $ you're no longer using on a car payment into the bank), then take that cash and buy a cheap car outright when this one dies.

Drew, are you really wanting to get rid of the car? I see that repair list as less than $500.

Yeah, that's like $500 parts, maybe 700-800 total if you don't own manifold gauges and a vacuum pump. Maybe a weekends work and an alignment.

That sounds a lot more like normal maintenance than a dying car to me. I would say either just sell it how it is if you are comfortable taking a loss on it, or fix it yourself for $500-$600 (struts, wheel bearing and hub, alignment) and worry about the AC later.

Keep the car. Shop around for better prices on getting work done or dig in and do as much of the work as you can by yourself along with the help of a friend.

The front struts are shockingly easy in those.....Mazda even included a tool to help you release them from the lower perch. Looks a lot like a scissor jack, but I assure you, it's a strut removal tool.

Since when does a few suspension components and an AC service constitute a "dying car"?!

Sky_Render wrote: Since when does a few suspension components and an AC service constitute a "dying car"?!

I don't know where he is, but these things are prone to WICKED rear quarter rust.

Swank Force One wrote: Drew, are you really wanting to get rid of the car? I see that repair list as less than $500.

I agree

What's the motivation on selling? Financially it seems like a bust until you're out from under it, especially if fixing could be more like a grand or less, put the rest into paying it down faster, keep saving for a replacement over the next two years.

I had a wheel bearing done on a 04 mazda 6 for 350ish. Struts are stupid easy like mndsm said. Ac compressor, shouldnt be more than a few bolts and some hard lines.

If it was me, I’d fix it, pay off the loan ASAP, save up money, and then determine if I wanted to get out of the car.

Unless the car was so unreliable that it was jeopardizing my education / career, I wouldn’t give any consideration to getting rid of it until it was paid off.

Remember, never borrow against a depreciating asset unless it is absolutely unavoidable.

Sorry to be such a buzz kill but you asked for guidance so this is mine.

I'd fix it and drive it if those are the only issues. They're pretty minor and you can get it fixed for less than $2200.

Other than the AC, you should be ashamed for not doing the rest yourself. Maybe $400 in parts and it is very easy work to do struts on those cars. Check Youtube for guidance. The work realistically takes most of an afternoon if you have never done it.

Being in FL sucks as far as not fixing the AC as an option, but the good news is that you wont be fighting rust when you do the struts.

Unless you can find a dealer that will give you the remainder of the loan as a trade-in, I would fix what you have and drive it until it is paid off.

Seems like you're trying to justify dumping the car even though it's a bad financial decision. I've been there and it didn't turn out well for me.

As others said, not dying, just needing routine upkeep. Sell it as is if you wish, but just know you'll take a huge loss. I don't know your personal financial situation, and I'm not trying to pry, but if you've got a loan of $4k on an 8 year old car with 160k miles, I'm guessing it's probably a pretty high interest loan. If you can pay it off, I'd do so.

Place me in the "$500-$700 and a weekend of cursing at it" camp. Even if you still want to move it along I'd do the work or you are going to eat a much bigger loss disclosing the list of "stuff".

The only real problem I see is the wheel bearing. Go get a spare unit from the junk yard and have a shop press in a new bearing. Swap them out and you should be good to go.

^ exactly! Fix the wheel bearing, maybe the struts and pay that thing off in the next year. Deal with the AC and whatever else, eat beans and rice, and pay the stupid thing off.

The last thing it sounds like you need to do is run out and dig a bigger hole.

I didn't mean to abandon my own thread. Starting a new job and then getting food poisoning bogarted my time the last few days.

More background. I'm going to be out of the country for about 12 months starting later this year and I was planning on selling this car because otherwise it would just be sitting (or trade it in to get something for the wife). These problems all came at once which seemed like a lot. It looks like I could definitely do the struts. I could replace the ac compressor, but recharging it is a bit daunting. The wheel bearing (aside from the pressing) doesn't seem like much, but still makes me nervous for some reason.

Fix the struts and the wheel bearing. Then sell it with the explanation that it needs AC work.

that, or buy junkyard compressor and put that on. filling is easy.

disclaimer: have it discharged somewhere that will recover the refrigerant.