repair or replace 2000 Chevy Venture

tjbarettaFebruary 2, 2009

My van has 128K miles and needs a new transmission, intake manifold gasket and steering rack. Repairs= $3000. I still owe 2800 on it. I have a $4300 tax return coming soon and am trying to decide if I want to use the return to pay off the van and then sell it for $200 or use the money to fix the van and hopefully get another 2 years out of it. If I do buy a new van I will get a Toyota or Honda.

Thanks

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john_g

The depreciation on the new car will be $3000-$4000 the moment you drive it off of the dealers lot.

Properly repaired, your van could last another 100,000 miles +, and six or seven years. Sure you will still be fixing things, but compared to the cost of the new monthly payment that you would be guaranteed to make with the new car, fixing them is always cheaper!

    Bookmark   February 2, 2009 at 10:20AM
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steve_o

I agree with John that paying a few repair bills virtually always keeps you further ahead than new-car payments. Though you don't mention the integrity of the bodywork (rust, etc.) and the condition of the van otherwise, it very well could go 100,000+ miles. But I think it's important to mention that, in addition to the repair, you must maintain the van, as well.

But it's still cheaper than new-car payments.

    Bookmark   February 3, 2009 at 4:00PM
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