Buy a Car or Fix an Old one?

I have a 2014 Nissan Altima that is having transmission problems. I have been putting money into the car to fix it and the problem continues to occur. I have money saved up but I do not want to buy a new car or go into debt. The money I do have is for a House and if I spend any of it. I will be sent back months maybe even years of savings. I don’t know what to do. My parents are saying but a new car but to me and what I’ve read that’s is a horrible financial idea and i don’t want to spend more fixing the car that I do have. 

12 Answers

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  • 2 weeks ago

    I had a similar situation; I use to have an 2005 Camry at 70k miles transmission needed to be replace. I contact my local mechanic they offer to take a junk yard transmission that still works (the junkyard Camry was a stolen vehicle) and have it swap into my Camry for $3k (Labor + parts). My parents says its a good idea but for how long until something else breaks down. So I decided not to go with it and sold the car on Craiglist for a broken transmission got $4k for my Camry. Use that $4k on a down payment for a 2010 Prius with with 52k miles on it. 

    To make short folks paid off the Prius because they didn't want to pay the high interest rate on the used car and I paid them back each month. Now my Prius has 105k miles on it still running good, just regular oil changes every 3k miles. Transmission is perfect, so far I only changed my tires that's it. Brakes still good, smog check pass every 2 years. 

    Hopes that helps. 

    Edit: I've heard CVT transmission are quite expensive to fix or get a replacement compare to a traditional gears transmission. So far I've checked your 2014 nissan altima uses a CVT trans. It should cost about $4k to $7k to have it replace. I'm not sure how much it cost to have it fix. 

    Source(s): Personal experience.
  • 3 weeks ago

    Why not both???

  • 4 weeks ago

    Just buy a used car that you don't care about. If you're worried about money, don't buy a new car because then when someone dings your door or you get rock chips on your bumper you'll hate life, and won't want the car anymore since it's imperfect. You haven't described the problem at all. Either fix it or don't. You can get a corolla or something for cheap probably.

  • M.
    Lv 7
    4 weeks ago

    What color is your transmission fluid? 

    Green??

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  • Anonymous
    4 weeks ago

    Id contact Nissan and see if they will do something for you.

    My sister had a fiero way back when and her transmission went out way out of warranty. They agreed to pay for half because they knew they were known problems.

    Not the dealer, the factory rep.

  • CB
    Lv 7
    4 weeks ago

    The problem with buying (financing) an new car is that you will take a hit to your debt ratio for buying a house meaning you will not qualify for as much mortgage debt. 

    Take the nissan to a dealer for repairs they will likely fix properly (if you have been using Nissan then find a different dealer).  There maybe extended warranty for your tranny if it is a CVT - do some searches about it you may find some help from Nissan.

  • 4 weeks ago

    If the car is otherwise sound fix it.  Buying another used car may just give you another set of problems.  Buying a new car will cost you thousands in deprecation the moment you drive it off the lot.  If you feel it is better to get another car get a used Toyota Corolla or Camry, they will run for 300K+ miles if you service them regularly.

  • Anonymous
    4 weeks ago

    You're going to have to spend money one way or another so get over the fact that you don't want to, pencil out the numbers and then decide which is financially less painful. If it were me, I'd get the car fixed.

  • Anonymous
    4 weeks ago

    If your Nissan has a CVT, it is time to sell it and let the new owner have the headaches.  Those earlier Nissan CVT transmissions are garbage.

  • 4 weeks ago

    A new car could save your life ( as in: NOT breaking down in traffic). A new car will have no repair bills or other needed expenses (except gasoline and oil) for 3 years, and probably more. I know cars are a depreciating asset, but needing a car is a fact of life for most people so go for a new one, and avoid future repairs to the 2014 Nissan.

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