My 1995 Accord has 225,000 miles on it. I paid $1500 for and I’ve had it for over a year. it’s been a great car. I drive it hard and always have, but now it needs work.
It needs transmission and maybe engine work which could cost upwards of $1000. Once that work is done, I’m willing to bet anything that I’ll get tens of thousands of miles out of it.
I know the repairs would be too high a percentage for the car’s value, but it’s either that or spend at least $2000-$3000 on another risky, high-mileage used car with questionable history. I lucked out on this one, but I’m not willing to spend less than $2k on a used car. I need dependability.
I like my car. Even with it’s growing issues I trust it to start every day. Plus, I know it’s history and its issues. I’d rather spend half my budget to keep it on the road than to take a risk of $2-3k on something else.
I could finance a newer car, but I don’t want to finance anything right now, as I don’t need the extra debt.
It may not seem financially sound, but can keeping the car I trust be worth the expense, or am I a nut caught in a textbook case of “sunk-cost fallacy”?
Submitted June 11, 2018 at 03:56AM by 80PercentAshamedOfU https://ift.tt/2JzEMVk
