Tuesday, June 21, 2011

a new old car?

Diagnosis: it's the transmission for sure. Cost to fix the problem: either $1500 or $2200, depending on whether I want a simple replacement with a used transmission, or a full-on rebuild. Not cheap either way.

My brother David is suggesting that I bite the bullet and get a used car. The cost of repair doesn't seem worthwhile, given the car's age (it's a 2002 model); and without serious financial heft, I'm not going to be covering that cost. David's reasoning is sound; even a schlub like me can likely be approved by, say, the Capital One Blank Check car loan program.

So I'll be calling the towing/repair guy-- let's call him Jack-- tomorrow in order to set up an appointment for Wednesday morning. After I finish that call, I'll be talking with Capital One about my options. Jack's auto shop has a small fleet of used cars, so this might be as simple as driving a different car off his lot and abandoning my Honda. That, or if I go the Capital One route, I'll be towing the car to a Capital One dealership and getting a new old car there, since Capital One's Blank Check loan works only with approved dealers.

Question: to what extent does a shot transmission affect a car's blue book value?


No comments: