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[Durrzerker]

So my 2000 Mustang's engine overheated badly due to a busted thermostat not communicating that it was overheating and there's a lot of damage. Basically looking at a new engine, which will run me around $1500-$2000. The car isn't exactly in -amazing- shape outside of that [roof is getting very rusty, driver's door needs a new hinge] but I at least know what I've got. It's at 190,000 miles right now.

Alternatively, I can afford around $3000 in cash for a new car. I can also consider buying a used one from a dealer, but I have 0 credit. [I just got a credit card and am starting to build my credit now, after a lifetime of not doing so.]

Is it smarter to fix up my car and replace the engine, or should I go for something in my price range? Is $3000 enough to really get a decent replacement? Where should I look? I know Craigslist, but that's about it.


Small update:

Checked out an Impala and Crossfire.


Impala got sold out from under my nose.

Crossfire was in limp mode. Accelerated great to 50, then went dead. Transmission issue,maybe just a sensor, maybe the entire transmission. Told the guy to fix it and call me back, if he can drive it across town to me I'll consider it. Not even risking it otherwise.


So I'm back at square one, surfing shitty cars on Craigslist. Talked to credit union again, loan terms aren't in my favor right now. Still going to try, maybe get lucky.

 

[Majima Everywhere System]

Get rid of it. It's totalled.

Edit: pay stubs will get you a loan.

 

[Shambala]

It's all about how much u r willing to spend. And if it's worth it. Go by your budget op

 

[highrider]

I don't think spending that amount on an old car with other issues is the move, but 3000 isn't going to do much better. In other words, it's kind of a wash, I would lean slightly towards the mustang because as you said you kind of know what you have. Still, take look at the market of used cars and see what's out there.

 

[jackdoe]

Is that $3000 as a down payment or $3000 total for a car. Cause I think you'd need at least $10,000 for a new car, and even then that is really pushing it.

 

[PrivateWHudson]

I don't think I'd put that much into a car with that many miles. That said, you could probably get something decent with 100k for that $3000. I found an old ranger for $3500 on craigslist with 110k miles because I didn't want monthly payments. I did have to put $500 into it right out of the gates, but it's been great ever since.

If your not picky, your budget is reasonable. I needed a 4x4 extended cab pickup, so that made the price much higher.

 

[SillyEskimo]

Just got a new engine in my 10yr old SUV last December. My old one had 225k miles. The new one has 35k and the engine only cost me $3k. It runs like a dream and a one time 3k was better than years of car payments for me.

 

[Durrzerker]

Is that $3000 as a down payment or $3000 total for a car. Cause I think you'd need at least $10,000 for a new car, and even then that is really pushing it.

When I say 'new' I meant 'used'. Just, y'know, a car that is not the car I am currently using.

Basically I've got $3000 to spare. I can spend $2000 or so on a new engine for my Mustang, and have the other $1000 left over for if it needs future repairs

OR

I can use the $3000 to buy a used car.

 

[Mammoth Jones]

When I say 'new' I meant 'used'. Just, y'know, a car that is not the car I am currently using.

Basically I've got $3000 to spare. I can spend $2000 or so on a new engine for my Mustang, and have the other $1000 left over for if it needs future repairs

OR

I can use the $3000 to buy a used car.

Can you afford monthly payments? Best would be to put 2k down on a used car, finance the rest via a credit union and pay it off. I wouldn't put 2k into a car with 200k miles that's 18 years old.

 

[kaname-san]

If you can only spend 3k max then go for the engine replacement. As long as they are thorough, you shouldn't have any problems but with a cheap used car you are really rolling the dice.

 

[Dishwalla]

$3000 should be a good down payment on a used car. You could probably get a decent Mustang in the 2005-2008 range for around 10k with a $3000 down payment.

Or you know something more practical. You could find many Honda Civics or Accords in that range as well.

 

[Flo_Evans]

I would cut my loses with the mustang unless you really love it.

 

[louiedog]

What if every day was leg day?

It sounds bad but the car will be a lot lighter with the engine out.

 

[jackdoe]

When I say 'new' I meant 'used'. Just, y'know, a car that is not the car I am currently using.

Basically I've got $3000 to spare. I can spend $2000 or so on a new engine for my Mustang, and have the other $1000 left over for if it needs future repairs

OR

I can use the $3000 to buy a used car.

Haha, I realized what you meant after I posted.

How's everything else with your current car? Anything besides the engine in dire need of replacing?

 

[Durrzerker]

Can you afford monthly payments? Best would be to put 2k down on a used car, finance the rest via a credit union and pay it off. I wouldn't put 2k into a car with 200k miles that's 18 years old.

I do have a credit union account, if that helps at all. My dad put some money in it as a gift and I've just kinda let it sit, 'cause my relationship with him is awkward. But if having that account will help I can see about that.

I can likely afford monthly payments just fine if they aren't above $200/mo or so. My bills all add up to around $1100 a month and I make around $1900/mo post-taxes, but I also have other stuff I'm saving for.

Haha, I realized what you meant after I posted.

How's everything else with your current car? Anything besides the engine in dire need of replacing?

Nah. The only other stuff wrong with it is the driver's side door needs a new hinge and the roof is getting really rusty. But who knows what else might pop up soon with a 200k miles car.

 

[QualityPixel]

How much do you like the car? How handy are you with a wrench? Do you have the tools needed to do an engine swap? What engine did your car have?

Finding a mechanic to swap the engine for less than $3000 (including the engine) and do a good job sounds like a challenge unless you know somebody or have mechanic friends.

 

[Dishwalla]

Also if you decide to use that $3000 as a down payment towards another car you could probably sell that Mustang as is for around another $1000. I see "mechanics special" Mustangs on CL all the time.

 

[Magwik]

As someone who JUST replaced the engine in their vehicle (2000 Jeep Cherokee), you're much better off looking for something else. I instantly regretted my decision.

 

[Durrzerker]

How much do you like the car? How handy are you with a wrench? Do you have the tools needed to do an engine swap? What engine did your car have?

Finding a mechanic to swap the engine for less than $3000 (including the engine) and do a good job sounds like a challenge unless you know somebody or have mechanic friends.

The mechanic's a personal friend, so he's giving me a decent price on it. I like the car a lot [I love how 2000 mustangs look, and it's my favorite shade of red] but I'm useless with cars. I have no mechanical knowledge.


I'm looking at a few options, and if any of these stand out, I'm curious. Local cars for sale:


2006 Chevy Impala, 150k miles, $3700. (No idea yet if it has to all be up front or they accept payments, calling tomorrow)

2001 Ford Mustang GT Deluxe, 90,000 miles, $3500 [Again, no idea if all up front or payments].

If I stretch my budget a bit I can afford either.

 

[Dishwalla]

That 2001 Mustang sounds like a good deal, provided nothing is wrong with it. 91,000 miles is low for any car that old.

 

[M52B28]

Swapping engines is really pricey. I suggest you just get a different car.

 

[BennyBlanco]

$3000 will just get you another beater

If you can find a cheap engine in a junkyard and get the work done cheap, might be worth looking into until you can afford something better. Assuming you don't wanna finance.

 

[Bookoo]

Just got a new engine in my 10yr old SUV last December. My old one had 225k miles. The new one has 35k and the engine only cost me $3k. It runs like a dream and a one time 3k was better than years of car payments for me.

Or you can end up like me where you put about $2-3k (3 different repairs each 1 month apart) just to have the transmission go up the following year that cost me $4k to replace in a 2009 Chevy Malibu with only 80k miles.

I ended up trading it in the a few months later and found out it was worth much more than I was expecting. If only I had done it a few months earlier.

 

[nabe_shogun]

The mechanic's a personal friend, so he's giving me a decent price on it. I like the car a lot [I love how 2000 mustangs look, and it's my favorite shade of red] but I'm useless with cars. I have no mechanical knowledge.


I'm looking at a few options, and if any of these stand out, I'm curious. Local cars for sale:


2006 Chevy Impala, 150k miles, $3700. (No idea yet if it has to all be up front or they accept payments, calling tomorrow)

2001 Ford Mustang GT Deluxe, 90,000 miles, $3500 [Again, no idea if all up front or payments].

If I stretch my budget a bit I can afford either.

If it were me, I'd just fix the current car and fix whatever else it needs. Any other car around the same age will probably need work done anyway.

Also, whatever you do, make sure to actually look at your temperature gauge to prevent this from happening again.

 

[Durrzerker]

Pffffbt very divisive answers.


Alright, I'm gonna call a couplea local dealers tomorrow. See what my financing options are for something a little better than I'm used to. If that doesn't pan out I can always fix the Mustang.

I'm not in a huge hurry to make a decision, as I can afford to uber/rent a car to work just fine.

 

[noquarter]

Honestly, with the two you just posted, I would really look at replacing the engine. After the engine, the next big expense would be your transmission, ask the mechanic what would be a sign of the transmission getting ready to go and try to recall if you had any signs.

Getting another car with 150k miles for twice the price of the repairs on your current one seems foolish. The other Mustang might be better, but again, if you prefer your current one, you could possibly get away with saving $k and having the car you prefer.

For the roof, if you keep it, try to prevent the rust from getting any worse. You say it is bad, so I'm assuming that a two time car would look better then a rust top, you can probably sand it and prime it in a weekend, then take it to Maaco or something and get it repainted for a couple hundred dollars.

Edit: Also assuming those two are private sales, you probablyh won't have someone willing to take payments. You would either end up not getting the car until it is paid off, or they would be taking a risk with you driving the car while it is in their name.

Cash is king though, offering below KBB price in cash could get you the car.

 

[Qblivion]

If its a V8 I'd be tempted to replace it, the V6 probably isn't worth it lol

 

[Durrzerker]

If its a V8 I'd be tempted to replace it, the V6 probably isn't worth it lol

It's a V6 I think.

 

[TheLaughingStock]

I do have a credit union account, if that helps at all. My dad put some money in it as a gift and I've just kinda let it sit, 'cause my relationship with him is awkward. But if having that account will help I can see about that.

I can likely afford monthly payments just fine if they aren't above $200/mo or so. My bills all add up to around $1100 a month and I make around $1900/mo post-taxes, but I also have other stuff I'm saving for.





Nah. The only other stuff wrong with it is the driver's side door needs a new hinge and the roof is getting really rusty. But who knows what else might pop up soon with a 200k miles car.

Just get the used car out of pocket. If you lose your job, then you won't have to worry about being ahead of your monthly payments or scrambling to pay off your car note.

 

[NH Apache]

I wouldn't put a 2000 dollar engine in a 2000 dollar car.

Trade it in towards a car, get about 1500 for it if you're lucky. Use 2000 with it.

Buy the cheapest new thing with air conditioning. You'll have a warranty that'll cover most repairs. You can get extremely low APR (we just got 1.9, you can probably get better...)

Your payment should be around 220 a month. Figure in insurance.

 

[FyreWulff]

I'd just trade in the mustang and get another car. Because at that point you'll just be spending money chasing around issues on the Mustang.

 

[Diablos]

Replacing the engine is only half the battle, you have to worry about the transmission too. Not to mention any other component that could fail on you out of nowhere due to just being too damn old. It is a risk you will have to assess with the knowledge and opinion of an experienced mechanic

 

[Iolo]

Pffffbt very divisive answers.


Alright, I'm gonna call a couplea local dealers tomorrow. See what my financing options are for something a little better than I'm used to. If that doesn't pan out I can always fix the Mustang.

I'm not in a huge hurry to make a decision, as I can afford to uber/rent a car to work just fine.

You can Uber every day or rent a car with no problem, but your car budget is 3k? That doesn't add up.

 

[ZOONAMI]

Is making payments on a car not an option. At all?

If I were you OP I'd get a $10k used car, put $2,000 down, and your monthly payment will be well under $200.

Hell you could probably get like a 2010 mustang with fairly low miles for 10 grand.

 

[Durrzerker]

You can Uber every day or rent a car with no problem, but your car budget is 3k? That doesn't add up.

I only work 3 days a week, but I do 13.5 hour days. This means I'd only need to Uber 6x a week, which would run me around $130 where my job is. Pricy, but not out of my range.

I make decent income, I just don't have a lot of savings due to some other shit that happened. [Spent seven months unemployed]

Is making payments on a car not an option. At all?

If I were you OP I'd get a $10k used car, put $2,000 down, and your monthly payment will be well under $200.

Hell you could probably get like a 2010 mustang with fairly low miles for 10 grand.

This is an option, and something I'll discuss with my local dealers tomorrow.

 

[AstroNut325]

Op, a few questions:

1. Can you afford any monthly payments?
2. If yes to 1: Can you get a family or friend to cosign a car loan?

If yes to both, I highly recommend you get a car from a dealer. If you want another Mustang, that would run you between $10-14K for something with less than 50K miles. I recommend you get a Chevy Volt. No gas for the first 30-35 miles.

 

[Durrzerker]

Op, a few questions:

1. Can you afford any monthly payments?
2. If yes to 1: Can you get a family or friend to cosign a car loan?

If yes to both, I highly recommend you get a car from a dealer. If you want another Mustang, that would run you between $10-14K for something with less than 50K miles. I recommend you get a Chevy Volt. No gas for the first 30-35 miles.

1. Yes, as long as they're in the $200 range.
2. My brother would probably be okay with it, but I'm not sure.

 

[AstroNut325]

1. Yes, as long as they're in the $200 range.
2. My brother would probably be okay with it, but I'm not sure.

If you have local credit unions near you, get a loan through them. The dealer and your major bank will likely have higher interest rates.

Also, if you drive less than 50 Miles a day, Nissan Leafs can be had for $8-10K with less than 35K miles. Civics and Corollas will be in that range to just with higher mileage.

 

[Lazy vs Crazy]

Check with your credit union about an auto loan. You may get better rates there than through the dealership.

 

[Durrzerker]

Looks like these are the interest rates at my credit union.

 

[Agent_ShortBus]

Do you like cars? If so keep it as a project car and buy a daily. My friends 04 mustang GT engine is toast also and he's buying a rebuilt forged engine (about $4,000) we'll be swapping out ourselves. He bought a DD used cobalt for 2,000 as were gonna supercharge the mustang while where at it and needs something to get to school with. If you don't want to keep it and fix it you should just let it go and move onto something nicer. It's probably better to move on if you don't know some one who can swap out the engine for free or on the cheap as labor is gonna be where most of your money goes for a used or rebuilt engine. Good luck.

 

[Durrzerker]

Do you like cars? If so keep it as a project car and buy a daily. My friends 04 mustang GT engine is toast also and he's buying a rebuilt forged engine (about $4,000) we'll be swapping out ourselves. He bought a DD used cobalt for 2,000 as were gonna supercharge the mustang while where at it and needs something to get to school with. If you don't want to keep it and fix it you should just let it go and move onto something nicer. It's probably better to move on if you don't know some one who can swap out the engine for free or on the cheap as labor is gonna be where most of your money goes for a used or rebuilt engine. Good luck.

Nah, I don't care much about cars. I'm just trying to get from point A to B without breaking the bank.

 

[kaname-san]

If you are going to buy a used car, don't buy another mustang. Get something cheap and reliable like a corolla.

 

[Al-ibn Kermit]

TBH the new Corolla kinda sucks compared to the competition. Even just looking at Japanese, Mazda 3 and Honda Civic have been hitting it out of the park while Corolla offers little value in terms of performance, technology, comfort, and so on. I remember there was something it did well but I forget (not thinking of reliability). I have a Mazda 3 and I am fully biased tho...

Also you can't recommend that somebody go from a sports car to a compact unless they're sick of sports car while OP is clearly still attached to his. I guess the simplest suggestion would be a late 2000's/early 2010's Mustang or a Miata.

The mechanic's a personal friend, so he's giving me a decent price on it. I like the car a lot [I love how 2000 mustangs look, and it's my favorite shade of red] but I'm useless with cars. I have no mechanical knowledge.


I'm looking at a few options, and if any of these stand out, I'm curious. Local cars for sale:


2006 Chevy Impala, 150k miles, $3700. (No idea yet if it has to all be up front or they accept payments, calling tomorrow)

2001 Ford Mustang GT Deluxe, 90,000 miles, $3500 [Again, no idea if all up front or payments].

If I stretch my budget a bit I can afford either.

https://www.google.com/search?q=car...0l2j69i57j0.1665j0j7&sourceid=chrome&ie=UTF-8

Use this to calculate what you can afford. I would recommend putting a couple grand down and financing a ~$10k car that can last you another decade.

I guarantee that if you replace the engine, you'll later have suspension, fuel system, electrical, etc stuff piling up as your car has lived long past the manufacturer ever expected.

 

[The Argus]

With 3k down and a couple hundred a month you can finance a brand new stripped down car like a Spark, Rio, or Versa. Not only will you build credit, you'll get a solid warranty and modern safety.

 

[kaname-san]

TBH the new Corolla kinda sucks compared to the competition. Even just looking at Japanese, Mazda 3 and Honda Civic have been hitting it out of the park while Corolla offers little value in terms of performance, technology, comfort, and so on. I remember there was something it did well but I forget (not thinking of reliability). I have a Mazda 3 and I am fully biased tho...

Also you can't recommend that somebody go from a sports car to a compact unless they're sick of sports car while OP is clearly still attached to his. I guess the simplest suggestion would be a late 2000's/early 2010's Mustang or a Miata.



https://www.google.com/search?q=car...0l2j69i57j0.1665j0j7&sourceid=chrome&ie=UTF-8

Use this to calculate what you can afford. I would recommend putting a couple grand down and financing a ~$10k car that can last you another decade.

I guarantee that if you replace the engine, you'll later have suspension, fuel system, electrical, etc stuff piling up as your car has lived long past the manufacturer ever expected.

He said he just cares going from A to B, which is the corolla's strong suit. Also, I didn't mean the new corolla. I meant any used corolla in his price range, 3k. It should last another 10 years easy If he keeps up maintenence.

 

[Durrzerker]

I don't suppose there's any wisdom in fixing my Mustang now, using the time I have it to build my credit, then, once it dies in the future, using my improved credit to get a decent deal on a newer model?

Probably too risky, or?

 

[FyreWulff]

if you're just going to ride it into the ground, spend that time setting aside money each month towards the next one

 

[kaname-san]

If you don't mind ugly cars and driving manual, get a pt cruiser MT with low miles. They are practically giving them away.

 

[Durrzerker]

If you don't mind ugly cars and driving manual, get a pt cruiser MT with low miles. They are practically giving them away.

I dunno how to drive Manual anyways, sadly.