My Car Died. Now what do I do? (Updated)

So, Friday about noon or so my daughter and I were on our way to a meeting with a friend of mine and my car died.  It sucks I know but it was a long time coming and I knew it.  I need to back up this bus though so you understand why this is worthy of a posting.

(Beep Beep Beep Beep Beep Beep Beep:  My back up beeper.  Like on a big truck or a school bus.)

So, 2 1/2 years ago I bought a 1991 Nissan Stanza XE for $2,000.  I knew then that it was not a long term solution to our families complicated need for a second vehicle.  However, it put us into a better position financially at that time and so it made more sense.  So, I had to invest money into it for new brakes, tires, electrical and so on.  Just to keep it safe for my kids and I to scoot around town in.  I admit that I did not take really good care of it as that would have required a small loan to pay the mechanic for the work they would do to save the car.

So, on Friday my car died on the on ramp from SR 500 to I-205 South.  If you know the Vancouver, WA area at all then you know how busy and dangerous that area is.  So, I called my friend and he called AAA for us and got the car towed to the mechanics.  After we got home I called the shop and found out, much to my dismay (but not surprised) that the timing chain had jumped its pulley causing over $2,400 worth of repairs to be done.  That is to just get it running again before they can determine what else is wrong with it.  As you can see, I have decided to NOT pay that fee to save a car that http://www.kbb.com says is not worth selling for more than $500.

Now, most people I know would be very upset by this and stressed out to know end.  I am not feeling that at all.  I am very relaxed about this as I have been looking on http://www.Craigslist.com for a car for under a grand.  I do have a reason that I won’t go buy a car and make payments on something more reliable and reasonably safe for my family to ride in.

My wife and I have been saving and planning to purchase a home this coming summer.  Any additional debt accumulated would cause our Debt to Income ratio to be out of whack and cause us to not qualify for a home loan.  So, since that is my #1 priority for the next 12 months of my life it is important that I pay cash for a car and make it last another year or more so that we can buy a home for our amazing kids to grow up in.  Once I accomplish that then I can buy the car I like and that makes sense for our family.

Until then, I think I will be buying a a 1995 Nissan Maxima.  Decent car with a lot of miles on it but no payment is way better.  The funny thing about this car is that it is 4 years newer and has less miles on the car that died.  So, it would appear that it is a win win for me all the way around.  As long as I can make the purchase.  I went and looked at this car.  Not good enough on the body of the car.  So, the search continues.  (December 9th, 2010)  I bought a 1989 Toyota Corrolla.  I have made it all legal like and it passed emissions testing and is now all done at the shop getting safe.  So, in total it cost my $1700 to get a car and make it safe.  That makes me $750 to the positive side of things.  So, all in all I am happy with things.  Next car will be NEW.  Sometime next fall.

Hope this holiday season you don’t have any car issues to add to the stress of the season.  This time of the year is tough with social expectations and such involved.  That is all I have to rant about today.  If I buy the car I will post about it with picture.  Until then, have  a safe week.