Old clunker... would you?

Question

So I have a 97 toyota camry it's really great on gas and runs well. The issue is the body is bad the paints peeling bad on the hood and the above the windshield it's started to rust out really bad my windshield also is very cracked I got into a fended bender the other day which messed up the grill a x hood won't sit all the way but I grew up with the mentality that if it drives nothing else matters my dad really discourages me to get a newer one though I could easily afford it he wants me to save money my coworkers and some family members make fun of me and it makes me feel bad I want to try to get it through another winter to save even more...but I'm really concerned about the windshield and grill 
A- get a replacement before winter 
B- wait until you save more 
C- drive it until it breaks down
Any insights on payments and loans also would be appreciated thanks 😊

Answer

Building credit is overrated if its going to put you in debt.  If the car runs keep it till it falls apart.  Cars are a depreciating asset.  Dont worry about what people think and take the money you didn't spend laughing all the way to te bank.  You are you and the less you spend and the more you save now will pay you back huge.  Look into the power of compounding interest.  10k saved today can work for you...instead of you working to pay off a car.  Save, invest, repeat.  :-)

Answer

I would drive it until it breaks down. Believe me, you'll regret not having that extra money a month.

Financing/leasing: First and foremost, dont listen to anyone giving you price estimates. The price has a lot to do with your down payment and credit. The same car can be $150 a month or $400 a month, it's all about you. Second, NO they do not handle all of the maintence unless you have a warranty that you pay for which covers all of the maintence. Some places will require a downpayment and some won't. Again, it's about your credit. My car payment is $206 a month for a Saturn Aura. On the plus side, it will help build your credit. Just make sure, that it will last the remainder of your financing period. (Like don't finance a car with 105,000 miles that will take 7 years to pay off)

Buying a car outright: Its the better option financially, seeing as you won't be in debt. You just hold more responsibility and it doesn't build credit.

Answer

If you don't commute very far, I'd recommend a lease. They handle all the maintenance, and you're only responsible for gas/tires (if needed). You can get a brand new Honda for under $100/mo. I was wary of it at first but the cost of maintenance is so expensive and cars are the worst investment. I don't think I'll ever buy a car again.

Answer

Cars are an investment. You get back what you put into them! If yours is running well, even if it looks like crap, that's good. Keep the oil clean and tune it up on the regular. Get your windshield fixed ASAP! It's illegal to drive with a cracked windshield! They aren't that expensive in the long run, maybe call all the glass places in your area and get estimates!
A new car (brand new or a few years old) can be just as good on gas, but tuning it up (oil changes, fluid flushes, ect) can be more expensive too. If you can, save up some money, just for the maintenance of the new car, and then go get a new car (or a used one, it'll still be new to you!) with the state of your old car, you won't get much trade in value if any... 
If you do not feel safe in the car then I suggest getting a new one (even if it's a used car) ASAP!

Answer

I pay a loan for my cat from my moms savings account the bank gave me her money and I pay it back each month the car is in both of our names and I build my credit for paying it back as a loan

Answer

Thanks everyone for the advice as of now I'll kept him running. Found out today if can find a replacement hood, he'd  help me put it in!! That'd be great but I'll Keep all you're advice for the future thanks again 😊

Answer

Lift the bumper with superglue and duct tape. I would skip repainting. Any other dents, put on some thick rubber work gloves ($9 atmarks) feel around under your car, you may be able to pop the dents back outward so its gone.

Answer

I lease my car and it's great. I used to have a 91 dodge caravan. It used to shut off while i was stopped at red lights, or wouldn't turn back on at all. I ended up putting almost 1000$ a month into it just to keep it sort of running. Leasing a car is the best option for me. I don't have to pay for oil changes, maintenance, nothing. And I don't have to worry about it breaking down all the time. Peace of mind is well worth my 400$ a month.

Answer

I personally drive it until it has reached the "unsafe in non fixable ways" state, lol. I would definitely wait until you save up as much money as possible.

Answer

I'm all about driving it until it dies. I don't see the point in buying a new car when the old one works great. I gave up my last car because it needed a new trani and that was worth more than the car.

Old clunker... would you?

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