Hey guys, looking for some advice.
My trusty S40 that I purchased almost 10 years ago needs a bunch of work. It’s driveable, but the turbocharager is currently offline pending a bunch of part replacements, the air conditioner compressor needs to be replaced, I’m probably looking at replacing the timing belt (they’re rated for 10 years, and if they go, the engine is kaput), and it’s due for a 7,500K service.
I’m shopping around with mechanics, but the dealer said I’m probably looking at about $3.5 to $4K, which is about the trade-in value of the entire car according to KBB.
The thing is, it’s been paid off for years, I really don’t want the hassle/expense of a new car loan or a lease, it’s a good car and doesn’t look outdated, and I already sunk about $2k into it last year for new brakes, tires, and a repair to the cooling system. And it only has 87K on it after 10 years. But is that sunk-cost fallacy kicking in? The dealer said that they believe they diagnosed everything, but they can’t be sure until the new parts are in. So I’m sorta rolling the dice on that.
I suppose I have some options. My brother died a few years ago, and my folks couldn’t bear to sell his Acura. It’s older and double the miles, but they had it totally repaired by the dealer. And they don’t use it; it’s just sitting in their garage. Or, I could just bite the bullet and do the lease or something.