Okay, the inevitable has happened; it looks like my engine did go Saturday night

So, I'm evaluating my options, and I need some *logical* input on this one, 'cuz my heart is saying one thing while my brain is calling me an idiot.

It's a 93 Montego Blue Touring Edition, 59k miles, nearly perfect exterior, excellent tan leather interior, downpipe, intake and stereo are the only real mods to it.

Here's what I'm looking at:

1) Sell it as-is with a blown motor for I'm *guessing* around $10k

2) Fix it, and sell it for about $17k

3) Fix it, keep it, and continue to fall deeper into debt

I still owe about 6500 on it, and I have an unpleasant amount of credit card debt already. Option 1 would pay off the car and about half my debt.

Option 2 would pay off the car and ALL my debt.

Option 3 would let me keep this car I absolutely love, but would really hurt my efforts at saving for a house.

Soooo, the choice should be simple (not option 3), but it's killing me. Let's say Option 3 is NOT a choice.... Am I close on what I could get for it on the first two options?

Yes, I love the car, but I'm thinking I need to do the right thing financially, not emotionally (even though I can't stand the idea of not having the car!!!!)

Please, guys, help me out here.

 

Dude keep the car, and fix it.

Its one of the Best looking cars on the road.
You got low miles and seems other wise in good shape.
With the Potential to be a real super car.

If you sold the car, what are you gonna drive???
Buy maybe a New/used car for 17K??? hmm
let see maybe a Honda accord? Or some other
average joe car with no respect or admiration??

I understand that you might buy a home..
but for every 1000dollars on a 30 year mortgage,
equates to only 7 dollars a month in payments.
So if you sold the car fixed for 17k, and put it towards
a mortgage, it would only be less by 120dollars..
Sell it with blown motor payments be only less by 70$.
So if mortgage payments differnce of 120dollars a month
is the difference in buying a home, then I wouldnt suggest buying a home yet.. when you buy your house
fight the sellers to pay for closing cost, or have the
real agent take a point or two off their commission.

As for your credit card debt.
Fix your car and stop modding it.
and pay down your debt as you have been.

imagine the empty feeling, when you see a nice/fast car
and knowing you don't have one at home, as nice/fast.
it doesn't feel good.. I feel that way when I see
nice street bikes, since i sold mine.. But at least I still
have my FD3S.

You only live one life. Might as well enjoy it..

 

I'm not sure if I agree, but RX7's aren't supposed to suck your wallet dry if you take care of it. How your engine blew at 59K is odd unless you pushed it real hard and ran lean.

Debts will suck you dry faster than your car. Change credit cards to ones with lower interest. Use a loan consolidation company. Apply for new cards since a lot will let you transfer a balance and you will not have to pay any interest for a few months except the minimum monthly payment of about $20. Stop using credit cards. Stop spending money like water. Basically match your lifestyle to your income. If your income barely lets you live a decent life, then sell the car. I never quite understood those who own expensive cars and live in run-down houses.

Sounds like you're married since you're going to buy a house. In that case, weigh family versus your car. Who's going to take care of you when you get sick?
These cars aren't good baby haulers anyway.

 

Use your brain on this one, not your heart Breaking up is hard to do...

 

Just my opinion, but why don't you find out what's "exactly" wrong with the car. Then you can start weighing your options.

It doesn't sound like you know the engine needs a rebuild for sure right now.

 

i know, but i'm preparing for the worst and hoping for the best.

as for the rest, the highest interest I'm paying is on the car at 6.9%. i only have two cards with balances, and they are both around 4%. i've been paying off my debt in huge chunks the last couple months - that's why i don't have much laying around to put towards an engine. all my debt is from stupid **** two plus years ago, and i haven't used a credit card without paying the balance in full in probably a year. all the stuff i just bought for the car (downpipe, defi boost gauge, pod, shifter, etc) is paid for. And, No, I don't have a wife or family. I just want a house so I'm not just wasting rent on an apartment which is building no equity for me.

This sucks. It all kind of sunk in this morning and I've been bumming all day. I feel like a total dumbass because I've actually come close to shedding tears about the whole thing; after all, it's just a car. But it's also my therapy - when I'm down in the dumps like this, I go out driving. Not exactly the same relaxation level in by beater 88 Escort. Let's go hit some twisties in this bad boy!

My mechanic will be looking at it Wednesday, so I have basically another two days to hope and figure out what the hell I'll do if it is the engine. I've always had shitty luck with cars (huh, I've owned 2 RX7s), but maybe this once my number will come up. Keep your fingers and toes and appendages crossed for me.....

 

 

1 BAD 7,
I feel your pain bro. I was the same way on my MR2, man I found its the same with any car you ever tune. If you have to wake up in the morning and worry about it breaking, SELL IT. BUT if you just want to keep on trucking in it, you like it, then keep it... I finally kicked my MR2 to the curb and got almost nothing for it, it had been threw hell and back. After 2 engines and a whole lot of tunning parts, right after I stuck in a GTR fuel pump and some injectors, the fuel pump took a crap, like a week later. That was the time to say good bye! When the car rejects new parts, its just had it.... GOOD LUCK ON YOUR DECISION

 

What did you end up doing?

 

Yes a FD is great sports car no doubt but an expensive car to maintain. Some of us have FD's that run great and require minimal expenses and some of us just have bad luck and get deeper and deeper in debt annually.

I understand you love the car as I love mine but sometimes you gotta have prioritys, and who knows you might be glad to get rid of the driveway ornament after you're done. IMHO, I'd get out of it while you can. What good is having a nice handling sports car if you're always going to be depressed about how much debt you have because of it.

Only you can really make the decision though because you're the only one who is going to have to live with it. Other people can tell you "Dude keep the car it rocks!!" but do they really know your whole situation? No. Probably not.

P.S. I saw your ad in the rx7s for sale section so I know you've probably already made your decision but I wanted to share my input.

 

just curious, what happened that your motor bit the dust?

 

dont sell it.......keep it.........

its the one of the most beutiful things in the world.....other than my girlfriend

plus the car is like a kid.....it takes all of your strength and money.........

if you sell it.......youll be selling away one of your kids

 

imho I think you should follow option 2 because once you get it rebuilt and realize how deprived you have been you will probably resort to option 3...... If you completely can't afford it, make sure to sell it to someone who will take care of it