Car finance advice

[drycleaner]

@elainecrawford Try offload it at We buy cars

 

[simcarter88]

@elainecrawford Fix for now then sell it when it breaks even.

 

[noeljack]

@elainecrawford Typically the good advice would be it’s cheaper to keep it on the road than buy a new car. But Mini’s are in the same category as Land Rovers for example where repairs over the next five years are likely to exceed the cost of a reliable new car. You mention excessive oil consumption - when I’ve had those in the past it was head gaskets and engine rebuilds. Not cheap.

So short term fixing is better financially but you always have the next unforeseen issue around the corner, so long term get a car that will run 10 years without issue. To see what car that would be go look at cars that are 10 years plus and still reliably running as daily runners and get a one year old model of those. In that case Toyota and VW are your friend.

 

[borislav]

@elainecrawford Pull a settlement on your car and get a price on the used market for your vehicle. Something like Wheelie or WeBuyCars will be able to give you a good idea. The unfortunate reality is that the Mini Cooper is one big money pit. Getting rid of it and getting a more reliable vehicle will be your best bet.

 

[myjourneyinfaith]

@elainecrawford First, recognise that you made a mistake by buying this car. Being able to pay the monthly installment is not the same as affording the car. Then do the damage control.

 

[sunchangping]

@elainecrawford See how much some dealers are willing to offer you for it. See if it settles the finance and leaves a small deposit for a cheap, new car under warranty.