This is my car. Correction: this is my van:
Or rather it was my van? Maybe? (This is where the woe part comes in, fyi.)
It is a 2001 Sienna XLE. It’s actually a pretty sweet ride (for a van). It’s totally loaded – to the gills – with features. JBL speakers (which apparently means something really cool), leather interior (love), heated seats (LOVE), power sliding doors (DOUBLE LOVE), sun roof, 6-cylinder engine and so on.
The problem is, it needs a new engine. And a new radiator. And when they install a new (actually used and “rebuilt”, with 137,000 km on it) engine they “might as well” replace the water pump and timing belt. Oh, and when they get it, they will most likely have to swap out some parts. All of this will add up to (most likely) $4800. Before GST. And just to give you an idea, last week the estimate was $4000. It seems every time I talk to the dealership the price goes up.
I should also point out that the black book value for a 2001 Sienna XLE (in good condition, mind) is about $4500. So you can see my dilemma: do I put up money for repairs to the tune of the full value of the vehicle? Or should I get a new one?
Here’s the thing. I own this van outright, and I can afford to fix it. I don’t really want to be taking on a monthly car payment, but I also don’t want to put $5k into a vehicle that will have only a 90-day warranty and might just break down in some other way very soon. It is 11 years old. I also have this thing about replacing so much integral stuff on a vehicle. It’s like, the ENGINE, people. Not a broken door latch (been there, done that) or brakes (you expect that). It’s the things that make the van go, you know?
And maybe that’s just dumb womanly-like worries. Maybe some guy who’s worked in a garage and does his own oil changes wouldn’t be intimidated by a new refurbished engine. But I am. Also, I just accepted a job as a substitute teacher, and that job will depend in part on me being where I’m assigned when I’m assigned.
And to add to the dilemma, the people I ask for advice seem to be split between the “oh totally fix it and then drive the wheels off it” camp and the “don’t risk it: get a new car” camp. And it’s not chump change we’re talking about either way, so I really need to make sure I make the right decision. And that’s where you come in: tell me what I should do!
Add your comments below, and when I’ve decided what I’m going to do (with all of your helpful advice), I’ll let you know.
Well, my husband is a mechanic and owns his own shop and I am sure he would tell you to ditch the van and invest in a new vehicle. But, I also must say, as the wife of a mechanic with an independent shop if you have only had the dealer look at it you may want a second opinion. As repair shops go dealers are probably the most expensive place you can get vehicles fixed. A lot of places are also not very honest about what actually needs to be done. My husband has had a lot of people come in to his place with estimates from dealers for several thousand dollars of work they say are needed that actually are not. He just had one last week where the dealer said she needed over $2000 worth of work and he did what needed to be done for under $1000.
That’s a tough one, but I think if it were me I’d be shopping for a new or new-er vehicle. I’d rather have to budget a car payment then have to manage repair bills that could come up at any time, and be any amount. Not to mention risk having the van break down when I’m out somewhere with the kids or on the way to work.
sorry, bueller drove off in a $5000 GOOD car! 🙂 another tidbit of wisdom…..don’t throw good money after bad…..
Nope, I’m in the “send it off with a hug and a kiss” camp. Put the money towards a car that you can drive for another 11 years, and that will use less gas, since you’ll be travelling more!
A new Corolla is pretty inexpensive. You could also buy a used one for even less. $4000 or $5000 is a nice down payment. My old Corolla (15 years) kept on going until the body rusted out, the engine was in great condition and I did not have to spend a lot of money on repairs over and above the usual maintenance (breaks, etc.).
I’d go new Corolla or a used Corolla or Matrix. Just watch out for those gas pedals!
Thanks for the feedback so far everyone. I am leaning towards taking the cash I would have paid to fix it and putting it down on a new car. Not van. I think I’m done with the van days…
Anyone out there think I should repair and keep the van? Anyone? Bueller? (sorry…couldn’t resist…)
It’s old. It’s served you well. Time for a new car. Take the $5k and put it down on a new van. That’s what I would do and be sure to get the bells and whistles again. Totally worth it!!
Congrats on the new job! I agree with Julie – if the repairs are higher than the value, it doesn’t really make sense, as you never know when the next repair will be needed and how much it will be when a vehicle is 11 years old. But then, you’ve seen what I drive…
ugh….well, we had a saturn that we drove into the ground as it didn’t owe us anything and the repair bills were getting more and more expensive. it was to the point where everything but the body was new. you are in the same situation we were in. if the fix is worth more than the car then i’d fuggeddabouddit.
we got a great deal on a great used car and suddenly the $1000 we used to spend on every garage trip turned into $100 here and there. not worrying about “the next thing” was a blessing. you don’t want to take on a car payment but you really are as those repair bills mount. i think our insurance went down as well since we weren’t driving a klunker anymore.
i loved our car as well but the peace of mind knowing that most things it it were mostly brand new was priceless.
ugh – cars bug me. 11 years seems a nice long life for a van no? I am the daughter of a leaser – so I too am a leaser. Is it the smartest totally? Maybe not but every 4-5 years I get a brand spanking new car and I won’t lie…I love it. Besides tires and brakes for this last one (moved from my trusty Honda…never again), I’ve never had a repair bill!