If you buy a used car for $2000, there will be something to fix soon. I think you'd be better off fixing up your current car over that. If your finances are tight I think that would probably be the best option. If the repairs are more than $2000, then I would reconsider.
If you aren't going to put a lot of miles on the car, a lease might not be a bad option but then you don't own that low mileage car when you the lease is over. OTOH, then it might be easier on your current finances.
If you want to go with a new car, there is the new Kia Rio that is inexpensive and comes with a 6year/60,000mile bumper to bumper warrenty that means you won't have repair costs (you'll still have for regular service stuff) until it's paid off. Also the Hyundai Elanta is going to be replaced next year by an updated version, so there might be some good deals on that.
Just my opinion for what it's worth.
Thanks Gud and sarameg. I have a tendancy to just sort of leap into big things, and am sort of afraid that I will just somehow end up with a new car without putting much thought into it. In fact, I sort of almost bought one yesterday on-line.
Wow. Someone used "ya'lls" in a business email to me. I credit them half a point against their total demerits since they're writing from Texas, but still.
I would definitely find out what the repair costs are before jumping into a new car. 1997 isn't that old of a car and, properly repaired, it could last for years. My 1994 w/ 130,000 miles car runs great.
Gud is wise in the way of the car. Also, if you plan to run your current car into the ground, be prepared to deal with it quitting on you at the most inconvenient time (like when you've used the money in your savings for something else you need). Your decision will depend on your level of proactiveness.
Finding a reliable and inexpensive used car is a PITA but usually worth it in regards to the payment. I would only consider leasing if my mileage would stay super low (unless you can negotiate a little more mileage in the contract).
As a datapoint, I had a '89 sentra that I got for $2K in '95 or so. I had to replace an axle and it too started gushing oil (seals had to be replaced? I don't quite remember, nor the exact cost) about '98. It ran fine until 2000 when it blew up in part due to a fuckup at a quick lube place. It had over 200K miles when it died.
Also, if you plan to run your current car into the ground, be prepared to deal with it quitting on you at the most inconvenient time (like when you've used the money in your savings for something else you need). Your decision will depend on your level of proactiveness.
That is really my problem is that I have no proactiveness during the school year because I work about 100 hours a week. So now the school year has ended and I am seized with a desire to fix it now. Of course, since I am working less I have no money.
Start researching now, to get an idea of what is out there and what you are looking for. That way if it does up and die at the worst time ever, you've got a plan already sketched out.
I would just add, that I would suggest only buying a used car if buying is teh way you need to go. brand new cars are just not the way to go on a budget.
also? NO BIG SPENDING just cause you have time.
also also? 100/week. that makes me sad. you deserve a better job(s).
