My Car is Dead - Need to Weigh Options for Holdover Vehicle

[Mr_Scoutmaster]

Long story short, my car needs a repair that will cost what it is worth - $3,500. I am trying to weigh options at this point and make the best decision to get me to the mythical Bronco finish line.

The vehicle is a 2011 Hyunda Sonata with 119k miles. It has been paid off for 5 years. The thing has held almost no value, probably for my exact reason - the catastrophic failures they've tended toward end their lifespan from a simple economic view. No real problems with it up until this point though, so its kind of a shame.

The other constraint is that I can't put off the repair any longer - my stupid state inspection is due this month (module went out in February) and I won't pass inspection / be able to renew my registration without it getting fixed.

For this exercise, let's consider that I would be able to get the Bronco by March 2022 (4dr BL / 2.7 / squatch / high / tow / SOFT TOP). Currently a code 19, but late reservation (Feb 21). That's 8 months conservatively.

Here are the options as I see them:

1 - Fix the car for $3,500 ($437 / month). Cross fingers that next catastrophic failure does not happen before getting Bronco.

2 - Get rid of the car and be a single car household - Anyone know best ways to sell off a ten year old car with the need for a new ABS module? Single car household is possible, but would cause some stress without a known end date.

3 - Buy a used car that will hold its value for 8-12 months (like a two door Wranger) from someplace like Carvana or Carmax. Get longest loan term possible, pay between $450-$500/month and possibly make it all back when trading in for the Bronco.

4 - Buy a new car and secretly envy everyone driving a Bronco I see on the road for the next 10 years

5 - ?

I look forward to y'alls thoughts.

***UPDATE***
I enjoyed reading everyone's advice so thank you. I've decided to just get it fixed and ride this Bronco train. The car market is so screwed up right now, it doesn't quite make sense to get in a completely different vehicle while trying to offload one that isn't street legal. Odds are with how few miles I drive I won't see another issue in the timeline.

I will try to get the cost down if I can but its a complete electrical job with rewiring and everything. Not sure how much room I will be able to get here given the complexity.

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[PowPow]

Long story short, my car needs a repair that will cost what it is worth - $3,500. I am trying to weigh options at this point and make the best decision to get me to the mythical Bronco finish line.

The vehicle is a 2011 Hyunda Sonata with 119k miles. It has been paid off for 5 years. The thing has held almost no value, probably for my exact reason - the catastrophic failures they've tended toward end their lifespan from a simple economic view. No real problems with it up until this point though, so its kind of a shame.

For this exercise, let's consider that I would be able to get the Bronco by March 2022 (4dr BL / 2.7 / squatch / high / tow / SOFT TOP). Currently a code 19, but late reservation (Feb 21). That's 8 months conservatively.

Here are the options as I see them:

1 - Fix the car for $3,500 ($437 / month). Cross fingers that next catastrophic failure does not happen before getting Bronco.

2 - Get rid of the car and be a single car household - Anyone know best ways to sell off a ten year old car with the need for a new ABS module? Single car household is possible, but would cause some stress without a known end date.

3 - Buy a used car that will hold its value for 8-12 months (like a two door Wranger) from someplace like Carvana or Carmax. Get longest loan term possible, pay between $450-$500/month and possibly make it all back when trading in for the Bronco.

4 - Buy a new car and secretly envy everyone driving a Bronco I see on the road for the next 10 years

5 - ?

I look forward to y'alls thoughts.

I'm in a similar, though not exact situation!

I don't know your exact family situation. (married? kids? how many? job? commute? etc..) But we've been going with 1 car since Sept of 2020. I'm married 2 kids. Other car is a 2018 Tahoe.

We're getting to the point where doing the 1 car thing isn't working for us anymore. Especially with the fall approaching. Both kids doing multiple sports, going back to school, my building opening back up (I commute via train into Philly).

So I've been recently throwing around a few different ideas.

My current debate is if I should ditch the bronco (7/16 res, BD, only constraint is MIC) since I have zero idea when it'll ever get here. You say Feb 21 for yours, and that's kinda what I was thinking for mine, and I'm a day 4 reservation... so take that for what it's worth in your considerations. But I do see you're going soft top. I just can't justify that here in the Northeast.

So, completely different car. But I'm seriously thinking of just giving up and buying a Mach-E. Similar price as the Bronco I built, but has a $7500 federal tax rebate. And I can go pick one up today. 1 car worry issues gone. But the Bronco FOMO is real.

I know that doesn't help, but it's nice to see someone sharing my pain, lol.

Good luck man. There really is no stand out option. As I've been debating this for months now.

Edit:

Actually, looking back at your options. I'd try #2. Depending on your family situation. If you're willing.

Buying used right now is only as an absolute last resort. Car prices are so inflated, you can get seriously burnt trying to turn it around. And I'm no expert, but I expect that market to CRASH, and crash hard. As soon as the chip thing sorts itself out, the used market values are going to come tumbling down, and if you're on the wrong side of that, it's gonna sting.

Or, like me. Give #4 some serious consideration.

 

[TRMFAM]

Being in Austin is a motorcycle of some type an option?

 

[e90steve]

If the car is driveable but won’t pass emissions, some states will give you a 6 month grace period to “fix” the car before passing inspection.

 

[Bud2020]

#5:

 

[Drex]

$3500 seems very high for an ABS module, but if the car is worth $3500 after the repair, you are exactly where you are now if you just junked it. Sure you spent the cash, but it is worth the same as you spent, zero loss. Fix it, drive it, sell it for $2500 when the Bronco comes. Your flaw in #1 is assigning zero value to it in eight months, it will be worth a couple of grand at least. Won't have to gamble on another vehicle, no taxes, no registration fees.

 

[Toccoa]

I got an ABS module for my Isuzu from a junkyard for like $20. Gotta be a bunch of old Sonatas in those places.

Also...

#6:

 

[JT58Bronc]

I would not put any more in it- let alone $3500.00. the $3500.00 repair won't increase the value of it any more.

If you can get by with one vehicle- that would be the most economical route- then you can keep saving towards the Bronco.

I like the option of getting something that would retain most if it's value when you trade it in for the Bronco. Although the car market is going down and you might take a depreciation hit. Best bet would be a Wrangler or pick up truck- they hold value the best.

Another option is to get a used car 1-3 years old that has already taken somewhat of a depreciation hit that will be reliable and hold its value- Honda Civic. I would do this option if it were me.

Buying anything new or used right now is tough as everything is marked up right now.

 

[ShroederK]

My 2013 Kia Optima blew a motor 4 months ago. I was ready to buy a beater until I looked up the recalls. I ended up getting a new motor for free. It’s not outside the realm of possibility that you could have the same recall. Of course, I don’t know exactly what your issues are. It’s worth doing a search though.

 

[DonM]

Buy a Mitsubishi? Or lease? They are going stupid cheap in Ohio right now. Advertised payments around $100.

 

[jedmisten]

I'm in a similar, though not exact situation!

I don't know your exact family situation. (married? kids? how many? job? commute? etc..) But we've been going with 1 car since Sept of 2020. I'm married 2 kids. Other car is a 2018 Tahoe.

We're getting to the point where doing the 1 car thing isn't working for us anymore. Especially with the fall approaching. Both kids doing multiple sports, going back to school, my building opening back up (I commute via train into Philly).

So I've been recently throwing around a few different ideas.

My current debate is if I should ditch the bronco (7/16 res, BD, only constraint is MIC) since I have zero idea when it'll ever get here. You say Feb 21 for yours, and that's kinda what I was thinking for mine, and I'm a day 4 reservation... so take that for what it's worth in your considerations. But I do see you're going soft top. I just can't justify that here in the Northeast.

So, completely different car. But I'm seriously thinking of just giving up and buying a Mach-E. Similar price as the Bronco I built, but has a $7500 federal tax rebate. And I can go pick one up today. 1 car worry issues gone. But the Bronco FOMO is real.

I know that doesn't help, but it's nice to see someone sharing my pain, lol.

Good luck man. There really is no stand out option. As I've been debating this for months now.

Edit:

Actually, looking back at your options. I'd try #2. Depending on your family situation. If you're willing.

Buying used right now is only as an absolute last resort. Car prices are so inflated, you can get seriously burnt trying to turn it around. And I'm no expert, but I expect that market to CRASH, and crash hard. As soon as the chip thing sorts itself out, the used market values are going to come tumbling down, and if you're on the wrong side of that, it's gonna sting.

Or, like me. Give #4 some serious consideration.

Just an FYI, the Mach E is legit. We just bought a Mach E and traded in our leased 2019 Ranger. Currently, we have a leased Flex which we will trade in for our Bronco. Day 2 reservation holder with no build date. At least we get to drive the other horse while we wait.

 

[BossMann]

Swapalease.com

 

[PowPow]

Just an FYI, the Mach E is legit. We just bought a Mach E and traded in our leased 2019 Ranger. Currently, we have a leased Flex which we will trade in for our Bronco. Day 2 reservation holder with no build date. At least we get to drive the other horse while we wait.

Yeah, I really like what I'm seeing. Thinking of going and doing a test drive.

Which one did you go with? I'd like to get the Premium, but looks like that's not available and only Select's are hitting dealer lots. but it has the Comfort & Technology package, which isn't much different from the Premium then? I think? haha.

Was thinking I could lease it, and then 3 yrs from now maybe Ford will have the Bronco mess squared away and I can finally get one. But my confidence in even that isn't very good, lol.

 

[Monster1926]

Long story short, my car needs a repair that will cost what it is worth - $3,500. I am trying to weigh options at this point and make the best decision to get me to the mythical Bronco finish line.

The vehicle is a 2011 Hyunda Sonata with 119k miles. It has been paid off for 5 years. The thing has held almost no value, probably for my exact reason - the catastrophic failures they've tended toward end their lifespan from a simple economic view. No real problems with it up until this point though, so its kind of a shame.

The other constraint is that I can't put off the repair any longer - my stupid state inspection is due this month (module went out in February) and I won't pass inspection / be able to renew my registration without it getting fixed.

For this exercise, let's consider that I would be able to get the Bronco by March 2022 (4dr BL / 2.7 / squatch / high / tow / SOFT TOP). Currently a code 19, but late reservation (Feb 21). That's 8 months conservatively.

Here are the options as I see them:

1 - Fix the car for $3,500 ($437 / month). Cross fingers that next catastrophic failure does not happen before getting Bronco.

2 - Get rid of the car and be a single car household - Anyone know best ways to sell off a ten year old car with the need for a new ABS module? Single car household is possible, but would cause some stress without a known end date.

3 - Buy a used car that will hold its value for 8-12 months (like a two door Wranger) from someplace like Carvana or Carmax. Get longest loan term possible, pay between $450-$500/month and possibly make it all back when trading in for the Bronco.

4 - Buy a new car and secretly envy everyone driving a Bronco I see on the road for the next 10 years

5 - ?

I look forward to y'alls thoughts.

What module?

 

[jedmisten]

Yeah, I really like what I'm seeing. Thinking of going and doing a test drive.

Which one did you go with? I'd like to get the Premium, but looks like that's not available and only Select's are hitting dealer lots. but it has the Comfort & Technology package, which isn't much different from the Premium then? I think? haha.

Was thinking I could lease it, and then 3 yrs from now maybe Ford will have the Bronco mess squared away and I can finally get one. But my confidence in even that isn't very good, lol.

So here is the deal. We went with the select/standard range. Plenty for us and at a reasonable cost. I would use it more for diving to and from work. If you lease, you won’t get the $7500 tax credit. If you do a standard purchase and Ford Optional buy, you get the $7500. We ended up doing the Ford Optional buy because it was a better financial choice. You cannot go wrong with any trim level.

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