The problem
So I have a dilemma.
My car needs a new head gasket. I've been told it will cost anything between $800 and $1400 to install.
Background information: My car is a 1986 Magna SE II Manual. I've had it 2nd-hand for about 2.5 years.
The problem: putting $1400 into this car is more than it's worth. It's been a great car, I only paid $1800 for it originally, and it's been fairly problem free (it did need a new carby when I first got it).
I could get another used car - a much later model, around 97-99 or later, for anything between $3k and $5k. But, there's the risk of just buying someone else's problems if the new car is gonna need work further down the track. There are places that offer a minimum trade-in of $3-5k, but doesn't that involve actually buying from that place to get the trade-in? Not sure how it works.
Either way I will have to borrow money to do something, whether it's on credit or a loan. So, I can either keep putting money into this car which is slowly declining anyway (a little bit of rust, roof leaking slightly in the rain sometimes) or go for a younger used car that might have problems of its own, but will cost me more money to buy. That's the trouble with cars, there's ALWAYS a risk. Stupid money sinks.
So I'm looking for advice. What would you do in this situation if it happened tomorrow?
My car needs a new head gasket. I've been told it will cost anything between $800 and $1400 to install.
Background information: My car is a 1986 Magna SE II Manual. I've had it 2nd-hand for about 2.5 years.
The problem: putting $1400 into this car is more than it's worth. It's been a great car, I only paid $1800 for it originally, and it's been fairly problem free (it did need a new carby when I first got it).
I could get another used car - a much later model, around 97-99 or later, for anything between $3k and $5k. But, there's the risk of just buying someone else's problems if the new car is gonna need work further down the track. There are places that offer a minimum trade-in of $3-5k, but doesn't that involve actually buying from that place to get the trade-in? Not sure how it works.
Either way I will have to borrow money to do something, whether it's on credit or a loan. So, I can either keep putting money into this car which is slowly declining anyway (a little bit of rust, roof leaking slightly in the rain sometimes) or go for a younger used car that might have problems of its own, but will cost me more money to buy. That's the trouble with cars, there's ALWAYS a risk. Stupid money sinks.
So I'm looking for advice. What would you do in this situation if it happened tomorrow?