Hello Sajeev and Steve,
I need to get a bit of advice, and I need to get it from real car guys, so I decided to ask the two of you, and the B&B, to give me some input on my situation.
I currently drive a 97 Honda Prelude. I’ve had it for the last 5 years, and it has taken a lot of abuse from me. The problem is that the body has 230k miles on it, and like clockwork, every 2 weeks something goes wrong.
Let me list the things that are currently wrong with it:
There are 2 exhaust gaskets that have perished, there is a rear main seal oil leak, a valve cover oil leak, the alternator bearing is dead, the power steering pump bearing is dead, the high pressure hose for the power steering fluid is leaking, I am missing 2 kick panels from the interior (they were broken by me and/or a passenger), shift boot is shot, the temperature control lever is broken, the temperature control cable the connects the interior lever to the heater control in the engine is rusted solid (that’s a pain to change), the shocks are on their last legs, it seems to be chewing through rear tires at an alarming rate, for some reason, getting an alignment doesn’t work (probably needs ball joint, bushings, the lot), and there are rust spots forming everywhere.
The good parts are the motor and the transmission, since they were swapped over about 70k miles ago, and the car shifts smoothly and the engine feels very strong. I am mechanically inclined, but I really don’t have the time or patients to be overhauling a car that supposed to be my daily driver, so I decided that it was time to upgrade my ride. Now I have always been raised to buy used cars, because hey, don’t be a sucker by taking such a hit on depreciation, but the used car market right now seems to be overinflated. As an enthusiast I am looking to get the most bang for my buck, and really, there are only 2 cars that interest me, one being an S2000, and the other a WRX. Because I realize an S2000 is more of a fun weekend car rather than an all weather daily driver, I have been looking around at a lot of WRXs. The problem is that used ones cost only a grand or 2 less than an equivalent new one! If I want a 2006 WRX with less than 60k miles I am looking at plopping down about 18k, and that’s way too close to the new WRX in asking price.
Another thing to consider is that I am going to finance this car. I know, buying a car cash is the best thing because a car is a devaluating asset, and financing such a thing blah blah blah, but the truth is that I am laden with student loans already (started with 40k 3 years ago, down to 21k today) so most of my spare cash has been going into paying off that debt. I have about 5k saved up for a car, so I wanted to ask: What would you do in my situation, fix my ailing car, sell it and finance a new WRX, sell it and get a used WRX, or quit life and just get a 1998 Civic?
That’s my answer. Sell it for $2000.
As for what to buy, let’s face it. You are obviously a bit confused. Why do you want to buy a hysterically overpriced, fashionista oriented, financed to the nether-regions of human stupidity, Honda Civic? When you could just easily find yourself a fun sports coupe from a defunct or second tier brand that offers infinitely better real world value.
I would go where the fanbois of the automotive world fear to tread. Domestic. Defunct. Or heck, maybe a 2002 Galant GTZ with all of the trimmings. Throw in a bit of luxury and you may have the makings of a great ownership experience.
There is a lot out there. So my advice is to start venturing down that path. Find a few good owners who don’t treat their cars with all the care of a worn out mop. That’s WRX territory. Now you need to find yourself a fun, sporty car that has been conservatively driven and well maintained.
My choice… is an acquired one. Drive a few cars that have strong owner reviews and fall in the “unpopular because of the brand” category. Find the right prior owner, get it inspected, and you may just find yourself a nice long-term keeper.
Caring about reducing debt and owning a Subaru WRX (especially considering how fragile they are when abused) does not compute. I’m not saying you need to buy a
Crown Victoria Honda Civic, but you need to decide if you really give a crap of advancing your future finances, faster.
WRX’s are premium fuel thirsty. They are expensive to insure, fix, etc. They are a horrible car for someone in your situation.
Time for you to take stock in what REALLY matters to you, and buy that. If you want a WRX, no biggie. Just make sure you know how much more money you’ll spend every month over something more normal, more sedate. I’d suggest a first gen Mazda 6, honestly.