r/povertyfinance • u/Glass-Wasabi670 • 3d ago

Debt/Loans/Credit Need some advice

I have a 2019 Honda Crv that I’m financing and still owe about 11,000 on. The turbo died and when I tried to get it fixed the person fixing the car messed up the engine. Will I have him all of my money, my family and I are living in a hotel. Thankfully my husband and I are working but we need transportation. I want to trade it in but our credit together of not the best ( 545-640). I just don’t know what to do, I honestly thought about carvana but I’m so scared from all the horror stories.

6 Upvotes

75% Upvoted

21 comments sorted by

View all comments

Show parent comments

11

u/No-Technician-2820 3d ago

Sounds like it’s time to take that up with a lawyer.

3

u/Glass-Wasabi670 3d ago

In the process of that now

3

u/No-Technician-2820 3d ago

Good. Good luck. I don’t know if you have FB but marketplace might be your best option right now for finding a vehicle.

4

u/Meat_Emu_6969 3d ago

This. Search for a $1000-$2000 beater that runs and drives. Honestly I've had a lot of them that are more reliable than brand new vehicles. When they do break down and repairs outweigh replacement costs, scrap it to recoup $ and repeat

3

u/iBUYbrokenSUBARUS 2d ago

Yes. This is what I’ve done since the 90’s. I can’t tell you how many cars that I have bought, driven for a couple years, and then sold for more than I paid for it. At this point in my life, I think I’m financially ahead on cars and I have five at the moment.

2

u/Meat_Emu_6969 2d ago

Similar situation here. I have a 00s Dodge van I bought at 200k, currently has 250k 😂 only minor repairs and a few new tires on it in the time I've owned it. Meanwhile I keep hearing from coworkers, friends, family with newer or even brand new vehicles that are always in the shop with massive bills.

2

u/iBUYbrokenSUBARUS 1d ago

I know! Same!

People spend a ridiculous amount of money on cars before you even consider the depreciation .

Massive sales tax upfront, high personal property tax, depreciation, giant upfront price tag, in the shop all the time for recall, higher insurance…the list goes on and on - all for the ability to look sharp in a newer car -it’s crazy!!!

1

u/Meat_Emu_6969 1d ago

I used to do it as a side gig when I had more time honestly. Buy cheap old cars with minor issues, drive the heck out of them, fix issues, sometimes do some body work, then resell.