Transmission Fix or New Car?

I agree with your thinking. It has always seemed to me to be more economical to just keep the car that I have running than to just trade it in every time something goes wrong. I once bought a beat up used car for $250. It was a small 4 cylinder and of course I had to invest money into it at first to make it reliable; fuel pump, brakes, head, struts, a couple of sensors, new radiator, etc. I probably spent close to $1500 all together, but I was able to tune it the way I wanted and made it get as much as 47 MPG. We drove it to Mexico 5 times and it never gave out on us other than once within the first week. True it could use new rings, maybe some body and interior work but it gets me to where I need to go just fine.

My brother was into the "throw away and get another" attitude. He went out and got a used pickup for some $13,000 dollars. He had to make payments $300 a month and about $300 for full coverage insurance. When it broke down he never had any money to fix it. I told him that if I invested $600 a month in my car in parts then I would have a new car in about a year and he would still be paying off his truck. He ended up losing the truck to the bank about 6 months before he would have paid it off.

However, even though it makes more sense to keep the car you have and invest money in it to keep it in good condition there are some possible problems you might encounter in the future. 1 some cars are planned to go obsolete so that means that manufacturers will eventually stop making parts for these cars. It's a shame to see a guy that just fixed his transmission but now can't even buy the starter for his car. 2 If someone else wrecks your car then the insurance will only pay you for "blue book" value. That means that you probably wouldn't be able to go out and get one just like it and fix it up just the way you had it and much less a newer one. 3 If you had to sell it you wouldn't get your money out of it, but hey, if you're in this for a source of economic transportation and not for a savings account that has negative interest then who cares.

Besides once you put a rebuilt transmission in it you know you that it is now fine, like brand new. At that price the transmission guy should give you a one year warranty. By then you'll know if it was a dud or not. You could also take this opportunity to go get a Haynes repair manual for your car and follow maintenance and care instructions like changing your transmission fluid every 30,000 miles to make it last much longer than it did the first time. (Now you know why it went out. Most people never change their transmission fluid. Pretty stupid huh.)

My dad was the kind of guy that always fixed his car. If the motor went out he rebuilt what needed to be rebuilt. If the fender was damaged or rusted he would sand it down, fiberglass it and paint it. We have had cars in the family that have lasted more than 300,000 (Ford Aerostar) and even 400,000 miles (Honda Accord) and still run just fine and are much cheaper to maintain then buying new ones all the time. Imagine trading in a car every 100,000 miles? At $25,000 after trade in then on one car alone we would have lost $100,000 compared to a few thousand in it's life time!

This throw away society makes me sick. I just don't understand why no one really cars about caring for their stuff. By taking proper care of things they will last much much longer than normal. But everyone seems to prefer to abuse their possessions instead so they can throw them away and go get new ones.

You made your first mistake back in 2002!! anyways, you are stuck with what you have. THe reason your converter failed is due to an improper tuning. Many transmission issues are really an engine tuning issue in disguise. Since you have replace dthe converter (indicating that there is a fuel mixture problem) I would tend to think so, here. The trans and it's shift points are controlled by computer signals generated by the THROTTLE BODY on the engine. This THROTTLE BODY and IDLE AIR CONTROL VALVE cause shift problems if they are dirty or clogged up. STOP USING CHEAP conventional oil, since this is basically the cause for nearly all later model car woes over time. You have not mentioned the mileage on this car, but it should with proper care and understanding last for several 100,000 miles. Personally, i have very little respect for GM products in general. They are nearly always undertested and under-engineered to save money. This is one reason why they went into bankruptcy. The other cars you have mentioned are DEFINTIELY worth it. They have a better track record and are more reliable, and unlike GM, they do NOT cover recall issues with extra lawyers and such. They are MORE responsible. Used cars are even better if they have a REAL warranty. BUT, I see nothing wrong with keeping the Poncho going. These days, the only reason to jetison a car is if it is full of rust or been in a bad collision. Your car is too new to be rusty or falling apart, but is still a bad match compared with other auto offerings, even of the same year (2002). My only gripe with Asian cars is that they have a slightly cheaper feel about them, although this is generally illusionary. They all do well in crash tests. The Asian cars are more fuel efficient, since GM still never does it's homework entirely right. My personal choice is always European. They are the strongest and safest and are more thoroughly engineered for safety and economy. A2002 or 2003 Taurus is actually a better choice than what you currenty have, believe it or not!! Consult consumer reports. Kia and Hyundai have AMAZING warranties which they will TOTALLY honor, unless owner neglect or abuse is detected. Toyota is probably still the best value on the market and holds it's resale better. They are generally the least to give headaches and can last the longest IF the owner follows the maintenance programs. GOOD LUCK!!! I would say goodbye to the Pontiac, as soon as possible, since GM car values will probably drop even lower. Just remeber, it was for a good reason!!!

Basically, you would get nothing for your car now and the $2000 or so is sunk cost that you will never retrieve in the future. So either way you lose money with your current car.

So instead of getting rid of it and buying something that is going to lose that much if not more as soon as you drive it off the lot, why not just fix your current one and keep driving it? Your other option is to buy something used that might potentially have a similar problem.

When people buy new cars to save money, they seldom realize what it costs in depreciation and interest. The only way to make a new car worth it is if you are going to keep it for a long time. So in that case it would be better to wait until you can afford the new car you want.

If the trans is slipping so little that you barely notice, it maybe possible that you could continue to monitor the situation and drive it for many years, you might want a second opinion. usually labor but NOT TAX is included with an estimate.

I agree that money wise you are not in a position to take on a major loan & suggest doing what you can to make this one last until you are better able to replace it.

Buy a new car, I had my engine rebuilt on my pick up and it died six months later.