My guesstimates on car repairs are usually pretty close and I'd estimate: 600 for the front end, total including labor
$400 tops for replacing 3 motor mounts, labor included. that's 1,000 total, $1200 if you add in a labor fudge factor.
My guideline on a car is that it should cost $600 a year, on average, total. So, for $1000 worth of work, will your get $1000/600 years of one year, four months of driving out of it? .
I'd scope out the body and frame rust situation as well while making this decision. In other words, is it going to need major rust repair within the next two years? If so, rather than getting a new car, how about buying a newer used car for around $4000.
I'm just going to throw this out there as information, but I think those repair numbers are worth double and triple checking.
Fun fact: my last car needed bodywork for rust repair. The first shop I brought it to said it would cost "thousands of dollars." I knew that wasn't necessarily correct, I asked around for a good FRAME REPAIR shop. The customers who get frame repair on their cars are value conscious. Often people who use their vehicles hard for moving physical loads and don't necessarily fret about looks or the fact that their vehicle is 20 years old, as long as it runs well.
I found the frame repair shop, and they did the whole job excellently for $400. CASH. Versus the multiple thousands the "consumer repair-oriented insurance payment shop" (what I call them) would have charged.
As a disclaimer, I've never spent more than 3200 for a car, and my current vehicle, a '93 Escort stick, 167K miles,cost me $900 cash. It was this guy's daughter's car that was a gift from relatives in WA state, has no body or frame rust, and she just couldn't afford to keep a car and go to college at the same time. All I've had to put on it is some snow tires, and now some brake pads and spark plugs.
So i'm biased towards repairing the older vehicles. But financially it has always worked out for me as well. Thing is,though, I know vehicles pretty well, but if that's not your skill you may feel less confident.
At this point in time, with somewhat significant repair costs pending, it may be worth comparing total cost of ownership of this versus another car, particularly if there's a chance or reducing cost of ownership through fuel efficiency as well (If your current car gets less than say 33 MPG.) I'd suggest including the cost of gas for your current and propsective vehicles and how that affects things over, say, a five year period. Not just focusing on a monthly payment, though that's important, but also looking at gas expenses and interest expenses. Also put in the expected resale value of the vehicle so you get a full treatment of the cost of owning it.
For people on a tight finances, i would suggest buying used from a private party, and cash, IF they also know enough about cars to be confident.
Source: http://www.youneedabudget.com/forum/personal-finance-f9/tax-refund-help-t20271.html
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