Financing a new car?

Submitted by Silly_willy__ t3_z6x03s in personalfinance

I found out this morning that my 2007 Honda accords catalytic converter is going bad. They are estimating that it’ll take $500-$2000 to fix it.

My car is only worth $2,000 max. I owe $738 until it is paid off sadly.

Sadly, it’s probably time to get a new car. In my area used cars are going for crazy prices ($33,000 for a 2008 accord with 160k miles). I can get a new car (2022 Honda civic) for $26,000.

So here’s what I need help with. I’ve known for awhile that I will need a new car eventually, so I have been trying to save. I have $4,000 saved and my goal was to have a total of $8,000 at least before I bought a new car. Therefore, I’m only comfortable putting $2,000 towards a new car. Hypothetically, If I go and get a new car today between my savings and my cars value I would only be putting about $3,300 towards a new car (since I still owe on my car).

Is this okay? What advice if any do you have for me?

I have an appointment at 12 pm with my credit union to talk about my financing options with them. What questions should I ask?

I’ve never bought a car by myself before and I’m not sure what to do.

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grokfinance t1_iy3hic0 wrote

I suspect people might be asking 33k for a 2008 Accord with 160k miles but nobody (certainly not in their right mind) is paying 33k. And I'm not sure what data you are looking at because I just did a quick search and found dozens of 08 Accords for 5-10k.

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Teripid t1_iy3meez wrote

Guessing it was someone's project car and they're adding in every custom thing they put on there over years expecting to magically get ALL that money back (and some more because why not?).

100% unrealistic, especially with the miles but hey, people aren't always realistic.

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Silly_willy__ OP t1_iy3n3gf wrote

Maybe you’re right. I saw the price and kept scrolling 😂

−7

lzsmith9 t1_iy3xmng wrote

I just sold my loaded 2013 accord with 80k miles for 13k, this guy has no idea what he’s talking about

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RHIT_Grad_1964 t1_iy3z4b1 wrote

I was offered $23k for a 2010 Accord with 120,000 miles recently. I paid $5k for it so I was tempted but I like the car. I got it in 2016, it started life as a 5 year lease and they went over the mileage by 30,000+ so they paid a fortune when turning it in. After 4 trips through the auction house I bought it. I expected Engine issues, turns out it was just Honda’s favorite color that year and mine had high miles so the top tier car ships couldn’t sell it. At $5,000, best car I’ve bought!

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Silly_willy__ OP t1_iy3idde wrote

I was looking at local dealerships.

−7

alexm2816 t1_iy3jd7y wrote

That's an error or linking issue or if it was in person that's an error or a joke.

That just isn't where the market is right now nor was it ever. That's a $10k car if it's mint maybe.

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grokfinance t1_iy3j5kt wrote

Well of course the price is always going to be listed higher at a dealership. Check other places.

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iiburtHD t1_iy3iae6 wrote

Find a local smaller exhaust repair shop, they can weld in aftermarket catalytic converters for a few hundred dollars. Also, when you get the car repaired ask for your original catalytic back and post it for sale on marketplace etc.. (they are worth a lot of money which will most likely pay for the repair).

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Silly_willy__ OP t1_iy3kf5e wrote

I’m going to call my normal shop and see if they do it. I took it to the dealership I bought my car from just in case it was a bigger issue

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sirpoopingpooper t1_iy3mmda wrote

A specialty shop almost definitely will be cheaper than your normal shop! $500 is a car payment at this point, so if it keeps your car going more than a month, you're better off doing the repair.

Also...why would your 07 only be worth $2k if an 08 is $33k? At least one of those numbers is wrong (and my bet is both!).

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Silly_willy__ OP t1_iy3n9sj wrote

Kelly blue book values it any where between $3,000-$5000 because I have some damage on the passenger side.

The dealerships I’ve gone to offer $1,500-$2,000

−2

figs1023 t1_iy3rrqw wrote

Dude stop going to dealerships for things. Sell to a private party on Craigslist and you’ll get 2x the price for that accord.

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Silly_willy__ OP t1_iy6sp76 wrote

Will do

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figs1023 t1_iy6u2oe wrote

Fix it and drive it until it dies. Unless you really need a new car or if this one is gonna be a lot of money to maintain.

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Cookie_505 t1_iy3rhxo wrote

Is that for a trade in though? Private party will definitely be more.

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Wandering_Astronaut_ t1_iy59efh wrote

I really hope you see this message.

Just this week I went to trade in my '14 Jeep Grand Cherokee on a '19 CX-5. I took good care of the Jeep but it had an engine tick pretty common for that engine. The dealership went from a $8,000 offer to $2,000 because they said it was an expensive fix.

Obviously I said no. That day I went on Carvana and was (let's say) generous with my description of the vehicle. I was well prepared to take a reduction in their offer when they test drove/looked it over.

Two days later I go to deliver it. The guy only turned the engine on to get the mileage and then said "Okay, here's where you sign". I got $8,200.

Sell your car to Carvana dude, while it's still this easy. And when I say easy, I mean insanely, incredibly easy.

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figs1023 t1_iy3ro2t wrote

Dude never take your car to a dealership for repairs. Ride that accord until it dies while saving money for a down payment for a new car. Any penny you save will mean less interest you need to pay. Use that time to shop around for a really good deal and take to credit unions for a good loan

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Badroadrash101 t1_iy5co4m wrote

Replace the cat and then sell the car. Cat's normally don't go bad on their own. The car has another issue that is causing either oil or a lot of unburned gas to enter the cat and causing a build up of crud, which causes the cat to fail.

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poopshoe24 t1_iy3q6mv wrote

You're creating an undue sense of urgency with an issue that doesn't affect the performance of the vehicle in any way. Talk to several local mechanics (i.e. not a dealership) to get repair quotes. Do not use this problem as an excuse to go into debt for a vehicle.

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Silly_willy__ OP t1_iy45xpn wrote

I’m currently calling around. That seems to be the general consensus.

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MikeMont86 t1_iy3iiyw wrote

I can assure you nobody is paying $33k for a 2008 accord with 160k miles.

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wellilldoitthen t1_iy3k5z8 wrote

You aren't even trying. Stop. There are a bunch of cars below 5 k you can get used. And my parents had the cat replaced on their Escalade for like $200 from a local mechanic. Do more research.

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Silly_willy__ OP t1_iy3kwf8 wrote

I literally came here for advice on what to do. 😐

Who says I’m not trying either?

−1

wellilldoitthen t1_iy3lzxr wrote

I am. You are going to get taken advantage of. Dont finance a car. Call 10 mechanic's and see what they charge. Dont take it to the honda dealer.

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yogapantsonly t1_iy3nld8 wrote

A catalytic converter is not a reliability issue. Keep driving it and don’t worry about it. If your state has inspections worry about it then, in many states you can have a small muffler shop weld on a new converter for 200-300.

Again, dont rush into a poor financial decision because a a new car dealership is trying to convince you your car is garbage. Never take a old car to dealership for repairs, period.

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Silly_willy__ OP t1_iy3ny78 wrote

Is there anything I need to worry about with this type of issue?

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yeah87 t1_iy5hr9e wrote

Nope. Your exhaust will likely fail emissions inspection and your car might start getting louder. You can wrap the exhaust and converter if it starts getting too loud, but this doesn't affect your cars performance at all.

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Cheap_Amphibian309 t1_iy3l9qf wrote

If you really do live somewhere where a 2008 accord with 160k miles goes for $30k, I would recommend you look in a neighboring city/state.

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Silly_willy__ OP t1_iy3lymg wrote

I was thinking the same. I have family in another state who’s going to look for me

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Cheap_Amphibian309 t1_iy3riy6 wrote

Just go to carvana.com

I’m assuming (perhaps incorrectly) that you live in the US? Take a look online, plenty of options

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AlissonLeech t1_iy3hk6m wrote

$26k for a brand new civic isn't happening right now. Dealerships are charging over $5k above MSRP due to inflation.

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Silly_willy__ OP t1_iy3ig1q wrote

I was at the dealership this morning and was the price on the cars they had.

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mystinkyfingers t1_iy3je8h wrote

You need to find the out the door price. There could be additional charges plus there is going to be a destination charge, dealer fee, Tax, registration

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foofooplatter t1_iy3ju6t wrote

Doc fee, whatever protection package they overcharge for... the list of fees is endless.

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Silly_willy__ OP t1_iy3ki9q wrote

So the sticker price doesn’t include those things?

−1

mystinkyfingers t1_iy3lddk wrote

No it does not. That's just the suggested price from the manufacturer. Does not include any accessories the dealer may have added to the car or any fees and taxes are going to charge you. Taxes alone could be another 1500 bucks

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autonerd1 t1_iy3yqmn wrote

OP, you are very naive and new to car buying, especially the financial part. And that is VERY okay. That’s why you are here. And remember, this is a personal finance page so 99% of people here will tell you not to buy a new car in your financial situation. Especially your current car having a bad part on your exhaust system.

If your engine or transmission was failing, well yeah, that’s a different story. Even drive axles, or other major or minor repairs that add up to thousands in repair $$

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Silly_willy__ OP t1_iy6rc4n wrote

I am. My grandma handled it last time for me because I was recovering from the car accident so I haven’t done this at all before.

I’m taking it to a different shop on Wednesday to see if what I can do

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sirzoop t1_iy3me0h wrote

That dealership sucks go to a different one. You can get a new car for that price

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yogapantsonly t1_iy3n99o wrote

Prices are dropping rapidly. Msrp on a civic is doable pretty much anywhere.

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ijm5012 t1_iy3nb1m wrote

Nobody’s getting $33k for a 15 year old Accord with 160k mikes on it.

A Subaru dealer near me had a 2020 Accord Touring 2.0T (top of the line trim and engine) with 31k mikes on it, and they were asking $35k (and they didn’t get it, because I saw them lower the price at least twice.

Figure out what you can afford to where you can pay the car off in 3 years and not stress your monthly finances.

Then go look for a Toyota or Honda. Avoid Hyundai, many of the cheap ones have problematic engines or transmissions. Avoid Nissan, because their transmissions will fail.

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autonerd1 t1_iy3y7m8 wrote

How do you feel about Subaru’s, mainly WRXs?

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ijm5012 t1_iy3ynl4 wrote

I’ve never bothered to look at one, but from what I’ve read online, they’re not exactly known to be a stalwart of reliability…

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autonerd1 t1_iy4388t wrote

Yeah i gotcha. I was wanting to shop one and go for that “fun, sports car to drive that yet is cheaper than a 5.0 mustang”

I’m not so sure the latest generations Honda Civic Si’s are insanely reliable either, the darn 1.5L turbo engine honda has been throwing in their cars have seen a lot of issues.

As for Nissans, i think their transmissions have gotten slightly better but still might not be saying much, haha.

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ijm5012 t1_iy43g9q wrote

Look at the Accords with the 2.0T engine in them. Solid powertrain, the car responds well to mods, there’s a pretty good aftermarket, and it’s reliable.

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autonerd1 t1_iy47yna wrote

Oh I have! And now that they’re being discontinued, dealerships have marked them up. $40k at my local, i’m going to try another one and try to get it for $35k.

Time is of the essence though and I want to have more to throw at a price like that though. So unfortunately either way, I may have to wait on the fun aspect.

Sadly, there are so many great cars being discontinued and a gut feeling tells me it’s from the hybrid/EV push.

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zwayeh t1_iy3ogiw wrote

You have $4k saved; why don't you just pay the ~$500 (or significantly less for an aftermarket cat) and the ~$700 you owe on the car, leaving you with no car payment?

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Silly_willy__ OP t1_iy6u9lp wrote

Medical reasons. I need a savings to fall back on just in case

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sirzoop t1_iy3m8r2 wrote

I was able to get a new 2022 Accord for 35k so if used ones are selling for 33k get a new one...

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Silly_willy__ OP t1_iy3ncha wrote

That’s my thought. Then I’d have minimal maintenance expenses too

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Mauser-Nut91 t1_iy3s1u0 wrote

Except you could get a 2010 Accord for <$12k just about anywhere in the US. Where are you based?

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Silly_willy__ OP t1_iy6snv2 wrote

Midwest. I’ve been looking today. Hondas 2008-2015 are ranging from $9,000-22,000.

Newer ones are more expensive (obviously)

I’m taking my car to the shop to see if they’ll be able to fix it.

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autonerd1 t1_iy3y3mw wrote

But then you would have a hefty $550+ monthly car payment on a $34k loan.

Weigh your options, if you make enough to easily afford that, then sure. But something is telling me a young 23 year old doesn’t make enough $$ to afford that. If you do, then more power to ya!

I understand the want/need of getting a new car, believe me. But as others have stated, a bad catalytic converters does NOT affect how the vehicle drives. It’s literally just an emissions thing. If you live in a state where you have to pass emission laws, then well, you will want to get that fixed and as cheap as possible. Do not pay anything over $1k for it.

Limp that baby along for another 6mo-1yr and save more money for a better down payment and maybe keep it under $25k?

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Silly_willy__ OP t1_iy6rnp9 wrote

That’s my other line of logic.

I’d like to drive my car till the wheels fall off and then solve the issue when it arises.

That way I don’t have to worry about it. I literally owe $737 on my car. I want to keep it.

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autonerd1 t1_iy8cbih wrote

Is it still in good condition? How many miles are on it? Do you keep up with the 5,000 mile oil changes?

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Superherojohn t1_iy3qi9n wrote

Run the Honda until the wheels fall off! a 2007 Honda will run for a long time with this issue.

Unless you are made of money run the Honda and bank $250/month like you have a car payment and a car you are proud of. Every time you worry about the Honda look at the bank account and run the Honda for another week.

Keep changing the oil, checking the fluids, new hoses as needed, rotating tires... basic stuff.

The death neels for this car are a coolant leak or oil leak/usage. until one of these happens keep on driving. When it leaves you on the side of the road. reach into that big bank account that has been building $250/mo. and go buy a new Honda (if it still meets your needs size wise)

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ww_crimson t1_iy3j73x wrote

Why do you think your car is worth $2k max if you're saying a 2008 model is asking $33k? Realistically your car is probably worth $5000-13000 depending on mileage and condition.

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Silly_willy__ OP t1_iy3jykz wrote

Realistically my car is worth $3,500- $5,000 according to Kelly blue book since there’s some damages to the passenger side. The dealerships I’ve gone to value it between $1,500 and $2,000.

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Dismal_Assumption209 t1_iy3nuw7 wrote

The dealerships are valuing it at trade-in value. They give you a low price because they dont actually want it. You will get more by selling it privately.

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racf599 t1_iy5i8ot wrote

That's cosmetic damage that does not affect the actual operation of the vehicle, so it is completely irrelevant. What wpuld your car be worth private party if it were in perfect condition? If your car is mechanically sound, keep driving it. Don't waste money fixing stuff that doesn't matter, like dents and scratches and unnecessary accessories like seat warmers. You can drive a car for years even when the trunk won't open anymore and the radio is broken and the headliner is held up with thumbtacks and the door is held together with deck screws. Yhat is an accurate description of the car my kids drove for an additional 6 years after it got too ratty for me to mind handing it over to teenage drivers. Eta the check engine light had been on for over a decade when we finally got rid of it and I'm 99% sure the cat was bad when I bought it.

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Silly_willy__ OP t1_iy6qge5 wrote

I agree. I don’t want to spend money fixing that kind of stuff.

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alanbdee t1_iy3rqip wrote

The single best piece of financial advice I could give is to drive your car until it dies. The second best advice is to take care of your car.

Here's what happens. People decide that their car is warn out and they stop taking good care of it. See the damage on the side of your car? You didn't fix it because a) you didn't have the money, or b) it's old and you're going to replace it soon anyway. Right? Well, now you're talking about getting a new vehicle instead. That new vehicle will cost way more then it would have cost to just fix your existing car.

This is especially true in todays market. It is almost always cheaper to fix your existing car then to buy a new one. When it's not worth it, it's because the car itself is bad design, poorly made, etc. The 2007 Honda Accord is not one of those. It's one of the most reliable vehicles you could own. Maintain it like you'll be driving it forever and you will be driving it easily 300k miles.

Your catalytic converter is not an item that ever warrants your car being dead. Take it to a muffler shop and have them replace it, should be around $500. You might also have to replace the muffler as it gets rusted too.

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Silly_willy__ OP t1_iy6t4yo wrote

I want to drive it into the ground and that’s hopefully what I’ll be able to do. I’m just worried about the severity of the mechanical issues.

I fix everything mechanically but I’ve never had an issue like this arise. Unfortunately the cosmetic damage happened due to a hit and run (just some scrapes and a small dent)

I did more research and I agree it fixing it will be the better way to go. If I’m financially able to

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ItsWetInWestOregon t1_iy3nqg9 wrote

It seems it would be much cheaper to just fix the issue and keep driving the same car and saving.

We just did a $2k fix on our 20 year old 240k miles truck because it’s a lot cheaper to just keep our truck trucking than to buy a new truck. We did ask our mechanic if he felt we had anything else that needed to be done soon and he said no. If it’s just the one fix, just fix it.

If your fix is $500, then after 2 months back on the road you’d have already spent less than 2 months of car payments and insurance on a $30k car.

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Silly_willy__ OP t1_iy3o1jo wrote

True. I’m gonna call around for quotes today.

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scherster t1_iy402r1 wrote

This is the mindset to have. Don't compare the repair cost to what you could sell the car for, compare it to the monthly loan payments if you replace the car. Only consider replacing the car when it needs multiple expensive repairs.

For reference, I have known several people who drove their Honda Accord for over 250k miles, and one who reached 350k. I personally have had two Toyota Camrys that reached 240k miles, one was replaced because it was totaled in an accident, the other just because it was being used to drive long distances through isolated areas.

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Silly_willy__ OP t1_iy6r53r wrote

My goal is to drive it into the ground honestly. I was hoping to do that with my old car but it got totaled.

I’m just nervous about the quote of $2,000. Especially with the holidays right around the corner etc.

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scherster t1_iy6rlq3 wrote

Honestly, IMO a catalytic converter has a certain life expectancy, kind of like a timing belt. It's no indication your car is not reliable anymore. With the current used car market, I'd take the chance. And several other responses indicated you should be able to do this repair for about $500, which makes it a no-brainer.

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JGauv921 t1_iy3pqsu wrote

So what you’re saying is instead of $2000 to fix your cat you’re willing to spend $30k for a new cat?…

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Silly_willy__ OP t1_iy6txnk wrote

I’m worried about other issues that may arise in the future. I need a reliable car so that was my thought process

I am meeting with a mechanic on Wednesday though

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Sunshine12e t1_iy3ltjt wrote

Catalytic converter can be replaced inexpensively. If you need it replaced due to needing an inspection, in some states you can get a waiver (I have done this for a vehiclein the past). This does not mean that you have to go out and buy another car right now. You would be better off waiting until prices drop a bit more and you have more money saved up.

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Silly_willy__ OP t1_iy3m5qq wrote

I’m hoping that I can wait a few months at least. I’m currently talking to my friend and they are going to get me some recommendations for local shops for this type of repair

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Ganja_Superfuse t1_iy3ofc1 wrote

Where are you located? If you're in a state that doesn't require inspections you don't need to replace your cat. The only thing is you will always have the CEL on.

If you're in a state that does require inspections look at the cost of just paying $2k on the high end for a Cat vs having to pay $26k for a car. Yes, you will be out $2k now but do you prefer to be out $450 per month for the next 5 years?

Is there anything else majorly wrong with your car? How many miles does your car have? Have you done most maintenance repairs that the owners manual calls for? Unless you have major issues just doing the maintenance on the car will be cheaper than buying a brand new car.

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Silly_willy__ OP t1_iy6u6om wrote

I just hit 130k miles so I was going to do those recommended repairs after the holidays. Otherwise anything my normal mechanic recommends I typically do. The only thing I’ve declined to do is replace the headlights because I was capable of doing that myself.

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pizzarunner t1_iy3rahy wrote

It sounds like you’re trying to justify buying a car you can’t afford.

Find a dumpy little local muffler shop and they’ll probably weld on a cheapo aftermarket cat for less than $500.

It might also not even be the cat - an exhaust leak or a bad o2 sensor can cause the same error codes. Might just be a couple hundred bucks for a new sensor or some gaskets/welding repairs. My old car was throwing a catalytic converter code and a $3 gasket from autozone fixed it.

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TywinShitsGold t1_iy3ox9n wrote

Take $1000 from your “new car” fund and redirect it to “maintenance.” Find an exhaust shop willing to weld in a new cat.

RockAuto has cats for about $200 in aftermarket (but compliant) parts. A local shop should be able to weld in the replacement for well under $800 in labor. Some might even let you supply your own parts (so you can get a quote from them, shop it on rock auto and have it delivered directly to the shop if it’s cheaper).

Dealership won’t do it that cheap and will use OE parts that are two to three times as expensive. If you don’t have a local shop you trust, start asking friends/family where they take their cars. Someone in your network uses a shop they like.

At $200 in parts plus 2 hours of labor at $125/hour, you’re at $450. Cats are readily accessible so it’s not going to take more than 2 hours to cut and swap.

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Silly_willy__ OP t1_iy6ufvu wrote

I have an appointment scheduled for Wednesday so hopefully it’s not as expensive as the original quote

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Wooden_Future_2395 t1_iy3poc4 wrote

If the Honda still has decent mileage and nothing really wrong with engine i would fix it and drive it to the ground. I would wait it out until this car shortage becomes reasonable again.

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Silly_willy__ OP t1_iy6upk2 wrote

I used to get 300 miles to a tank and fill up every week and a half. I’m now filling up every week and get between 220-240 to a tank. There’s some other things I over looked because I assumed my car was just getting old.

I’m taking it to a different shop on Wednesday to try to fix it

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Humble_Signature_993 t1_iy3q5ts wrote

How many miles on your car, how often do you use your car, and do you live in a city where you can walk/bike/public transit/Zipcar to most destinations? This will help in providing advice.

Without knowing this info and as others have suggested, find a local non-dealer mechanic to provide a quote for the catalytic conv costs as well as do a general check to determine what else you might need over the next 2-3 years. If it’s just the converter, get it fixed, pay off the car and enjoy the no car payment/lower insurance premium life!

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Silly_willy__ OP t1_iy6tpxj wrote

131k Daily or at least 5 days out of the week.

My city has public transportation but it’s incredibly unreliable and I’d have to walk close to miles to the closest bus stop.

My job is about 10-15 miles away and it wouldn’t be a safe walk due to lack of lighting and sidewalks.

I’m currently doing more research and I am meeting with a mechanic on Wednesday

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oxymoronic-thoughts t1_iy3rn3b wrote

As others have stated take it to a small independent shop for an estimate using non-OEM cats. OEM cats are better and contain more of the precious metals and will last longer due to this. However, given the age of your vehicle an aftermarket cat is the way to go.

Given your savings you should NOT be shopping for a new car. You’re car is also worth more than $2k. The dealers number of $2k is the trade value which is lower than the retail value.

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Allysgrandma t1_iy3tq2k wrote

How many miles does the Accord have on it. My daughter bought a brand new 1999 and it lasted for over 250,000 miles.

Personally I would fix it and keep driving it, saving as much money as I could. Good luck.

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Silly_willy__ OP t1_iy6sdud wrote

My has 131,100 on it. I assumed it was routine maintenance but they got a code saying it was the cat.

I’m taking it to the shop on Wednesday to see what I can do

1

djd1985 t1_iy3tz3f wrote

I just bought a Toyota Corolla 2022 LE for $23K - Brand new. Awesome car for the price and Toyota is arguably in the same caliber of reliability when compared to Honda. I personally think both are amazing car companies.

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Silly_willy__ OP t1_iy6s9ua wrote

I’ve only ever had Hondas. So I’m unfamiliar with other companies. I’ll look into them though

1

[deleted] t1_iy3ugum wrote

Does your car still have to pass emissions? Depending on state after so many years they don't have to pass the test anymore. Does the car still function? I would just keep driving it until it won't or someone says you can't. Other than that if you are saying you have $4,000 total saved I wouldn't put any down on a car unless you couldn't qualify for one otherwise.

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Silly_willy__ OP t1_iy6s6ef wrote

My state luckily doesn’t do testing but I have been doing research on all of this today and I’ve noticed that I’ve been over looking some of the warning signs of a bad catalytic converter and attributing it to my car being old.

I’m definitely doing a lot of research and weighing all of my options

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FlorenceandtheGhost t1_iy3ujec wrote

Echoing others, I think try to do the repair as affordably as you can. At least try to make it to this summer, when I'm betting the car market will improve slightly. If not, aim to get a new car that's about to be replaced by a new year model, when they start dropping prices to get rid of them. Also take a second look at the used or certified market, I bet you can still find a better deal there.

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KookyFaithlessness0 t1_iy3uzj4 wrote

Used market is going down. Hold on to your current car as long as possible

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RHIT_Grad_1964 t1_iy3y3q3 wrote

Your car will run, potentially more efficiently with a failed catalytic converter. As long as the piping isn’t leaking, I’d ignore the issue.

CCs are only “effective” for a few years before they just are a piece of metal causing your mileage to decrease. If a mechanic said you need a new one, find a different mechanic unless it’s required in your state. If it’s required by your state (California for example), good luck.

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Silly_willy__ OP t1_iy6rgil wrote

The mechanic I’m going to believes he can repair it. So fingers crossed.

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RHIT_Grad_1964 t1_iy6s696 wrote

Best wishes.

The catalytic converter was added for smog control. They are costly bc they have platinum in them which is used up somehow in a year or two. After that it’s just a pipe essentially. They work with the muffler to keep your car quieter. If your car isn’t loud, I’d be cheap on the repairs.

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Todsrache t1_iy4r0ca wrote

I paid 2400 for my car originally and have done probably another 2400 in repairs and maintenance, if a repair is under 500 and it'll keep the car running for more than two months you've got a net win with the repair even if it feels silly paying for it.

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Aggressive_Lake191 t1_iy5gjfw wrote

Depending on your state, you may not need to replace it. It depends on inspection laws.

I live in MA and a person had his stolen. Because his car is so old, they are just going to weld a pipe and be done with it.

Anyway, given everything you have said, the best thing for you would be to fix the car as inexpensively as you can and keep it.

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keep_sleep_bleep t1_iy69k2x wrote

How did you find out it was going? Engine throw a code?

Throw a $20 bottle of catalytic cleaner into your gas, I'll bet it will take care of it. Worked wonders on my 2011, it's been a year and cleared for now. It's basically just an octane boost that burns the build-up in your cat. If you're lucky the code will just clear on it's own after driving for a week or two.

I used this one: https://www.duralube.com/products/severe-catalytic-exhaust-treatment. You can get it anywhere.

Every shop will tell you you need a new cat, because they like money.

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Silly_willy__ OP t1_iy6qc9a wrote

I took it to a dealership (where I bought it). Yes it threw a code.

They wanted $175 to diagnose the full issue.

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keep_sleep_bleep t1_iya5tr3 wrote

Oh, sure they would. Throw a bottle of cleaner in a 1/2 tank (or whatever the label says on the cat cleaner you buy, you'll have to look up your fuel tank's capacity and get the ratio right). Easy peasy. Do it again yearly or when the code crops back up.

If you want to go full DIY, you can get a cheap (~$25) Bluetooth-enabled scanner like https://www.amazon.com/dp/B073XKQQQW that plugs into the car's OBD2 port under the dash - any free scanner app will tell you what the code is that turned on the engine light. P0420 to PO424 and PO430-PO434 are catalytic converter codes. When you get one of these, dump a bottle of cleaner in your gas.

This is what the shop is charging you $175 for - plugging their fancier scanner into your car and reading the codes.

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Boring_Lobster t1_iy6kefs wrote

Why would yours be worth $2k but a replacement cost $33k?

This may sound harsh, but you need to think more critically.

Everyone in the automotive space is constantly trying to screw you. You need to question everything and do your research.

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VikBrinza t1_iy6xzw1 wrote

You can cut off your original cat sell it probably for around 500-800 dollars to a cat guy on facebook marketplace and then go to an exhaust shop and have them weld in a straight pipe for 100$ if you live in a non emissions county or an aftermarket cat for $200 . You will make money and keep your current car because 160k on an accord is nothing and its not even that old .

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VikBrinza t1_iy6ykcr wrote

After seeing that you dont need emissions just have a muffler shop cut off your cat and weld in a straight pipe .. KEEP YOUR CAT they are worth alot of money . Also if a muffler shop is charging you over $200 to weld in a pipe they are scamming you RUN ! Or you can get an aftermarket cat for like 200 that way you dont have a check engine light but it doesnt matter anyway ..

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Gerald_the_sealion t1_iy3lxqm wrote

First; sorry for your position.

Second: call local shops around you (not dealers) and see what they’d quote you for a new cat. $500-2,000 is a big gap.

A lot of used cars right now will put you under within a month due to their actual value vs what they are marked up for, which is why new is a better option (if you can get MSRP or less).

Do not let a dealer run your credit info unless you KNOW you’re going to be purchasing there. Ask for the out the door numbers. They will try to keep you there for hours. They will try to ask you how much you want to pay monthly because they know they can stretch loans to get you in a car.

NEVER TELL THEM WHAT YOU WANT YOUR MONTHLY PAYMENTS TO BE.

Absolutely no markups. When I was shopping in March, I went to check out a Honda CR-V, they didn’t have the trim I was looking for, but they still tried to sell me on something when I told them it was out of my budget. They also said that they don’t do markups, but once the car arrives and before you pickup, they added $4k worth of accessories. They didn’t see that as a markup because they are adding things, but you didn’t sign up for that.

Be stern. Go in with an actual budget. If they want to beat around the bush, walk away. Seriously, just get up and leave.

Do your research on the exact trim of the model you want. Compare it to other dealers.

What I did was setup a wide net of dealers within 100+ mile range (inventory is tight, so you might want to consider further options if you get a better deal). Entered their details in an excel sheet, contact name, number, details of the call, car, price, etc. then compare them all.

Hell, you can use that to negotiate if you want and literally call the other dealer in front of the one your at and make them compete.

Bottom line. Car dealerships think you’re dumb. They’ll try to be as polite as possible to sucker you in to a shit deal.

Wish you the best of luck in your search! Car shopping is a PITA

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sephiroth3650 t1_iy3mfii wrote

Whether or not this is a wise purchase will depend on your income and current budget. Like.....if you make $20-30k/year, this is probably too much. If you make $60k with no other big expenses, this is probably affordable.

Also, you list a pretty wide number for the repair of your current car. Who is estimating the cost to be $500-2000? The dealer? Did you get any other quotes? Why is the current quote such a large range?

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Silly_willy__ OP t1_iy3nm2z wrote

I have other expenses so I wanted to keep my monthly payment to about $250 max. I pay way less than that now for my monthly payment.

Yes, the dealership I got it from. I texted my friend who is a mechanic (their shop doesn’t do catalytic converters) for recommendations so I can call around.

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sephiroth3650 t1_iy3q7mr wrote

Right. So without knowing what your income is, and what your budget otherwise looks like, it's impossible to say if this is a smart purchase or not.

Generally speaking, most recommendations are to try to keep your car purchase price at 20-30% of your gross annual income (conservatively), and to not exceed 50% of your gross annual income. So if you're looking at a $26k car, you'd ideally make $87-130k, and at a minimum, at least $52k annually. But those are general guidelines, and will depend on what else you have going on.

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Jollymoose1 t1_iy3n05c wrote

Now that I think about it, I should’ve leased a car.

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autonerd1 t1_iy425oe wrote

why?

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Jollymoose1 t1_iy44fg1 wrote

It’s more expensive to finance and cars depreciate compared to buying a house.

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autonerd1 t1_iy47fgd wrote

but you will always have a car payment compared to buying. Yes, you are right, cars depreciate. But after you spent $19k over 3 years, that could of been towards the price of the car, but yet, there you are back at square one $19k later. It just doesn’t make sense to me.

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Jollymoose1 t1_iy48910 wrote

I guess. After a while, you get tired of driving the same car. I had my Nissan Sentra for almost 4 years now and now I want to get an SUV.

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autonerd1 t1_iy48w9d wrote

I get that. But i would think one would get tired of the car payments, especially since things get more expensive by the year. How much does a lease on an SUV even go for? $500+ a month? Or more?

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Jollymoose1 t1_iy49mop wrote

Not even sure. I’m paying $250 month for my car now. Have about $10K left for my loan. Life would be easier if I’m married for discounts.

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autonerd1 t1_iy4e6nl wrote

Depending on your mileage and condition, you could probably get 10k out of your Sentra and if not, more like $13-15k

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Think_Comfortable386 t1_iy3uxoe wrote

There are reputable online resources available to assist your gathering of data with which to make the best informed decision: AAA Club, Credit Union, Clark Howard, Kelly Blue Book/Edmunds.

I would do more research which will help you decide whether to invest in a short term solution for a repair or a long term solution to replace the vehicle based on your finances.

Good luck.

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TROLLMEIZTER t1_iy3iio8 wrote

Check the manufacturer rates offered online prior to your appointment, as they are currently competitive with the credit union rates.

You will be offering extras like car warranties or gap insurance in finance office at time of signing. These are a personal preference option for peace of mind, but I’ve never purchased nor recommend on a vehicle such as you are buying as the cost is rolled into the the loan amount.

Don’t let them negotiate based on monthly payments. Negotiate on price of vehicle if they do negotiate at all. Some dealers are still taking advantage of low inventory availability.

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Silly_willy__ OP t1_iy3kn4w wrote

So how do I get it to a monthly payment I can afford though if I don’t negotiate it?

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mystinkyfingers t1_iy3n5io wrote

Go online and find a loan calculator. Play around with it and see what you can afford. Familiarize yourself with how the interest rate and the length of the loan affect the payment. The big thing you're negotiating is the price and interest rate.

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Silly_willy__ OP t1_iy3ns4d wrote

Can you negotiate price on a new vehicle? Or are you negotiating the add ons?

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mystinkyfingers t1_iy3ocli wrote

Maybe you can try to negotiate both but they don't have to. Most Hondas have a waiting list to get a new one.

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elidefoe t1_iy3o3uz wrote

You don't negotiating payments, you negotiate the price out the door. Payments are easier to digest, $20000 or $350 a month.

I would contact a local muffler shop I had the same issue a few years ago. Dealership wanted 2k for replacement catalytic converter, local muffler shop was $350. Honda's are good cars and can last 250k miles. It will be cheaper to maintain for a bit longer, car prices are coming down.

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autonerd1 t1_iy40my1 wrote

He/She is saying negotiate the final out the door price aka the big number. Negotiating the monthly payment does nothing as they can change how long you will pay the car for her to lower a monthly payment.

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