#CarTroubles #FinancialStress #CarRepairs #MoneyWoes
Are you feeling overwhelmed by the financial burden your car is placing on you? 🚗💸 It can be frustrating and stressful to constantly deal with unexpected repairs and expenses, especially when you’re already struggling to make ends meet. But fear not, there are practical solutions available to help you navigate through this challenging situation. Let’s explore some strategies that can alleviate the financial strain caused by your car troubles.
Evaluate Your Options
If your car is draining your finances, it’s essential to assess the situation and consider all available choices. Here are some steps you can take to address the problem effectively:
– Calculate the total cost of ownership, including maintenance, repairs, insurance, and monthly payments.
– Determine the current value of your car and compare it to the remaining loan amount.
– Explore alternative transportation options such as public transit, carpooling, or ridesharing services.
Seek Professional Assistance
Dealing with car troubles can be overwhelming, but you don’t have to face it alone. Consider reaching out to experts who can provide guidance and support:
– Consult with a trusted mechanic to get a second opinion on the repairs needed and their estimated costs.
– Speak with a financial advisor to explore refinancing options, debt consolidation, or other strategies to manage your expenses.
– Research consumer protection laws to understand your rights and options for recourse against dealership or warranty issues.
Explore Long-Term Solutions
While it may seem challenging now, there are ways to alleviate the financial burden caused by your car. Consider the following strategies to create a more sustainable and affordable situation:
– Prioritize regular maintenance and preventive care to avoid costly repairs in the future.
– Review your budget and identify areas where you can cut expenses or increase income to allocate more funds towards your car payments.
– Explore selling or trading in your current car for a more reliable and cost-effective option that better suits your financial situation.
Remember, you’re not alone in facing these challenges, and there are resources available to support you along the way. Stay proactive, informed, and open to exploring new opportunities that can help you overcome your car-related financial woes. With the right mindset and strategies in place, you can navigate through this situation and regain control of your finances. You’ve got this! 💪🚗🔧🌟
What’s your rate?? If you’ve had it 4 years and still owe 7k…I’m scared to calculate that. Did you refinance it?
At a glance, it looks like you are upside-down to the tune of ~$3,500 on this car. Do you have any cash savings? Also, what type of mechanical issues is it having that cost $15K plus another $2-5K in deferrals?
Got rid of that piece of shit car, it averages 2-3k/year in repairs and maintenance, IF you find a good mechanic specializing in Audi/VW German cars. At the dealership is even more.
After your water pump goes, you will need to do the timing chain, that’s a 4-5k job at the dealership, plus your suspension stuff and so on… That’s not a car for a broke 20y old.
Take the 7k lots, slap yourself for being stupid and getting a car at 14% interest, and get something cheaper and boring like a Honda or Toyota with low mileage.
Could you take public transit for commute to work?
I spent about 3k per year on my Jetta. Total money pit. But it did make it to 250,000 miles.
Lesson to everyone. Buying cars that are expensive to repair if they need to be repaired is one of the most braindead decisions you can make. You should all buy toyotas if you care about your money.
Wowzers… still owing $7000 on a $12,000 loan 4 years into it is… uhh… impressive.
Anyway, I’m sure this is obvious to you, you’re underwater on the loan. So you got no good options. BUT, luckily you’re in the NYC metro area which means you got mass transit options all over the place.
Some options to consider…
– Park the car, reduce the insurance to the minimum allowed by your loan, and take mass transit. Only makes sense if the cost of fuel/insurance/parking is more than mass transit.
– Let them take the car, ruin your credit for 7 years, and enjoy paying cash for everything until the loan default falls off your credit report.
– Sell the car for whatever minimal amount it is worth and roll it into your new car loan. Really bad idea, because you’ll be instantly underwater on the new loan. But it’s an option.
– Reduce expenses & increase income. Get a roommate, cut out streaming services, get a side gig, pick up more hours at work, whatever. Embrace the rice & beans lifestyle and dig yourself out of this mess.
When I was in a similar situation I did the last option. (Although for me it was chicken legs and pasta rather than rice and beans, but same idea.) Took three years of absolute suck to get out. But I got out, and learned the lesson. Never been underwater on an auto loan again.
VWs are the WORST. I had a 2011 VW GTI and it was a nightmare from day one. Always in the shop. Drove it to 100k miles and traded it in. Never again.
Trade it in for a more reliable used car.
OP you are living in a transit and walking paradise … and you drive to work?
It sounds like a miserable commute and ultra expensive.
Why not quit that job and get something in the city where you can walk/transit/bike? Even if it pays less, won’t you still be coming out ahead without the car burden?
Selling my car and stopping the car commute was probably the largest quality of life upgrade I ever made.
Give that peice of shit back to the bank, file bankruptcy and be done with it. Otherwise you will slowly bleed into a utterly broke and depressed state. Fuck dealers and fuck the banks that aid them in their scams
As Scotty would say, should have bought a Toyota.
Is it really repairs or “preventive maintenance?”
Let me guess… a 2.0T?
You should use NJ Transit, it’s pretty cheap and you can get a monthly pass!!!
Rule 1: Never buy a used VW with mileage on it. Even if it’s a “deal”. Always a nightmare.
In the future, consult things like consumer reports. A rav4 for crv would be worth alot more and not needed anywhere close to as many repairs.
If you cant afford to be fixing constantly, why buy cars that need that?
I got my wife a loaded accord after us both first falling in love with an Alpha Romeo. Reviews were just too bad on the alpha and a 6 year old accord was wayyyy better buy than a…i think 3 year old alpha.
Ugh, never VW again. No pleasure saying that, I’ve had several over the years, many happy memories and my last car, VW 2004 R32 was the most awesome car ever… but it hated me like a teenager hates their parents. Endless costs, repairs, and because it was a special kind of one-off, everything was super expensive.
Toyota or Honda, from now on forever. Do basic maintenance, never think about it again and just own it for decades.
Best of luck, I hope you get through this.
Honestly shocking that car has been a money pit. I figured it’d be simple enough. Low mileage and kinda new. That blows man 🙁
VW is one of the most expensive vehicles to maintain.
I had a VW diesel Jetta that I loved to drive. Lots of fun, road-hugging, tight corners, all that kind of stuff.
It cost me THOUSANDS of dollars in maintenance every year. Thousands.
Now I have a 2014 Honda CRV. I bought it used, I’ve had it for 5 years, and the only maintenance I’ve had to do is to get a new battery.
First mistake you bought a VW, not including the Tdi with a diesel that’s unmolested and a manual. You’re more of a Camry person if you’re worried about spending money on a car.
I think you’ve learned three lessons:
1. VWs are garbage.
2. Don’t finance ~10 y/o cars.
3. Don’t buy more car than you can afford *and* afford to repair.
I don’t know that I have a solution for you, I’m a (former) mechanic rather than a finance guru, but I hope you don’t forget this.
You learned the very expensive lesson of never owning a VAG product out of warranty.
> being that it’s a VW I couldn’t find anyone who could fix it other than the dealer
Sorry but how is that possible?
Too much braindead here to process. You live in NYC and commute elsewhere for work? That alone sounds expensive as hell.
Cars are easy, Honda or Toyota every single time.