Trade or Fix

L

LMNOP

Registered User
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Hoping for suggestions and/or advice.

Details:
Family Car: 2003 Peugot 307 Estate SW 2L Diesel, 75,000 miles
Family: 3 kids (6, 4,1), 2 adults

Situation: Very happy with car to date, however, recently a number of faults have surfaced. Our mechanic suggested we take it to a Peugot dealer. Peugeot dealer gave it the once over on diagnostic’s and advised that due the nature of the faults, the costs would mount up to approx 3k.

Faults:
Replace Turbo (foot to the floor results in no power)
Replace Clutch flywheel
Replace timing belt
Also needs 4 new tires but will shop around for these.

Finances:
We still have 6400 outstanding on our monthly car loan and had not intended upgrading the car until this was at least paid off.

Questions:
* Is it worth fixing this car?
* Would it be foolish to trade up given the outstanding loan? (do not want a loan for more than a car is worth).
Any suggestions would be greatly appreciated.

Many thanks.
 
With no disrespect intended to your mechanic, you should find a good independent mechanic that would be comfortable tackling those tasks. Its not worth paying franchised dealer labour rates on a car of that vintage. All the work mentioned should be within the capability of an independent mechanic.

Altenatively, phone a few other Peugeot dealers, including at least one in Northern Ireland. As well as asking them to quote for the work, ask them what their hourly labour charge is so that you'll have a clear comparison.

Personally, I'd fix it and keep it. You probably won't get much for it and you won't get the value of your outstanding loan for it. If you fix it and keep it, the repair expenditure will most likely be less than the loss that you'll make selling it now, as well as the depreciation on the replacement (which may also incur repair costs.....)
 
Did the gagrage give you a qoute for all the work?

could be 2 grand I would guess.

tyres 400

turbo guess 400

flywheel and clucth 600

A days labour and misc could make up the rest.

Hard to know is the car in good condition otherwise.

If it is starting to look the years maybe trade now.
 
Many thanks Frank and Herbie for your feedback.. Yea agree its probably not worth much now (good nik other than listed faults) but if we fix it and get another couple of years, we wouldnt be looking at another car loan on top of the current.
Dublin Peugot dealer quoted the above costs, so will ring round and see if we can get it done for less.
Thanks again, much appreciated.
 
For me there is an easy way to work this out. You're coming to the point where the depreciation on your current car is inthe hundreds rather than the thousands. As it's a 2003 you'd probably be looking at upgrading to a 2006/7 car. Given that cars of that age (2006/7) devalue by about 3k pa, if you need to put 3k in to your current car and manage to drive it for another 2 or 3 years then you're better off to repair it rather that buying a newer car which in a years time is worth 3k less.
The other point is that you're happy with the car apart from the faults ..
 
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