| 6. Are you facing a major overhaul?
Things like transmission repairs or an engine replacement sometimes
cost almost as much as a new car. If trying to shift your car into gear
causes a lurch or jump or bang, or there's a delay before it pops into the right
gear, "there's obviously something wrong with the transmission," says
Cerullo. "And there's no cheap way out on transmissions." Likewise, beware
of blue smoke from the tailpipe or knocking sounds, which "are generally
associated with a bad engine," he says. Even if you go for a rebuilt engine,
"you're looking at $4,000 to $5,000 no matter how you slice it," he
says -- and as much as $7,000 for some luxury cars. 7.
You're looking at one major repair, but suspect that's just the tip of the iceberg.
"Before you invest in anything, try to find out what the full
extent of it is," says Cerullo. "Don't go for a major repair if you're
looking at an even bigger repair soon." Not sure? Tell your mechanic
to put the repair on hold and ask him instead to go over the car completely, and
especially any areas you believe might be getting ready to go sour. "That
way, you have a total picture of what you're getting involved with," says
Cerullo. Many car owners pay for a smaller repair ($500 brake job), that they
wouldn't have wasted money on if they had known they were going to have a major
transmission job around the corner. Instead, they would have put that $500 toward
the new car they needed in the first place. "I've seen it happen a hundred
times," he says. And since the mechanic doesn't drive it every day,
he may not see the clues you do. "It's your baby, it's your car, and you
have to make an intelligent choice," Cerullo says. "So it's a good idea
to get it thoroughly checked out before you get hit with major work." 8.
What's the cost of keeping the old car vs. buying a new or newer model?
"It cuts both ways," says Sclar. "You may be spending money to
fix a car that's going to continue to break down," while a newer car wouldn't
need that much work and would have a warranty. But a newer car costs, you're probably
taking on debt with a lease or a loan and your tag fees and insurance rate may
"go up exponentially," she says. Sit down with a pad and pen,
make two columns and do the math. 9. Would a newer model make more sense?
"Sometimes there are new developments in cars that make a new car a good
deal," says Sclar. For instance: a variety of airbag options, anti-lock braking
systems, rear-motion sensors and a host of other safety features. And if that's
your motivation, a newer car might be a good move. 10.
Don't make your decision quickly or out of emotion.
Cerullo remembers
advising one man to get rid of a car that appeared headed for expensive repairs.
The man didn't want to because he'd inherited the car from a loved one. But the
man later told Cerullo he wished he'd listened: The car had cost him $3,000 in
repairs, and he had to junk it anyway. It's never an easy decision. Take
it slowly. Get all the information you need. And, says Cerullo, "do your
homework, put a little time into it." Dana Dratch
is a freelance writer based in Atlanta. | 
