My car is worth 8K, needs 6K in repairs, I still owe 2K on it. Should I just get a new car?

General Advice

I have a 2020 Toyota Corolla with 144K miles on it. It needs a new wheel bearing and rotor. New brakes. And apparently has a small leak inside the engine that will get worse overtime. Totaling to over $6,000 in repairs. The car is only worth $8,000 according to Kelly blue book. I owe $2,000 or 7 months of $322 in payments left on it.

Thing is I don’t have the money to pay $6,000 right now. If I pay for the repairs on a credit card and pay it over time. It’s the same as continuing to make payments on my car for an additional 2 years. Trying to decide whether it’s worth it to just get a new car. If I do get a new car I think I want to get an electric car. Most likely a used Tesla which will be about $20k. Putting me in the same payments I’m currently paying however it will increase my car insurance bill.

I don’t know what to do. Both choices seem terrible

Posted Mar 5, 2026, 7:56 PM UTC

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