My car broke down and requires costly repairs. I only need a car for the next three to four months. What is the least expensive way to get reliable transportation in the short term?
So I am working on a temporary job in New Hampshire that requires a lot of driving. When I am done I will be driving back down to North Carolina. I recently bought a 1998 Isuzu Rodeo that was in very good condition, one owner, proper maintenance record, only about 110,000 miles, for $1,000. Everything was going great until the engine catastrophically overheated and now I am looking at a replacement refurbished used engine which will set me back about $2,300. On top of this I have to get a rental car for at least the next week, and as I am not yet 25 it will likely cost me at least an additional $300 to drive that while my truck is fixed.
My budget is extremely tight as it is, so the repairs will basically clear out my bank account and then some. As such, I am looking for cheaper ways to have a car for the next three or four months, after which I won't need a car anymore. The only upside to going through with the repairs is that I will in fact be able to sell the car back to it's original owner for the $1,000 that I paid for it. This means that, forgetting about insurance, the total cost of this plan would be about $2,600-$2,700, assuming nothing else goes wrong. Considering the maintenance history of the car, it is realistic to assume that my truck with a refurbished engine will be more reliable than most other cars I could buy in the $2,500 range.
The two other options I have been considering is a long term rental, or leasing a car and then handing over the lease to another person in about three months. I am hoping that someone here can comment on whether or not that second idea is realistic or cost effective considering the circumstances. It would be difficult to do it the other way around, taking over someone else's lease, since my job requires me to drive up to 100 miles a day, which would go over the mileage limit on any lease that only has a few months left. At the same time, who would want to take over my lease if I had already run up the mileage on them?
If anyone has advice or personal experience in buying, leasing, or renting a car for a period of a few months, please let me know if there is a better option that I am not seeing.
Posted Aug 29, 2016, 11:24 PM UTC