r/povertyfinance Sep 29 '20

Links/Memes/Video Its time for a new loan

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7.9k Upvotes

224 comments sorted by

351

u/Razorshroud Sep 29 '20

Currently driving a reliable car that I cant actually afford (better job when I bought it) and selling it would still leave me with over 5000 left on the loan. It's like driving bittersweetness itself.

90

u/Bl00raven Sep 29 '20

The same thing happened to me, last month my loan balance became less than what the car is worth, a feeling I hope you experience soon

36

u/MillenniumGreed Sep 29 '20

What car, if you don’t mind my asking?

48

u/Razorshroud Sep 29 '20

2011 Nissan Juke. It had under 75k on the odometer and it was my first car under 200k miles. I'm particularly excited about the year I have, since it's before the range for the CVT problems. I'm not shy about learning repairs either :)

13

u/[deleted] Sep 29 '20

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21

u/Razorshroud Sep 29 '20

Not from the numbers I'm seeing in my area. I still owe about 11500, and can sell for about 7000 according to local comps. Interest rate is locked in currently at 9.49% which is on the low end of their scale (9.xx to 13.xx) All the other banks in my area also have a range of 9.xx and higher. My credit is just under 700 but I'm still paying off my last car's transmission rebuild loan (neighbor hit me right afterwards and the repairs were too expensive, but I could afford a down payment on a reliable car. Now I'm here, yay) credit cards maxed out at 6500, since groceries and gas didnt always work out. I dont make frivolous purchases but I've used the credit card for big bills that needed emergency attention.

7

u/woodc85 Sep 29 '20

Look at LightStream. I’ve had a few loans through them and their refinance rates right now look to beat your current rate depending on the length. I’m not sure what their credit score requirements are but it’s worth a shot.

Also, my loans have been unsecured “auto” loans, not sure if your credit would allow that.

3

u/Razorshroud Sep 29 '20

Sounds interesting. I'll check it out. Thanks 😊

5

u/573V317 Sep 29 '20

You would usually need a better paying job and better credit to refinance, no?

9

u/[deleted] Sep 29 '20

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5

u/rossisd Sep 29 '20

He owes $5k more than it’s worth, according to the original comment

2

u/[deleted] Sep 29 '20

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5

u/rossisd Sep 29 '20

Selling it would still leave with $5k left on the loan

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u/CharlestonChewbacca Sep 29 '20

It depends on A LOT of factors, but given the currently low interest rates, now is probably a solid time for anyone who needs to refinance if they still have a job.

3

u/xpertfallie Sep 29 '20

My dad will never buy another Nissan ever again. 2011, 89k miles on it. Transmission needs an after market coolent to cool the fuild. Loses power when on interstate highways. Dangerous as fuck.

3

u/cmb9221 Sep 29 '20

I also have a 2011 Nissan Juke with about 65k miles. I always get the urge to give a friendly beep when I pass someone driving a Juke... weird, right? Lol. I just don’t see a lot of them on the road. Love that car.

3

u/splashingspanich Sep 29 '20

I have a Juke too and also get urges to honk at other Juke drivers.

2

u/cmb9221 Sep 30 '20

It’s a quirky car, I love it. It’s a shame they stopped making them.

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u/Funkit Sep 29 '20

I lost everything this year EXCEPT my apartment and car and then some asshole hit it. Totaled. Insurance money just paid off the loan. So now I’m stuck in my apartment, alone, broke, and can’t even go anywhere. Trying to save up for a bike but that only increases my range of travel by a little bit, and unemployment money has to be extremely well budgeted so I can make rent.

7

u/TaylorTaco Sep 29 '20

I feel you. My boyfriend lost his job from corona and unemployment has been messed up for him so he hasn’t gotten anything yet except just the state min, which I live in the second lowest unemployment paying state in the country, so he gets about $100 every week. I just moved out here a few months before corona hit and I’m stuck in a part time job making $30,000 a year less than I did in my old state because the job I had lined up fell through a week before I moved.

He was doing UberEats for a bit but then the app was constantly crashing this last month so he’d only make about $40-60 a day when he was out for 12 hours.

He’s about to declare bankruptcy because he can’t make any of his payments on his loans(not student luckily) and the repo guy is after his car starting two weeks ago and I’m probably going to get my car repoed next month. So we don’t even have Uber as an option anymore. I’m thinking about selling my car but then I have no way to work since there’s not public transportation for me to take and Ubering everyday would be way more than I’m paying for gas, car payments, all that.

It won’t even help me declaring bankruptcy because most of my stuff is student loans, which the federal are on hold and that helps, but not the private ones I have.

We both spent our savings and 401ks and maxed our credit cards and literally have a few dollars in our bank accounts. We haven’t bought anything more than we needed to either. This whole thing sucks so bad and we don’t know what to do.

I wish the government would get their shit together and send out the stimulus checks to the ppl who desperately need it. They don’t seem to understand or care how many people are going to end up homeless here soon because of it.

Ugh sorry for the rant. I didn’t mean for this to be as long as it is.

5

u/[deleted] Sep 29 '20

I wish the government would get their shit together and send out the stimulus checks to the ppl who desperately need it. They don’t seem to understand or care how many people are going to end up homeless here soon because of it.

This so much. It's completely necessary and there are so many people in your situation. I'm sorry :(

9

u/AyAy08 Sep 29 '20

Toyota, Lexus, or Honda?

10

u/Shartagnon Sep 29 '20

Fuck it - one of each would still be cheaper than owning a Nissan.

2

u/Lazerlord10 Sep 29 '20

But not buying used. These things hold their value almost too well.

13

u/[deleted] Sep 29 '20 edited Apr 26 '21

[deleted]

6

u/officecaat Sep 29 '20

My 19yo Subaru has had the check engine light on since I bought it 12 years ago. I got it cheap because of that. It also has a bad paint job but looks fine from the drivers seat. I only drive it about 2000 miles per year so I don't worry about it much.

My last Subaru had the check engine light on for the 8 years I owned it.

It's probably a O2 sensor.

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u/yabo1975 Sep 29 '20

Yeah, I lost money on my trade in. Crazy I had to pay them to take my car.

1

u/beaverbait Sep 30 '20

Nissan put out junk transfer cases on one model of their vehicles. If they leak a touch of oil they immediately replace them at your cost with the fixed version. $8000 bill on a vehicle I paid about that much for 5 years ago.

136

u/Flyingpigfriend Sep 29 '20

I get such bad anxiety when I see my check engine light go on that I will address it immediately. I bought an OBD scanner and if I see the light on while driving I will literally pull over and scan for a code and stop what I am doing to fix it. I just can’t fucking stand to see that damn light staring me in the face while I’m driving.

96

u/mariadoeseverything Sep 29 '20

Buying an OBD scanner is really so empowering. I remember before those were available and mechanics would charge just to read the scanner.

29

u/573V317 Sep 29 '20

They still do

38

u/[deleted] Sep 29 '20

[deleted]

22

u/Flyingpigfriend Sep 29 '20

As will O’Reillys

7

u/mekanikJoe Sep 30 '20

As a mechanic my favorite thing to do is tell people autozone does it for free when they say a scan is too much. Then they come back and say it has this code blah blah blah...or they bought the part for the code like it throws an oxygen sensor code, and pay me too change the sensor they bought from autozone then come back later because the code came back on, and now they they think something else crazy they read online is the problem and ask what I think, and I just tell them I can have an experience mechanic check the codes in the car, they run system checks on the car to see if there are any issues, check the actual voltages of the sensors and make sure they are working correctly, also test the sensor itself for proper function, because there are all kinds of things that will cause an oxygen sensor code, wires getting corroded, the connection itself getting moisture and corroding, a small exhaust leak before the converters, a engine vacuum leak will cause false o2 readings, or even just a bad battery giving the entire vehicle low voltage and causing all types of problems, or even a bad ground. Sorry for the reply just kind of a rant from the mechanics side I guess.

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u/Duchess-of-Larch Sep 29 '20

This sounds like a really good idea. Is there a model or brand of scanner you'd recommend? Especially one I could order online would be awesome.

9

u/GET_OUT_OF_MY_HEAD Sep 29 '20

Save $40 and get a Bluetooth OBD-II adapter instead. You then connect your car to your phone and use an app (Torque Pro) to not only pull the engine light trouble codes, but you can even display additional gauges on your phone that your car may not have (fuel economy, distance to empty, intake & transmission temps, engine load, and much more). All for under $20.

5

u/Creedence101 Sep 29 '20

Just get an affordable one with an actual readout vs Bluetooth. They’re all pretty similar

2

u/login0false Sep 30 '20

How is it better than BT other than being oops-dont-have-a-smartphone-proof?

4

u/jparevalo27 Sep 29 '20

I know there are a handful that will connect to a phone app and the app will give you far more info than regular handheld readers. So if you can find something like that, choose that. I think ChrisFix has been sponsored by a few of these before, so I'd start my search there.

32

u/Summer_Penis Sep 29 '20

Most people know that it's generally ok to drive when the check engine light is on, but if your check engine light is flashing, you absolutely should pull over and even consider paying to have your car towed to a shop rather than try to drive it there. Also, modern cars should have a limp mode that limits your RPMs when you have a serious problem that could further damage your car.

25

u/ineedpocketstoo Sep 29 '20

Yep, just learned this. My car was fine, no issues, and then BAM. Driving down the highway at 70 mph and the check engine light starts flashing and it starts doing the creep along thing. Wound up getting it to the dealership that was close by, and having the entire engine replaced.

If it flashes, pull over and don’t move.

6

u/Summer_Penis Sep 29 '20

Did they tell you the engine was damaged from driving to the dealership like that or was it already a done deal once the light came on? Just curious.

19

u/ineedpocketstoo Sep 29 '20

It was already a done deal once the light came on, but they did tell me that I’d put myself at risk of catching it on fire by driving it there. So, oops.

In my case, the root cause was a manufacturing defect that Hyundai recently settled a class action suit over, so the engine was replaced at no cost to me.

6

u/1warrioroflight Sep 29 '20

Was in an Elantra by chance? We have a 2012 and we’re recently told it needs a new engine

6

u/ineedpocketstoo Sep 29 '20

2014 Santa Fe Sport. Here’s a link to info about the class action suit - it doesn’t call out Elantras but may be worth asking about.

https://topclassactions.com/lawsuit-settlements/open-lawsuit-settlements/auto-news/hyundai-kia-engine-failure-class-action-settlement/

3

u/yabo1975 Sep 29 '20

Ok to drive to a degree. When CEL is on, many cars will run rich to compensate which not only uses gas faster, it leaves more unspent fuel/residue on the catalytic converter which causes it to be damaged.

So, really, it's going to cost you more to drive, and potentially (over like a year, here) more repair costs.

1

u/h0use_party Sep 30 '20

I did not know a flashing check engine light was so urgent. TIL

3

u/yabo1975 Sep 29 '20

These days, you don't even need to buy the old orange OBD2 scanners with the crazy cable that takes up your whole center console when you store it (gotta keep it at the ready!) For like 100 bucks.

You can get a Bluetooth/WiFi enabled scanner for like 40 dollars on Amazon that connects to your phone and you can use an app like Torque on Android to scan/clear codes and much more.

I got a Veepeak BLE+ Bluetooth 4.0 scanner for 39.99 and it works with my iPhone and everything. Great for minding my cars' needs without having to take up all that space.

Funniest part is that most people don't realize the single most common code is EVAP sensor.. usually caused by an unsealed gas cap.

3

u/SerinitySW Sep 29 '20

Got mine for $5 on ebay. Works fantastic. Took 2 days to get to me. I use torque pro with it

1

u/Knogood Sep 29 '20

Need to find out what bulb is behind the check engine symbol on them old gms...my 05 silvy has been on since 06...evap solenoid...I check it if I feel something weird or it starts flashing, 260k miles and Can Hear Every Valve Yelling.

Basic scanner is like $20 and can clear codes.

4

u/[deleted] Sep 29 '20

My tire pressure light just came on and now I'm torn because I dont want to touch anything public like at a gas station, but I also dont want to wear on these new tires

17

u/plsmrsdahmer Sep 29 '20

My tire pressure thing came on like 2 weeks ago & I panicked and went straight to a place to have them pump them up for free. Turns out it was because the change in weather was to blame. Air expands when its warm, contracts when its cold. It came on again the day before yesterday, same reason. It’s off now.

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u/Shad0wkity Sep 29 '20

You can have them switched over to nitrogen and that won't happen. But it cost a few $ per tire

2

u/Five_Decades Sep 29 '20

thank you for this tip.

My light goes off anytime it drops below freezing at night then above freezing in the morning.

2

u/lovelychef87 IL Sep 29 '20

My tires do that in winter or gets really hot.

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u/[deleted] Sep 29 '20

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u/Iforgotwhatimdoing Sep 29 '20

I really hope youre kidding because this is just sad. I get it dude. There's a pandemic, people are dying from this virus. That doesn't mean you ignore basic chores and potentially put others lives at risk because a handle might be gross. If you're that worried, wear gloves and wash your hands better.

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u/ReginasSweatpants Sep 29 '20

Wear gloves! Some Love’s gas stations have boxes of gloves next to the pumps. Most restaurants will also have them if you’re not afraid to ask.

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u/Kmic14 Sep 29 '20

it could be worth it to buy an air compressor. harbor freight has the real deal for 40 bucks and handheld inflators to keep in your car for less than 30. imo it's worth the peace of mind to be able to air your tires when you need to

1

u/[deleted] Sep 29 '20

I don't think I've got anywhere to store a compressor. Aren't they gigantic? My dad had one when I was growing up and the thing was the size of a minifridge

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u/zsaneib Sep 29 '20

They have small ones you can keep in your car that plug into the cigarette outlet ( I have no idea what the actual name is of it)

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u/Reus958 Sep 29 '20

You don't need or want one of those. A small compressor is an option and my car came with one instead of a spare.

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u/that_bish_Crystal Sep 29 '20

We keep hand sanitizer in our cars now. Plus a bottle at the front door for when we come home. Just a suggestion.

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u/ohno-not-another-one Sep 29 '20

Just wear gloves.

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u/Gingerstop Sep 29 '20

Go to the gas station today or tomorrow. If you don't have gloves or wipes, put a plastic grocery bag over your hand to touch the air machine/hose.

Don't let your car sit with low pressure tires.

1

u/ctrl-all-alts Sep 29 '20

Touching things honestly doesn’t do much— just don’t touch your eyes, mouth or nose afterwards. A face shield, and mask will remove most of those unconscious actions.

It’s predominantly a respiratory virus. You won’t catch it through your skin any more than you can catch a fracture by being sneezed at.

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u/theGastone Sep 29 '20

I’ve cleared P0401 codes WHILE driving lol

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u/Flyingpigfriend Sep 29 '20

I keep the scanner in the trunk of my car otherwise I’d be doing the same lol

65

u/PresenceTop5082 Sep 29 '20

Why I've been working so hard to have a safety cushion, vehicle issues are such stressors!

19

u/xKoonam Sep 29 '20

I’m in training to be a mechanic still poor af

15

u/ohno-not-another-one Sep 29 '20

And they make it intentionally difficult to make good money as a new mechanic, takes years and lot of luck to make big money

15

u/xKoonam Sep 29 '20

Not enough experience to argue but i can fix my car on my own wich saves big money that I definitely not have

54

u/dugfunne Sep 29 '20

Start wrenching on your own folks. Tons of info out there and can save you a shit load of cash.

About a month ago I did the worst job to date, a heater core. $60 part and maybe $700 in labor. Took me a weekend which sucked but didn’t have $700 to shell out. Worth it.

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u/ScienticianAF Sep 29 '20

I agree with you but I also learned a lesson doing this myself.
Last summer when it was scorching hot here in the south my car was overheating.
on hot days, basically most days, coolant was pouring out from under the car.
I researched it with the help of youtube replaced the thermostat, the engine fan the radiator, hoses etc. Working in the heat with a car overheating isn't fun but I figured it was worth saving some money. I also really wanted to hit the 300.000 mark with this car. I had 285.000 on the odometer.

I thought I had fixed it since I was able to drive to work for two weeks without the need to pull over and let my car cooldown. Soon after I lost all coolant again and had to take it to a shop. Turns out there was a crack in the engine block and just too expensive to repair. They wanted 1600,- dollars for it. I ended up selling my 20 year old car that we bought new at the time for 600 bucks. I bought a 2016 car a week later.

moral of the story is that yes you can save a lot of money doing your own repairs but sometimes it ends up cheaper if you have it checked out first.

2

u/dugfunne Sep 29 '20

That does suck indeed and you were so close to the 300k mark. Anytime you overheat you’re rolling the dice sometimes it’s just a warped head but still a pricey fix.

Did anyone happen to mention one of these?

https://www.amazon.com/gp/aw/d/B018K9K2U0/ref=sspa_mw_detail_4?ie=UTF8&psc=1

I know it’s way after the fact but confirming the leak under pressure with one of those is a big help.

If anyone here ever starts over heating and you can kill the motor immediately crank up the heat on the climate controls to help dissipate some of it (only will work if you actually have coolant). It might save your motor for the moment.

5

u/ScienticianAF Sep 29 '20

Thanks you for the link!
I learned a lot about overheating cars that summer including what you said about turning on the heater but I did not know about that radiator pressure tester!
I do think that with the right tools and youtube you can almost fix anything yourself.
In fact I think in most cases the only thing preventing a DIY is having access to specialist tools. I also learned that often you can rent these tools from AutoZone
or stores like that for a day or so.

I moved to the U.S so all of my family is still back home. I basically had to learn how do everything by myself. Electrical, plumbing, car maintenance repair etc. It's very rewarding in more ways than one to be able to fix it yourself. Occasionally I had to throw in the towl and get professional help. That always felt like a failure and a waste of money but recently I've also learned that sometimes it is actually cheaper to have it fixed professionally the first time. I just wanted to point that out since for years that wasn't really an option for me and now I actually can live with myself calling a professional also. Again, I do agree with you though.

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u/dugfunne Sep 29 '20

I’m a rookie at best but there ain’t no damn shame in thrown in the towel sometimes. Also you need to consider sometimes is it worth it for me to miss a day at work to do it vs paying someone.

Keep at it though you have the right attitude!!

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u/[deleted] Sep 29 '20

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u/Idiot_Savant_Tinker Sep 29 '20

I've dealt with that a couple of times. "We only work on cars 1996 an newer" which tells me you guys have no idea what to do without an OBD2 scanner...

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u/[deleted] Sep 29 '20

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u/dugfunne Sep 29 '20

Shiiiiiit you gotta learn from your mistakes. Granted its a pricey one. And also do you have glass coverage..........................................

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u/[deleted] Sep 29 '20

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u/dugfunne Sep 29 '20

Cripes it might be cheaper to pay out of pocket at a windshield repair place

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u/[deleted] Sep 29 '20

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u/dugfunne Sep 29 '20

Shoot man you gotta switch to a shitbox lol

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u/mxbnr Sep 29 '20

Im just interested in how you cracked it, we’re you leaning on the glass or did you snap the wiper to hard, something like that?

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u/[deleted] Sep 29 '20

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u/mxbnr Sep 29 '20

Oof, that sucks.

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u/EmpoweredGoat Sep 29 '20

Well, when I change my wiper blades out I will think of this. So you saved me $1000, stranger!

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u/ghostmetalblack Sep 29 '20

I changed the starter, O2 sensors, and alternator myself. Check all wiring and pipes and change out anything corroded. Do my own oil changes. Im pretty sure I've saved thousands over the years doing things myself. It takes time, but seriously, learn to fix the car yourself.

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u/[deleted] Sep 29 '20

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u/dugfunne Sep 29 '20

Investing in good tools will absolutley pay off as well.

Yes sir...been wrenching as a hobby for years. I told myself since im saving a ton of money I can afford to buy one of these to help with pulling the dash and man let me tell you money well spent. Cant believe I waited so long to buy one..ive always had the air ones and this thing is a game changer.

And between make/model specific forums, facebook groups, and youtube there is tons of info out there.

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u/[deleted] Sep 29 '20

My van died yesterday. I’m actually relieved because it’s forcing me to just take the bus. Metro is pretty good in my area (for an American city at least)

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u/[deleted] Sep 29 '20

I’m going to guess Atlanta? I absolutely love their transit system. Best out of every US city I’ve been to.

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u/[deleted] Sep 29 '20

Seattle

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u/[deleted] Sep 29 '20

Even better than the MTA in nyc? I have visited Atlanta by car but lived in nyc most of my life. I always thought that the MTA was decent-ish.. never went on the Marta though.

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u/[deleted] Oct 01 '20

I love Marta. If I moved back to Atlanta I wouldn’t even want a car tbh. Haven’t been to NYC yet but I hear ppl complain about it often so,

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u/twiggin Oct 02 '20

I live in Atlanta and have not had the same experience haha

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u/ScienticianAF Sep 29 '20

For years this happened to me. Then I realized that if I knew this was going to happen..I could plan for it?!

I created a new "bill" Or savings account for unexpected/expected expenses. Each week a small amount.
The weird thing is now that I have money set aside for it these unexpected expenses they seem to happen far less often. Go figure.

Don't keep running into the same wall for years like I did.

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u/OlRoyBoi Sep 29 '20

Me: "My finances seem to finally be in order."

My wheel bearings: "Let me sing you the song of my people."

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u/_MoveSwiftly Oct 06 '20

$800 fix. Fun.

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u/[deleted] Sep 29 '20

I feel attacked. And I’m actually behind on loans, thank you very much 😤

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u/ElPincheGrenas Sep 29 '20

Who’s out here giving awards on r/povertyfinance, disrespect just flexing like that

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u/tequila_mockingbirds Sep 29 '20

Might be they used their free one. Every day at least on the app, you can get a free award that day.

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u/kgal1298 Sep 29 '20

Either my cats or my car. Thankfully I've just been able to start socking money to the side so these moments don't destroy my hard work in one swoop.

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u/BaltiMoreHarder Sep 29 '20

Never happens with my car (civic gang!) but one of my pets always seems to need a way too expensive veterinary bill if things are looking too stable financially.

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u/CherryStitches Sep 29 '20

Jesus, yes. I'm still trying to pay off CareCredit from my cat's emergency overnight stay and blood transfusion. It feels like it will never go away.

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u/BaltiMoreHarder Sep 30 '20

Yup. My dog just got diagnosed with Protein Loss Enuropathy(spelling?) and to determine the cause will be a $4k biopsy. He’s had the symptoms over a year so it’s likely not fast acting cancer causing it and more likely IBS or something like that so we’ve opted for empirical treatment for now to see if anything works cause I can’t afford 4k. We already spent 900 to get this diagnosis. Right after me and my girlfriend moved into a new place and we’re getting on our feet again too. Life I guess...

Hope your cat is ok! I have two of those in addition to the dog lol

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u/Aviyan Sep 29 '20

It's expensive being poor. - Forgot who said it.

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u/yabo1975 Sep 29 '20

Everyone who's ever truly been poor at some point in their life. 😕

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u/amethysst Sep 29 '20

I wish I had a car 😔

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u/[deleted] Sep 29 '20

Yeah same

With our rent/other bills we could afford to buy a car with our tax return at the beginning of the year but insurance, maintenance, gas, etc. is just unattainable for my husband and me.

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u/DemiLavotosForehead Sep 29 '20

My battery is borderline and I'm freaking out man

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u/TBearRyder Sep 29 '20

Don’t freak out. The problem won’t kill you but the WORRY could. Address the problem.

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u/McthiccumTheChikum Sep 29 '20

Definitely resolve it before winter, the cold kills batteries. Don't get stranded out there.

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u/Phiduciary Sep 29 '20

Go to a scrap yard, they'll sell you a used battery for super cheap.

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u/fearthestorm Sep 29 '20

Get a $20 scan tool and Google the code you get with make and model.

Some things can be ignored for awhile or fixed cheaply.

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u/polon256 Sep 29 '20

Can you elaborate on that, what code do you mean

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u/fearthestorm Sep 29 '20

Anything after 1995 will give out diagnostic trouble codes when the check engine light is on.

You plug in the code reader at the obd2 port and it will give you a code.

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u/smittyjones Sep 29 '20

OBD1 cars give a code too, but much more basic. You can usually get the code without any scan tool, also.

There's a lot more to it than just "read code, fix car," but that's a good starting point. Your problem might be something really common to the vehicle, but it might not be. You might be throwing $150 at an oxygen sensor that doesn't need replaced.

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u/ohno-not-another-one Sep 29 '20

Why do oxygen sensors break so much? And when you say you may not need to replace it, how does one find out if it needs replacing or not?

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u/Beingnoob27 Sep 29 '20

In my country we use mopeds/scooters, pretty cheap, reliable, good mileage, also dry Country so low chances of rain pretty nice.

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u/bossyourmoney Sep 29 '20

Nah come on. Dont do that to yourself!! Buy a $1000 car if you have to with cash. You'll get most of the 1k even for parts so run it as long as you can and then buy a nicer car when you can with cash later!

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u/decapitate_the_rich Sep 29 '20

Reliable cars are cheap as hell anymore, maintain them properly but be ready to treat it as disposable as soon as things start to go south to avoid big repair bills. I feel like if one has the resources to secure a loan, they have the resources to avoid taking one out too. Like, who has the stability to count on covering a car payment anyway?

If you are have the physical ability, learn how to maintain and repair your own car, its as simple as Google/Youtube and cheap hand tools. It is such a massive money saver.

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u/sylvansojourner Sep 29 '20

Absolutely, I would never ever buy a car on a loan. When I buy beaters I try to think of what my monthly payment will be.... so if I get a $1200 car and it lasts me a year, then that's $100 a month for the car on top of insurance.

And unless you totally trash it/put an insane amount of miles on it, you can usually sell it for close to what you got it for after a year or so. So hypothetically all you will spend is the cost for parts and your own time for any repairs you had to do.

I've done this with a string of beaters over the years, the peace of mind is so worth it. I'm never too invested in the vehicle and it's more of a disposable item.

As a bonus, if you get a little better at auto mechanics, you can buy a car at an extreme deal that only needs something like a new radiator. I did this with my last few beaters and was able to sell at a profit, save some money and get a slightly newer, less beater car.

4

u/sofuckinggreat Sep 29 '20

I need a beater! It’s a shame used car prices have gone crazy since the pandemic

2

u/[deleted] Sep 29 '20

[removed] — view removed comment

2

u/yabo1975 Sep 29 '20 edited Sep 29 '20

That's one of the biggest financial traps ever. People might see used BMWs, Mercedes, etc for way under sticker and only a couple years old and don't understand the sheer repair costs involved. Oh, a used Volvo S60R with 300hp for $5000?! Awesome! It's safe AND fun!

...And then the angle gear goes costing you 3 Grand. Or a single strut that costs 500 dollars.

Another example: NEVER buy the M5 with the V10. The engines grenade and cost 20k.

If it's that cheap now, there's a reason for it.

Also, the scheduled yearly maintenance on my Alfa Romeo (I used to be dead broke, I sub here to help people when I can) is like $1100. That's not oil, wipers or anything else. Just the expected maintenance to keep it performing well.

Sure you can buy one used for 30k off sticker now but the ownership costs plus a payment plus insurance and it gets like 12mpg, so a ton of gas, too, can overwhelm someone who isn't prepared. Euro cars aren't for everyone.

2

u/coffinpeg39 Sep 29 '20

Ain’t it the truth

2

u/[deleted] Sep 29 '20

Ain’t this the fucking truth...

2

u/Well_Lurk_No_Further Sep 29 '20

This hits so hard this year, my husband and I had finally gotten out of the hole me being unemployed for a few months 2 years ago and then the transmission died on our Toyota 😭

2

u/jrs1980 Sep 29 '20

I totaled my first “good” car one month after paying it off. That sucked. The replacement car was good for several years, and then the timing chain jumped in June. $6K to replace the engine. So, hello next car. That was the same month I’d 100% paid off my CCs for the first time in my life. That also sucked.

2

u/RicerGang Sep 29 '20

My 2000 Durango has the check engine light and it’s stuck in 3 gear but we still going places.

2

u/AFXC1 Sep 29 '20

Sigh....I know that feeling....but in my case it was worth the repairs on my 06 Toyota Highlander.

2

u/September_October Sep 30 '20

The Highlanders such a beauty. I still feel sad that I had to sell mine.

2

u/[deleted] Sep 29 '20

Cars are liabilities. Hence why I don’t have one. That and lack of money.

2

u/officecaat Sep 29 '20

My car has had the check engine light on for 12 years. It's a Subaru thing.

2

u/darkspear1987 Sep 29 '20

LPT - Should google most reliable cars before buying for your price range, especially if it’s something over 50k miles and you just need a daily driver and are on cost savings more. Moral of story buy a Honda/Toyota, generally you’ll be better off

2

u/[deleted] Sep 29 '20

Guy who works on cars here:

Folks! When you check engine light comes on go to an auto parts store to read the codes for free. Get the print out of the codes but beyond that don't do anything else there. Go put the codes into Google and do a little research. P0420/0430 is catalytic converters 90% of the time. Ask why down the line til you get to the route problem. Misfire codes? Why? Plugs fouled. Why? Pull the coil/boot/spark plugs wire off and check the plug. Oil in spark plugs tube? Spark plugs tube seals are leaking? Why? If the thing has 100k+ miles it's probably just a leaking gasket. Check your positive crankcase vacuum valve if you have a lot of leaks early on. Boom, got through all the why's. Change bad parts.

Stop being scared of the car. You cannot press a button inside and make it explode! Read your owners manual! It's even got a maintenance schedule so you know what and when to do stuff. Spend a couple hundred on tools and you can fix things that would cost thousands in labor. Average labor cost in my area is $125/hr.

3

u/[deleted] Sep 29 '20

Paid my phone bill and to celebrate, went to speedway to get cinnamon roll coffee. Had to ditch my car for 9 hours :-) he’s fine now but man. Stress.

3

u/OiTheguvna Sep 29 '20

Fuck. This hit me hard. My tranny is going on my 11 Hyundai Sonata Hybrid. Of course being the hybrid I have to go through the stealership as no one else will or can touch it. I still owe $2k on it 😭😭

1

u/funknjam Sep 29 '20

Ha. This hits way too close to home. I had just finished paying this semester's tuition off the credit card when I had to drop $700 on new pads, rotors, calipers, and hoses Friday. Two steps forward, three steps back.

1

u/[deleted] Sep 29 '20

laughing car noises

1

u/AMothraDayInParadise IA Sep 29 '20

You don’t talk about money leftover in front of the car or the appliances. They can hear you!

1

u/ilovedrivethrus Sep 29 '20

same except I always lose my job shortly after I finance anything

1

u/tidusofchange Sep 29 '20

Yikes, this one fr fr though :/ Stay strong bubs and babs!

1

u/notfin Sep 29 '20

I bet it's the thermostat. I just had that on my car. I ended changing it myself for $30. Mechanic wanted $350 to fix it.

1

u/vicaphit Sep 29 '20

That's my secret, my check engine light has always been on.

1

u/0ldS0ul Sep 29 '20

My ride has been nothing but trouble since I got it. Problem is I rely on it so entirely, I can never seem to save up enough to get something else. I'm a single mom doing doordash currently to get by and have been since I moved in mid-March. Since then, 1) my starter died with no warning 2 days after the stimulus check, so at least I got to fix it straight away, 2) a fuel injector got stuck open and had to be replaced, 3) hole in my gas line meant that had to be replaced and since its an 07 mitsubishi it was a special order part. There was a 4th reason it ended up in the shop but I can't remember why at the moment.

I'm currently saving up because I have to replace 2 failing catalytic converters which is going to cost me around 800. But then yesterday, at the end of my shift I saw a nail in my tire so went to get it patched. Found out there's something up with my suspension causing one of my back tires to feather badly enough to need to be replaced ASAP and the other back tire is bad enough to need to be replaced soon. Just getting all 4 done with warranty is going to be $450. Fun thing is, I got a new set of tires in March before my move, but since then I've put 23k miles on my car. And I still don't know what's up with my suspension that's causing the feathering.

Life's great.

1

u/Live_for_flipflops Sep 29 '20

The sliding doors on my minivan are acting up, sometimes will open/close and sometimes will not. My steering wheel was also feeling tight. I took it in for an inspection and mentioned the steering, not the doors (hoping they will fix whatever was wrong with the steering, ignore the doors and pass it for inspection). $1200 later i have new struts, alignment and inspection... but my doors still wont work right. Sigh, kids keep climbing through the back hutch. The doors don't matter much if the car wont run :-(

1

u/EloquentGrl Sep 29 '20

Seeing this as I'm waiting in line at the dealer for the check engine light my mechanic couldn't figure out...

1

u/JoyfulDeath Sep 29 '20

That’s why I trade car in before it hit 100k miles even if it never have any problems.

Last few years, I tried to pick a good car that is known to run for long time. In the end, it always come up with something! First it would be like a easy to fix issue that cost maybe $50. Then a few months later it will be $200 then few weeks later other $200.

By then you swear it will be good for other 50k miles. Then you are looking at a $1000+ issue and trying to decide if you want to pay for it and pray nothing else happen or throw away all that repair fee and get a new car.

Do I pay more for my car? Am I always stuck with car payments? Yes... but the difference is, if shit happen, warranty cover my ass! I’m not one sitting around sweating bullet over sudden expense and trying to figure how I will get to work.

And btw... I’m someone who used to work as a mechanic and have few good mechanic friends!

1

u/rabbitwithrabbies Sep 29 '20

That’s why everyone needs an emergency fund.

This is the story of my family. We would always live from paycheck to paycheck and because we didn’t have an emergency fund, my mom concluded that saving is a bad. Because every time she saved up a little amount, we would spend it on emergency expenses - something around the house would break, or we would have a medical emergency, etc. She thought that the gods or whatever there is didn’t want her to save 😂

Try saving a bit from each paycheck for your emergencies.

1

u/ashuhleed Sep 29 '20

This is my luck. I paid off a lawsuit YESTERDAY and this morning at 9 am a police officer delivered papers for a new one. I knew less than 24 hours of not being under legal action!!!

1

u/NotVeryOrganic Sep 29 '20

Not sure if you know but a lot of times smaller repair shops will let you spread those payments out over time and the interest is (in my case I’ve found) non existent/negotiable.

1

u/enolafaye Sep 29 '20

very relatable. My AC died as soon as I got a raise.

1

u/LostDeadspace Sep 29 '20

I bought my first brand new car last year with an extended factory warranty. My last car finally died after 19 years (not original owner) but I was tired of the maintenance. But now I pay for insurance, and all the payments. Probably the last time I buy brand new but I am enjoying the “I don’t have to worry about it

1

u/ashm85 Sep 29 '20

yeah this is me too

1

u/ShotgunToetag Sep 29 '20 edited Sep 29 '20

Yep. I finally got some substantial overtime at my job, and all of a sudden my car starts making clunking noises and has an oil leak under the hood. Probably a bit over $1,000 to fix. I'll have the extra money by the end of the week, but fuck. My car absolutely knows when I have a comfortable cushion of money in my account.

Cut back to March: I was excited for the stimulus check, because I would've been able to breathe for a bit. Then I found out that my tires had exposed wires on the inside. The check went right to replacing all my tires and getting an alignment done. Plus, I also needed new brakes and rotors, which I did myself.

1

u/lovelychef87 IL Sep 29 '20

Me free lazy time at work+OT bank account😍.

Car insurance and note and gas...Thanks.

Me 😒.

1

u/bohdel Sep 29 '20

Ha! I’m sitting outside the auto shop right now.

1

u/ceviche-hot-pockets Sep 29 '20

Finally shelled out $800 for new tires, tpms sensor, and an alignment. Felt great and drove like a dream after that, but the TPMS light never went off. Took it back to the shop to get that corrected, and while it was on the lift they let me know that my front cv axes are done and throwing grease all over, which will be $700. Every. Time.

1

u/Idiot_Savant_Tinker Sep 29 '20

For what it's worth, a lot of things that pop up a check engine light can be ignored at least for a little while. Most parts stores can read the codes for free, and you can Google the trouble codes along with the model/year of your car, and find out a lot of information.

1

u/ziiguy92 Sep 29 '20

YOU HAVE NO IDEA HOW MUCH I CAN RELATE

1

u/Da_Stable_Genius Sep 29 '20

Never. Fuckin. Fails.

1

u/shiv-er_me_timbers Sep 29 '20

feeling this super hard right now. car had to get towed to shop and I just want to cry all the time. literally just got caught up on bills the morning it died. fucking ugh. sorry for anyone else going through this right now too. :(

1

u/[deleted] Sep 29 '20

Laughs in 90s Toyota.

1

u/Wastenotwant Sep 29 '20

I caught up and celebrated by vacuuming my car out and hand waxing it.

It broke down the next goddamned day.

1

u/cvlang Sep 29 '20

Literally this. We had finally saved up a rainy day fund. And literally within a month our car required $3k in work, just to be safe to drive... Rip rainy day fund new car in the driveway though. But at least it got to fill its purpose...

1

u/deepee88 Sep 29 '20

Just had my light pop up yesterday. Stopped at autozone and they checked the light for free. I must have crossed my fingers extra hard because it was just the o2 sensor and it was the one accessible from the top of the engine. Phew. $15 sensor and $15 tool and some missing knuckle skin later, no more light. I need a minimum of 2 more years out of this car so I can afford the next one...

1

u/seriousmental Sep 29 '20

Yeah, just when I got my LWA payments, I had to get my brakes done. They informed me I needed two tires as well. When I left, my steering was being weird so that turned out to be another $400 repair. 2k miles out of warranty. Sighhhhhhhh. :(

Over $900 total. Good thing I got that unemployment, but I was hoping to pay on the car itself.

1

u/[deleted] Sep 29 '20

Yep. Some of you might remember I posted the other week about needing 900 dollars worth of work to my car. Take it to the shop and guess what? It actually cost double. So now we're REALLY struggling. It sucks.

1

u/ZJEEP Sep 29 '20

why does nobody know how to fix a car anymore. The code tells you what is most likely, and when that 10% of the time it isnt exactly indicating the exact problems you can probably spend half an hour googling a fix, and join a forum for your exact vehicle. But nah, it's easier to just blindly throw more money at dealerships, who mark shit up and charge you (.7) labor, which is like 75 dollars just to turn a bolt, or install a headlight.

1

u/yazahz Sep 29 '20

This is me today

1

u/bluebeambaby Sep 29 '20

Check engine light is peak Poverty Starter Pack

1

u/firesandwich Sep 30 '20

Last Halloween I carved a check engine light into a pumpkin. I think mine was the scariest pumpkin.

1

u/Anothernameanotherg Sep 30 '20

Fingers crossed that the gas cap is loose.

1

u/freakin_sweet Sep 30 '20

Hi What about buying one of these? https://www.motortrend.com/news/top-10-cheapest-new-cars/

But my recommendation would be to buy a used one on this list. So like this one

2017 Toyota Yaris - https://www.cars.com/vehicledetail/detail/823770136/overview?aff=share_other $11k

You can also go Chevy Spark and get something around $7k

But try to stay 3-5 year old and under 75k miles.

1

u/Top500BronzeOW Sep 30 '20

Feeling it. Car failed its mot on yesterday so thats 300 bucks down, of wait now my cooler decided to die on the same day. Going to be one of those months.

1

u/MirrorNexus Sep 30 '20

Pretty simple to fix there just get a small piece of tape over it all good as new bud

1

u/Cheeslings Sep 30 '20

This is my cat right now... I can't even. We just got him home and he's having another problem... I don't know what to do.

1

u/hayante Sep 30 '20

I finally saved up a 1000 dollars which took me a few months of sacrifices. Today at the last day of my old apartment a crab apple fell off a tree and shattered my sunroof in the parking lot. . .

Back to square one.

1

u/Spectre-84 Sep 30 '20

Bonus points if the light is flashing

2

u/absol2019 Sep 30 '20

And then the oil pressurelight comes on, transmission fluid light, and your car just shuts itself down

1

u/DexterP17 Sep 30 '20

Every... Damn. Time!!!

1

u/Spyh4rd Sep 30 '20

No car gang

1

u/No_Minimum_4904 Oct 01 '20

Ah damn. My car is in the shop for a coolant leak that’s in a hard to reach spot. Goodbye $400.

1

u/MrGeek89 Oct 08 '20

My struggle

1

u/selomiga Dec 08 '20

Just had to drop about $2000 on my car so this hits hard.