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Hi there,
I've been a long time lurker on this forum but this is my first post.
This will probably fall under the financial advice category, but here is my current situation:
I've had my 2008 535i since fall of 2010 with 20k miles on it. My parents paid cash for it in my home state of Georgia so I have no loan on it. It was a California lemon due to the fuel pump so it has a branded title.
I'm now 22 years old and am at 126k. Some big expenses have come up with it in the past 10k miles and it's making me question if it is time to get rid of it in fear of what is going to come next and if I'm wasting money on it.
Here is what I've put into it recently
-November 2015, 118k miles the fuel level sensor area was leaking ($800 at independent shop)
-Early June 2016, 125k miles pre-cat O2 sensors were replaced and trans mechatronic seal was replaced ($2800 at the dealer)
-Late June 2016, 126.5 miles the A/C compressor seized and took out the pulleys and serpentine belt with it ($2900).
So, in the 7 months time between my first large expense with it, (unless I should count the water pump replacement and oil filter housing gasket April 2015 at 90k?) I've spent roughly $6500 on it. I'm at a lost if whether I'm wasting money on this car and if I'd be saving money on a new car. KBB rates it at $6000 to $8500 and I've seen them listed between $8500 and $12500 (not accounting for the branded title). The current issues with it are a oil pan gasket leak (adding a quart every 3500 miles) and the front suspension control arms and bushings are making clunking noises at low speeds but anything under the hood could go bad any time which could potentially "total" the car.
Any advice on if i should take these big hits in stride towards my enjoyment of the car or am I making bad financial decisions by putting money into it versus making payments on a new car with higher insurance etc?
I've been a long time lurker on this forum but this is my first post.
This will probably fall under the financial advice category, but here is my current situation:
I've had my 2008 535i since fall of 2010 with 20k miles on it. My parents paid cash for it in my home state of Georgia so I have no loan on it. It was a California lemon due to the fuel pump so it has a branded title.
I'm now 22 years old and am at 126k. Some big expenses have come up with it in the past 10k miles and it's making me question if it is time to get rid of it in fear of what is going to come next and if I'm wasting money on it.
Here is what I've put into it recently
-November 2015, 118k miles the fuel level sensor area was leaking ($800 at independent shop)
-Early June 2016, 125k miles pre-cat O2 sensors were replaced and trans mechatronic seal was replaced ($2800 at the dealer)
-Late June 2016, 126.5 miles the A/C compressor seized and took out the pulleys and serpentine belt with it ($2900).
So, in the 7 months time between my first large expense with it, (unless I should count the water pump replacement and oil filter housing gasket April 2015 at 90k?) I've spent roughly $6500 on it. I'm at a lost if whether I'm wasting money on this car and if I'd be saving money on a new car. KBB rates it at $6000 to $8500 and I've seen them listed between $8500 and $12500 (not accounting for the branded title). The current issues with it are a oil pan gasket leak (adding a quart every 3500 miles) and the front suspension control arms and bushings are making clunking noises at low speeds but anything under the hood could go bad any time which could potentially "total" the car.
Any advice on if i should take these big hits in stride towards my enjoyment of the car or am I making bad financial decisions by putting money into it versus making payments on a new car with higher insurance etc?
