it seems to me that a monthly payment would make it alot more difficult for you in the long run. as others have said, the 302 is a very sturdy motor and it can keep going for a really long time, so long as you don't do something stupid to it like i did. a friend of mine has a f-150 with a 302 that he has used to haul stuff its whole life (he had a landscaping business and he fishes alot so he hauls his boat to the chesapeake). it has over 250,000 miles on it and it is not dead yet.
i know how it feels to have a car that has lots of annoying little problems, because that was what mine has become. if i got rid of my car, i would have to get a new mustang convertible, since my wife is an advocate of buying new and having it under warranty. that would have meant probably close to $40,000 (including the interest from the car loan). after i realized that, it was an easy decision ... instead of putting that much into getting a new car, i would take $15,000 and put that into fixing all the problems with my car. i am about 8,000 into it so far.
but if you were going to take out a loan to pay for the new (or newer) car anyway, would an option be to take out a similar loan for the purpose of fixing all the annoying problems you have with this car?
and since it is the only car you have, instead of focusing on "go fast" stuff, you should focus at first on making it reliable and a car that you like to get in and drive. once it is reliable, then focus on making it fast.
i know how it feels to have a car that has lots of annoying little problems, because that was what mine has become. if i got rid of my car, i would have to get a new mustang convertible, since my wife is an advocate of buying new and having it under warranty. that would have meant probably close to $40,000 (including the interest from the car loan). after i realized that, it was an easy decision ... instead of putting that much into getting a new car, i would take $15,000 and put that into fixing all the problems with my car. i am about 8,000 into it so far.
but if you were going to take out a loan to pay for the new (or newer) car anyway, would an option be to take out a similar loan for the purpose of fixing all the annoying problems you have with this car?
and since it is the only car you have, instead of focusing on "go fast" stuff, you should focus at first on making it reliable and a car that you like to get in and drive. once it is reliable, then focus on making it fast.