Hello, my dad owns a 2001 Honda Accord V6 that he's looked after very well, with regular maintenance and 54,000 miles as of last week. The car is running fine, in fact perfectly. However, he is planning on selling it because it's mostly just sitting and he doesn't use it that often. Also, it's time for me to get a car now, so I can also get a job and afford paying for it. We live in Arizona and I'm a college student, who has about $5,500 in college loans and as of right now, about $4,000 in my bank. I was thinking about asking my dad to give me the car, since I'm in NEED of one right now, and so I can get a job and start paying off the loans to avoid the rising interest rates. The main problem, however, is the risk that I would be taking by asking him to give me this car. I'm guessing to run the car, it would be around $250 a month, if I'm careful. Which would also push me to get a job as soon as possible. I don't mind that at all, the ONLY problem is, this car is known to be prone to transmission problems, and if the transmission does go bad, I would have to pay around $3,000-3,500 in repairs, and I'm pretty sure the value of the car will go down greatly. I cannot afford to go through this expense at this point in my life. And I've read hundreds of reviews where people are complaining about the transmission problem with this model. This makes me extremely skeptical about asking him to give me the car. Any advice what to do in this situation? Should I get the car; not get it? Even if I get a new one with my dad's assistance, the payments are going to be much higher, which I don't think I would be able afford at this time.
Can someone shed some light on this obstacle, and and suggest possible solutions? I would be highly thankful!
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Alot of Honda models tend to get transmission problems just like my parents, especially that model. I'd say go for the new car since it's already 11 years old and whether it be a year or 5 years something is going to happen and it's going to effect you. You don't necessarily have to buy a New car you could always go to a trusted dealership like honda, toyota etc. But best would be Carmax if they have it in your location.
If he is willing to give you the car then take it.
If it dies review your options then, you can always cancel the insurance and put it on ebay / offer it back to him.