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Do I spend 10k on repairs..? Feedback sought

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spyderlady
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2015/05/14 12:28:19 (permalink)
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Do I spend 10k on repairs..? Feedback sought

Hi everyone,

I'm writing regarding a thread I posted (on spyderchat year on my 2001 MR2 Spyder, which is British racing green in colour, black convertible roof with tan leather seats.
 
Since the initial post the car is now barely drivable and investigations seem to suggest the problem could be the actuator. I'm told replacing the actuator is around $2000, but even then we can't be sure it will solve the problems. As such I've been advised the safest bet is to rip out the SMT transmission and install a regular manual transmission - cost around $4,500. I also have the burning oil issue - so engine rebuild is around $4,000. I also have to ship it to a specialist mechanic - Road and Track in Brisbane (Australia) - another $750 (Ian in Melbourne is now retired!). So looking at possibly $10k all up.

Question: I bought the car for $9,500. Spending $10k will make the total car spend around $20,000. I've had a look on the internet and if I wanted to sell seems I'd be lucky to get around $18,000 - but that's looking at cars still with SMTs in them. Am I devaluing the car further by replacing the transmission with a manual, or improving resale value? Am I likely to get a reasonable return on my investment? Or do I sell - in which case I'd be lucky to get much as its currently not driving :-( It seems I invest a further $10k or loose around $8,000? 

Any advice is most welcome,
Thank you,
Spyderlady...
#1


7 Replies Related Threads
    EssDub
    MR2 Deity
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/05/14 12:49:43 (permalink)
    +1 (1)
    You have PM :)
     
    Short version:
    - Finding a replacement complete motor from a 03+ model would be substantially cheaper than a rebuild, plus you get the better-designed oil control rings.
    - Converting a SMT box to full manual - even a 6 speed - is relatively straightfoward (having done 3 of them now :D )
     
    - Having a full MT car will definitely not devalue the car.  If anything, it increases its value here in Australia.
     
     
    post edited by EssDub - 2015/05/14 12:56:50

    Currently...
    '03 Spyder 6MT - T28 inc...
    ------------------------------
    Previously...
    '00 FD3S
    '94 SW20 Bathurst R
    '88 AW11
    '92 SW20 G-Limited
    '90 SW20 G
    '91 SW20 Mongrel
    '94 G Limited T-Bar
    '92 GT-S Turbo 
     
     
    #2
    Mrskylighter
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/05/14 12:54:36 (permalink)
    +1 (1)
    Fit a working used transmission then sell it.
    #3

    just_ace
    Moderator
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/05/14 13:31:03 (permalink)
    +3 (3)
    There is very rarely any return on money invested in a car. Only rare/low production vehicles which mr2s aren't quite in the catagory of.

    Only spend the money if you intend to keep it.
    #4
    Shaz
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/05/14 14:21:50 (permalink)
    0 (2)
    Depends on how much you love the car.
     
    I bought a 1990 N/A SW20 in September 2012.  Knowing nothing about them & the lifestyle they include.  I quickly fell in love with her & then things started going wrong one thing at a time.  $1500 here, $2000 there & the list goes on.  The last couple of time I started thinking.......... "aahhh should sell her"............ but when she comes back home & I drive her again, I remember why I wouldn't want to be without her.
     
    Still have lots of cosmetic stuff that I want to do, but keeping her running is more important.

    MR2 Club of NSW - Outgoing Club Secretary
     
    1990 SW20 N/A
    WaaaHooo
     I love my little blue 2, she is worth it.  I love my little blue 2, maybe , yes, I love my little blue 2.
     
    http://www.mr2australia.com/mr2play/tm.aspx?m=94040
    #5
    spyderlady
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/05/14 14:31:51 (permalink)
    0
    thanks very much for the emails everyone. so appreciated!
    I certainly understand a car can take a lot of cash to maintain, but just want to ensure what i spend provides the max return possible - i.e. there is not a massive fall on resale (which I am not planning to do at the moment but who knows what the future holds!). 
    some positive response here... so will keeping investigating the repairs... thank you!
    #6

    sw20blackndyellow
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/10/19 15:40:39 (permalink)
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    how did you end up going Spyderlady? is the regular manual tranny in?
    #7
    spyderlady
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    Re: Do I spend 10k on repairs..? Feedback sought 2015/10/20 10:17:06 (permalink)
    +2 (2)
    Yes its in. All good. However we replaced the engine with another and that's burning oil too... so the engine is not fixed yet... but at least the car's back on the road! :-)
    #8
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