I recently got into an accident and my '99 Escort SE was declared a total loss. Here's the details of the car:
Value of car: $1713
Cost of repairs $2700-$3000
Mileage: 183,156
Miles on current engine: 146,276 (installed after 37,000 miles)
Transmission flushed at 123,650 miles
I'd like some feedback on whether I should keep the car. I have the funds to buy a new one, but I'd rather use it to invest in a down payment on a house. If I keep the car and if it lasts up to 195,000-205,000 miles,approximately two years worth of commuting, the engine would have 160,000-170,000 miles on it. In this scenario, it may be worth keeping, since I plan to work from home full-time by then. At that point, I'd only be using it less than 20 miles a week.
The problem is I don't know how long I can expect my engine and transmission to last. If I have to replace the engine and transmission within that time frame, I'd consider letting Geico have the car.
Any suggestions?