I need a new car but don't want more debt. What should I do?

[Nicole Heasley Beitenman]

Hi BP! My 2013 Jeep Compass has a dying transmission; I bought it used in 2015. I've seen multiple mechanics/transmission specialists; it's got a CVT transmission which are seeing tons of issues around the 6-year mark, exactly where mine is at. I'm looking at $3k minimum to replace. I just put $2k in it last spring, so I'm not happy with this car at all. Mechanics are suggesting I trade in while the car is still under 100k miles and still has some values attached to it. 

I'm pretty disheartened. I was really banking on this car to last at least 10 years so I wouldn't have a payment for a few years and could put that monthly payment towards more investments and paying down my student loans. Now I'm looking at a whole new loan, and with inflation, I'm sure I won't get the same deal I got 6 years ago. I'm trying to bring my monthly living expenses down, not up. 

What do I do? Bite the bullet and get a "new" car/loan? Fix the old car and hope this is the end of the repair woes? I drive from Akron to Cleveland for work; that's a lot of snow, and I don't want something too small or unsafe. Any advice? TIA!

[Jason D.]

@Nicole Heasley the Jeep compass is generally an unreliable car. For the $3000 it would cost to fix it, you could buy a used honda or Toyota that will outlast that Jeep, with the new transmission. There is no need to buy a car with a payment.