Need some advice.

I figure you guys are pretty good at making deals. I bought a car for my son off my nephew last year. He was asking $4800, to be paid at $100 a month by my son. He had $1400 saved up. I gifted him 600. He drove it for 3 months before one of the turbos blew. It sat for 4 months before the dealership even looked at it. They wanted 12k to replace engine. I said no way. I got a third opinion from my regular mechanic who replaced both turbos for $2000. My son drove the car another 3 months before it developed what I and my mechanic think is a rod knock. I was planning on trading it in or selling it. My nephew found out and wants the car back. We still owe him $2800. Trade in value might be $3000, maybe private sale 3500-4000. I had the car listed for 5000, but no biters. If I sell or trade it, I still have to pay my nephew 2800. If I just give it back to him, I am out about 5000, but don't owe him anything. For some reason I can't wrap my head around how this is going to work out for the best.

 

If you just give it back to him, what prevents him from just turning around and selling it? I would think you should get something for doing the turbos. I think I would just sell it outright, assuming you don’t want to fix it. You and your son got a raw deal. Whether or not your nephew knew there was a problem, is unimportant at this point. You should focus on recovering as much money as you can for you and your son.

 

The joys of buying any used vehicle that has turbo(s) on it. Chances are, if it was owned by a "young lad", that the turbos and motor have been "torture-tested" more than once. Right of passage for young un's.

 

Me personally, I wouldn't wanna sell to a private party if rod knock is suspected as a diagnosis.

 

No offense meant Pricey106 I can’t figure out how you have five grand into vehicle.

Gave your son 600 down and 2k for new turbos
So that’s 2,600..

as for family and used vehicles… I wish you the best of luck

 

Subaru?

 

He bought it for $4800. He still owes $2800. $2000 for new turbo. So far, it appears he has spent $4000 and owes $2800. If the car was worth $4800 when he bought it, I think it’s reasonably worth $200 more with a new turbo. IF, and that’s a big IF it doesn’t need some major work for the suspected rod knock.

 

Why are you looking to trade it in or sell it now? From what i gather he hasn't even owned it a year?

 

Yes stuckinthemuck BUT if he gives car back only out $600 he gifted son and $2,000 for new turbos
So $2,600

his son is out $1,400

Owed is forgiven
Sounds like fallacy of sunk costs…

 

Don’t buy stuff from relatives!

 

Yeah this is a rough one...what is the year make model we are talking about, and miles on it?
Whatever you do with it, don't trade it in...that will be the worst of the raw deals you could/can get on this...

 

I had an 05 Subaru sti, but it was single turbo from the factory. I think the 15 model had 2. Is it a Nissan Z? Sorry for the crap deal. Buying any used turbo ricer would be a roll of the dice at best. Cut your losses and steer him away from used fast and furious cars.

 

Not sure why "giving it back to the nephew" is an option? Even though you still owe him money, you have paid him some of the original price as well as put repair money into the car. If it were me, he could have the option to buy the car back.

 

My thoughts was he was for $2,800 still owed

 

But he has more money in the car than the $2,800 owed o the nephew, and 'assuming'the car is worth more than that.

 

I was thinking about that. A lot of people asked me about it, then ran.

 

Between my son and I, we put 2000 down on it. Turbos were 2000, Ac compressor was 600, new battery was 200, and 200 for tie rod ends.

 

Nope, Ford Taurus SHO, 2011.

 

It seems to have a rod knock. I don't want to deal with it anymore. My nephew had a lot of work supposedly done to it before he sold it to us. The dealership that supposedly did the work is the same one that told me the engine was bad in October. It wasn't bad then. I am afraid that some other major things will go.