Here's the story
I owe $12,000 (yes, that is three zeroes) on my 2003 Mercury Mountaineer with 60,000 miles on it. I bought this car used, 2 years ago, with 30,000 miles on it. Two months after I had it, the transmission had to be replaced. The car dealer paid for this, no problem.
Apparently, now it has a MAJOR problem with the engine and there is a very good chance the engine needs to be replaced to the tune of $4000 (again, three zeroes).
I think I am stuck. If I try to sell it with this problem, I'm sure I will get a VERY low amount. If I fix it and sell it, there is NO WAY I will get close to $16000.
I think I have to fix it and keep it (!) b/c I owe so much $$ on it. If the engine does get replaced, it will be under warranty for 100,000 miles, which is essentially like a new car since both the engine and transmission are new.
The thought of sinking $4000 into a car literally makes me sick to my stomach.
Any advice? I am still going to ask the dealer for a price on it w/o getting it fixed.
TIA for any insight you can offer.