You need to learn the difference before you make a huge financial mistake. Equity is having something worth more than you paid for it plain and simple.
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Wrong.

https://finance.zacks.com/equity-assets-mean-1360.html

I’m CPA. I won’t tell you how to fix trucks.

 

That link deals with asset equity. If you truly are a CPA then you should know the difference. Please show me anywhere that actually gives an example of equity in an automobile if it's a run of the mill off the rack production line produced machine.

Hint: You can't. Equity deals in assets. There are none where an automobile is concerned unless it's increased in value
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Definition of Equity

Your equity in an asset or property is equal to the market value of the property or asset, minus any amount you owe on that same asset.


From the link above.

I guess your truck isn’t an asset. Mine is.

 

I get that but I don't consider it an asset when I paid $29,900 and it's only worth $19,000 now, sure I can see where you might put 2+2 and get 3 but if I paid that much and were to sell it today I'm out $10,000. How in the hell do you consider a loss of $10,000 equity? Did you work for Enron by any chance?
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You’re confusing depreciation with equity. Read the definition.

 

I'm not confusing anything. I know what equity means. and there is NONE in an automobile, it's a liability because it's always costing you something be it basic maintenance such as tires, brakes, oil changes, filling up the tank etc.......

You cannot compare home/business/stock equity where an automobile is concerned. In your eyes I have a $19,000 asset in my truck. In my eyes I have a $10,000 liability that just grows higher for every year I own it as value decreases.

Asset in the eyes of a bank were I to take a loan out and use it as collateral sure but when you break the numbers down it's still a liability. I'm not going to discuss this any longer so save your warped sense of finance for your customers (god help them)
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OP - sorry for high jacking the thread.

And no - I didn’t work for Enron.

 

I myself would fix the Phaser issue, the bottom end of that motor will run another 100,000 miles. As long as the rest of it is still not making any noises you should be good to go. Since you said you didn't have a lot to throw at it I would do the cheapest route and go from there.


Actually Equity is the value of something VS the amount owed.
For example
1) I have a car worth $15,000 and owe $5,000, I have $10,000 in Positive Equity in said car
2) I Purchased a vehicle for $15,000 and have $5,000 I still owe on my trade and financed that into the loan, the Vehicle is still worth $15,000 but I owe $20,000 on it, I have $5,000 in Negative Equity in said car.
3) I purchased a house for $175,000 and paid cash for it, it is now worth $225,000 I now have $225,000 in Positive Equity and $50,000 in Profit and Taxable income if I sell it.
Now you are getting into Capital gains and IRS crap that I save for my CPA

 

You can discuss the topic and even argue but personal insults are not permitted.