Don't know what to do
 

if my 2005 MCS needs a new transmission at $45000 and the car is worth $6000 and I owe $3000 on the loan what is the next step.

1- part the car out and keep paying the loan
2 - try to trade it in and take a beating on a next to
nothing trade in value
3 - try to sell it outright

any thoughts

That sucks.

Assume you have an auto so somebody looking for a track car is out as pretty sure the ECU is set for an auto and changing to a stick program is not worth the effort. Also thinking that as you have a loan on the car if you tried parting it out and anything ever happened that you could not pay the loan you are in big time trouble. If you have only 45,000 miles somebody that turns their own wrenches might buy it and pay you something closer to what you owe.

Auto or manual? You can get used ones for the auto. For the manuals, the transmissions dont really go bad, most of the time its the clutch or seals. Go to a MINI independent shop and try to get a used transmission then replace it.

It is an auto. Aisin 6 speed. I love the car but $4500 is not reasonable for a transmission. I feel like a am getting screwed

Get a used one and swap. Find a transmission shop or an indy.

I don't know how up to date the lists are, but car-part.com searches used parts across the country. It shows a lot of auto transmission that will fit your car. If the $4500 includes installation the price isn't really that far off. You could probably find a cheaper way to do it but I don't think they are ripping you off.

http://www.car-part.com/cgi-bin/sear...ey=&userPage=1

Tough choice on what to do with the car if you don't want to fix it. Not sure how much people actually make parting them out, but I'm sure mile and condition play a big part. It's definitely a lot of hassle and work.

If the miles and condition are good you might get close to the $3000 you owe selling it as is.

Good luck, not an easy decision either way

:-(