rudar has given you good advice. Also make sure to have a fire extinguisher on hand. If bolt is rounded, I have had good luck with craftsman bolt extractors (also works on nuts). They have spiral reverse flutes that grab the rounded edges of the nut/bolt. If you have a particularly difficult time removing the nut, thread the nut off and on a little while applying penetrating oil almost like tapping a thread to remove the cuttings but you will allow the lubricant to penetrate further while removing dirt/rust. Good luck, don't give up, and don't buy new car, you can fix this one.
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