When to repair versus replace car

[Anonymous]

Just looking for a pulse check (and no judgement please, I know I drive an old car!)

I have a 2010 Toyota Corolla. Fully paid off, relatively low mileage (130K) and I know these cars can run well into 200K. I'm looking at a ~$2000-3000 repair, and I sort of hate putting this amount of $$$$ into an old car. At the same time, I really like the car and it's nice having no car payment.

Buying a new car is not really a financial strain, but would have a low car payment (~$200 a month).

WWYD?

[Anonymous]

I drive a 2008 acura RDX, just hit 300k kms (186k mi). I had this exact same discussion with Dh before winter. I LOVE my car, and it still drives well but needed some repairs. I put about $3k into it, and am hopeful to drive it for at least another 5 yrs. Especially after covid I really dont drive very much, so it will take a while to rack up more mileage, I just want a nice reliable car that gets me from A to B.

DH ended up replacing his car for a 2020 and drives slightly more, his is the "fancy" car that we take places, mine is the dog park car LOL. But I still love it.

[Anonymous]

How long should it run after the repairs? One year, buy a new one. 2+ years, repair and start saving for the new car if you don't want a payment.
Insurance will go up big time with the new car.

[Anonymous]

Repair no doubt.

[Anonymous]

I went through this in 2012 when I was considering replacing a 2000 Acura TL. I first thought about the estimated new car payment amount. For this example, say it’s $500. Divide the estimated repair cost by the monthly new car payment amount. Will the repair allow me to drive the car for more months than the answer? If yes, repair the car. If no, replace. I ended up replacing my Acura with a Toyota. I still drive the Toyota and will go through the same mental process whenever I encounter repairs. Fortunately, car is still in great shape and only do regularly scheduled maintenance.

[Anonymous]

Where are you getting a $200 car payment? 2k, I would repair. That is a normal maintenance cost.

[Anonymous]

I had a 2007 Sentra that lasted 16 years. I had to repair it twice towards the end. The third time I realized I had to stop and got a new car (Acura RDX). I love my new car but hate the car note. I think it is mental. If this is your first repair do it given low mileage and otherwise good condition. Meanwhile save for the eventual purchase ahead. No car note is definitely the best situation and I am already looking forward to when I am there again and hope I get another long haul (out of my much newer and better car). Shiny new stuff that costs a lot per month isn’t worth it to me. But having a car you are happy with and that is reliable to get you places is golden.

[Anonymous]

fix

[Anonymous]

A paid off car that you can trust to run? Worth it's weight in gold. I'd put the 2-3k $ in and fix it and continue to drive it.

[Anonymous]

I had a 16 year old car with low mileage in need of repairs. TBH it started to feel a little unsafe. There is something to be said for the new safety features but the upside was I sold the old one for a significant amount. For me, the repairs combined with likely costs or renting for long road trips could not be justified . But hey, I drive it for 16 years.

[Anonymous]

We were in a similar position with a 2013, about the same miles, and we sold it to CarMax. I just felt like I wanted additional safety features when driving with the kids.

[Anonymous]

Our cars are 2006 and 2008. My inclination is for you to fix.

What is the repair?

[Anonymous]

Anonymous wrote:Just looking for a pulse check (and no judgement please, I know I drive an old car!)

I have a 2010 Toyota Corolla. Fully paid off, relatively low mileage (130K) and I know these cars can run well into 200K. I'm looking at a ~$2000-3000 repair, and I sort of hate putting this amount of $$$$ into an old car. At the same time, I really like the car and it's nice having no car payment.

Buying a new car is not really a financial strain, but would have a low car payment (~$200 a month).

WWYD?

My wife has a 2012 Honda Civic. 110k miles. It needs fixes every now and then. But nothing big, just regular wear and tear.

I would put in 3k of repairs if it needed it and would help it run till 150k.

[Anonymous]

I would repair it. We just spent 3K to repair our 2011 Toyota Sienna with 200K miles -- that thing is a workhorse for our family and I expect to get 300K miles out of it. Toyotas and Hondas are great long-term cars if you keep up with basic maintenance like oil changes.

[Anonymous]

Why don’t you just buy a new car in cash. They have good deals this time of year.