When to repair versus replace car

[Anonymous]

Depends on the repair, would you need to do it if you traded in the car. If not then it might be worth getting a new car

[Anonymous]

Your opportunity cost on a new Corolla will be $1400 per year even if you pay cash ($35k x 4% that you can earn by just parking your cash in a high yield savings account). Add taxes and insurance and you would be easily spending extra $2k per year if you buy a new car. So unless you think you would need more than that in repairs every year then stick with your old car. Also, are you sure your car needs that 2-3k right now? Each time I take my 18 year old Toyota to a dealer for an oil change I get a quote for 5-6k in “urgent repairs” like a rattling heat shield.

[Anonymous]

My friend just sold (to a close relative of his) an immaculate 1997 Toyota 4Runner with a great roof rack and ladder. I would have bought this vehicle in a minute because it was kept in top shape and it doesn't have any of the annoying bells, computer chips, complex electronics, and other features that drive one nuts. I prefer not to be driven nuts--at least not by my vehicle--but too late now.

To OP: I want to write "save yourself" by repairing old reliable, but Toyota Corollas are death traps. Time to move up to an adult vehicle.

[Anonymous]

How are they death traps? I’m on my 4th Corolla and never had any issues with any of them. Ever. I was in an accident in one of them and was perfectly fine after being hit from the side right behind me on the driver’s side. The car was a total loss and I was fine.

[Anonymous]

I would put that 3k towards the new car. I've found it's never just one repair. You fix one thing... couple months later another.... not worth it

[Anonymous]

Anonymous wrote:How are they death traps? I’m on my 4th Corolla and never had any issues with any of them. Ever. I was in an accident in one of them and was perfectly fine after being hit from the side right behind me on the driver’s side. The car was a total loss and I was fine.

I drive a Honda Fit. I'm already dead and have been since 2012.

[Anonymous]

it is not yet 20 years old and cost of repair seems reasonable. We would repair.

[Anonymous]

Anonymous wrote:How are they death traps? I’m on my 4th Corolla and never had any issues with any of them. Ever. I was in an accident in one of them and was perfectly fine after being hit from the side right behind me on the driver’s side. The car was a total loss and I was fine.

I think PP is referring to the fact that the driver of a small car is more likely to die in a two vehicle collision than the driver of a big SUV

[Anonymous]

What's the KBB of the car?

Once the repairs start costing more than the KBB value of the car, that's when I trade.

[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?

This goes to 12 years and you are three years past that. Your chances of a major repair keep increasing and maintenance also rise.
https://caredge.com/toyota/corolla/maintenance

A 2010 Toyota Corolla has depreciated $1,062 or 18% in the last 3 years and has a current resale value of $4,587 and trade-in value of $3,334. So $2-3k of repair on a car worth $4.5k? Something else may break next week, next month or next year.

I would look at a new car, a 1-2 year old used car(really good values) or an EV lease(Hyundai is like $160 per month with $3-4 down for 2 or 3 years). Car technology has made some big leaps in the past 15 years.

The thing with an old car is one day it will not start or it will break down. Can you deal with that without major concerns and are okay unpredictable cost? Those unpredictable cost can cost more vs what the car is worth and hit a few months in a row.

[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?

What car payment is $200 a month? Driving what? Serious question.

I drove a 2003 lexus rx 300 200,000 miles. As long as the repair cost significantly less than the annual amount of a car note I paid it. When I had to start jump starting it every time I drove it bought new used car for $600 a month. Just paid off.

What kind of repair on a toyota costs that much? Have you considered a second opinion?

[Anonymous]

Why are people keeping thee really old cars, they are very dangerous, cars get outdated every 5-7 years and should be replaced

[Anonymous]

Anonymous wrote:My friend just sold (to a close relative of his) an immaculate 1997 Toyota 4Runner with a great roof rack and ladder. I would have bought this vehicle in a minute because it was kept in top shape and it doesn't have any of the annoying bells, computer chips, complex electronics, and other features that drive one nuts. I prefer not to be driven nuts--at least not by my vehicle--but too late now.

To OP: I want to write "save yourself" by repairing old reliable, but Toyota Corollas are death traps. Time to move up to an adult vehicle.

Nothing death trappy about a Toyota Corolla. They keep on ticking and are safe.

[Anonymous]

Do the repair now is not the time to buy a new car.

[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?

A new car will also have a much higher insurance rate, so consider all things. What is the $2k-3K repair for? If it's "normal for a 130K car" I would consider it. But you need to see, how much can you sell your 2010 for--use carman or caravana to get an estimate (they are very accurate IME). If the 2-3K repair is electrical or something that means car is heading towards more repairs, then sell it and be glad you got 130K and 14 years with it.