|
Is this your only car? How much do you drive? Do you live in the city or suburbs? Will you need a bigger car in a few years (growing family etc.) - all factors I’d consider.
We live in the suburbs and have two cars. We like to go away on road trips for weekends, so we always like to have one newer mid size SUV that fits our entire family and is good for weekend drives to the snowy mountains, grandparents etc. so for us, once the primary car is aging, has lots of miles and requires repair we will probably get a newer one. If you drive less, or it’s a secondary car, only used to drive to a train station etc, I would put the money in because you’ll likely get as many years as you want out of it. |
+1 Back in the day I sold an old Corolla with 350k miles. The guy who bought it said that he was going to ship it overseas and rebuild the engine. He said the car would last another 350k miles. Corollas are all over Afghanistan, so that should tell you how tough they are. |
Lol. Says the car makers. If it gets me safely to where I need to go and is still reliable, why would I buy a new one every _____ years? |
+1. That also seems incredibly wasteful. |
You keep harping on the 14-yr thing, but your car was a lemon from the start, needed a completely new engine at the 5-yr mark and only had 130k when you finally made the terrific decision to get rid of it. LEMON |
This. Exactly. I drive cars til they won’t move or right before they become unsafe. It’s ridiculous to believe cars need replacing this often. I’m 60 and have only had 4 cars in my life. Bought first at 22. |
And sold it for 25% of what I paid for it at the 14 year mark. CarMax sold it about 10 days later for even more than that---so someone will be driving it for years to come, A$$hole! Just not me, because I replaced it with a $100K vehicle, paid for with cash |
|
It would depend on your situation.
I have a 2007 Corolla with less than 80K miles on it. Fall of 2023, I had to drop a $5K repair for wear and tear, plus replacement of things that commonly wear out at that mileage. I don't pay for parking and 90% of it is short trips since I have lived closed to public transit for nearly 15 years, but have not had to pay parking premiums and the car is paid off. Most years the maintenance is less than $2,000 so still makes sense to drive it into the ground and save up for a new car. My car body will likely rust out before the engine actually dies. Every time I take i to the shop they call it a "warrior." I mainly use it for very short trips, and it's the car we take on longer trips to visit the in-laws. If I had to drive a lot for work more regularly, I would have replaced the car a while ago, ideally before the $75-100K mark when the expensive stuff starts to wear. But if I can get 5 more years out of the car spending $2-3K a year on maintenance, I still come out ahead, especially considering I have not had a car payment in 14 years. |