When to buy newer car?

[Anonymous]

Have a 2011 Jeep Compass SUV. It has like 113 or maybe 130k miles on it. I'm not sure I don't really drive it a ton. It's not dying and mechanically works well. I replaced the clutch and tires a couple years ago so that's good. It is older no new tech or anything (backup camera, navigation etc). I'm wondering at what point is it worth it to trade in so I get a decent amount for it or should I just drive it until I have to do a major repair (who knows when that would be)? I think I could get maybe 2-3K for it if I traded it in now. I would be trading it in for a used hybrid SUV like a 2017 or 2018 Kia Niro (priced around $15k). I'm not dying to get a newer car but also don't want to run into an expensive repair and then I am stuck and can't sell the car for much. What would you advise?

[Anonymous]

The car has hit the point that it's worth more to you to drive than it will be to trade in. You're not going to get very much money for it, and I'd factor trade-in out of your calculation entirely - treat it as bonus cash. Use the time that the Jeep still works to save up a little extra for the next car.

[Anonymous]

Concur with prior poster, seems like you've taken well care of your car and the longer you're able to keep it (and not buy a newer car and "deal" with its higher depreciation than on your car) that's more $$$ to you. I drive an 2007 model car with 80k on it, doesn't impress anyone, but drives well. Oh, and its manual and (tuned) turbocharged!

[Anonymous]

On the plus side, it’s no longer really depreciating.

[Anonymous]

Our Lexus survived 200k miles and even then we only got rid of it because we needed something bigger. There’s no reason to get rid of a car unless it starts to cost a lot to fix mechanical issues. I wouldn’t anticipate those issues though, you could easily get another 100k miles on that car with how differently cars are made nowadays. In the meantime, as others have said, start saving money for a new one.

[Anonymous]

Our Accord did $200k. Finally was too much to keep it. Till then great.

[Anonymous]

DH just had his Civic need more repair than it was worth. He was able to trade it when purchasing his new car. They gave him $750, but the dealer was doing an incentive that tacked on another $2500 toward any trade in - so he got $3250 for a car that certainly wasn't worth that.

[Anonymous]

I traded a 15-year-old car in for a new version of the same vehicle about 18 months ago. The old one was in good shape and had under 100K miles on it, and I hope it's gone on to someone who is still getting good use out of it. (I got $2-3K trade-in on it.) My decision point was the upgraded safety features and a backup camera, and that we could easily afford it.

I wish I'd waited until COVID hit, I probably would have gotten an even better deal.