Unless you have cash to buy, the average new car payment is like $1,000 per month. Your 86k 10 year old vehicle has a lot of life left - maybe even another 10 years. (I just sold my 2001 vehicle and it’s running well as ever for the new owner, I have a 10 year old daily drive, and my son has two 22 year old cars).

If you’re really looking at the new safety features, they are nice. And that’s a good reason for a new car. But a $1,500 repair and it being 10 years old car aren’t good reasons s for a new car.

Thank you all for the thoughts! Up to now we’ve had <$1,000 total for repairs (the heating/cooling and some brake stuff, nothing crazy. Based on all the other posts it seems like the repair probably makes the most financial sense. And then just hope car prices don’t skyrocket in the next couple years.

We put $3500-$4000 into our 2019 with 100k miles. This was mostly stuff you need to replace because of usage, not the odd break - tires, brakes, spark plugs, timing belt. We did have to replace the struts, but we are hoping our investment gets us another 4 years of usage. Its a Honda, so I feel good with our plan.

Anonymous wrote:My car is 10 years old. So far it's been great, but now it needs a repair that will cost around $1,500. For some reason I'm nervous about getting another car, and kind of want to stick to what I'm used to. But maybe it's a bad idea to spend so much on an older car?? I'm not a "car person" so I'm wary of the whole car shopping experience (despite obviously having gone through it a decade ago).
WWYD?

$1500 is NOTHING anymore on vehicle repairs.

18:28 here. I also don't really think of tires and batteries as repairs. Those are parts that you know will die. Also brakes. I can buy a new set of tires but I don't need to get a new car in order to get new tires. So I would consider the cost of the new tires in my total monthly cost for ownership but having had to replace them in and of itself would not have any bearing on my decision to get rid of an otherwise working car.

My car is similar age and mileage and I would fix it except I wouldn't have bought a car 10 years ago without a backup camera. My rough thinking would be about $24k for the same car divided by 60 months is $400 without any interest, so I'd only need to expect 4 months out of it to make it worth it. Even if you divide it by 120 for ten years that you've kept this one, that's less than 8 months.

I realize this is a super rough calculation that ignores all kinds of things like depreciation and interest and higher taxes on the new car, plus I wouldn't be financing a new car, but this is what I do back of the envelope. I also take the price I paid 10 years ago plus large repairs so far and see how much I've already paid per month and compare the repair to that.

The car is a Mazda3. I got it certified pre owned in 2015 for $20k and it’s paid off - OP

Anonymous wrote:What’s make and model?

Without knowing much about your car, I would agree with PP and look at taking it to a different independent mechanic if you don’t have one you trust. I would not take it to dealer because they tend to overstate and overfix what is needed. A “rattling” suspension can be from many things, starting from harmless and up to something that requires more immediate attention.

Seriously. Depending on the type of car, the proper response ranges from buy a new one to turn up your radio and live with it.

PP. The point of the valuing of the working life is...I would spend up to $6-8K to avoid buying a car if I could keep it for 2 years and it would function reliably. You should get rid of a car when you've used it up. Which means it's unreliable for your daily purposes or weighs too much on you mind.

I am currently in this situation with a car. I need to put $3K into it with the risk that something else that costs $3K will break within 2 years (statistically). But I have two teen drivers to insure. I have a strong preference for them to be making mistakes on an older car. It does have a backup camera.

Some cars are still easy to use without a backup camera. It depends on the window shapes.

What’s make and model?

Without knowing much about your car, I would agree with PP and look at taking it to a different independent mechanic if you don’t have one you trust. I would not take it to dealer because they tend to overstate and overfix what is needed. A “rattling” suspension can be from many things, starting from harmless and up to something that requires more immediate attention.

Teens typically ding up new cars. As long as your car is in safe repair, it is acceptable.

It's at or around the average age of a US car. So not as old as you feel it to be.

I buy less expensive new cars. And lately, certified pre-owned low mileage used cars.

I value each year of a car's working life at about $3-4K, based on my ownership experiences. I buy and hold.

I think you should look at a comprehensive review of what your car needs from an honest mechanic. If you feel comfortable with your child learning on it and driving it, it will probably be a good cheap option to insure.

OP here - the car has ~86K miles on it, so not a ton for its age.

The current repair issue stems from the suspension - the car has been making a rattling noise which is kind of unnerving.

Other issues...the HVAC system had some repairs a few years ago but it was never 100% fixed perfectly, so for example you can turn the heater off completely during the winter but some hot air will still blow out. Annoying but not a safety issue. Likewise the infotainment screen is a little messed up and the touch screen function no longer works.

I got a new battery and new tires semi-recently.

The other thing is that I'm thinking it might be nice to have some newer safety features - this car is a baseline model and doesn't have anything like a backup camera, etc. DD is 15 now and will be driving soon (but on that front, better to have more safety features or an older car that isn't worth much just in case something does go wrong??)

10 years is not old for a car. $1500 for repairs aren’t necessarily that much.

How many miles are on it?

What repairs are the $1500?

What’s the overall condition of your car?

I consider my aging cars the same way I think about my aging body. Is it just one thing or is it a bunch of things? One thing can be fixed and the car runs without problem up to 200,000 miles. It may be the end of the line if that model has a reputation for transmission failure before 150k miles and the brakes are due for replacing pads/disks and the tires will need to be replaced before next winter and it has a mystery electrical problem and and and

Do you have a trusted mechanic who can tell you how the rest of the car looks?
And, yes, the car buying experience is generally terrible. Your credit union, Costco or other group may offer you an easier path.

My car is 10 years old. So far it's been great, but now it needs a repair that will cost around $1,500. For some reason I'm nervous about getting another car, and kind of want to stick to what I'm used to. But maybe it's a bad idea to spend so much on an older car?? I'm not a "car person" so I'm wary of the whole car shopping experience (despite obviously having gone through it a decade ago).
WWYD?