At what point do you get a new car?

[Kurtatron]

@ Spasm3.
That's my strategy also. I have the nicer, more expensive car, that I minimize the miles on. And I have the beater. It doesn't make financial sense at face value, but I think the nicer car will last me years and years to come the beater is just a replaceable tool until it dies. My automotive itch is satisfied by the nice car, so I never feel the urge to get something better.

I think owning 2 cars works for me, though some might disagree. I have had the nice car for almost 4 years now, and I don't intend to get rid of it for another 10 years. Only reason I have a second car is to avoid it rusting out to salty winters. I think financially in the short term it doesn't make sense, but If I had to replace the nice car in 5 years because of rust, I think using a winter heater would prove a better option in the long run.

 

[Nick1994]

It depends on the vehicle itself and the situation.

I'd have no concerns of driving my old Camry, piling tons of miles on it. It served me very well when I daily drove it. I'd get in it right now and drive to New York without popping the hood, and it's been hibernating for 6-1/2 months.

I got a great deal on my Sonata, and the main reason I got it was because it's comfortable. I've got a bad back and with my nearly 25k mile yearly commute it is making it easier. The Camry isn't quite as roomy, and the seat is far from supportive.

I haven't sold it because I don't know what to do with it. It's such a great car and has so little value I don't see the point in selling it. A family member or friend might need a car one day, and it's out front waiting to get used. It sitting isn't decreasing the value, so who cares?

The Jeep is another story. It was my grandfather's (who is still alive BTW) and it has not been cheap to own to say the least. It's almost on track to being like my previous VW!

But I will keep it for the rest of my life for sentimental value and for being very useful. It can pull my trailer and it is very off-road capable, something I like to do in my spare time.

 

[OneEyeJack]

I've kept my 84 Civic wagon since new because I like it and it's been cheap and reliable. I know it's unAmerican but I've never financed a car, ever. I just like the wagon and live in S California where we don't have seasons and rust. I've had lots of other cars and currently have a 03 V8 4Runner purchased new. The 4Runner was picked because it was needed as a hauler and tow vehicle and was expected to be reliable and at 165K+ it has been. It was built in the Tahara facility that has been most often voted by the automotive industry as the best in the business for quality and reliability, year after year and the V8 engine is as close to bullet proof as any engine out there along with the 5 speed auto and diff. I have no plans to sell either vehicle and still jump on good deals from time to time, often to fix them up, drive them around and resale them.

Sometimes cars are more than a financial equation or common sense. If they weren't new car sales would sure take a dump and lots of interesting old cars would not be here being driven by owners that don't care about value equations.

 

[Rolla07]

I need to upgrade because of kids but will keep mine as a 2nd car. Been dead solid since I got it!

 

[Kool1]

I get a new car when my family grows. When I was single, two seater cars and trucks were fine. Now that I'm married with kids, an SUV is what I drive.

I have never sold a car due to mechanical problems. I think it's cheaper for me to fix my car and keep it running as I know if I buy another used car, I probably won't have much intimate knowledge of the vehicle and am probably going to go through a learning process on how to maintain and repair the vehicle which could be costly if the car wasn't well maintained during its previous ownership.

 

[plaguef]

If you get tired of it, get another one.

You can have two or more cars.

 

[montero1]

I think it depends on who you are, what your hobbies are, family, how much money you make, other financial commitments, length of commute, etc. So many variables. Every car I've ever owned, I really loved driving it. Cars/motorcycles are my hobby, so even my daily driver needs to be something I love getting into every day. I normally get something new (or very low mileage but in excellent shape) when I find a smokin deal on something. I wasn't really looking for my Corvette, but I came across it by chance 4 months ago.... it had 3,600 miles on it, great price, was 20 minutes from me, and had every option and color I wanted. Star just aligned. Sold my Mini Cooper (which I loved), and my Z4 which was previously my toy, is now my Daily Driver. I do all of the maintenance and most of the repairs on everything so I save a good amount doing things myself. Every thing I own looks close to new, and runs like new, I could jump in or on everything and ride/drive across country with no worries.

 

[SR5]

Originally Posted By: Quattro Pete
Drive it until some major repairs are needed that would make fixing it cost prohibitive.


+1
You will know when it's not worth keeping and that doesn't sound like now.

 

[leje0306]

Originally Posted By: d00df00d
Just gonna make up some numbers here; substitute your own and it works just the same.

Let's say:
- My car needs a $500 repair to get back on the road
- It's worth $1000 as it sits
- I've been averaging $700 a month in total ownership costs -- fuel, maintenance, repairs, insurance, payments, everything.

The question is this: What kind of car could I get with a $1500 downpayment and a $700 monthly budget, or less?

If it's better than what I have now, I should go for it. If not, I should stick with my current car -- unless I'm willing and able to shell out more.


Overly simplistic cash basis thinking. The depreciation expense, which is mammoth on a new vehicle, needs to be considered.

 

[d00df00d]

...Then include depreciation in the "everything" bucket?

 

[69GTX]

Originally Posted By: Panzerman
You will never justify the cost of a new car over repairing a old car. This value game is what the dealership wants you think and plants that in your head...


But you can justify the cost of a heavily depreciated, very well maintained, 4-7 year old car with 10K-35K one owner miles. Those cost 25-40% of the price of new and have 80% or more of their life left. My current car was $39K new. Bought it for $9K with 22K miles. Now at nearly 80K miles it's worth around $3K. It would make financial sense to do the same thing again at this point. Unfortunately, the cars that fit the bill are half way across the country for me.

 

[Mr Nice]

Life is short, buy something you like and enjoy driving.

 

[ndfergy]

Roughly every 6 years or near the end of my 2nd set of tires. I find this is a good break point in current vehicle value (I use VMR's website) vs future maintenance expenses. I sell privately which nets me significantly more than trade in (Black book less dealer negotiating room). Kijiji the previous 2 vehicles and before that Auto Trader. Here in Ontario the general practice, if not mandatory, is to purchase a "Used Car Package" printout through the Ministry when selling a vehicle privately. This document is to inform the buyer of the vehicles ownership history and of any current liens.

 

[beanoil]

Are we talking new, or new to you?
My answer, it's rare to find good value in new unless you plan on keeping it a very long time, and just can't do being a second owner.
I bought a used current year F250, new to me, with maintenance records, and saved 20K over the same brand new truck on a dealers lot. The market on the deal I got in March probably won't be around for a while with a lot of autos going to Texas.

 

[oilpsi2high]

Sometimes I feel like I get more joy out of maintaining and repairing an older car than I do driving a brand new one.

 

[plaguef]

Originally Posted By: oilpsi2high
Sometimes I feel like I get more joy out of maintaining and repairing an older car than I do driving a brand new one.


The old ones drive and ride better, anyways.

 

[addyguy]

Originally Posted By: oilpsi2high
Originally Posted By: dlundblad
Originally Posted By: oilpsi2high
Run it into the ground, or sell it while it's still running and get something new?


This makes it sound like it's going to die somewhat soon. At 136k, it still has a lot of life left.

What kind of car is it? Have you had to replace any wear and tear items yet?


2007 Cobalt SS Supercharged Coupe. Brakes, wheel bearings, shocks and struts, bushings, timing chain tensioner, etc.

I think it needs a new belt tensioner (squeaks on startup), and has a front end rattle that is either the steering intermediate shaft or swaybar bushings. Other than that it has been dead reliable. I'm thinking new snow tires for winter and just continue driving it until it completely dies.

I have records for every service performed since day 1. Drained the factory fill at 2396 miles! Always used Mobil 1 5W-30 and either AC Delco or Napa Gold oil filters. GM fluids in the trans changed every 30k.


I would keep that car just for the rare and collectible factor. Most were bought and driven to death in short order, I see them occasionally, smoking and making horrible noises.

These will be the Cosworth Vega of the future, and will be worth money.

 

[Al]

Originally Posted By: plaguef
The old ones drive and ride better, anyways.

I doubt you will find many people agreeing with you. Over the last 50 years I have bought 2 used vehicles and maybe 10 new. I generally keep them 9 to 15 years and maintain them meticuously. Even back in the day a new vehicle always rode better (peppier, more solid, better handling)than an old one. I now have a 10 year old Forester with 175K miles. One thing to consider is the advanced safety factors of newer vehicles. Subaru has always been ahead of the curve and was one of a couple vehicles that passed the small overlap test. They passed in every carline with little if any redesign. So I am still OK with the Forester. But admiditedly my 2008 will not be as safe as the majority of new vehicles.

 

[plaguef]

Originally Posted By: Al
Originally Posted By: plaguef
The old ones drive and ride better, anyways.

I doubt you will find many people agreeing with you. Over the last 50 years I have bought 2 used vehicles and maybe 10 new. I generally keep them 9 to 15 years and maintain them meticuously. Even back in the day a new vehicle always rode better (peppier, more solid, better handling)than an old one. I now have a 10 year old Forester with 175K miles. One thing to consider is the advanced safety factors of newer vehicles. Subaru has always been ahead of the curve and was one of a couple vehicles that passed the small overlap test. They passed in every carline with little if any redesign. So I am still OK with the Forester. But admiditedly my 2008 will not be as safe as the majority of new vehicles.


Over the past 50 years? Cars got really good once you get out of the 70s and 80s.

Generally, the cars get bigger and heavier.

 

[exranger06]

I only gave up on one vehicle for mechanical issues. It needed a new transmission, intake manifold gaskets, and four new tires just to make it drivable/reliable. That would've cost over 3 grand on a truck that was worth about $1500 in perfect condition. And if I spent the money fixing it, I would've still had a rusty old truck with 219k miles and a trashed interior. I instead took that money and bought another car in much better shape that needed almost nothing except brakes and has 65k fewer miles.

Meanwhile, in the last 2 months, I spent over $1,000 fixing up my 92 Accord in parts alone (I did all the labor), which is worth about $1,500. But that is in almost mint condition, is extremely reliable, and will likely need nothing more for many miles. I've had it for over 10 years and I don't see myself getting rid of it any time soon.