Interesting video about older vehicle ownership

[CarlB]

If you can find one you trust. Or know enough you just go tell them what to fix.

I have seen so many reports of shops doing the wrong thing - here and other forums. Thats the issue - spend $3K, problem persists.

$3k is a lot cheaper than a new car.

 

[WeyounDS9]

Never pay interest on a depreciating asset.

I always said the same thing.
But interest rates for car loans if you ahve prime credit as I do are LESS than inflation.
I could have purchased my '23 Armada outright but the interets rate was less than half inflation.

So I am borrowing X dollars and paying back with Dollars that are worth X-Y, where Y is driven by inflation.
In the end I may pay 3000 dollars more than if I had bought the car outright but the 30,000 dollars I borrowed lost waaaay more than that in value.

I know this thinking hisotrically was not accurate which is why i havent borrowed money for a car in years, but recent and futuire high inflation , as long as bank rates are essentially subsidized by the Fed with a prime rate tied to a imaginary lower-than-real inflation number I can use the difference bwtween real inflation and what the Fed says it is.

 

[CarlB]

I always said the same thing.
But interest rates for car loans if you ahve prime credit as I do are LESS than inflation.
I could have purchased my '23 Armada outright but the interets rate was less than half inflation.

So I am borrowing X dollars and paying back with Dollars that are worth X-Y, where Y is driven by inflation.
In the end I may pay 3000 dollars more than if I had bought the car outright but the 30,000 dollars I borrowed lost waaaay more than that in value.

I know this thinking hisotrically was not accurate which is why i havent borrowed money for a car in years, but recent and futuire high inflation , as long as bank rates are essentially subsidized by the Fed with a prime rate tied to a imaginary lower-than-real inflation number I can use the difference bwtween real inflation and what the Fed says it is.

Don't forget opportunity cost. Unless the interest rate is negative, you are still paying interest.

 

[WeyounDS9]

Don't forget opportunity cost. Unless the interest rate is negative, you are still paying interest.

Yes there is that. Still I felt i was making out as the delta between what I perceived inflation to be and my rate was larger than the interest on my best savings account

I any event, I do not disagree with the OPs premise, also prefer older vehicles if they are the type that will last.

My 2008 Nissan Pathfinder I sold when it had 192000 miles on it. It was one of the rare models with a V8.
Ran like new, sold it to a buddy, its still going strong.

Traded in my Beloved Nissan Xterra for this Armada, it had 176,000 miles on it. Except for sensors it had never needed anything otehr than routine maintenance.
Loved my 2014 Nissan Altima too, but sold it too early to get my Xterra. The model year '14 Altimas were supposedly the "bad" years. But that was clearly overblown, car was as reliable as the sun, AC always strong, always started in the coldest winter nights, got a real and repetably 40mpg in the highway, got rid of it at 140,000 miles.

I am confident my Armada will be just as good as all my other Nissans.
I would say "even better" since it has Nissan Patrol bones, but better isnt possible, so there is that.
This may be the last new vehicle I ever buy.

 

[Chris142]

Unfortunately for us rust belt people, it's hard to keep a vehicle on the road long term. I do a pretty good job of keeping rust at bay on my cars/trucks, but eventually it takes it's toll. Had a 2000 Chevy Silverado 2wd with the 4.8L and 4sp auto that I really liked but rust pretty much took it out after 20 years on the road. Sold it to a guy that was going to use it as a yard truck to haul parts around his business. Still ran great with 200,000 miles on it. Wasn't my most reliable truck but was comfortable to drive and relatively easy to repair.

I couldn't imagine paying off a car only to have to finance another due to rust.

 

[gman2304]

The average cost of a new car in 2025 is almost $50,000! Let’s pretend you can get an interest free loan and all your payments go toward the principle, the principle payment on that loan will be $1,000 a month for 50 months! Simplistic, and I’m confident someone with a framed sheepskin on their wall will come along and tell me how I’m wrong in so many ways, but I’m a simple kind of guy!

 

[2strokeNorthstar]

It's nice because i don't have any payments but as of right now I'm getting pretty tired of having old cars and strongly sniffing around the used car lots for something made in the last ten years

My old daily drivers ....

GRAND Marquis:
- Having some sort of fueling issues
- Driveline vibrations
- WILL NOT STOP SHAKING!!!!!!!!
- Still need to replace some suspension parts
- Starting to rust

F-350:
- Major rust
- Clutch is starting to feel funny
- Parking brake cable snapped (again)
- Head gasket is leaking oil again, not going to fix this time.

It would be nice to just hop in and go and not worry about it.

I agree, it does get tiring sometimes when you always have something on the back burner to maintain. Sometimes it is nice to be able to go where you want when you want and not worry about something. I have an 01 f150 and 2000 Honda. Both are pretty reliable but I would not drive them across the country tomorrow.

 

[JeffKeryk]

Don't forget opportunity cost. Unless the interest rate is negative, you are still paying interest.

An alternative is to pay yourself the interest expense. Save the $$ before you buy the car and then pay cash. At least a big fat down payment. If you put away that $500 or whatever each month, you get the feel of it. And you might learn you need to buy a cheaper car...

 

[SwampSurvivor]

I agree, it does get tiring sometimes when you always have something on the back burner to maintain. Sometimes it is nice to be able to go where you want when you want and not worry about something. I have an 01 f150 and 2000 Honda. Both are pretty reliable but I would not drive them across the country tomorrow.

My fiancé has a 2019 Sentra that we got in 2020. It only has 32000 miles - that's our new / reliable car. We took it on vacation last year and it's something I'd drive across the country without a second thought. But it'll get old and worn out eventually.

I took a few days off next month to try to take care of most of the stuff on the Mercury. Trying to keep it up and reliable.

 

[PandaBear]

Not all vehicles are going to last, pick wisely. If a vehicle is durable then someone will own it, here or after exporting to the 3rd world. When there are enough of that models around still working there will be parts (although may not be new OEM they will have aftermarket).

Can still find some 90s Corolla parts today if I want to, not sure about a 20 year old low volume unreliable exotic car however.

 

[Owen Lucas]

Daewoo Lanos, anyone?

Wrote a claim on one of these that was, IIRC, only 5-7 years old at the time. Car needed a LR door, it was very difficult to find, parts dept took like a week to source one.

 

[Sumboodie]

There's not much new cars have that I feel as a "need"

1990s was about peak for having fuel injection but not so many whiz bangs it's stupid.

I ran a 2025 Chev 2500 a couple weeks at work and the dings, bings, chimes, holy cow!
It would even chime to check the back seats for children. Huh?
I don't need a ding about the keys in the ignition much less one for some random ghost kids!

Took me reading online how to get it to.not shut off after 20 mins (real fun when it's -60*) and never did figure out the heater... it would either barely work or be 120* in the cab, with it set at 70* and me not changing anything.


I was very happy to turn that thing in and get back to my 10 year older truck... and even that one is annoying.

 

[Owen Lucas]

Double post, deleted.

 

[CKN]

Kumbaya for the beater club!