when to repair/when to replace

[joaks]

The car in my sig is getting old. It is usually fine but maybe once a year I need to fix or replace something. My wife is starting to get angry with me for putting money into an old car and wants me to get a new one. My thinking has been is that even a fairly expensive repair will only be about 2 new car payments, but I understand her point.

Does anyone know of a good way to calculate when it is a good time to give up? I think my reasoning may be too simplistic.

 

[simple_gifts]

Quote:

Does anyone know of a good way to calculate when it is a good time to give up?


On the car or having your wife get mad at you? Sort of the same thing...

 

[mrsilv04]

Which is less expensive... a divorce or a newer car?

 

[Plumber]

I am in the same spot with my older truck. Except my wife does not want anything new.

 

[fdcg27]

All cars require replacement of wear items like tires, brakes, timing belts, clutches and the like at some point.
Some cars will need struts, exhaust work, cooling system work and so on. These are just parts that wear out or corrode out.
A useful way of looking at any repair or replacement is to project whether you can amortize it at ten cents a mile.
For example, if the Subie is due for a timing belt, can you realistically expect to drive it for enough marginal miles that it'll end up costing no more than ten cents per mile, or maybe a grand a year?
If the car is in decent condition overall, without much body rust or a badly worn interior, it's probably less costly to fix and replace as needed than to buy a new one.
If you're thinking of a later model used car, you should also consider that you know what you have in this old Subie, which is never the case with any used car purchase.

 

[The_Jeff]

Start working on it yourself in the evenings when she's watching Downton Abbey. Make the point that you actually like the car but don't want to detract from the budget or time with her you were spending at the mechanics.

 

[HerrStig]

Originally Posted By: joaks
The car in my sig is getting old. It is usually fine but maybe once a year I need to fix or replace something. My wife is starting to get angry with me for putting money into an old car and wants me to get a new one. My thinking has been is that even a fairly expensive repair will only be about 2 new car payments, but I understand her point.

Does anyone know of a good way to calculate when it is a good time to give up? I think my reasoning may be too simplistic.
When the neighbors need impressing.

 

[spasm3]

Originally Posted By: joaks
The car in my sig is getting old. It is usually fine but maybe once a year I need to fix or replace something. My wife is starting to get angry with me for putting money into an old car and wants me to get a new one. My thinking has been is that even a fairly expensive repair will only be about 2 new car payments, but I understand her point.

Does anyone know of a good way to calculate when it is a good time to give up? I think my reasoning may be too simplistic.


I don't know your ages, but sitting down and talking about a plan would be good. Talk about what age you want to have a paid for home. Then how to get there. Unless you earn a lot and live way under your means, a revolving pair of car payments can keep you making mortgage payments for a long time. Driving decent but older cars is the secret to being without a house payment.

 

[DirkDiggler]

the general financial rule of thumb is to look into a new/newer car when the repair payments are equal to about 6-9 months of new car payments. yes, some people pay cash for their vehicles, but the key is to amortize over a period of time to equalize things (and the loss of interest on your $$). So if a new/newer car runs you $500/month, after about $3,000-$4,500 in repairs, it may make sense to get something more reliable.

However, a 17 yo car is a 17 yo car. At some point, you will have to give up the ghost. Question is, is this about the repair $$ or is this about the image of a 17 yo car?

 

[fdcg27]

+1
We've always seen the lowest cost per mile all-in with cars we've kept for a long time.
Even considering maintenance and repairs over the years and miles, cost per mile almost always declines with additional years and miles of use.
Money not spent on new cars is money that can be used to pay down a mortgage, save for retirement and take a nice vacation when you need a break.
There's no doubt that you can blow a lot of money on cars simply by replacing them more often than required.
OTOH, a car that's reached voting age doesn't owe the OP a whole lot, so any additional years or miles are gravy.

 

[Kruse]

Originally Posted By: joaks
My wife is starting to get angry with me for putting money into an old car and wants me to get a new one.


Ask her what type of car that SHE wants and then go buy it. When that car starts to get old and require a few repairs, you have a reason to get angry at her for buying a lemon. (Sarcasm now off)
Seriously consider buying a differnet car. The marriage is more important than putting repairs into an older car.

 

[Dave Hess]

How many miles does your 1997 Subaru Legacy have ?

Just because it is old your can still get another 4-5 years out of it.

 

[datech]

I think you can spend a grand or two on the replaceable things that need replacing once in a while, like brakes, shocks, tires, battery, timing belt, so one thing might be to consider how much you like the car and whether you could replace it with a better one for a few thousand dollars.

How often do you replace the carpeting in your house? how about furniture? your mattress?

 

[4wheeldog]

Another consideration other than cost is safety improvements that have taken place over the last 18 years. I think some of the best car commercials are the Subaru "And they lived!" TV ads.

Side air bags, improved ABS, vehicle stability control, and highly engineered crumple zones etc. are as much reason to upgrade as the cost of repair......Especially as we age, and become somewhat more fragile.

 

[NHGUY]

Unless its all rusted up,or has 500,000 miles I would keep it.If you bought a 2002(for example) Subaru you would probably have far bigger problems with it....

 

[Ihatetochangeoil]

MOST of the time repair is less expensive than replacement. You do whatever you and your wife can live with.

Last time I bought a (new to me) vehicle, I had just replaced a transmission in my old car. The repair shop had a USED transmission they said they could sell me the transmission and install it for $1000.00 total. I bit. They gave me a 90 day warranty.

Guess what happened on day 91? The transmission failed. For $333.33 a month, I can drive a fine new car, so I did.

That was in 2004; and I bought a new Impala. Then, because I had a new enough vehicle it was under warranty, I started an Excell spreadsheet on my computer and kept track of ANYTHING done to the car; oil changes, brakes, air filters, muffler clamps, anything. I had two muffler clamps fail under warranty.

I now have a 10 year history on three cars stored on my computer. I would humbly suggest you start keeping accurate records of your repairs somehow, if you aren't already. This has really helped me more than once.

For example, I travel frequently for my job. I was on an out of town assignment when my wife called me and told me the dealer recommended a coolant flush on her car. My records (with me on my laptop) showed that this same dealership had performed this same service (on her car) about 4 months ago. She declined their service, and we no longer patronize their business.

 

[Donald]

Originally Posted By: joaks
The car in my sig is getting old. It is usually fine but maybe once a year I need to fix or replace something. My wife is starting to get angry with me for putting money into an old car and wants me to get a new one. My thinking has been is that even a fairly expensive repair will only be about 2 new car payments, but I understand her point.

Does anyone know of a good way to calculate when it is a good time to give up? I think my reasoning may be too simplistic.


Obviously if a repair is more than the vehicle is worth it may be time to bring it to the bone yard. Also is it embarrassing to drive (do people comment "look at that rust bucket"). Does you wife ride in it with you?

My solution is to just get another vehicle. CarWell seems to have made each of my vehicles stand still in time with respect to rust. And one is a diesel and the other has a engine with only 60K miles.

 

[joaks]

Thanks for the input so far.

To address a few of the questions:

The car has 140,000 miles on it, but the engine is a reman with around 20,000. It has some rust on it which I have been slowing down with POR. The car is generally in good shape.

Personally, its my favorite car I have owned. My wife doesn't have an opinion on the car (or any car) but is very money conscious. Part of the reason I asked on here is because I don't want my personal fondness for the car to cause me to make bad money choices.

We are 34 and 37 and do not own a home yet. We would like to get something in the next 2 years or so.

I don't foresee needing 6-9 car payments worth of repairs on this car (I hope!). As far as repairs costing more than the value of the car-I would need to check KBB but I do not think the car is worth much.

 

[2002 Maxima SE]

We own a 2000 Ford Taurus wagon that was used for family trips and around town driving. We replaced my wife's car with one of similar size and now only use the Taurus for around town driving/errands. When it snows (almost annually the last few years here in NC) I take the Taurus. I know how to drive on snow and ice, but if someone beside me on the road does not, that is the car I want them to hit.

I allot $500 to $800 per year for repairs and maintenance...when it gets beyond that, it's time to say good bye. New transmission on a 14+ year old vehicle is an immediate donation to the Association for the Blind.

 

[Cutehumor]

my wife drives her own car. If I choose to drive my cobalt and people laugh, it's my choice. I live in an affluent neighborhood, my neighbors drive Lincoln, Mercedes Benz, Lexus, Volvo, Acura, Infiniti, Cadillac. alot of my neighbors drive luxury suv/cars. I drive a Chevy, and the small cobalt. I know she does not like my cobalt, it's probably embarrassing to her. I told her we save money by driving it since it's paid off. so she does not say anything else about it. It must be working, I have 50% equity in my home, and I'm only 37 years old.