Daily Driver: Sell at 200K/Run Into The Ground?

[Ramblejam]

Wife has an ES300 with right at 200K now. Runs great, UOA's have been fantastic, and easily returns in excess of EPA highway MPG in a daily 90 mile round-trip commute (with a mix of city/highway), albeit with premium in the tank. Have done most maintenance on it myself (wheel bearings, brakes, plugs, fluids, struts, etc.)

From a standpoint of daily-driver reliability/financials, does it make sense to run it till it dies, or sell at this point (for whatever it'll fetch) and pick up a newer fuel-sipper (40MPG+)? Thank you!

 

[MobilinHyundia]

Keep it!

A new car may have better MPG but the cost of that new car will never make up the extra costs to get it.

Best thing to do, get out the calculator.

 

[Killer223]

if it's paid for and does great MPG and has had no real issues i'd keep it, if/when it starts costing you money to keep it on the road then sell it.
it's hard to justify the expense of a new car when there isn't really anything wrong with your current one. those Toyota engines will run for a long darn time if maintained.

 

[jimbrewer]

Almost certainly it's cheaper to keep driving it.

This is where all that meticulous maintenance pays off.

 

[Huie83]

I'd say your ES300 is just getting broken in, those are really nice cars.I'd keep it for sure, especially just to use as a DD/commuter.

I think it would be hard to find a replacement. Riding in a econobox 40MPG car wouldn't compare to your ES and IMO would get old quick.

 

[Nick1994]

It's a Camry, it's just getting started! Keep on driving, those are really comfortable.

 

[SwampSurvivor]

I'd keep it - those cars have a reputation for lasting forever. And especially since it's low stress highway miles. It's paid for, has a lot of life left in it and you're really not stressing it much. I think you should maybe revisit once you hit 300K.

 

[KGMtech]

Single biggest cost of car ownership is depreciation, as this one is at the bottom of the curve....keep on driving until it is no longer safe.

 

[Kira]

Oh yeah, keep it and run it. It's paying you back handsomely. You want an older car for a daily commute.
Sooner or later some texting BOZO will drive into you at a red light and you want NOT to be in a newer car.

Also, the selection of "next tech" cars is only now blossoming. In a few short years there'll be more BETTER choices for you.

Then, down the road, if you select a next tech car, you can give it to someone who needs a vehicle or donate it or sell it cheap.
Even in good shape the 200K will drive the price down. Now is the time to use and enjoy your "cheap" car.

Don't make me come over there......

 

[Old Mustang Guy]

We have an 01 Escape with 227k that is our third car. Still runs great and gets driven daily. I took it to Carmax just to see what they would offer. They offered $300 for it. I now hope to keep it until at least 250k then I will donate it.

 

[JTK]

Sorry if I missed it, but how old is the ES300? If it's more than 10yrs old, the amount you could sell it for problem free, or needing some work is pretty negligible.

Went through something similar months back with a family member, but his beloved 2000 model year Avalon needed exhaust work, including the CC assembly, needed struts all the way around and other suspension work given it was all OEM still @ 200K miles. He traded it in on another used Toyota product. They gave him around $2000 as a trade-in allowance.

 

[Chris Meutsch]

I'm in the same boat. 2005 CR-V with 238k, everything works, no repairs ever. I'm keeping it until I or it expire(s). On-time meticulous maintenance pays off at this point like the other poster said.
Put that $500 every month into your savings account instead.

 

[EdwardC]

I agree with everyone else, keep driving it!!

I would just keep up with basic maintenance and reevaluate if/when a larger repair is needed. You'll likely not get much out of a trade/sell right now, so you might as well keep driving it.

 

[Ramblejam]

Thank you everyone! Certainly a resounding chorus.

LOL, Kira -- you're ever down this way, feel free to stop by!

Calculator:
Car is paid for.
ES300 is rated 17 city/24 highway (19 combined). She routinely pulls 26-28 in mixed driving with premium fuel; how she does it, or how the EPA can be that far off...I haven't a clue.
By "newer fuel-sipper", I was thinking about something like a late-model Prius. It's rated 49 city/46 highway.
Over three years (hopefully as long as she has to make that drive), the ES300 would be $2,500 or so more on fuel.
Car's worth maybe $1,500 on private party sale.

 

[IndyIan]

How does your Wife deal with the odd break down? Alternator, water pump, fuel pump etc, may decide to go at some point even in Camry.
I think many new cars are bought just to reduce the chance of getting a tow home and to avoid a big repair bill even if its far cheaper than depreciation.

 

[Andrew1972]

Financially driving a vehicle long as possible makes most financial sens especially when 150k+ as value is not there in resale.

There are exceptions of course but his Lexus IS a good high mileage bet.

If you don't have cash for replacement make up a car payment and start doing it to yourself.

 

[69GTX]

Originally Posted By: KGMtech
Single biggest cost of car ownership is depreciation, as this one is at the bottom of the curve....keep on driving until it is no longer safe.


Depreciation is the biggest cost....until repairs due to age and wear take over, and they will. Depreciation should slow down in the 6-10 yr time frame, but it never stops except for collector cars. I drove my last car past the 150K mile point...or another 80K miles and 5 years. That was just dumb as the car depreciated from $1500+ down to $500 and the repairs over those 4 years exceeded the original $1,500 value (brakes, tires, radiator, suspension, emissions system/exhaust, AC, window motors, etc.). Many times, the right decision is to bail out. If you buy these same cars used with 30K-60K miles at the 3-7 year point, you don't have to suffer the original huge depreciation hit the original owner does.

 

[Quattro Pete]

Originally Posted By: Ramblejam
By "newer fuel-sipper", I was thinking about something like a late-model Prius.

I would expect her current ES300 to be more comfortable on a long commute than a Prius, which to me would be more important than MPG, but we all have different priorities. High 20s mpg isn't bad though.

Plus, she's piling on miles quickly given her 90-mile daily commute. I'd rather pile them on a 200K beater than on a new car. In 3 years, you'll go from 200K to 300K miles on the ES300, which will not affect its resale value much as it's already worth very little. If you were to get a new car, you'll go from 0 to 100K miles in the same 3 years, and that'll have a huge impact on resale value IF you decide to sell it at that point.

I would just keep the ES.

 

[JHZR2]

I'd keep it. Do your research - what is the value of onewith 200k vs 250 or 300k? If not much different, then why not extract the mileage? Depending upon the actual value, you can then make a decision what level of dollar value of repairs are prudent when something big comes.

 

[supton]

I vote keep. As long as you have N+1 vehicles, or a backup plan, this should be cheap motoring.

If you don't have N+1, it might be worth getting that Prius--and keeping this--so as to have N+1, for comfy living. Then again, if she's doing mostly highway... the Prius might not be the one that gets the miles on it!

Also: what is the ins+reg cost delta? I presume this ES300 doesn't carry collision, and has low reg fees. A new Prius won't have either. That is probably a $500-700 per yer difference, at least for the first few years.