Currently driving a 10 year old Toyota Corolla. 230,000K. In great shape. Minimal problems. All new shocks and brakes in the last 2 years. Just put new rubber on it a month ago. It just keeps going and going.
A quick scan of the used ads online says that I could get $3,000 - $4,000 in a private sale. On trade-in if buying new or used from a dealer, in current state, maybe get $2,000. Would look to replace this vehicle with a newer Corolla, Civic or similar with low K’s( less than 70,000) and not too old. Not sure if this is something I should move on now or not. Any ideas?
I drive cars until they are paid off, old and have lots of miles on them. My general rule of thumb is if the car is in good shape cosmetically and runs well, keep driving it as long as cost of repairs < 1/3 of payments on a new one.
Why trade a great car and take a chance on something else? If this was my baby I’d proudly drive it until I couldn’t anymore. 230,000K miles? Fantastic!
A used car is pretty much always cheaper than a new car with payments. Just not as reliable. I love not having car payments even though I have to generally fix something new about once every 4 months now though. Still cheaper.
If you are thinking about a new car wait for the budget to come out. Some analysts are guessing there may be some incentives for the consumers (No GST, no "other taxes).
I drive cars until they are paid off, old and have lots of miles on them. My general rule of thumb is if the car is in good shape cosmetically and runs well, keep driving it as long as cost of repairs < 1/3 of payments on a new one.
In a turn of events I ended up paying cash for this one back in 2001( it was used). So I have been free of any form of payments on this for 8 years - beyond insurance, running costs, and repairs for a long time. If I were to change things up at this time I would not be so fortunate with cash, so would need to take on some form of loan payment. That’s why I am contemplating making a move while this car is still running and in good order - it’s still has some value. Drive it till it’s done and it will not.
We are in the same spot. Since my layoff that has been decided for us though
We have a '95 Volvo wagon with 150,000 miles on it. We’ve dropped a fair amount of cash into recently to get it up to solid working order but we own it outright.
We had been thinking about upgrading because the Big 3 are having fire sales but I just don’t want another payment with this economy.
I say hold on to the car. The economy is touchy and being stuck with another monthly expense wouldn’t be good if things get rough.
Becomes stressful to drive in poor weather because it is old.
Becomes stressful to drive because it may become unreliable.
Usually item 1 makes me switch to new. A new car drives better and usually will be maintanence free for the the first 4 years (other than dealer paid service).
If you would buy another car with cash put that money aside in a seperate account. If you would hav to pay notes, start paying notes to yourself (again in a seperate account). Now if this one lasts a while longer you’ve lost nothing. If it breaksdown (to the point of no return) you already have money aside to get the next one.
I give up when I feel the impending/ongoing repairs cost more than another vehicle would. Maintenace and repairs are two very different items in my mind when it comes to vehicles. So just keep in mind that maintenance occurs on all cars unless you ditch them every 40,000 miles (tires/battery/shocks/brakes).
If you have the cash to buy another car then no worries, sell the car and buy another one. However; if you don’t have the cash to pay for another car, keep driving tell you do then you can play the game; how long can I keep the ole girl running.
My old car just died. Just bought another one. It’s sucks having a monthly car payment again. My $.02 is if it is still reliable and not costing you anything, drive it until it dies or becomes terminally ill.
I say hold on to the car. The economy is touchy and being stuck with another monthly expense wouldn’t be good if things get rough.
It’s nice not having any debt beyond our mortgage payments( which is low and reasonable) to deal with. My mechanic said after a recent check-up that the car could easily run for another 100,000K - which would be another three years!!
Our tipping point on a vehicle with more than 100,000 miles on it is when repairs to whatever ails it would cost more than four to six months of payments on a new vehicle.
If we aren’t looking at having to put money into it, we just keep driving it.
If your transmission and engine compression are still good, and there aren’t any major rust holes on the frame that give you cause for worry I’d drive that mofo until she gives up the ghost.
Just not as reliable. 