Why don't more people hold on to their cars longer? (lease, vehicle)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I drive a 1998 F-150 with 220K miles on it. It seems like my truck is by far older than 90% of the vehicles on the road. While I "want" a new truck (because I'm human), I know my truck runs fine, and I don't "need" a new vehicle. Even though it is probably worth less then $3K, if I had a major repair say $1000, it is still cheaper to repair it than buy a new truck for $25K.
So, why don't more people keep driving older vehicles? How do (so many) people justify selling a vehicle after a few years with less than $100K miles on it? Sure some people lease but I would think that is a small minority. And sure a small percent will be totaled, but I would think the vast majority of people simply chose to trade in.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,077 posts, read 80,118,318 times
Reputation: 56856
Mine are 1997, 2002, and 2007. While this area is full of late model Mercedes and Lexus and some kids get a new Mustang for their 16th birthday, I also see 80s cars running around.
1. Image.
2. Lack of maintenance & repair knowledge leads them to depend totally on expensive repair shops.
3. Fear.
4. Image.
I can understand 1 and 4. Don't understand 3 (fear of what?).
Compared 25 years ago, it is pretty darn tough to work on cars other than simple things like changing oil and filters. However, cars these days seem to need a lot less maintenance (spark plugs every 100K miles for example)
One other thing is today's cars have more safety stuff (like 8 air bags). But still, my "get to work" truck is fine. If an all new Tacoma comes out I would buy it OR if I really like the all new 2014 Chevy Colorado I might buy it. Otherwise, I'll keep my F-150 until something I really want comes out.
Mine are 1997, 2002, and 2007. While this area is full of late model Mercedes and Lexus and some kids get a new Mustang for their 16th birthday, I also see 80s cars running around.
But you would agree, a 1998 car is like 1 in 20, right? Most (70%?) cars are 2005 or later, right?
I haven't owned a vehicle that suited my needs or desires for more than 3-4 years. Things change, life changes. At one point I needed a versatile do everything car, at one point I needed a commuter car, now I really only need a pickup truck. However if I depended on just a truck I'd need it to be reliable and fuel efficient - and it's difficult to find both in in older model.
Few cars do everything well.
Leasing is pretty common now, especially on premium cars.
I can understand 1 and 4. Don't understand 3 (fear of what?).
Fear of it breaking down out in the middle of nowhere. Fear of having to spend $2,000 to fix something they've never heard of.
I knew a guy, years ago, who freaked out when his car hit 75,000 miles. He started driving about 45 mph, because he was convinced that something was going to fall off it. Weird thing was that he was only about 40 years old at the time - not some kooky old man.
Image, new features, no unexpected repair or stuck in the middle of nowhere, etc.
It's not like they are throwing away their old care, they trade in for a new one. They sell it at a reasonable value. For example, if they trade in now, it will be worth $10K, but if they trade in 5 years from now, it might only be worth $3K.
With that being said, one should keep a brand new car for at least 8 years, preferably 12 to 15 years.
I have actually - on occasion - strongly recommended somebody buying a new car. One couple in particular was particularly horrible with maintenance, and drove asinine amounts of unnecessary miles. They regularly faced large repair bills in addition to their monthly payments of almost $400. I strongly recommended that, when they got their car paid down to where it was possible to do so, they trade it one a new Kia with the 100,000 drivetrain warranty, and $199 per month payments. At least then they'd know exactly what their monthly outlay would be.
They, of course, didn't do what I suggested.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
