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I have a 2007 Mazda 3 that's in decent condition. I have a little over 93,000 miles on it. There are some minor maintenance issues (new struts on front, fix power steering line leak, and re-charge A/C) that I will have to address that are quoted to be about $1500 to repair.
Though I don't necessarily want a car payment, I also would like to trade this car in while it still has some value. Most dealers have been quoting me about $3500-$4000 for trade in value.
Do you think it's wiser to maintain this car or trade it in while it still has value so that I can put it towards a new car? I've been looking at either leasing or buying at this point and trying to keep my payments between $200-$250/month.
Do you think it's wiser to maintain this car or trade it in while it still has value so that I can put it towards a new car? I've been looking at either leasing or buying at this point and trying to keep my payments between $200-$250/month.
This is more a personal finance question than a car question.
It's fiscally wiser to maintain your reasonably reliable Mazda 3 (AC leak is the only non-maintenance/repair item) than to purchase a new car.
This board is the most rabidly anti-payment car board around, so I don't think you're going to get unbiased, objective answers.
Another way to look at it is that the OP was seeking advice and will find that many of the posters here, for their own unbiased, objective reasons, have concluded that keeping and maintaining a reliable car is the most prudent way to proceed.
We have a small fleet of vehicles at our little business and we have found that cradle to grave is the best financially sound approach to buying vehicles. It is kind of like "know when to hold them and know when to fold them." We buy new and used vehicles for our fleet, but as a generally rule, we keep them until it is no longer feasible to maintain them for daily use. Another plus side to this approach, you don't have to keep up with the jones' latest vehicle purchase.
1) I would research the repairs needed and see if there is any way I could do the strut and steering line repair work myself. If for whatever reason I couldn't, I would try to obtain another quote/second opinion for repair of the three items you mentioned. It's only an 8 year old vehicle... inarguably I'd say you can likely get another 2-5 years out of it putting in about $1500.00 per year in maintenance/repairs. Figure out what you are comfortable with paying and how reliable this vehicle will be the upcoming year or two repairing the current issues. I'm not a big fan of being stranded by a vehicle that won't start in the winter... reliability is a huge factor for me. I'm handy, I have money for repairs, but if my used vehicles ever start inconveniencing me regularly I sell them.
2) If you cannot find someone who can do these repairs more affordably, or feel like this vehicle is just becoming too unreliable for you, I would consider trading in for something new (not used). You want really low monthly payments and I suspect that limits your options to leasing. I've leased, nothing wrong with it and in fact I've had great luck leasing and then buying out the lease a couple years later when I could afford it. It's not as good as a plan as buying right away as it will cost you more money to do it. However, if you look at the leasing positive that you can really test out the vehicle to see if you want to own it in the future, it may be worth it.
So research first (if you are at all handy), get a second opinion/quote to repair for what you cannot do (just so that you are a good steward of your money), and lease a new vehicle if you feel like at 8 years old your current vehicle is about to become a worthless money pit of unreliability *grin*!
I have a 2007 Mazda 3 that's in decent condition. I have a little over 93,000 miles on it. There are some minor maintenance issues (new struts on front, fix power steering line leak, and re-charge A/C) that I will have to address that are quoted to be about $1500 to repair.
Though I don't necessarily want a car payment, I also would like to trade this car in while it still has some value. Most dealers have been quoting me about $3500-$4000 for trade in value.
Do you think it's wiser to maintain this car or trade it in while it still has value so that I can put it towards a new car? I've been looking at either leasing or buying at this point and trying to keep my payments between $200-$250/month.
Do you want people to affirm your decision for a new car, or are you really looking for advice? I'm not trying to be snarky, but you're talking about a car that is worst case, halfway through its useful service life.
There isn't anything wrong with buying a newer car, don't feel guilty about it, but its really hard to make trading it off at this point worth it financially. Cars are money pits, and part of the suck is depreciation, and you've weathered that.
Its like when you replace your oven Range with stainless, and then get a new Fridge and Microwave and dishwasher to match the new stainless look. You didn't need any of the rest, but you still bought it and justified it. And thats ok. This is America, buying a new car isn't theft from the proletariat.
I think the offers they are giving you are low, but check it out as they could be accurate. You say you want to trade it off with some value. If it really is worth $3,500, as long as it runs and is in decent shape you only stand to lose another $2,500.
The bigger question is, do you want a new car? Nothing wrong with that, and if you can afford the payments easily, go for it.
Yes, for the most part. I bought my base model 2007 Mazda 3 out of college because it was what I could afford at the time. I make a lot more money now, and I would like something with more bells and whistles, so to speak. I can certainly afford the car payments for what I'm looking at currently (a lease on a new Mazda 3 S Grand Touring or mid-range CX5; would love to have AWD out here in Colorado).
Also, I'm not yet completely convinced that maintaining this car is going to be more financially prudent. At least from a numbers standpoint. I guess my point of view is that I'm going to need a new car at some point in the near future (2-3 years). So I'm either going to need to put money aside now or pay money later when I make the purchase. If I bite the bullet now, I get a new car that more than likely isn't going to need any major work for the foreseeable future. With my current car that's pushing 100k miles, there are more expensive maintenance items that are coming down the pipeline like timing belt replacement, transmission flush, etc. We're probably looking at $3000-4000 in total repairs over the next couple years, not including any money I would need to set aside for the day that the car ultimately dies.
Any thoughts on this? I'm trying to be reasonable, but I really want some hard data to push me in one direction and not just feelings or sentiments.
Last edited by Mr. Analyst; 08-26-2015 at 01:03 PM..
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