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I often get the "hanker'in" for a "new" car... But here in SC we pay property tax each and every year on every vehicle. So every thing I think about going to the dealer, I go to the county online calculator...
~$900 a year for a 4 year old $32K vehicle?
I guess my older cars will continue to do just fine.
Earliest:
- When you have no car loan and have saved enough to pay cash for the next one.
Latest:
- When your transportation needs change -- could be needing a car with better mpg, or one that can haul more, or just one that's easier to get in and out of as you get older.
- When repair costs become too high (highly subjective, obviously).
Another one who insist on paying cash for everything. When are people going to stop teaching this? It’s not the 1970’s anymore.
Maybe when you find one you like to drive as much as you do your old one. I haven't found anything in the crop of new cars to replace my 21 year old SUV.
When the cost of repairs cost more than the car is worth.
I look at things differently, but that's because my daily driver is my work car. I bought it new for use as a courier vehicle and it's perfect for that purpose. I've made many improvements to it over the years for more engine performance, better handling, better braking, etc. Lately I've been driving even more miles, hauling bigger and heavier cargoes, and it's been making more money for me.
It's beat up a little on the inside and outside, and has really been fully depreciated for at least six or eight years. It was probably worth $2000 or less about ten years ago. But I've put tens of thousands of dollars into it since then to keep it running in excellent condition -- many times more than the car was worth.
But if I bought a new or newer car, that one would depreciate rapidly because of all the miles I drive, and the interior would get beat up. I'd also have to pay more for insurance, and it wouldn't have all the goodies I've added over the years. It would also be impossible to find another vehicle with at least this much cargo space, that also gets such great fuel economy.
So as you can see, my situation is different from that of most people. But I think a lot of folks may find that spending more on repairs than a car is worth can make sense. (Depending on whether buying a particular car in the first place was a good idea.) That older car doesn't cost you for depreciation, for full-coverage insurance, or for interest on a car loan.
In the 80s and early 90s I bought new or 1 yr old and traded every 2-3 years. Then I started keeping them longer and buying older cars. It really doesn't makes a whole lot of difference money wise. I was spending on average 180-250 a month no matter if I had a newer car with payments and no repairs, or an old paid off car that needed repairs - and they all needed repairs, even the legendarily reliable mid 90s Toyota Camry that I drove to 185K.
Last edited by unfocused; 06-23-2018 at 07:51 PM..
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