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.
Not only do I keep it after the wheels fall off...I wait til the windows stop unwinding, the brake pedal is flinstone era and I have been pulled over by the cops .
Seriously if the upkeep cost more then the value of the car, then replace it...or not. I haven't sold one of my cars as I have a tendency to give to the needy
.A teen down the road who's Mom has Parkinsons...so he drives to the store for her.
It gives him a sense of responsibility and its a car to learn how to fix...ALOT ! :P
Overall its not the the age of the car, its the age of when it last got taken care of. I have found that the more I keep the little repairs going to thwart off Big ticket items...the longer it last. My very first car I owned...lasted two days! It sputtered and spewed oil fumes ...I learned then that it wasn't the wheels to worry about...the engine was going to fail. And it did. Learned the hard way what taking care of an investment meant.
I started this thread with one of my friends as an example but am really wondering what my next move is.
Wife's car is a 2007 Yukon Denali bought new that has been a very good purchase. Just had to replace the oil pan gasket (leaking) at 88,000 miles. I know that is low mileage but it was a lot of short trips and the oil pan gasket may be an indication of lots of heat cycles as I believe it should have lasted longer.
We have had it for 11 years and it books out around $16,000 so wondering if soon is a good time to trade for another?
It’s nkt a bad idea to trade it in now, not necessarily.
The “drive til wheels fall off” mentality assumes you’ll run it off the deep end of the depreciation curve. It’s about the opportunity cost of having money tied up in newer, depreciating cars. There is risk involved as well; the dead spot where you would expect to have more utility out of a car that’s not worth a whole lot, if something happens to the car, the car isn’t worth much and you didn’t realize that utility.
It’s nkt a bad idea to trade it in now, not necessarily.
The “drive til wheels fall off” mentality assumes you’ll run it off the deep end of the depreciation curve. It’s about the opportunity cost of having money tied up in newer, depreciating cars. There is risk involved as well; the dead spot where you would expect to have more utility out of a car that’s not worth a whole lot, if something happens to the car, the car isn’t worth much and you didn’t realize that utility.
See, this is why you buy preowned. (I realize this a whole other can of worms, and a divisive issue.)
I don't know if I'm just conservative, wise with money, or just cheap, but I never have and never will see the point of taking the depreciation hit when buying new. The new car smell is not worth it.
My mother, for example, has a nice fully loaded '15 Buick Enclave. It was a $52k vehicle, but she bought the demo off the lot for around 41k. It had like 6k miles on it. That's what, about 20% off? She's had it for 3 years now, I don't think it ever crosses her mind that she should have bought brand new.
I would probably buy used on 40-50k+ cars, but if you’re in the 15-30k range than sometimes it’s not much difference to buy new. For example a new Honda Civic might be 22k and a used one 19k with 10k miles. 3k isn’t much spread out over 10-15 years.
See, this is why you buy preowned. (I realize this a whole other can of worms, and a divisive issue.)
I don't know if I'm just conservative, wise with money, or just cheap, but I never have and never will see the point of taking the depreciation hit when buying new. The new car smell is not worth it.
My mother, for example, has a nice fully loaded '15 Buick Enclave. It was a $52k vehicle, but she bought the demo off the lot for around 41k. It had like 6k miles on it. That's what, about 20% off? She's had it for 3 years now, I don't think it ever crosses her mind that she should have bought brand new.
I don’t disagree, and I don’t mean to open the new/used debate, but unless your buying beaters I don’t think it makes a huge difference buying new vs used IF your driving it to the very end of it’s days. It depends on the car too. Some depreciate like rocks, some do better.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,722 posts, read 58,054,000 times
Reputation: 46185
Quote:
Originally Posted by JONOV
I don’t disagree, and I don’t mean to open the new/used debate, but unless your buying beaters I don’t think it makes a huge difference buying new vs used IF your driving it to the very end of it’s days. It depends on the car too. Some depreciate like rocks, some do better.
if you are driving it to the end... no worries about depreciation
Just get something you can live with. (My main daily driver is 40 yrs old, I wish it was a different color.) it cost me $35.00, I consider it ‘fully depreciated’.
Never has darkened the door of a fix-it shop (while I have owned it).
I think I will go check the lugnuts, before the wheels fall off... but... it gets studded snows for 5 months / yr, so maybe the lugnuts will wear out before the car. I use NEVER-seize, so far - so good.... for last 38 snow seasons
My problem with the wheels falling off is you don't know when that will happen.
It nice to not have a car payment, but if I have a random repair that pops up and messes up my work schedule and I have to shell out various amounts of money (which ends up being like a car payment) - the random issues become a pain in the neck. I am OK with basic repairs, but leave the more time intensive repairs to an expert.
My plan going forward is to keep a newly used car for about seven years. Pay for four years, and hopefully save the car payment for the subsequent three years to put down on the next seven year car and reduce the monthly payment amount.
My problem with the wheels falling off is you don't know when that will happen.
No doubt, there's a "crapshoot" element. But if you bought a car new and maintained it well, you might have an inkling or sense, say after 7, 10, 12, 15 years when and what things might and could go on it.
There's definitely a "hedging your bet element", say after 10+ years and your alternator goes, if you replace it the car might not have any issues for another few years or maybe even 5+, or maybe in the same year after replacing the alternator, something else major goes on the car.
We've all said it or at least heard the phrase but is that really the smart thing to do?
I have some friends who drove their 2007 Mercedes SUV until the engine blew up (stopped working), at which point they sold it to a junker for $500. It had 150-160,000 miles on the car so was getting old but what if they had sold it the year before. They would have probably got $10-12,000 for it that they could have used to help purchase their next car.
How do you figure out when to sell your car? Is driving it until the wheels fall off really the best choice?
That's not very many miles for a 2007. That's an average of 10,000 miles per year. It's really simple. When the cost to repair the vehicle outweighs the vehicle's value, then it's time for another vehicle.
I tend to keep my cars forever. My 27 is one I built 30 years ago, and all the others I have had for decades. When I get one I like, I see no reason to get rid of it, just to get a newer one.
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.
