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Location: Still in Portland, Oregon, for some reason
890 posts, read 3,699,981 times
Reputation: 743
I do.
I plan on keeping my '04 Santa Fe forever and once I get my job situation straightened out, I'm looking at a new Santa Fe and maybe a fun car (like a used Audi RS6). Once I get that done, I'm not buying any other cars for a VERY long time.
I buy cars; I don't lease them. I've heard people argue that it makes no sense to own a depreciating asset, and that's why leasing is good...but it's not for me. I buy what I can afford, put as much down as I can and get as short of a loan period as possible. Then I maintain my cars and drive them until repairs start to get more expensive than the car is worth.
Most of the time, anyway.
This year is a little different. I got some money that I've had coming for 3 years, and 3 years ago when I heard it would be coming I decided it would be used to replace my wife's car. (which was 7 years old at the time)
All fine and well, except my wife's car is still running very well; better than I figured it would be by this time. Not completely without issues, but nothing that can't be fixed for less than the car is worth.
I don't want to wait until I'm in the position of having to buy a car; and the money is here and this is what it was set aside for, and if I don't use it we'll probably end up spending it on something stupid...so we're buying a newer car this year, even though the old one is still driving well.
I do. My acura had 251k on it when it died. I sold the parts on ebay. I have an 00 Toyota Sienna (220k) and a 98 Camry (230k) which refuse to die. The 01 Subaru has only 120k.
Two daily runners, a 19 year old Chrysler and an 18 year old Buick. Haven't traded a car in since 1983 when I dumped a Volare wagon in a trade for a Grand Marquis.
The only thing that makes us turn a car out of the family is something big like an engine or tranny. Anything else to me is routine upkeep. Even when something big comes up we'll offer them to extended famly for parts or repair.
I have only traded in or sold 1 car since 1970. I've given them to the kids (4) gifted to friends, hauled off as junk, and wrecked.
How many of us keep their cars till they're worth only the scrap value?
Absolutely!
I do my own mechanical work, so I have absolutely no qualms with buying a decent looking car for around $500, fixing it and driving it for as long as it will go.
I've also learned to disconnect my ego from my vehicles. I have other things I'm investing in, and something that always declines in value (cars) is not what I want to waste all my money on.
Last edited by Omaha Rocks; 04-01-2009 at 03:18 PM..
I have only traded in or sold 1 car since 1970. I've given them to the kids (4) gifted to friends, hauled off as junk, and wrecked.
How many of us keep their cars till they're worth only the scrap value?
I think I'm headed toward having this mentality. Depreciation on new cars these days is absolutely pitiful. I'm trying to get out of the new/different car every 3 years rat race. I've now had my Suburban in excess of 5 years and it's 7 years old....I think I'll have it another 7 years if it can handle it. Now if I can get my wife and kids to stop abusing the minivan we'll be all set.
I usually don't, if I can't drive it on a long trip without worrying about it breaking down I usually get rid of it. I like to buy cars with about 20-30k miles miles on them, and I usually don't keep them past about 110-120k miles.
All of our vehicles now have at least 200,000 miles on them.
The oldest are a 1971 MB 220, and a 1972 BMW 2002. Next in the line-up is a 1976 Alfa Spider.
After that, our daily drivers are a pair of Subaru wagons ... 95 and 97, with 235,00 on the 95 and around 300,000 on the 97.
Our pick up trucks include a 1986 Ford F-250 diesel, and a 1995 Powerstroke.
Motorcycles include nothing newer than a 1976 MotoGuzzi 850T3. I sold my 1969 MG Ambassodor at 30 years of ownership, with 132,000 miles on it ... still running strong and an eye-catcher almost everywhere I went with it.
I rarely buy a vehicle with less than 100,000 miles on the odo ... the exception being the 1969 MG and the 1972 BMW ... both bought brand new. And I'll keep all these vehicles running until there's nothing left but scrap value. Cheaper to insure, cheaper to register, cheaper to keep on the road. Why have additional expense? I bought them all for their utility and transportation, not to get a whole bunch of blue sky depreciation.
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