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Reassure me, fellow frugality fanatics: I just spend nearly $800 on automotive repairs for a ten-year-old subcompact car which I plan to sell or trade in within the next year, the rationale being that I'll need safety on the long-distance drives I'll continue to do in the meantime. Now I'm worried that it wasn't "well spent." Mostly maintenance issues that I had long deferred; none urgent, but some hard to say re: failure risk. It seems most cars get to the point where they're nickel-and-diming you to death, and that's a hard call!
Reassure me, fellow frugality fanatics: I just spend nearly $800 on automotive repairs for a ten-year-old subcompact car which I plan to sell or trade in within the next year, the rationale being that I'll need safety on the long-distance drives I'll continue to do in the meantime. Now I'm worried that it wasn't "well spent." Mostly maintenance issues that I had long deferred; none urgent, but some hard to say re: failure risk. It seems most cars get to the point where they're nickel-and-diming you to death, and that's a hard call!
I dropped $400 for tires into my 1998 Dodge B1500 van.....I WAS thinking of buying another, but thought "Wait, those tires are dang near new still"...So, I'll wait till next year and hope to have $7K worth of bills paid off...(I owe $15K right now)
What justified it, in your mind? Because surely we won't recoup that investment when we finally sell...
It's not only about whether you recoup the cost of repairs in a sale. Older cars cost less to operate than newer ones in a few ways... lower fees for keeping tags current (in most states, anyways), lower cost for insurance, and lower depreciation per year.
IMO, keeping a car running for no more than $1000/year would be a no-brainer, financially speaking. That will be cheaper than owning a new, or nearly new, car any day of the week. Of course the catch is there's no limit on how many $$ it could cost in a year. Then there's also the inconvenience factor of having to take the car in for repairs more and more frequently.
It's not only about whether you recoup the cost of repairs in a sale. Older cars cost less to operate than newer ones in a few ways... lower fees for keeping tags current (in most states, anyways), lower cost for insurance, and lower depreciation per year.
IMO, keeping a car running for no more than $1000/year would be a no-brainer, financially speaking. That will be cheaper than owning a new, or nearly new, car any day of the week. Of course the catch is there's no limit on how many $$ it could cost in a year. Then there's also the inconvenience factor of having to take the car in for repairs more and more frequently.
If I were planning to keep it forever, I would agree and wouldn't balk, but because I intend to sell it within the year -- which I likely could've gotten away with without making $800 in repairs -- that kind of stings. Still, given this or breaking down on the highway in the meantime, I prefer paying the piper.
If I were planning to keep it forever, I would agree and wouldn't balk, but because I intend to sell it within the year -- which I likely could've gotten away with without making $800 in repairs -- that kind of stings. Still, given this or breaking down on the highway in the meantime, I prefer paying the piper.
Honestly, $800 is not a lot of money when it comes to keeping a car running. I guess it depends exactly what you had done, but things like brakes or steering really shouldn't be compromised.
I was in a similar situation earlier this year. I have an 18-yo car which I put new clutch hydraulics into in 2017. Now the a/c compressor is out (I live in Phoenix metro) and I'm not going to put the money in for that repair (about $850). It's not that the $850 is a big deal, but honestly it's a really old car and there are lots of other things that could go wrong with it. There's still a lot of original equipment on that car... power steering pump, alternator, motor mounts, just to name a few. We bought a replacement car. I'll drive the old car one more winter if it holds up, and then donate it to a charity.
I put $1500 into a 21 year old car. That was two years ago. Still going. Replaced the steering and suspension components and put four new tires on.
Well worth it and it drives like new again. I do plan to keep it for the foreseeable future. Why dump a car that drives well and is still reliable? Especially at that age. Just drive it until it quits.
Why sell of its all fixed up? May as well ride it as long as you can as long as its not breaking down or breaking the bank. Just my 2 cents
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) and I'm not going to put the money in for that repair (about $850). It's not that the $850 is a big deal, but honestly it's a really old car and there are lots of other things that could go wrong with it. There's still a lot of original equipment on that car... power steering pump, alternator, motor mounts, just to name a few. We bought a replacement car. I'll drive the old car one more winter if it holds up, and then donate it to a charity.
