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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.
i am not very handy with auto repairs. I do think your Mazda is both newer and lower mileage than anything I have owned for almost 40 years. My current vehicle has twice the mileage and is 5 years older. Personally I would see if you can get the repairs less expensive as that sounds a bit high unless it is at a dealer. Pay off the repairs, make the payments into a bank account and revisit you idea for a new or newer car in two years. Your current car will have less value in two years but your new car will be two years newer.
Yes, that's with my trade-in credit, some Mazda loyalty credits, and other dealer discounts. $7200 is with all taxes included. So...what are you saying then? How am I not getting the $26k car for $21k? What am I missing?
The fact of the matter is that I don't know what is going to go wrong with my car next. My buddy has a 2008 Mazda 3 and just had to replace a $1500 sensor on his. My thermostat sensor has also been acting wonky, so who knows how much that will cost. Who knows when my timing belt is going to snap, because it's getting to be about that time (100k miles). I'm not a psychic. For all I know, my car could end up costing me $0 of maintenance over the next few years (after I do the required $1500 of maintenance that already exists, that is), or it could end up costing me $1k,$2k,$3k, or more. And nobody here knows either.
Do I drive my car into the ground, get little to no trade-in value for it, and save money for the next car? Or do I bite the bullet and get a new car (while my car has trade-in value) where all the maintenance sans oil changes is covered for at least the first three years? This is the dilemma. Maybe I didn't make that clear in the OP. I'm pretty certain that the cost of ownership with the older car will be less than with the new car and new payments. I'm guess what I'm trying to get at is whether or not it's wise to drive your car until it dies. Is it wise to keep dumping money into the upkeep of a depreciating asset? Should you at least try to get some trade-in value for it?
The timing belt should be looked at soon. I had a 1998 Mazda 626 that the timing belt went at 93000 km according to the receipts from the previous owner. The repairs would have twice what I paid for the car. I sure wished I had replaced it earlier as it was a beautiful car on the highway, in great shape and well worth the 1800 I had paid for it. It had under 190000 on it when it went and was not in the city I live in so had to abandon it at a wreckers.
Just dropped it off at another shop this morning. I think the A/C charge is still going to cost about $100. I looked into doing it myself, but came cross some online advice that made me leery regarding damaging the compressor or injuring myself. So I'm going to leave it to the professionals. I'm not sure what they other repairs are going to cost yet from the other shop.
But as for the buying/leasing, I think I'm going to hold off. I found out that my new company is going to pay for unlimited public transit access, which is pretty solid in my city. So instead of paying $150/mo in parking downtown and a new car payment, I think I'm just going to stick with my existing car. I certainly won't be driving it that much. If anything, I may check into trading it in or selling it off so I can get an inexpensive used car with more of the functionality that I'm looking for.
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.
Wit upcoming maint like tuneup, fluid flushes, belts, and probably rear struts too, I can see why you would want to get rid of that car, but after that $3000 spent in maintenance, the car will pretty much need nothing and you should be good for a while and have no car payments.
But a new/newer car will run you $3-400 a month in payments, so you will still spend $3500-5000 in payments for 1 yr and then still have to make those payments for 4 more years.
Fix the car and sell it for $6000 and put that towards a 1-2 yr old Mazda 3 if you just want a piece of mind or just keep it ( current car) and run it until 200K miles.
So just found out that my A/C compressor was bad. Whole cost to fix everything is going to be about $2000. A/C was always pretty weak in this car, which is no bueno for the high desert climate here during Colorado summers.
I don't know where you're shopping for prices but these are ridiculously high.
These are independent mechanics in lower income areas of Denver Metro. This one was highly rated on Yelp and people were saying that they were pretty good on price as well compared to other local shops. And their pricing was actually lower than the first mechanic. What else can I do? Maybe it's where I live? I don't have the resources to do this myself.
I've heard that A/C compressor work can be quite expensive. That's the brunt of my cost. The struts were going to be about $762, and there were two leaks in my power steering system that is going to cost about $350. On a Mazda forum, some guy said his compressor cost about $1800 to replace, so $1100 seems to be a bargain.
But let's face it, you're not actually worried about the cost. Financially, it's MUCH worse to buy new than to keep your current car. But you know that, and it's totally ok. I typically trade up every 5 years or so because I DO want to keep up with the joneses, and I freely admit that to myself. Heck, the sales tax alone on the new car will roughly equal or exceed your current repair bill, and then the extreme depreciation begins. You will definitely encounter more frequent visits to the mechanic with your current car. The bills won't come close to a new car payment, but the annoyance of going there more often could bug you.
That's what I thought after reading the OP.
I don't think there's anything wrong with buying a "new" car. I do think there's something wrong with buying a new "new" car. If you really just want a new car (meaning a car that's not the one you're currently driving), then I think the best option is to purchase a two year old late model used car. I'd let someone else take the hit on the depreciation.
I think leasing is a deal with Satan. It's true that you come out ahead leasing "if you're the type who trades out vehicles every three years." But then that begs the question of why you're trading out vehicles every three years. Maybe it's not such a bad idea if you live in a very transportation rich area (SF, Boston) and would be perfectly fine not having wheels after those three years. But most people would need to find another car after the lease period ends, and in most cases, that means more car payments.
Leasing would also make sense if you're in the military and know you're likely to be redeployed within a few years. Barring those types of situations, it never makes sense imo.
So just found out that my A/C compressor was bad. Whole cost to fix everything is going to be about $2000. A/C was always pretty weak in this car, which is no bueno for the high desert climate here during Colorado summers.
Heavily reconsidering trading in at this point.
Recharge the AC and trade it in when it gets cold in the next 2 months.
I don't think there's anything wrong with buying a "new" car. I do think there's something wrong with buying a new "new" car. If you really just want a new car (meaning a car that's not the one you're currently driving), then I think the best option is to purchase a two year old late model used car. I'd let someone else take the hit on the depreciation.
I think leasing is a deal with Satan. It's true that you come out ahead leasing "if you're the type who trades out vehicles every three years." But then that begs the question of why you're trading out vehicles every three years. Maybe it's not such a bad idea if you live in a very transportation rich area (SF, Boston) and would be perfectly fine not having wheels after those three years. But most people would need to find another car after the lease period ends, and in most cases, that means more car payments.
Leasing would also make sense if you're in the military and know you're likely to be redeployed within a few years. Barring those types of situations, it never makes sense imo.
2 year old used cars are very close in price to new cars. Maybe you save $2000? But you don't get the warranty, and you have no idea how it was driven before. Late model used cars seem to make very little sense.
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A/C was always pretty weak in this car, which is no bueno for the high desert climate here during Colorado summers.
