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If by chance you live in the rust belt, odds are that would be the most likely eventual demise of your Escape.
I suggest keeping it until problems start popping up regularly. Any depreciation you are still seeing will be less than payments into a new vehicle which will also be depreciating.
Many people overlook the 6% to 9% most lose on new cars as they leave the dealer lot: https://pocketsense.com/average-new-...t-7962615.html. It is a little less with most used cars from what I understand; but that figure could be considerably higher depending on the condition of the car, warranty, and dealer markup.
Both are driven every single day, worth about $3k each and run great! No reason a car can't last 20 years if maintained well (lemons excluded). I don't have to worry about depreciation, I have absolutely no payments, and my money is not tied up in depreciating cycle like a new car.
I have a 2009 Ford Escape V6 engine that has only 40K miles on it. I have had it since it was 10 months old and had like 6500 miles on it all driven by my Dad.
I have maintained the vehicle very well using Mobil and Mobil 1 filters throughout its life. The transmission fluid and radiator fluid have been changed and flushed twice once in late 2013 and once in June 2017. The tires were changed once in late 2015 with 25K miles.
The vehicle runs great and has not given me many problems until I had an oil timing chain or timing handle (whatever its called) that caused an oil leak in October last year that cost over $1000 to get fixed. Other than that, just tire pressure sensors, new front brakes and new tires.
Now having said all that, the car is over 9 years old but has very low mileage and I have maintained it well. Is it likely the age is gonna start catching up and causing it to nickel and dime me the next few years, or not likely since I take good care of it and the miles are low.
So what really wears a car out more in your opinion. The age or the mileage.
The mileage I have is mostly city driving, but not the severe rush hour traffic where there is a stop light at every side street. Just stop lights at main road intersections. I drive it one way 8.5 miles every week day to work and on the weekends 5.5 miles to my parents house and 4 miles to the grocery store. Is that considered too short of trips and hard on the car, or is it only the 1-2 mile trips that are hard on a car?
I guess the bottom line is should I move on form the car while it still has value and get a much newer one, or just keep driving it until it starts giving me constant troubles?
Any car I get would be new or almost brand new and I would intend to keep it 9-12 years.
Your thoughts.
Low milage was the icing on the cake which I took into consideration recently with a Ford Fusion Sport 2011.
I would prefer the vehicle with higher mileage (with a verifiable service history) over the older vehicle with lower mileage simply because I should be able to negotiate more favorable terms, because there are still enough people out there who think vehicles turn into pumpkins at 100k.
The sweet spot I look for in the used space is 5yrs/100k miles - most of depreciation will already have happened, technology in vehicle will be new enough to stream via Bluetooth (and have capability for backup camera to exist already or be installed) and if properly maintained, future repairs should be predictable.
You should feel like a king if you are willing to buy Mopar, 3 years seems to be the sweet spot for depreciation and still feeling like you're buying a new car.
I once bought a car with low mileage that was older. I swear I thought I bought a great car as the woman who owned it was in her 80's who rarely drove. She lived by the ocean and in Florida where the sun just beat the tires to death. I think every part was torn apart and even once the brake lines snapped (while I was driving) Luckily for me, I was only going 5 miles an hour.
It changed me and realized not to focus on the miles of the car - but the condition of the car, who owned the car (if they are elderly, did they take care of the car) where did the car "sit" most of the time.
The mechanic lied to me when I went to her mechanic to ask about the car. He told me the woman took care of the car - but he was just trying to help this elderly woman get some money. I owned the car for a few years but it really took a hit on my wallet.
Buyer beware, as they say.
Truth be told I'd rather have a higher mileage car that is newer than an old low mileage car that has made numerous short trips and sat for long periods of time.
I would take a 2015 with a 100K on it before I'd buy a 2010 with 40K.
Short trips are hard on cars and letting a car sit is one of the worst things you can do to it.
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