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It's going to depend how it's looked at. I don't see you getting much better mpg in a newer honda, so any per month cost reductions will be minimal. We sprung for a new subaru recently, because of the insurance savings coupled with the gas savings at $3 a gallon covered all but $120 of the monthly payment..now nearing $4 a gallon it's paying for itself..monthly...and my 1-ton now sits unless I need it's hauling and towing capacity.
But on the bottom line, we'll be paying ~$21,000 in payments that could have gone elseware.
In the OP's situation, I'd say keep the old car. New honda's have gotten more porky and more safe, but I haven't seen the mpg increases I'd like to see, to make me dump an 05 Accord for a new one.
true on the mpg not being worth it. maybe safety features not even worth it. but if fixing the old car will cost him $1,500, and he can get a new, worry-free car for only $6,500 more out of pocket....i dunno...becomes a tougher argument i think.
true on the mpg not being worth it. maybe safety features not even worth it. but if fixing the old car will cost him $1,500, and he can get a new, worry-free car for only $6,500 more out of pocket....i dunno...becomes a tougher argument i think.
Ya, I'd like to spend "only" $6500 more to avoid fixing a car that is getting cheaper to own by the day once the repairs are done. Oh yes, what brand of car is "worry free" so I can buy one? Cars are machines and machines wear out or break.
Ya, I'd like to spend "only" $6500 more to avoid fixing a car that is getting cheaper to own by the day once the repairs are done.
you don't know what other maintenance issues will come on a 70,000 mile car vs a car with 0 miles. even assuming 15,000 miles per year, that's 4.5 years before the new car hits 70,000, and enters a period where it might start having these issues.
i agree, the older honda is probably fine. but there comes a point where spending a substantial amount out of pocket to fix may not be worth it. $1500 vs $8000 out of pocket right now means:
$1500 - fixed car with 70,000+ miles and probably no other maintanence issues for a while (i'd be comfortable with this).
$8000 - brand new car, 0 miles. no debt. no maintenance issues for long long time that owner will have to worry about.
just saying, $6500 is not a lot to pay for what's essentially a 4-5 year warranty on repairs.
you don't know what other maintenance issues will come on a 70,000 mile car vs a car with 0 miles. even assuming 15,000 miles per year, that's 4.5 years before the new car hits 70,000, and enters a period where it might start having these issues.
i agree, the older honda is probably fine. but there comes a point where spending a substantial amount out of pocket to fix may not be worth it. $1500 vs $8000 out of pocket right now means:
$1500 - fixed car with 70,000+ miles and probably no other maintanence issues for a while (i'd be comfortable with this).
$8000 - brand new car, 0 miles. no debt. no maintenance issues for long long time that owner will have to worry about.
just saying, $6500 is not a lot to pay for what's essentially a 4-5 year warranty on repairs.
Sez you. I drive 'junkers' and I have never spent that much in 2x as long on repairs.
Cars are machines and will machines break from time to time even when new.
And the "no debt" part? What the hell is up with THAT??
i've got 83,000 miles on my machine and have done nothing other than routine maintenance. it's not a guarantee, but certain brands of vehicles are pretty good for at least 75,000 miles of no worries. and even if something did break, you have a 50,000 mile warranty with honda products.
Yes, that's my point. Most people drive NEWER CARS, which are LESS LIKELY to need expensive repairs!
Thank you for making my point!
(Oh, my 'new car' I got a month ago... 1997, 146K on it, cost me $1,625)
Sold my 95 Jeep, over 220K, I had $4K in (Including repairs) for $2K
not sure what you're talking about, but the OP has a car with 70k+ miles on it. that vehicle is closer to needing repairs, though still not very likely, than one with 0 miles on it. as i said above...$1500 vs $8000 makes it an interesting discussion to me. what you do is perfectly fine, and probably makes the most financial sense. but it doesn't answer his question. if people bought cars for purely financial reasons, we'd all be driving 15 year old civics or corollas. so you're right, when purely talking about finances and the cheapest method of buying a car. i just think if he's deciding between spending $1500 on his car's repairs, or $8,000 on a brand new car with 0 miles...i'd probably still keep the car with the repairs, but i'd think pretty hard about it.
Yes, that's my point. Most people drive NEWER CARS, which are LESS LIKELY to need expensive repairs!
Thank you for making my point!
(Oh, my 'new car' I got a month ago... 1997, 146K on it, cost me $1,625)
Sold my 95 Jeep, over 220K, I had $4K in (Including repairs) for $2K
OP here. Sure, have done that, actually I did better. Once I got a car for $150 and fixed it up, drove it for 40K miles and sold it for $800. But currently I have a job that deals with emergency response in addition to my ethical obligation part of my contract says that I have to have a car in good shape. They don't pay for it, but I can easily get in trouble if I don't make it there twice in a row. So as much as I want to keep driving an older car, anything more than 150K miles or 10 yrs old is going to raise some eyebrows.
Thanks for the comments so far.
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