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I have a 2005 Sedan, decent car with 70K miles on it. Would soon need ~ $1500 in repairs/maintenance. Due to good resale value I have been offered more than $10K for the car with its current condition. I could buy the same car, brand new (2011) for $18K, with tax and everything would be close to $20K. If I went with the smaller model which would still meet our needs it would be $16K, also more gas efficient. I have always driven my cars until the wheels fell off. This time it seems that getting a new one with 6 yrs of life and 70K miles less on it might make more sense financially. I am in a position to be able to pay cash for the difference. So bring on your counter argument if you think I shouldn't do this.
Keep your current car. It's the only thing that makes sense.
(It might have been helpful had you included salient details like - what is the make and model of your current car. This is probably why you haven't a single response until mine.)
A six year old car with only 70K miles on it is still a baby. I'm not going to beat you up over this as long as you have the cash plus a 6-9 month emergency fund of expenses and you get the car with better gas mileage. But, I'm a big believer in driving your car until it dies. This is the best financial option with the information you provided. Make sure you shop around on your repairs. A dealer will charge much more than a good shade tree mechanic.
I have a 1994 Chevy Astrovan, it has close to 199,000 miles on it, and it's still going strong. I paid cash for it in 2006, and have no intention getting rid of it. I have a great mechanic, and he keeps it in tiptop shape.
I have a 1994 Chevy Astrovan, it has close to 199,000 miles on it, and it's still going strong. I paid cash for it in 2006, and have no intention getting rid of it. I have a great mechanic, and he keeps it in tiptop shape.
I see what you're saying. You're going to let the OP use your astrovan while his car is in the shop getting the $1500 worth of work and he doesn't have to worry about it breaking down?? Otherwise, I don't understand how your post relates to this thread.
I see what you're saying. You're going to let the OP use your astrovan while his car is in the shop getting the $1500 worth of work and he doesn't have to worry about it breaking down?? Otherwise, I don't understand how your post relates to this thread.
I used it as an example, but I guess you wouldn't know that.
The OP needs to tell us not just the dirty linen details about the make and model, but what kinds of repairs it "needs". If it needs a new radio and some sticky power locks and a new paint job, then keep it and drive it as it is and don't spend a penny on it. If you've been offered $10K in trade, I would suspect the above.
If your $1500 estimate came from the dealer, find an independent garage who will do the necessary work for half of what the dealer would charge, and don't repair anything that doesn't seriously impact the safety or drive train function. I'd bet that you can drive the car safely for a couple more years, at least, with less than $500 in repairs. If your estimate came from a place like Midas Muffler or Firestone, just laugh and take it to a real garage for an estimate. They'll probably find nothing wrong with it that can't be repaired with a screw driver and a couple of $20 parts.
If you do opt for the new car, I would advise against the "smaller model". The model above that will likely cost no more than $2,000 extra, and will have many many more potential miles in it than the "entry level" line, which most manufacturers cut very severely in endurance qualities.
Last edited by jtur88; 04-23-2011 at 10:09 PM..
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