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My wife and I seem to be on the right path financially, the only debt we've had over the past 11~12 years is a mortgage (er, personal loan to quickly remodel a house that was paid off in 3 months aside). Both cars predate that with the youngest being 19 years old with 292k miles on the clock. Helps that it's Also a diesel and still returns 48~49mpg average. But it's slowly falling apart, age is simply something against which there is no cure or preventative, sadly enough. It was fine so long as it was a $100 set of bushings there and a $50 parking brake cable there with the other normal maintenance (tires, timing belts, brakes, etc...) but this past weekend I noticed the clutch slipping... and it's been blowing chunks of foam out the vents for a year now. The headliner is starting to sag, it squeak and rattles like crazy and every time I have to work on it I end up breaking some plastic clip that's brittle from age/heat or a rusted fastener.
So it seems like time. We've been smart, banking money against this inevitable day so we can pay for the replacement outright (or near enough).
The problem is, I don't want to spend that money. We're still *well* under the normally advised threshold of 6-months worth of car payments in a year ($3k-ish for a $25k car sound fair?), and even if I do the clutch it's only ~$600 in parts and a day of my time. It's really been a very trouble-free car in the grand scheme of things.
But it's also my wife's commuter car (I work from home), doing ~70 miles a day for that commute and the fuel economy can't be ignored. Plus it seems to be more luxuriously equipped than most/all of the replacements we'd be willing to purchase (heated leather seats, not "leatherette", for one example... yes, in a Jetta and they don't do that anymore).
I'm just so torn. I fully expected to drive this car into the ground along with my Toyota truck (which is older, but fewer miles and in better shape). Oddly, I feel the same way about my cell phone (a flip phone relic from 2007) and most other things. Just a mental hangup? Not like the money that's earmarked has been in any sort of place where it's making more than 1% interest, it's not Doing anything for us other than waiting to be used. When's it Enough? Push things off till we're in a bind and *Must* make the change but with the potential of a few more years before that time, or cut off a few years and make the change when it's convenient.
Beyond buying a house and education, we've never spent more than $10k (in on lump) on anything. Too bad you can't find the same kind of car deals as 2 decades ago.
Thoughts to my rambling?
Me, I would just do the clutch, and go on with the old car. I personally don't like all the electronic "nannies" that come with most cars made in the last 5 years or so.
I am continuing to drive my old 82 Scirocco. Got many miles on it, it's in rat-rod black primer, it's not crispy or pretty, but it does get the job done and beyond that it's a fairly entertaining car to drive. So I keep driving it.
With your mechanical skills and living in GA where rust is not really an issue, I say drive the old car "forever" and that's my final answer.
You have accomplished that goal. The brittle plastic, foam blowing out, rusted parts that disintegrate, indicate the car is literally returning to the earth before your eyes.
The best time to buy a new car is when you still have a functional ride. When your put behind the 8 ball your hand is forced and even if you make a sound decision, you'll always end up questioning it.
So buy something newer, but take your time, look at your leisure, and buy when you get comfortable with the deal your getting.
Think about the money you won't be spending for awhile on tires, belts and hoses, fluids, clips.
Think about the opportunity costs of spending your afternoon doing what you like, rather than wrenching on her car.
Exactly what i was going to say....
You've driven it into the proverbial ground, are you going to wait till it leaves your lovely wife (or you) stranded on the side of the road with no hope to repair your way out of the situation?????
BITE THE PROVERBIAL BULLET. buy her a new vehicle NOW before it does leave you stranded. But it via CASH, loan or other method, but IT'S TIME.
winter is here, many cheap car that are quite goid can be available as someone's winter beater.
You're being too FRUGAL, frugal also means spending wisely, not just not spending.
Today's cars easily get 40 mpg, and are not hybrids on a gas vehicle. Ours is a 2014 Hyundai elantra, 38 mpg. Cost $16k brand new, cash.
My 2006 Kia minivan I just put $2000 in, hoping enough for another 5 years. Just took it on a 1200 mile trip, no qualms, no problems, but it has just under a 100 k on it.
Rust takes its toll, and you vacant repair your way out of it. Sell it as a winter beater, after you buy a new used vehicle for the lovely wife.
Get something 3 orc4 years old, take payments if you have to, but do it NOW.
YOU HAVE TO LEARN TO SPEND A LITTLE MONEY TO SURVIVE. Thus is one of those times.
You seem to have the financial resources, but not the will to spend it. When you die, you're not taking any of that money with you. Buy a new car and be done with it. I have three vehicles, the oldest being a 2015. Yet every morning, the sun still rises in the east and sets in the west. I'm not spending my retirement trying to pinch every single penny. But I'm also not living from retirement check to retirement check. In fact, next year I'm looking at adding a convertible sports car to the stable. Carpe diem.
Used Prius in the $6k-$7k range will last you many years and miles and get 46-48 mpg. I would buy a newer, higher mileage one over an older lower mileage. If you can find a Gen III 2010+ I would get that one but that might be tight on the lower budget.
I would get rid of the car you have while you can still shop for a deal. In your case cars are basically a line item expense because you drive them so much. You might want to pencil in how much you are spending in commuting costs and move closer to work.
Everyone has their own line between cheap and frugality. I think you have found it with this car and it is time to move on. If there is stuff blowing out the vents, your wife has been breathing it. My experience with older cars like this is that between that shower at home and arrival at work, you lose that fresh scent feeling. By all means be frugal, but unless you just have a dire need with few resources, there is quality and efficiency that needs to be factored in. It's time to upgrade to a car that is a bit more efficient and dependable.
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