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Just wanted to get a second opinion... this is just as much a financial advice question as a car question.
I've been driving a 1992 Camry for the last 8 years, since high school. Currently has 125,000 miles on it. KBB value is approximately $2,000.
In the last year and a half I've already put in a **** ton of money in repairs and replacements, totaling at least $4,000:
New tires
Replaced one of the CV boots
New radiator
New rack and pinion steering
New struts, front and rear
During a snowstorm this winter I slammed into a curb and had to replace one of the wheel bearings.
Since I've already put so much money into this car, would it be stupid to just get rid of it at this point, or is what I've spent up until now irrelevant?
If I keep driving this car beyond a few more thousand miles, it's going to need new brakes, a timing belt replacement again, probably new spark plugs, and who knows what else. The car leaks oil (only a slight leak, but it is noticeable), which could cost another $1,000 to fix I was told, and I believe my mechanic told me the engine seals need to be replaced. The drivers door rattles obnoxiously loud-- not sure if that's an easy fix or not? Other than that, the car runs fine, and I bet could run for another 100k miles easily. Being a 19 year old car it doesn't have the modern safety features of course.
If I were to get a new car I would get either a new Toyota Camry, Ford Fusion, or Subaru Legacy (I've recently test driven all three). I've looked at newer used cars as well, but I've found we're only talking a ~$5,000 difference on a 2009 Camry with 40,000 miles compared to a brand new one. Once you get older than 5 or 6 model years, the price difference is much greater, but then the advantage of replacing my current car isn't as great. I like the idea of buying a car new with the idea that I'll be driving it for a long, long time and maintain it well. Also, might sound silly, but I want to start getting serious about dating...and I'd feel a little embarassed taking a girl out in my old car with the paint chipping off (and it's an extremely ugly color to begin with), rattling doors, and misaligned headlights. Yes, I know I don't want a woman who is extremely materialistic anyway, but still...
I've done the math and can afford a new car, but you could say my consumer confidence is pretty low, given the state of the economy. I have a good job now but a year ago I was unemployed for 5 months. And I have other financial goals too. So whatever I do, I am proceding cautiously. It's extremely difficult to make money, but so easy to spend money!
Just wondering different opinions out there, what you guys would do in my shoes???
If you know a good, honest mechanic, have him or her look it over and give you an opinion about what they think. Maybe things are still good and it will last a few more years.
You sound like a smart kid, what worries me is that you are already test driving new cars
The Camry has had the usual needs for the age and miles. The repairs you need now are stuff that probably a 2005 would need too. So I wouldn't get rid of the car for those. Oil seepage at that age is par for the course, so just stay on top of it. If you are mechanically inclined at all, with a manual and some basic tools you can do most of the basic things, esp the spark plugs. But even if you pay an honest mechanic to do it I still think you are better off keeping this car with only liability insurance and minimal registration fees and see what happens. Ideally, when you say you can afford a new car, you should be able to pay cash for it.
I know what you are saying about the newer used cars, I have a 2005 Camry and am shocked that it has as much value in the used market as it has. You can see my thread in frugal living-for which I got a lot of heat-but somewhat different scenario than yours.
125,000 miles on a 1992 Camry is nothing. They are extremely durable long lasting cars unlike the junk being made today. I would definitely keep it. The repairs needed in the near future are only maintenance items.
Imo, the 1992-96 Camrys were the best Camrys ever made, with the highest quality of materials ever used in a Camry. 125K miles should be nothing for this generation of Camry. I had a 1993 Camry LE with 220K miles and it was still like new and not one squeak or rattle. My aunt had a 1993 Camry LE as well, hers had 360K miles and aside from an ongoing oil leak, it never had any issues. Oil leaks were about the only issue with the 2.2L. Mine had the 3.0L V6 and while some had headgasket woes, mine didnt.
Strange yours has rattling doors at only 125k, mine had 220K and aunts had 360K and both still had solid interiors. With the new Camry, expect rattling interiors around 300 miles. Other than the padded dash panels, the interiors on the new Camrys are very cheap and flimsey. Lots of hard and misaligned plastics. I was in a brand new 2011 Camry the other day and just touched the console and it groaned and popped... cheap plastic. It was really displeasing.
Quote:
Originally Posted by vegaspilgrim
Just wanted to get a second opinion... this is just as much a financial advice question as a car question.
I've been driving a 1992 Camry for the last 8 years, since high school. Currently has 125,000 miles on it. KBB value is approximately $2,000.
In the last year and a half I've already put in a **** ton of money in repairs and replacements, totaling at least $4,000:
New tires
Replaced one of the CV boots
New radiator
New rack and pinion steering
New struts, front and rear
During a snowstorm this winter I slammed into a curb and had to replace one of the wheel bearings.
Since I've already put so much money into this car, would it be stupid to just get rid of it at this point, or is what I've spent up until now irrelevant?
If I keep driving this car beyond a few more thousand miles, it's going to need new brakes, a timing belt replacement again, probably new spark plugs, and who knows what else. The car leaks oil (only a slight leak, but it is noticeable), which could cost another $1,000 to fix I was told, and I believe my mechanic told me the engine seals need to be replaced. The drivers door rattles obnoxiously loud-- not sure if that's an easy fix or not? Other than that, the car runs fine, and I bet could run for another 100k miles easily. Being a 19 year old car it doesn't have the modern safety features of course.
If I were to get a new car I would get either a new Toyota Camry, Ford Fusion, or Subaru Legacy (I've recently test driven all three). I've looked at newer used cars as well, but I've found we're only talking a ~$5,000 difference on a 2009 Camry with 40,000 miles compared to a brand new one. Once you get older than 5 or 6 model years, the price difference is much greater, but then the advantage of replacing my current car isn't as great. I like the idea of buying a car new with the idea that I'll be driving it for a long, long time and maintain it well. Also, might sound silly, but I want to start getting serious about dating...and I'd feel a little embarassed taking a girl out in my old car with the paint chipping off (and it's an extremely ugly color to begin with), rattling doors, and misaligned headlights. Yes, I know I don't want a woman who is extremely materialistic anyway, but still...
I've done the math and can afford a new car, but you could say my consumer confidence is pretty low, given the state of the economy. I have a good job now but a year ago I was unemployed for 5 months. And I have other financial goals too. So whatever I do, I am proceding cautiously. It's extremely difficult to make money, but so easy to spend money!
Just wondering different opinions out there, what you guys would do in my shoes???
but I want to start getting serious about dating...and I'd feel a little embarassed taking a girl out in my old car with the paint chipping off ?
First date, tell her your Beamer is in the garage.
Second date, fess up.
Third date, you'll know that you have found a keeper. You don't find keepers in chick magnets.
Strange yours has rattling doors at only 125k, mine had 220K and aunts had 360K and both still had solid interiors.
The door was fine until the window regulator broke. I had an autoglass shop put in an aftermarket window regulator-- that's when the rattle started. The other doors are still fine. The car does have a very rough idle and when it gets really cold there's a "knocking" noise that sounds like it's coming from right behind the dashboard. I don't believe that had anything to do with engine knocking, but I could be wrong about that.
Quote:
With the new Camry, expect rattling interiors around 300 miles. Other than the padded dash panels, the interiors on the new Camrys are very cheap and flimsey. Lots of hard and misaligned plastics. I was in a brand new 2011 Camry the other day and just touched the console and it groaned and popped... cheap plastic. It was really displeasing.
That's a shame to hear. What do you think about the '02-'06 generation Camry's and/or Lexus ES's-- are those better built?
Quote:
Originally Posted by NeilVA
Get it painted and drive it until you either sieze the engine or it requires a quart of oil every week.
I've thought about that too. I was under the impression though that a professional paint job would cost several grand. I already spent about $300 to get just the front bumper repainted, where the paint was totally peeled off in large spots.
I'm gonna say if you're in your mid-20's and have been at the same job for at least a yr and most importantly have enough saved up IN CASH to pay for a new/used car outright, go ahead! You freakin deserve it considering that many kids get new cars when they go to college or as soon as they get out & land their first real job.
Just be aware that while the engines on those '92~'96 Camry's are beyond reproach, the transmission can be hit or miss. An ex-gf with a '96 had her tranny fail at 145k and my cousin had a '93 where the over-drive went out.
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Other than the padded dash panels, the interiors on the new Camrys are very cheap and flimsey. Lots of hard and misaligned plastics. I was in a brand new 2011 Camry the other day and just touched the console and it groaned and popped... cheap plastic. It was really displeasing. 
I already spent about $300 to get just the front bumper repainted, where the paint was totally peeled off in large spots.
