Run your car into the ground VS buying a new car every few years?

[rwhite]

I've always felt that cars are a losing proposition. You are paying for a tool to do a job. For me it comes down to reliability, tolerance and trust. Regardless if new or used there is a certain cost per month (maintenance, tires, etc) for any vehicle. Outside of the financial decisions to pay interest or not, whether you save and pay cash or get a loan it's costing you X dollars per month. So it comes down to, how much do I want to spend per month and am I willing to tolerate the repairs. I've had some vehicles hit that tolerance level at low miles and we're pieces of junk. My 04 tundra with 250k has only ever required expected repairs so it will stay in the herd until I no longer can tolerate the repairs. The wife's 2014 Heep Wrangler is another story. 110k miles and I'm reaching my tolerance level. Basically I decide how much I'm willing to spend on a vehicle calculated on a per month basis. When that gets surpassed or when I can no longer tolerate the repairs it's time to get a different one.

 

[walhondingnashua]

rwhite... I like your perspective. Buying a new car/truck that I know is not going to be a real long-term investment for my money has always been a bit of a mental struggle. Growing up on the farm, when you put the money into a tractor, it was around for another 20 or more years. It was worth it long-term.
I've had to force myself to stop looking at my monthly payments as an investment for something long-term. My wife's monthly "car payment" is not a payment for a car anymore. I have convinced myself its a monthly "transportation payment". My wife and I have agreed, that for the foreseeable future, she has $XXX amount a month for transportation. In a few years, we can trade her current car in on a new one at the same monthly payment. Just a change of perspective on how our money is spent and what it's actually being spent on.
However, my truck is a different situation. I put less miles on, have a much smaller monthly payment. The hope is to pay it off and it still be in good enough shape to drive it for a few years without a payment.

 

[blades]

The problem now is the the cost of units have reached the point of not being a good purchase new or used. I just can not spend the amount of cash they are asking on a 2 or3 year old model with 100k or more on the clock. Just does not add up right in my book. 100k is about the design max component wise for these fancy auto trannies and a lot of other gizmoes. ( guess where the warranty ends) Look at after market warranties and where they cut off- that is a good indication of component life expectancy. If I am really forced to I can do 90% of my own repairs- It is not something I enjoy doing after twisting and cranking various tools for more than 50+ years and I am competant on both electrical/ computer and mechanical systems.

 

[Nealm66]

I used to have to drive a lot. I’d buy a 70’s, 3/4 ton 4x4 in good condition, drive it for about 100,000 or 5 years or so and then sell it for more than I paid for it just because I wanted something different. I’d switch from ford and chevy and really never any major repairs. I finally got tired of even the little maintenance and don’t drive that much so I started bought what I figured would have the least amount of depreciation and ended up costing 1k per year for 7 years with the trade in and currently have a 2022 high output ram 3500 which I traded in 2015 high output. I cringe when I think of some of those older trucks I let go though. Thinking about selling my 22 and just getting a low mile 2005ish semi tractor since I only use my pickup for hauling really and I have a cdl. We are so fortunate to not have the crazy rust problems here.

 

[old greybeard]

Been fun recently seeing used prices make my 2019 Nissan Frontier a true investment.
Bought jan 2020 new, 32k list, 24.9k cash price. Then covid hit, and the new models came out costing 40k, plus covid markup.
2 years later and the dealers were trying to buy it back for what I paid.

Then in 2021 bought this, got a great price, and the classic market has climbed. Was offered recently 2.5x what I paid.

Keeping both, like tangible investments to balance my cash heavy 401k.

 

[bigealta]

Used always here. Was on the used Bmw train for a long time, 2002,318,316,323. But the newer they got the worse they were built. I did all repairs on them and finally got done with that not long after the 323 wagon caught fire when my wife was driving home from the train station on the coldest day of the year. The oil reburner ripped and shot oil into the cylinders. We did fix it but that was a no more bmw moment for me. Now we both have Honda crv's. Hers was 4 year old off lease at dealer, Mine was 9 years old from some super sketchy guy. i think he somehow "obtained" this vehicle in unclear fashion. I got all cars on ebay and craigslist (except for my wifes car). Paid cash for all. I'm not getting anything other than real estate if i have to make any payments.

 

[Gearhead660]

Been fun recently seeing used prices make my 2019 Nissan Frontier a true investment.
Bought jan 2020 new, 32k list, 24.9k cash price. Then covid hit, and the new models came out costing 40k, plus covid markup.
2 years later and the dealers were trying to buy it back for what I paid.

View attachment 307668
Then in 2021 bought this, got a great price, and the classic market has climbed. Was offered recently 2.5x what I paid.

Keeping both, like tangible investments to balance my cash heavy 401k.

Sweet ride. '69?

 

[old greybeard]

Sweet ride. '69?

Yup. 57k original miles, little old lady in Hershey PA owned it. Just a Cutlass S but has the L74 310hp 350.

 

[zrock]

i used to buy old junk and just run it until the costs of repairs or the reliability of the vehicle was no longer economical. Now i did not buy new but i purchased new enough that i do not have to pull wrenches every weekend to keep things good and im even contemplating trading this in on a new truck. I have lost the joy of laying out in my driveway in all weather pulling wrenches i just want to be able to jump in my truck and go. Not to mention i live in the rust belt and was getting tired of driving around in a rusty veh especially when i have a job that im always out in the public and figured i should show a little more pride in what i drive. Im now in my 50's and my 2015 ram sport if the newest veh and the first veh i have ever had to make payments on, hate that part but love the fact that it looks and feels clean and safe.

 

[zrock]

one thing i could never understand with people is getting a new veh every 3-5 years just to get groceries or run into town. The veh is still perfectly fine and you would think you would like to have no payments for a change.. Once i was done paying for it i would put the payment money into another account and save it until i actually needed a veh. Its different if your always on the road traveling or working but heck i see people trade in veh after a few years and they have 50000km on them ... still a new veh...LOL
Just like a old GF and heck the current one.. by the time you figure it out they are paying $1000-$1500 per month with car payments, fuel, insurance just to drive 5 min back and forth to work.. That's the math that keeps me from buying a new veh..
Heck i worked with a guy that is paying about $2400 just in truck payments and has another truck a few years older in great shape sitting at home, not to mention his wife's car payments.. You work just to drive... Ya his truck will be payed off quick just for him to turn around and get another..

 

[maple1]

I own a Honda so, there's the third option. Buy a new honda with incentives, pay it off slowly....continue to run it, then run it some more, ...then again run it some more....then when you are sick of it and want something new, look at the prices people are paying for new cars,,....run the old car some more....then again some more.......then when dealers are desperate and blocking the door, maybe consider selling it to private party and get something new. Since it's a Honda....I'll still get more resale than I would a 5 year old American car.
^That's my logical brain working.

My illogical brain also owns 'a sports car' whereas I spent $1200 for each wheel and $400 per tire, and I burn the tires off every 4 months racing, or just general spirited driving.

I figure it all equals itself out.

+1 on the Honda angle. We finally sold our two oldest ones here this summer & fall, that we bought new. 2007 Pilot was the first to go. Had 300,000kms on it. 2006 Civic went in November, had 550,000kms on it and was likely the most reliable car we've had right up until it went down the driveway for the last time. Picked up a 2008 CRV with 100,000 on it in great shape, and also went the rebuild route in getting a 2021 Grand Cherokee with only 1500kms on it. Haven't taken full possession yet, been waiting months on sourcing an instrument panel at a decent price - passenger air bag deployed and blew the top out of it. We should be at around 55-60 % cost of new by the time it gets done. I got full coverage insurance on it but factory warranty is void. Anyone who has a vehicle in any kind of snow area should be rust spraying annually. Krown is our go-to.

 

[Shank]

It seems there is a similar mindset between most on this forum.

 

[NickW]

It seems there is a similar mindset between most on this forum.

Great minds think alike...😁