New Car or Keep your old one running - Discussion
 

I am in the middle of having to make a decision and would be interested in other people's opinions.

Have an 8 year old car with less than 50,000 miles. Have seen a car I would like, but do not need. Got into thinking about whether or not I wanted to spend the money on a car, or run the one I have into the ground by taking care of it properly and keep the money required to buy the new car in my investment portfolio. Should add that I am not a "car" fanatic, I just want reliable transportation.

Anyone want to weigh in on this, and why they think the way they do?

Hopefully you are enjoying life in the bubble and your golf cart is your main mode of transportation. Your current car is not even half used. Any more cars run well past 100,000 mile.............so she is just getting broke in.

I'm guessing you can tell my position.

Good Luck.

At 50,000miles I would keep it and delay the expenditure. I have a car with 140,000 miles and go through the same thoughts about twice a year. Always come back to this is low cost to keep old car until it fails

At 50,000 miles and regular maintenance and replacement of tires/battery/etc the economic decision is easy...keep the old car. It does all the same things a new one does.

In retirement if one can afford doing something, we make the decision difficult because we always tend to look at a major purchase like we did before we retired.

However, at this stage of your life, if the purchase of a new vehicle is within your means and does not impose any give and take on your budget, then treat yourself to the new vehicle.

We went through the same self discussion last fall about a new vehicle and decided if we can afford it then why not!!!!!! So we did.

Good luck

I also think about how the car will be used. If it is just a car to tool around the Villages in, I wouldn't hesitate to keep it. We have a newer car because we take a 4 hour trip to the East Coast of Florida about every 4 weeks and back to visit our son and we don't want to be broken down on the turnpike. We also have thought about taking some longer trips out of state and like having the peace of mind that our car probably won't break down on the highway.

What kind of car do you have?
What kind of car do you want?
It's not always a practical decision.
I know cars are better today but I have never owned a car long enough to replace the tires or brakes.

Since a car is just a mode of transportation to you, I'd stick with the one you have. Your insurance is lower; your maintenance should still be minimal; your car should still be reliable. For some, a new car is a necessity. They love their vehicles and they're a lot more than just a way to get from A to B. For that type, I'd say get the new car, but you're not that type. Stick with your baby. She's done you well so far and has a lot of life left in her.

have a 2001 jeep grand with 86,000 keeping till either the car dies or me

I have always loved shiny new Detroit metal. So I never keep a vehicle over 4 years. I love having a new one. But if you don't use your car a lot, and you are unhappy with what you have save your money for something else.

A new car is a depreciating asset. Keep the old one until repair costs (not maintenance costs) start climbing. With cars today, a car with 50k miles is a baby. Just to prove that I practice what I preach, one of our cars is a 1999 Toyota Corolla (named Lola the Corolla) that has 262,000 miles on it. Making a large investment based on emotions is not smart. You want to maximize the miles/dollar you spend on the car. If you buy a new car for $30000 dollars, the moment you drive it off the lot it's lost 11% of its value, so your miles/dollar is each mile driven costs you $3,300 dollars. Each additional year your car will lose 15 to 25% of its value. So, after one year and assuming you drive the average 12,000 miles per year, your miles/dollar will be between 38 cents and 63 cents a mile. My toyota which originally cost me $14,000 and is now probably worth nothing has cost me about 6cents a mile over the years.

Thanks to everyone who put their two cents into this discussion - I suppose I knew all along what I was going to do, but wanted some intelligent input to help with my decision.

Yes, I'd like to go zipping down the highway in a brand new shiny sport car with my hair streaming out behind me, but as my hair does not stream and I don't do too much highway driving any more, I think I'll sit on the car and save my investments. On the other hand someone did say to me recently, 'don't do what my parents did and save all your money to leave to your kids, because they will go through it like a dose of salts!'

In all seriousness, I have decided to have a diagnostics check on the whole vehicle, fix anything that needs it, get a new set of tires (which it does need), treat it to a good detail job and continue to run it. We only use it locally, we fly everywhere that is any distance away, and if I wanted to do a long distance journey I would rent a car.

As an afterthought, the dealer offered us $4,000 over the blue book price, so the car must be in pretty good shape!

Thanks again for your input.

A good detailing can go a long way toward improving your attitude toward your old car.

We have a 2005 Dodge Magnum 8 cylinder Hemi with 150,000 miles on it. Most are highway miles as it was the car my husband drove 45 miles to work and back. It is sooooo comfortable, we can't stand to part with it.d. It,s now driven only 50 miles per week. When the a/c developed a leak and was going to be a $1500 fix, we thought, maybe it's time to buy new.

So far, we have not found a car with seats as big or as comfy a ride or as much room in the back without being an SUV. Dodge quit making the Magnum.

We've done good maintenance. The dealer said the car is in great shape otherwise except for some brake work. Goodyear guy said get the A/c recharged when needed and keep the car. This is our trip car (to PA, the Keys, etc.) we will try this for awhile and see what happens.

My point is we can afford a new car but can't find one we like as much as this one.

We lease a new vehicle every two and a half years or so.

We are responsible for pre-determined vehicle maintenance plus the monthly lease payments.

As the car is going out of warranty and any repairs that might occur would be heading toward our checkbook - the car is turned in and exchanged for the latest model lease car.

We have been very satisfied with this type of lease arrangement.

And we also have an older van we own and keep very well maintained.

So the final outcome to whether or not to keep the car, is KEEP.

We took it to have a full diagnostics workup, it got new and really good tires for safety, it needs a new battery and some really minor things and then it will be (almost) as good as new. We are told it will probably outlast us!

Thanks to everyone for their helpful inputs.