Drive it till the wheels fall off

[OceanStateKelly]

I just traded my 2005 ford explorer with 150.000 - best running car I ever had but it was time - needed new tires and brakes and me and my daughter travel alot for gymnastics meets in the winter so I didn't want to break down out of state. but If I didn't go out of state I would of keep it - Love'd that car

but I also love my new Ford Edge LTD

 

[Pigeon]

On the NEW vs. USED debate - I've said, the only way I will ever buy a new car again is with a 0% finance offer. That's the only way a new car makes sense anymore.

DW and I have friends that buy NEW cars every 2 years - so I know there are thousands of GREAT gently used cards that will have the same, or better life expectancy than some new cars!

That depends on the type of car you want to buy. If you are buying relatively inexpensive cars with few frills, used might not be a better deal.

A few years ago, we wanted to buy a Corolla to replace my old car. We buy the model with the fewest frills that gets you an automatic transmission. I was all set to buy a late model used car. But when I want shopping, I was in for a shock. The used cars were no cheaper than new cars, and often were more expensive.

Last year at this time, we bought an Altima to replace my husband's old car. Again, I was ready to buy used, but with the rebates, incentives and 0% financing, it was cheaper by a couple of thousand dollars to buy new.

 

[abcboys]

OP here!! I had to laugh when I saw this post cause I was like "didn't I start a post like that a while back? LOL.

Still driving that same old crappy '99 van. Honestly I don't think in the past year since I started this thread I have had any major issues with the drivability. We did have to put in a new battery last month when mine totally died but of course that's not a huge deal.

I know you are suppossed to save up car payments then pay cash for a vehicle but I feel like I will never be there. We had to put a new roof on our house this year and back in April DH was off work for 3 months due to medical issues and now we have medical bills to pay off. DH's 02 truck has also needed some repairs. In the spring we made a 10 hour car trip to the mayo clinic in Minnesota to figure out DH's medical problems and the van gave us no trouble at all!

Looks wise it really is falling apart. I have a tire that goes flat every couple of days that I have to air up (I need to get it patched, but I just had another tired patched a few weeks ago) The stupid power sliding door will not work at all now and its really heavy. Lately its been catching on something and will hardly open up at all now. Front grill covers are just hanging there. The seal on one of the doors is about to fall off. When I roll up the window I have to pull the window back every time cause I guess it gets off track.....but hey its still running!! LOL!

My kids make fun of the van but I try to tell them new vehicles are not cheap! We're talking $350 a month plus for car payment, plus the amount your insurance goes up since I have only liability on the van.

I told my 14 year old son that when he gets his license in less than 2 years if we still have the van he can have it and it will definitely be time for a new one. I asked if he would be embarrased to drive an old junky van and he said "A free car? Nope!" But he's holding out little hope I think that this vehicle will last another 2 year but hey ya never know!!

So, that's my update on my 1999 Pontiac van!!

 

[mrodgers]

Here's my rebuttal of everyone constantly stating that new cars are cheaper than used...

New - 2 yr old - 5/6 yr old Corolla and Altima since that was the last cars mentioned. First the data and the summary to follow.

Car      Corolla LE   Corolla LE   Corolla LE   Corolla LE   Corolla LE   Corolla LE   Altima SE   Altima SE   Altima SE   Altima SE
Year     2013         2010         2010         2007         2006         2006         2013        2010        2007        2007
Price    $19,175      $13,997      $14,499      $13,257      $8988        $8988        $23,865     $15,499     $11,000     $11,000
Finance  0%           2.50%        2.50%        3.25%        3.50%        0.00%        0.90%       2.50%       3.25%
Term     5            5            5            4            4            0            5           5           4
Payment  $319.58      $248.41      $257.32      $294.90      $200.94      CASH         $406.92     $275.07     $244.69     CASH
								
Miles    0            41,481       13,290       39,362       91,002       91,002       0           17,016      57,999      57,999

Total
Cost     $19,175.00   $14,904.60   $15,439.20   $14,155.20   $9,645.12    $8,988.00    $24,415.20  $16,504.20  $11,745.12  $11,000
	
Miles									
Driven   200,000      158,519      186,710      160,638      108,998      108,998      200,000     182,984     142,001     142,001

Cost per
Mile     $0.096       $0.094       $0.083       $0.088       $0.088       $0.082       $0.122      $0.090      $0.083      $0.077

Years											
Owned    8.00         6.34         7.47         6.43         4.36         4.36         8.00        7.32        5.68        5.68
											
$/yr    $2,396.88     $2,350.60    $2,067.27    $2,202.97    $2,212.22    $2,061.51    $3,051.90   $2,254.87   $2,067.79   $1,936.61
$/month $199.74       $195.88      $172.27      $183.58      $184.35      $171.79      $254.33     $187.91     $172.32     $161.38

I drive my cars to average 200,000 miles. I average 25,000 miles/year. I could get as current incentives on Toyota, 0% financing or on Nissan, 0.9% financing. Other rates are based on my Credit Union. I would save and pay cash for anything under $12,000. You can disregard normal maintenance because you would have that no matter what car you drove.

Numbers are from cheapest available at local dealership for new and cheapest used listed on Autotrader.

Based on that, a new Corolla would be $0.096/mile over the life of the car (to 200,000 miles.) New Altima would be $0.122 per mile over the life of the car. Buying a 2 year old Corolla with factoring in financing even with 5 year old vehicle would be the cheapest at $0.083/mile. I couldn't find a 2007 Corolla local, so I pulled a 2006 Corolla for comparison, 6 years old and a car with the most mileage starting out. Paying cash for a 5/6 year old car, Corolla would end up at $0.082/mile and Altima would end up the best paying cash at $0.077/mile.

That is per mile cost, which you have to figure you would keep the used cars for less time due to starting mileage. So, look at the cost per month over the life of the car. New Corolla - $199.74 per month for 8 years of ownership (to 200k.) New Altima - $254.33 per month for 8 years of ownership. The winner again would be paying cash for something 5 or 6 years old at $171.79 per month for a 2006 Corolla and overall the 2007 Altima at $161.38 per month over the life to 200k miles.

Still think new cars are far cheaper than used?

 

[Snowflakey]

My 2007 Toyota Camry has 165,000 and it is JUST starting to get broken in

My sister has a 2000 Toyota Camry that has 300,000 miles on it. She drives it every day

I'm thinking I have at least another 5 years with my Camry. Such a great car. Haven't had to do a thing to it.

Just bought DD16 a 2002 Toyota Camry. Got it for a steal - only $800 from some nice lady that just wanted to get rid of it. Her exact words were "I just had to buy a new refridgerator so I'd like to recoup that money spent which was $800, how does that sound for a price" ....I almost died! Almost felt guilty in a way. Cute car...automatic, sunroof, rear spoiler, and runs great! Has less miles than my 2007.

 

[swilshire]

When do you determine if your "wheels have fallen off"?

I knew when my husband and my mechanic started making jokes about my car falling down like one of those cars in the cartoons when the wheels are all spread out and the car belly is on the ground.

At 239K miles, my Subaru ran great but needed some work. Struts or some such. The guys talked me in to trading it for a newer model, but I regretted it for a long time. I think a little money in it and I could have gotten another 50K miles out of it.

Sheila

 

[momof2gr8kids]

I would replace it in the next few months...unless you have a "backup" car or don't really need a second car that much and can risk being without a car for a bit if it would totally conk out on you. My husband and I both have 80 mile commutes (in opposite directions) and would not be able to get to work if our vehicles are in the shop for extended repairs (no public transportation) so we would never be able to risk a vehicle in the condition of yours.

I feel for you. Could never imagine an 80 mile commute! I'm spoiled with a 90 second commute if driving, or 10 min. walking commute.

 

[mrodgers]

When do you determine if your "wheels have fallen off"?

For me it is when I have to do extensive body work from rust holes every year for state inspection. That is around the 180-200,000 mile mark for me (I'm guessing sooner for our Ford since the POS is rusting at a mere 100,000 miles.)

Tires, brakes, shocks/struts, clutch, head gasket, I just have to laugh at all the people who replace their cars because they need these things. These are normal wear items. You should be replacing shocks/struts at about every 60,000 miles, so that isn't a good indication that you need a new car. If you have 170k miles and are told you need new struts for the first time in the car's life, well, you've just driven approximately 100k miles on worn out struts!

 

[Diet Dr Chill]

The only reason I ever got rid of any of my cars was because they were no longer drivable without significant repair. I tend to buy my cars in cash near the bottom of the depreciation table anyway, so I really don't lose a lot of money in selling them. I've never gotten the math to work that I would have been better off making payments on a car. Not after you add in full coverage and all the maintenance that you still have to do anyway on top of the payment.

 

[danygirl]

DH was an auto mechanic for years, and we drive them til they drop. Some factors-

1. when the car does not reliably start, it is time for a new one. you don't want to be stranded.

2. when the cost of the repairs is so significant that you could use that money to buy a newer used car. we need a catalytic converter for our "kids" car, if we can't find one cheap it may be time to get rid of the car if it won't pass emissions.

3. when you have to keep making the same repair over and over.... we had a van that just burned through shocks and struts. then a deer committed deer suicide on it, and that pretty much clinched it.

 

[LisaInNc]

I have twice driven cars until they were more than 10 years old. Twice the cars had more than 200,000 miles one car had over 300,000.

For me it's when the repair costs more than the car is worth to me.

Lisa

 

[Lehuaann]

For us, 'til the wheels fall off' means the major repairs become too frequent to afford. This has nothing to do with regular maintenance which should be done regardless if the car is new/old/payment/no payment.

We drive older/high mileage vehicles, but we keep them up and people think they are new. Our 2 vehicle have had some major repair over the past 5 years ('00 suv $4000+ and '02 sedan $1000+)...but that is still cheap compared to a car payments each month over the course of several years.

So, without factoring reg maintenence - the major repair costs make it hard to justify getting a newer vehicle/payment. We also enjoy the lower insurance rates of driving older model vehicles.

...again, I would never get rid of a car for worn tires/brake repair. That is regular maintenance.

 

[dis-happy]

I have a 1999 Landcruiser that just hit 200k miles. Can honestly say that inside and outside it still looks new, and it drives as well as new too....can easily pass any other car going uphill on the freeway while fully loaded with passengers and gear. It came with the towing package and I think that has helped the engine to last (extra cooling transmission or something like that was included).

 

[BridgetBordeaux]

"til the wheels fall off"--------------heck, we have already had to buy 2 wheels.

We struck a chunk of something while on the interstate and discovered a few days and then months later that 2 of the alloy wheels had been damaged and then the tire/wheel assembly would not hold air.

The cost was high but the car still looks presentable and has 233k on the odometer. The incident happened about 150k miles ago!

 

[snarlingcoyote]

Here's my rebuttal of everyone constantly stating that new cars are cheaper than used...

New - 2 yr old - 5/6 yr old Corolla and Altima since that was the last cars mentioned. First the data and the summary to follow.

Car      Corolla LE   Corolla LE   Corolla LE   Corolla LE   Corolla LE   Corolla LE   Altima SE   Altima SE   Altima SE   Altima SE
Year     2013         2010         2010         2007         2006         2006         2013        2010        2007        2007
Price    $19,175      $13,997      $14,499      $13,257      $8988        $8988        $23,865     $15,499     $11,000     $11,000
Finance  0%           2.50%        2.50%        3.25%        3.50%        0.00%        0.90%       2.50%       3.25%
Term     5            5            5            4            4            0            5           5           4
Payment  $319.58      $248.41      $257.32      $294.90      $200.94      CASH         $406.92     $275.07     $244.69     CASH
								
Miles    0            41,481       13,290       39,362       91,002       91,002       0           17,016      57,999      57,999

Total
Cost     $19,175.00   $14,904.60   $15,439.20   $14,155.20   $9,645.12    $8,988.00    $24,415.20  $16,504.20  $11,745.12  $11,000
	
Miles									
Driven   200,000      158,519      186,710      160,638      108,998      108,998      200,000     182,984     142,001     142,001

Cost per
Mile     $0.096       $0.094       $0.083       $0.088       $0.088       $0.082       $0.122      $0.090      $0.083      $0.077

Years											
Owned    8.00         6.34         7.47         6.43         4.36         4.36         8.00        7.32        5.68        5.68
											
$/yr    $2,396.88     $2,350.60    $2,067.27    $2,202.97    $2,212.22    $2,061.51    $3,051.90   $2,254.87   $2,067.79   $1,936.61
$/month $199.74       $195.88      $172.27      $183.58      $184.35      $171.79      $254.33     $187.91     $172.32     $161.38

I drive my cars to average 200,000 miles. I average 25,000 miles/year. I could get as current incentives on Toyota, 0% financing or on Nissan, 0.9% financing. Other rates are based on my Credit Union. I would save and pay cash for anything under $12,000. You can disregard normal maintenance because you would have that no matter what car you drove.

Numbers are from cheapest available at local dealership for new and cheapest used listed on Autotrader.

Based on that, a new Corolla would be $0.096/mile over the life of the car (to 200,000 miles.) New Altima would be $0.122 per mile over the life of the car. Buying a 2 year old Corolla with factoring in financing even with 5 year old vehicle would be the cheapest at $0.083/mile. I couldn't find a 2007 Corolla local, so I pulled a 2006 Corolla for comparison, 6 years old and a car with the most mileage starting out. Paying cash for a 5/6 year old car, Corolla would end up at $0.082/mile and Altima would end up the best paying cash at $0.077/mile.

That is per mile cost, which you have to figure you would keep the used cars for less time due to starting mileage. So, look at the cost per month over the life of the car. New Corolla - $199.74 per month for 8 years of ownership (to 200k.) New Altima - $254.33 per month for 8 years of ownership. The winner again would be paying cash for something 5 or 6 years old at $171.79 per month for a 2006 Corolla and overall the 2007 Altima at $161.38 per month over the life to 200k miles.

Still think new cars are far cheaper than used?

No, but for that particular car in that particular package, I think you've just proven that many of us would prefer to buy new and get 8 years of use out of a car and significantly MORE time without having to think about buying a car or worrying about end-of-car-life issues if it only works out to an average of about $200 a year. That's only $12 a month. How much is my time worth looking for a replacement in 4 years rather than 8, how much gas will I spend looking at used cars in 4 years and how much fretting will I do when the older car starts hacking up hairballs and trying to strand me on the side of the road? I'd rather spend the money.

 

[dis-happy]

Newer cars cost more to insure.

 

[ssawka]

Newer cars cost more to insure.

Not always, not if you downsize. My insurance went down when I switched from a 2001 Mazda Tribute to a 2009 KIA Soul. But, all other things being equal (i.e. If I bought another Tribute) then yes it would have cost more.

 

[ssawka]

You can disregard normal maintenance because you would have that no matter what car you drove.

Although it is true that maintenance is required no matter how many miles the car has, routine maintenance gets much more expensive the more mileage the car has. For example, the 30K, 60K, 90K maintenance is significantly more expensive than routine oil changes. Although you may have to pay for these services eventually, with a used car you will get hit with those costs much sooner.