When shoudl you stop putting money into a car?

Factual Questions
1

When should you finally decide to call it quits and stop repairing your old car and start saving up for a new one?

I’ve got a 1988 Jeep Cherokee I’ve owned for 12 years. I’m a low mileage driver and only put around 7,000 miles a year on it. It’s a little bashed up, has no headliner, and the air conditioner hasn’t worked in over 10 years. Despite living in Texas, none of this bothers me, it’s still cheaper than car payments.

But, I’ve just spent $400 bucks on a brake job. And it’s leaking oil which will cost around $850 to fix. That’s still cheaper than car payments. I’ve also got lifetime muffler and alignment things.

Is there a good rule of thumb or something that could tell me it’s time to bite the bullet and look for a cheap used Honda? Could I find a cheap used car that’s reliable? At least with this car, I know what’s wrong with it. I

know this is more of a Car Talk question but I don’t hang out there, I hang out here wit’ y’all :slight_smile:

2

When should you stop putting money into a car?

When you can’t shut the door anymore.

Stop. It’s full.

Sorry. I couldn’t help myself…

3

I remember one of the Car Talk brothers making the comment once that if he didn’t spend more money on the car than it was worth, he wouldn’t even be able to fill it up! :slight_smile:

If it’s paid off and you’re happy with it and you don’t mind spending the money to get it fixed, then keep it.

4

When the value of the broken car plus the repair costs are more then the replacement value of the car repaired.
Or if the repairs cost more than the car is worth.

If the car is worth $600 broken and the repair is $500 and you can by a mechanically sound replacement for $900 then it`s probably toast.

However, if you fix your car you now have a car with part X having just been fixed or replaced. So your fixed car may be better than the $900 dollar car now that you had it fixed. Your car value may have just shot up to $1,100. So, you have inflated the equation by fixing your car. The replacement factor just increased to $1,100 instead of $900 because you`re driving the same car with a new X.

In other words, I don`t know.

5

I’m with tremorviolet, if it runs and it’s paid for, that’s what I call a luxury car.:smiley:

The first rule to get a good deal, which I have seldom followed, is to starting looking before you really need one. That way you might stumble across a good buy.

If you live near one of those retirement/assisted living/nursing home things, go look at their bulletin board, newsletter or leave feelers out. Older, very low mileage cars, often become available there and for the money, they can be cheap transportation.

6

I have a 1994 Saturn with 215,000 m on it.

When will I get rid of it?

When the cost of a single repair is more than the cost of a new car. That’s my standard, hehe. Like if the engine, transmission, water pump, and radiator all blew up at once.

What are car payments, anyway? I bought my car from my mom, so I have no idea.

But if a repair is $400, and monthly car payments on a new car are $500, I’d stay with my car. Unless I have to pay $400/month on repairs. Then I’d get a new car, just so I wouldn’t have to worry anymore.

I’d also suggest learning how to fix things yourself. In the past few months, I, a 20 year old female, have (succesfully!) replaced my own brake pads and rotors ($150), changed my oil and filter ($10), changed my transmission fluid and filter ($20ish, if I remember correctly), brake lights and turn signal lights (free, my dad had extra bulbs). True, I have access to my dad’s tools, and the pit where he works (a Semi shop), but it’s not hard to learn. And it saves you a buttload of money.

I know they make books that tell you everything about how to fix your car. Does anyone know what they’re called?

OH! I almost forgot. My car burned/leaked oil. As a sort of “what the hell,” I put in a bottle of that Stop-Leak (I don’t know the name brand or anything, but any AutoZone should have a nice selection) in when I changed my oil. Guess what! No more leaking or burning. I think you can also buy repair kits (if my friend could buy one for a radiator leak, I bet you can buy one for oil).

But I’m cheap, and like to do repairs myself.

7

Money is a convenient measure, but in most real life decisions it’s not the best one. Book value is merely an average measure of how much other people want your car, not how happy you’d be with it vs. a given replacement. You may not be as happy with the new make/model, or you may be much happier. Therefore, if it’s a close call in your mind, you can’t really make a decision without a specific replacement car in mind.

As a practical matter, you only have an educated guess about future repairs on your car, but you barely have even that much for any car you buy to replace it. Your question hinges on the presumption that the replacement will be less costly to maintain and operate (which it often isn’t, after insurance, excise, etc. on a more expensive car)

Depending on how picky/thorough you are, the locally available selection, how long you can safely drive your car without making currently needed repairs, and your current life situation, the time and energy of car-shopping can be a burden. Many people who decide their current car “isn’t worth fixing” end up buying cars they wouldn’t have chosen if they’d had more time. Even in dollar terms, taking a couple of days off can swing the equation the other way.

In other words, there is no equation because the only true endpoint is how happy you are. If the numbers say ‘keep your old car’, but you constantly worry about reliability (justifiably or not), or look enviously at cars you can reasonably afford, it may be a better choice to simply bite the bullet. On the other hand, an econobox may be a more fiscally practical choice, but if you end up regretting the change, it wasn’t a very wise choice, was it?

Heck, we all know media-brainwashed people who can’t be happy with a car that’s more than a year or two old. Whatever works for them – I guess it’s not that much more expensive than Prozac.

8

Good point. I love my car, and can’t ever imagine getting rid of her. I don’t know why - she’s just been a good, reliable car that I’ve been through a lot with. sniffle wipes away tear I’ll just keep putting new parts in until the body falls apart.

My fiance, on the other hand, hates his car so much it’s not even funny (`94 Acura Integra). He’ll be getting a new car before I do, and he has half the miles as mine. shrug

9

Hey Y’all, thanks for the responses. I found some interesting advice on the web:

Kiplinger - has a cost analysis. Says keeping your old car could save you $10 grand!

MS Money Great point about making pretend car payments for three months to see if it hurts.

CalMeacham, ya know what they say, there’s a pun in every thread title if ya look hard enuf. At least everybody’s finally off the “1920’s style Death Ray” jokes… :slight_smile:

10

How many miles are on your car, and how many on your fiance? :slight_smile:

I have an '83 LandCruiser, with 270,000 miles on it. The engine is leaking oil like there’s no tomorrow, so a replacement engine or a new vehicle is in my future. The tranny is getting chancy as well, and certainly the body needs some work. Still, with a new engine and new transmission, it’ll probably go another 100,000 miles, and what used car can I expect that from?

As KP says:

…so how the heck can one decide?

One further consideration: newer cars have better safety (and other) features. That might make the trade-up worthwhile. Hmmm…

11

Hehe. Damnit.

Ahem. Well, he’s 20, moved across the county, pretty lazy . . . I’d say . . . about 150,000.

Sound like a good estimate?

How to do figure a person’s milage, anyway?

12

For me it isn’t usually about how much money I spend on repairs, but how much time I spend. I’m single and have no one to take me to work or pick me up if my car isn’t working. In other words, once it starts becoming a regular nusiance, it goes.