When to Replace an Old, Low-Mileage Car?

[artemis]

Well, folks, I think my car just made my decision for me. A routine oil change and service has turned into a $300 job; a clicking noise I’d noticed turned out to be a bad axle. Oh, and the water pump is starting to fail, and an engine valve is starting to leak, and something ghosty fault has developed in my all-wheel drive system, which may cost up to $800 to repair (assuming they can even figure out what the problem is). She’s been a good car, but I need reliability more than I need to save money, so I think it’s time to go car shopping while Old Faithful is still drivable.

[Inigo_Montoya]

@artemis

Well, folks, I think my car just made my decision for me. A routine oil change and service has turned into a $300 job; a clicking noise I’d noticed turned out to be a bad axle. Oh, and the water pump is starting to fail, and an engine valve is starting to leak, and something ghosty fault has developed in my all-wheel drive system, which may cost up to $800 to repair (assuming they can even figure out what the problem is). She’s been a good car, but I need reliability more than I need to save money, so I think it’s time to go car shopping while Old Faithful is still drivable.

Can you say: TRADE IN!!!

Hope you get something you like.

[Cat_Whisperer]

Ah, well, that’s good in some ways. Decision made, off to car shopping!

[ftg]

@rachelellogram

This philosophy doesn’t work for everybody. I will take a higher total of amortized expected costs compared to a lower total of unexpected costs any day of the week. I could make room in my budget to afford $10 a week for a year, but there’s no way my budget could handle a $500 surprise out of nowhere.

Plus, cars that require repairs like that are also older and less of a status symbol. Most people aren’t just paying for function when they buy a vehicle. Otherwise everyone would drive their current car until it fell apart. Most people don’t do this.

I see ads for new cars with monthly payments listed for $300-400 and sometimes higher. And that doesn’t include down payment and other costs. A new car is a big hit now financially. If you think you can afford a new car, you can afford a $500 fix and a lot more.

People who are concerned about “status” are lousy with Math and will go to great lengths to justify bad decisions.

[Sailboat]

A financial advice columnist who appears in The Washington Post (among other places), Michelle Singletary, has suggested getting on a first-name basis with a good mechanic and driving any already-paid-off car for as long as you can. She’s said it’s probably the single most dramatic change most people can make in their finances.

When the time comes that you can’t make that work any longer, she has some advice here on choosing to buy new or used.