Maintaining an old automobile?
Dr. Semi-Evil asked:
I would like to hear from everyone their opinions on maintaining an old automobile (10 years+) versus purchasing a new automobile. Is it worth once a year paying a large sum to replace parts as they wear out versus having a car payment each month? I have a car that is over 15 years old and inevitably, every August/September, I have to invest an average to sizeable chunk of change into replacing parts that simply give out due to age. This pales in comparison to a monthly payment made towards a new car, but having your car in the mechanic’s shop for almost a full week or longer waiting for near-obsolete parts can be inconvenient. I’m interested to hear from both sides of the coin, in particular those people who have older cars and who can feel the pain of the point that I have illustrated here. I know you can have a Model T that still runs well, but should I keep investing money into a car that runs perfectly but every year has one or two major repairs to be done?
Brett
I would like to hear from everyone their opinions on maintaining an old automobile (10 years+) versus purchasing a new automobile. Is it worth once a year paying a large sum to replace parts as they wear out versus having a car payment each month? I have a car that is over 15 years old and inevitably, every August/September, I have to invest an average to sizeable chunk of change into replacing parts that simply give out due to age. This pales in comparison to a monthly payment made towards a new car, but having your car in the mechanic’s shop for almost a full week or longer waiting for near-obsolete parts can be inconvenient. I’m interested to hear from both sides of the coin, in particular those people who have older cars and who can feel the pain of the point that I have illustrated here. I know you can have a Model T that still runs well, but should I keep investing money into a car that runs perfectly but every year has one or two major repairs to be done?
Brett
Christian
that is on you, sir. personally i sell new fords, but drive a 71 superbeetle, so you can see what side of the coin i have flipped to!
Warren
If I were you I would get on and get an old 70 Volkswagen beetle. All the parts you need you can get at Advance, and the car itself is so simple you can fix it yourself. For example, a new fuel pump costs 30 dollars, and you can put one on in about 20 minutes. I carry a fuel pump and fuel filter in the car with me, as well as some tools.
Lorraine
It is cheaper to own a car 15 years old versus a $300 – $500 a month car payment….. a vehicle 15 years old only needs regular maintenance and rarely needs anything big done to it. I have owned older cars all my life and have never had a major problem with any of them. I bought a new one now with a trade in my payment is still way under $300 a month….
Alvin
I have a 90 Toyota Camry DX and i have had it since 2003. I have always heard that they are good cars and last and last. Well mine is a piece of junk and i will never ever get one again and i would never advice any one getting one. Mine is like the movie that came out years ago. The Money Pit and it is like a Slot Machine.
Trust me when i say this about my piece of junk. It i could get rid of it and break even or just a little bit of profit i would do it now.
I put in about two months ago around 600 in repair bills and now it is going to need about 500 more. I do not fault my repair shop on the latest.
Ask yourself these questions do you like your car, do you want keep it, can you afford to keep it and ect.
I hope that this has helped you out.
Kristin
If you can do the small maintenance items and leave the big jobs to a mechanic. I’d always choose a car that is paid for over a new car payment. So ypu need to fix the car once or even twice a year and maybe spent $500 or even $700 each time it goes into the shop.
A cheap new car will cost you around $300 a month. Even if it was dirt cheap and only cost $225 a month that’s $2700 a year before you pay for new car insurance.
So you choose between $1400 for repairs to your old car (if it breaks down, which it may not) or $2700 for a new car. That $1300 difference goes a long way to paying for a rental while it’s in the shop or paying for some other expenses.
If you are happy with the old car and it is basically reliable, keep it. Driving a car that is paid for is a wonderful feeling. Enjoy it.
Elmer
Well, I can tell you from personal experience that monthly maintenance costs typically do not outweigh monthly payments, but I also have mechanical knowledge, tools, and experience to do those maintenance jobs, making them cheaper for me, as well as knowing the job is done right. Right now, I have three cars, my 87 Mustang, my wife’s 02 Kia Rio, and my mother-in-law’s 00 Saturn L-Series. I do my best to keep them up and maintained properly, but days like today really make me wonder why I bother.
My wife’s car decided it wants to not start, but only intermittently, I go out to my car to go down to where she is to jump start her car, only to find out that my alternator has gone out, and my car won’t start. Now my mother-in-law has called to tell me her left-rear tire has blown out.
The above situation was not intended as an attempt to hijack your question, but was rather to show that even in the best of circumstances, things do go wrong, sometimes all at once.
One of the best things you can do for your car is to set up an emergency auto repair fund. Once your car is paid off, start putting between half and all of the amount you would have been putting down as a car payment into a savings fund. Even after a few months, this would be a decent amount.
Good luck!
Theodore
I drive a 12 year old car. I really enjoy not having a car payment. The few hundred dollars that need to be put into it once a year or so, is like making 1 or 2 car payments a year. Much better than 48 or 60 payments., Right?
I sold cars for about 10 years, and I’ve seen what the finance companies can do to you. Not to mention losing 50% of what you paid for the car the minute you drive it off the lot. I can’t imagine ever buying a new car. And I will never by a used car from a dealer. There are plenty of private parties selling great cars. You just have to be patient and look carefully.
I don’t get to drive around in a hot, **** car, but I got that goin’ on anyway, so who needs the car. LOL LOL LOL
Louis
I have several old (“classic”
)) cars: a 1991 Jaguar XJS; a 1985 Mercedes 380SL; a 1994 BMW 740i and a 1995 Ford Mustang (I had an 1989 Ford Mustang white-on-white convertible, but it was stolen) and I think it is definitely much better to have an older car than a new one. I have had two new cars (“off the lot”) in my life, and I regretted each one with every monthly payment I made. First, as soon as you drive off the lot, whoops – it depreciates more than you want to know (which brings me to the fact that the resell value on an older car is better), secondly, all the warranties are really not warranties at all unless you pay out the ear for them, so if anything does go wrong on a new one, somehow you still lose. In a nutshell, what I am trying to say is that personally, I prefer to put money into my cars every so often (not a lot) for upkeep/preventative maintenance and things that may go wrong, than to have to pay a car-payment every month. Also, if you get a nice luxury car, the older it becomes, the more people will comment on it favorably; if you buy a new one, you will receive great comments at first (maybe) and when the newness wears off, it is just ‘another car’. Good luck.
Micheal
Don’t forget, that new car is going to cost you more for insurance and license too! If you like the car you’re driving now, hang on to it! One of these days it may be worth a lot more than it is now!!!
Michele
i drive a 1988 lincoln town car ( 20 years old next year) and i would not trade it for car payment at all . i bought it from a little old man with only 63800 miles (original) and i have had it for 5 years and it is still under 100,000 miles. and i have had no major repairs either and i do my own repair work