10 year old cars- Ditch em or Fix em

[Urohawk]

I've got a 2009 mini cooper with only 60K miles on it. Mostly an around town driver. 2750 Is kelly blue book trade in value. Pretty sure I've got a $1500 to $2000 repair coming. I like the car. It's fun to drive but has been a mechanical beast. These cars or prone to failing. Most repairs were under warranty but now I'm past the 10 year/120K long term stuff. Following are things to consider:

1. I can pay cash for a new car but don't necessarily want to.
2. I don't mind my current car. I don't pine for having a new car. Not really a car guy. I'm a drive it till it dies type of guy.
3. Wife's on my back about putting more money into it.

I get the philosophy that as the repair costs approach the value of the vehicle it makes economic sense to move on. However, because it's so low mileage for it's age I suspect if I repair it, I can go a while before something major comes along (6 to 12 months minimum). When I look costs of repairs I think of a car payments with a new car. Probably going to be about 500/month. If I put 2000 into repairs and it lasts 5 months then I essentially broke even. Am I crazy to think that way?

 

[QChawks]

Always going to be cheaper and wiser to drive the older car.

So long as its still safe and you’re not at high risk of breaking down.

Engines these days are nearly indestructible, if you keep up on the standard maintenance getting a car to 200,000 or 15-20 years is pretty easy.

 

[SoMplsHawkI]

Arguments for Fixing Up
Buying a new car may not be right for you, for budgetary or other reasons. Here are a few examples of why it might be a good idea to get the repairs done.

• It is almost always less expensive to repair a car than buy a new one.
• Although something as severe as a blown motor or a failed transmission will run you between $3,000 and $7,000 to replace at a dealership, such repairs still don't cost as much as buying a new car. That $3,000 or $7,000 would certainly make a nice down payment, but then there are the monthly payments to consider. You can perhaps purchase a used car for that much, but just keep in mind that another used car could come with its own set of issues.
• Insurance and registration fees will be higher on a new car.
• A new car typically loses an estimated 22 percent of its value in the first year. Your car has already taken that depreciation hit.
• You really need the car to last a while longer. Let's say you were planning on getting a new car in a year or two, but it broke down earlier than expected. Repairing it now will help you stay on the road and keep you from making a hasty new car purchase. It will also give you more time to save up and get your finances in order.
• You have a sentimental attachment to your car. Maybe it was your first car, a gift from a loved one, or a dream car you finally were able to purchase. For you, buying a new car would mean giving up an old friend. This is not the strongest argument for fixing it up, but it's a real one.

Arguments for Buying a New Car
You swore you wouldn't put another penny into your old car after that last repair. But buying a new car seems like an intimidating prospect. Here are a few reasons why buying a new car might be the way to go.

• You don't want to fret about future breakdowns. Old cars can be unpredictable. Repairing a single problem with an older car doesn't guarantee that another breakdown won't happen with another part or system. If you buy a new car, its warranty means you'll have at least three years (and often far longer) before you have to worry about paying for any major repairs. Even buying a more reliable used car, such as a certified pre-owned vehicle, is enough to bring back some peace of mind.
  
  
• You're tired of the constant trips to the repair shop. Some things don't get fixed the first time around, while others seem to need constant attention. Either way, trips to the mechanic are costing you too much money and time away from work or family.
  
  
• You're fed up with your old car. Perhaps it's so beat that it embarrasses you. It rattles like crazy. Or you have to bang on the A/C to get it working. All these are reasons to move one. Take a look at your budget and make an honest assessment of your financial situation. Let the Edmunds suite of auto calculators do the math for you.
  
  
• You want something safer. New cars have modern safety equipment. Features such as automatic emergency braking, backup cameras, and blind-spot monitoring are increasingly becoming standard fare on new vehicles.
  

When Is It Time to Buy Another Car?
Here are a few scenarios in which we'd opt for buying another vehicle:

• The repairs are becoming more frequent, and the costs are hard to keep up with.
• The car leaves you stranded often, putting you in a potentially dangerous situation or making you late to work.
• The repair in question will cost more than half the value of the vehicle.
• You had already planned on getting something new, but your mechanic clues you in on an impending major repair on your old car. Hold off and let the next owner handle it. Just be upfront about it when it comes time to sell.

 

[jasonrann]

If it isn't a maintenance nightmare and you still like it, I would hold onto it given the mileage. I rarely consider it until at least 120k miles. The engine in that car should be tip top if you have stuck to maintenance schedules. Protect yourself by getting AAA. Wife (pic in another thread) and I have had it five years and it has more than paid for itself. Just in the last three years, I have had a tow after losing two tires, she had a bad battery that they came out and replaced they unlocked her car that had keys in it. Totally worth it.

 

[tarheelbybirth]

Buy a good used car.

 

[SSG T]

I have a 10 year old car, I think 140k on it. At this point, I still drive it every day because I just drive it to and from work. Why get a new car only to put 90 miles a day on it? I'll get a new one next year when I retire and let my wife drive my current one so she isn't putting a ton of miles on her car.

At that point, when it breaks, it breaks.

 

[Urohawk]

I have a 10 year old car, I think 140k on it. At this point, I still drive it every day because I just drive it to and from work. Why get a new car only to put 90 miles a day on it? I'll get a new one next year when I retire and let my wife drive my current one so she isn't putting a ton of miles on her car.

At that point, when it breaks, it breaks.

Part of the issues that 09 minis are notoriously poor mechanically. This car has a had a thermostat, water pump, fuel pump, timing chain replacement x2, etc. 1 timing chain was on me. The rest are warranty. I suspect the second of my two fuel pumps are bad. The first was replaced at 10K.

 

[FormerlyCyberCy]

I've got a 2009 mini cooper with only 60K miles on it. Mostly an around town driver. 2750 Is kelly blue book trade in value. Pretty sure I've got a $1500 to $2000 repair coming. I like the car. It's fun to drive but has been a mechanical beast. These cars or prone to failing. Most repairs were under warranty but now I'm past the 10 year/120K long term stuff. Following are things to consider:

1. I can pay cash for a new car but don't necessarily want to.
2. I don't mind my current car. I don't pine for having a new car. Not really a car guy. I'm a drive it till it dies type of guy.
3. Wife's on my back about putting more money into it.

I get the philosophy that as the repair costs approach the value of the vehicle it makes economic sense to move on. However, because it's so low mileage for it's age I suspect if I repair it, I can go a while before something major comes along (6 to 12 months minimum). When I look costs of repairs I think of a car payments with a new car. Probably going to be about 500/month. If I put 2000 into repairs and it lasts 5 months then I essentially broke even. Am I crazy to think that way?

We replaced my wife’s 2008 Passat three years ago that looked and drove like new, but was using oil. I sold it on the company website (for $1000 more than the dealer offered us in trade) and told the buyer exactly the situation. If we’d had room for it in the garage, I would have kept it as my daily driver, parked the truck, and saved gas. I won’t let my wife drive a car that I don’t have 100% confidence in, but I’m not afraid to drive one around town that’s iffy as long as the brakes, steering and tires are sound. If you still like the car, I’d make the $1500 repair and try to get a couple more years out of it.

 

[bagdropper]

I'm in the exact same boat with my X5. The disappointing part is the vehicle other than the $3k-$4k repair it will no doubt now need, it otherwise is in damn good shape for its age. Comfortable, luxurious, smooth.

Best vehicle I've ever owned. But, repairing it isn't going to truly make it any more valuable. If I was "rich" this wouldn't be such a difficult decision. Unfortunately, buying a rough equivalent will be 4-5x the repair costs if I buy what should be a long lasting replacement (say 5+ years).

"Should"...I hate that word, but it is indeed accurate.

Changing vehicles, I'd still be driving what amounts to being a nearly equal "gamble" as far as how I look at it overall. I keep coming back to thinking "I know what I own, if repaired - I know what I've already repaired."

So, to me...$4k tops versus $15k if not more...yet either way I'm in the exact same boat. I will be driving a "gamble".

Pretty easy decision really.

 

[Nipigu]

If money isn’t a factor then why are you considering it in the decision?

If you like it, keep it.

 

[The Tradition]

I would not put that kind of money into a 10-year-old Mini Cooper.

 

[Joes Place]

I've got a 2009 mini cooper with only 60K miles on it. Mostly an around town driver. 2750 Is kelly blue book trade in value. Pretty sure I've got a $1500 to $2000 repair coming. I like the car. It's fun to drive but has been a mechanical beast. These cars or prone to failing. Most repairs were under warranty but now I'm past the 10 year/120K long term stuff. Following are things to consider:

1. I can pay cash for a new car but don't necessarily want to.
2. I don't mind my current car. I don't pine for having a new car. Not really a car guy. I'm a drive it till it dies type of guy.
3. Wife's on my back about putting more money into it.

I get the philosophy that as the repair costs approach the value of the vehicle it makes economic sense to move on. However, because it's so low mileage for it's age I suspect if I repair it, I can go a while before something major comes along (6 to 12 months minimum). When I look costs of repairs I think of a car payments with a new car. Probably going to be about 500/month. If I put 2000 into repairs and it lasts 5 months then I essentially broke even. Am I crazy to think that way?

Annual $2k repair cost equals about $170/month in loan payments (plus, if you live in a state that hits you with registration costs for newer cars, that might be another $500/yr you're eating with something new).

$2-3k every year isn't a horrible expense for maintenance/repairs IF the vehicle is otherwise reliable (not in the shop every couple months for something, or breaking down regularly). I used to have a '94 BMW convertible that would run $500-1000/yr in maintenance/repairs; otherwise it was in fantastic shape and fun to drive. Finally got rid of it and got a Cooper Works Mini, because the Mini would fit in the garage bay with the Ducati in front of it.

Ergo: putting $2k/yr into it is still cheaper than payments and registration on a new vehicle.

I get the philosophy that as the repair costs approach the value of the vehicle it makes economic sense to move on.​

No; repair costs should have no relation, whatsoever, to the value of the vehicle. After 10+ years, most of the depreciation is complete - car value doesn't really drop anymore. Buy something new, and you'll also have $2k/yr in depreciation on it, in addition to loan payments that almost certainly exceed the cost of maintenance on an older vehicle.

What matters is if the vehicle is still safe and reasonably reliable after repairs. Just take it in once a year for major overhauls and fix what needs fixing.

If you start having electrical problems - that is different, because those can really be expensive to fix and difficult to deal with. But brakes, transmission/clutch, engine gaskets, etc are all easy things to fix, and once you've fixed them they are good for another 50-100k or more miles.

 

[Joes Place]

• The repair in question will cost more than half the value of the vehicle.

VERY poor argument. Unless you're talking about $5-10k in repairs.

If your 10 yr old vehicle is only worth $2k book value, it can never depreciate more than another 2k. Buy something "new", and you'll depreciate 2k just about annually.

You will nearly always come out financially ahead maintaining an older vehicle vs. buying a new one. So long as it's maintained AND still reasonably reliable.

 

[Joes Place]

Always going to be cheaper and wiser to drive the older car.

So long as its still safe and you’re not at high risk of breaking down.

Engines these days are nearly indestructible, if you keep up on the standard maintenance getting a car to 200,000 or 15-20 years is pretty easy.

Indeed. DO NOT skip on the maintenance schedules.
Replace timing belts when they are scheduled - miles wise or years wise.
Replace O2 sensors when scheduled; failing to do so toasts your catalytic converter which is a couple grand vs. a few hundred for the sensors.
Replace injectors if they go bad.

These are all fairly cheap fixes. A transmission is a major fix (but still worth doing). A complete engine rebuild might not be worth it, unless you're really attached to the car.

 

[ghost80]

We replaced my wife’s 2008 Passat three years ago that looked and drove like new, but was using oil. I sold it on the company website (for $1000 more than the dealer offered us in trade) and told the buyer exactly the situation. If we’d had room for it in the garage, I would have kept it as my daily driver, parked the truck, and saved gas. I won’t let my wife drive a car that I don’t have 100% confidence in, but I’m not afraid to drive one around town that’s iffy as long as the brakes, steering and tires are sound. If you still like the car, I’d make the $1500 repair and try to get a couple more years out of it.

Wife and I have a system worked out. We have a newer vehicle with lower miles and one older with higher miles. The newer one gets used on road trips and is driven by her. We try to let it get mostly highway and easy miles. The older one gets used back and forth to work, around town, trips under 100 miles and is used by me. We are flexible enough that if I am taking a road trip fishing and do not want to take my car I'll take hers and she will use mine. No sweat. Night out on the town and we want to drive something nicer? We take hers. This isn't rocket science and seems to work well.

When my vehicle finally needs replaced she gets the newer onw (never new) and I take hers which often will have 100K+ miles on it, but they have been easy miles and I can typically drive it quite a while. (I did get ribbed once by a range buddy when he found an emergency tampon at the bottom of my glove compartment that was missed in the vehicle transition).

Have even had a couple times that I've wanted to take a road trip the same time she needed to have her vehicle and didn't trust mine.....in that case it is easy for me to rent a vehicle and with the money saved on our "system" I can easily afford a rental once every couple years.

 

[tarheelbybirth]

2005 Dodge Caravan with 199,600+ miles. Just replaced gaskets and radiator but I'd almost consider those regular maintenance on a vehicle of this vintage. On the plus side, I was staying at a hotel last year, came out and found white scrape marks on the side door. Looks like maybe a box truck dragged along the side. No real damage other than cosmetic. Looked at it, looked around the parking lot, shrugged, got in and drove off.

Try that with a new car.

 

[ghost80]

2005 Dodge Caravan with 199,600+ miles. Just replaced gaskets and radiator but I'd almost consider those regular maintenance on a vehicle of this vintage. On the plus side, I was staying at a hotel last year, came out and found white scrape marks on the side door. Looks like maybe a box truck dragged along the side. No real damage other than cosmetic. Looked at it, looked around the parking lot, shrugged, got in and drove off.

Try that with a new car.

2005..does your fob say Diamler on it? At first when Dodge/Chrylser and Diamler merged, Dodge/Chrysler still speced everything to the higher Diamler specifications. Everything lasted longer....even the items needing replacement like batteries ect. Had a 2003 Dodge that was a Diamler and it was a great high miler.

 

[Gimmered]

Part of the issues that 09 minis are notoriously poor mechanically. This car has a had a thermostat, water pump, fuel pump, timing chain replacement x2, etc. 1 timing chain was on me. The rest are warranty. I suspect the second of my two fuel pumps are bad. The first was replaced at 10K.

I bought my wife an 09 Dodge Caliber during the cash for clunkers and it has a bit less than 60,000 miles on it. I replaced the battery, and tires. Never done another thing besides oil changes. I never realized Minis were junk like that. If it were me, I'd buy something reliable.

 

[Bank of Hawk]

People often overlook safety. I have an uncle who has made a lot of money over the years, very frugal, owns property in multiple states, etc. They have drove a few Prius’ over the past 20 years. Great for the pocketbook and environment.

However, when a driver rear ended him in their 10+ year old Prius, he suffered major whiplash and hasn’t been physically the same since. He cant golf or play tennis like he used to before the accident. Is it worth the savings to put your physically well being at risk?

If he was in a Chevy 1/2 ton pick up or full sized suburban, he could have in all likelihood avoided a life long physical ailment.

I don’t trust other drivers, but I do trust safety features newer vehicles.

 

[Joes Place]

Wife and I have a system worked out. We have a newer vehicle with lower miles and one older with higher miles. The newer one gets used on road trips and is driven by her. We try to let it get mostly highway and easy miles. The older one gets used back and forth to work, around town, trips under 100 miles and is used by me. We are flexible enough that if I am taking a road trip fishing and do not want to take my car I'll take hers and she will use mine. No sweat. Night out on the town and we want to drive something nicer? We take hers. This isn't rocket science and seems to work well.

When my vehicle finally needs replaced she gets the newer onw (never new) and I take hers which often will have 100K+ miles on it, but they have been easy miles and I can typically drive it quite a while. (I did get ribbed once by a range buddy when he found an emergency tampon at the bottom of my glove compartment that was missed in the vehicle transition).

Have even had a couple times that I've wanted to take a road trip the same time she needed to have her vehicle and didn't trust mine.....in that case it is easy for me to rent a vehicle and with the money saved on our "system" I can easily afford a rental once every couple years.

When I'm taking the 1600+ mile RT journey back to Iowa, I rent.

With mileage reimbursements at $0.55/mile, that's >$800 in wear and tear (incl gas) on my vehicles. Gas is maybe $150-200 for the trip. That means the mileage reimbursement is covering $600 in wear (and depreciation) on my vehicles. I can rent a vehicle for the week for around $250-300 on Costco or with other membership deductions. Even an extra day is only $30-40 add-on. Now, if you're talking 2 week trips, it probably doesn't make sense. But for a week+ it does. My mechanic does the same thing - he gets special rates from rental places and uses them in lieu of putting the miles on his cars.

There is the extra hassle of picking up/returning. But when the cost difference is $200-400, that's not a big deal for me.

 

[Nipigu]

When I'm taking the 1600+ mile RT journey back to Iowa, I rent.

I fly.

 

[tarheelbybirth]

2005..does your fob say Diamler on it? At first when Dodge/Chrylser and Diamler merged, Dodge/Chrysler still speced everything to the higher Diamler specifications. Everything lasted longer....even the items needing replacement like batteries ect. Had a 2003 Dodge that was a Diamler and it was a great high miler.

It might have at one point. It's solid black now - everything has been rubbed off - and it works most of the time. The doors lock randomly - which is bad because the key broke off in the ignition a couple of years ago so it's really just a stub. I can't unlock the van if the fob remote doesn't work. Except that the passenger side sliding door never locks so I can always get in that way. Dropping it off at the garage for work always gets a few chuckles.

My wife (no pic) says the van and I have grown to be alike - like a man and his dog. We're both dinged up, quirky as hell, showing our age, but still reliable and running great. I took it as a compliment.

I pulled all the seats out so I can haul stuff in it, The two middle seats are tucked under a table in my classroom. A kid asked me a few weeks ago why there were car seats in my room. I said I like to crank the room up and take it out for a spin every once in a while.

Still take it on middling length trips if it's just me. My wife (no pic) and I will likely retire next year so we won't need the van for much. Gotta figure out a suitable retirement for it, too.

 

[Joes Place]

I fly.

You probably don't bring a dog.

Also have had weather screw up my air travel too many times; nothing worse than getting diverted to Chicago and sitting around in an airport for a day and a half trying to get on another plane.

While flying is indeed easier w/o a dog, it saves roughly 4 hours, because the trip is about 12 by car. It's 2.5 on the plane (direct) - more like 4-6 if you cannot get direct, 1 hour to each airport, 1-2 hours check-in/security lines/boarding, and 1 hr+ to debark and get luggage. That makes "best case" flying 7-8 hours - IF there are no weather or other delays. Tack on the limits of how much stuff I can take back/forth, and it just ain't worth it. By car, I can adjust my travel schedule to when I want to come/go. Can't do that via plane.

 

[Joes Place]

It might have at one point. It's solid black now - everything has been rubbed off - and it works most of the time. The doors lock randomly - which is bad because the key broke off in the ignition a couple of years ago so it's really just a stub. I can't unlock the van if the fob remote doesn't work. Except that the passenger side sliding door never locks so I can always get in that way. Dropping it off at the garage for work always gets a few chuckles.

THESE are the kinds of problems that make it worth replacing the car!

 

[ghost80]

It might have at one point. It's solid black now - everything has been rubbed off - and it works most of the time. The doors lock randomly - which is bad because the key broke off in the ignition a couple of years ago so it's really just a stub. I can't unlock the van if the fob remote doesn't work. Except that the passenger side sliding door never locks so I can always get in that way. Dropping it off at the garage for work always gets a few chuckles.

My wife (no pic) says the van and I have grown to be alike - like a man and his dog. We're both dinged up, quirky as hell, showing our age, but still reliable and running great. I took it as a compliment.

I pulled all the seats out so I can haul stuff in it, The two middle seats are tucked under a table in my classroom. A kid asked me a few weeks ago why there were car seats in my room. I said I like to crank the room up and take it out for a spin every once in a while.

Still take it on middling length trips if it's just me. My wife (no pic) and I will likely retire next year so we won't need the van for much. Gotta figure out a suitable retirement for it, too.

My 2003 developed an electrical problem at 200k. We could not chase it down so I sold it to an automotive instructor to be used as a learning vehicle...and after fixed given
To one of his kids who wanted a work vehicle.

 

[General Tso]

Mini Cooper is reason enough to buy a different car.

 

[tarheelbybirth]

THESE are the kinds of problems that make it worth replacing the car!

Just adds character.

 

[Joes Place]

My 2003 developed an electrical problem at 200k. We could not chase it down so I sold it to an automotive instructor to be used as a learning vehicle...and after fixed given time
To one of his kids who wanted a work vehicle.

As noted, electrical issues can be horribly expensive and problematic. I've helped neighbors with these - pull fuses until you find what's draining the battery, etc. If you can live w/o the things on that fuse, you're fine. If it's lights or safety stuff, not so good.

Even stuff like window regulators are worth fixing - done those in BMWs, Chevys and Jeeps. Taking doors apart is a weekend job, but a fairly easy DIY vs paying someone else $800-1000 to fix 'em. Did my sunroof a couple years back, because the parts cost was $125, and the last time I replaced the track runners in it, it cost me >$1200 and wasn't doing that again. One of the biggest PITA repairs I've done, but really nice to vent all the heat out of the car in the summer, so worth the effort. And now I know where in the tracks to re-grease and clean 'em out every fall....

 

[jasonrann]

People often overlook safety. I have an uncle who has made a lot of money over the years, very frugal, owns property in multiple states, etc. They have drove a few Prius’ over the past 20 years. Great for the pocketbook and environment.

However, when a driver rear ended him in their 10+ year old Prius, he suffered major whiplash and hasn’t been physically the same since. He cant golf or play tennis like he used to before the accident. Is it worth the savings to put your physically well being at risk?

If he was in a Chevy 1/2 ton pick up or full sized suburban, he could have in all likelihood avoided a life long physical ailment.

I don’t trust other drivers, but I do trust safety features newer vehicles.

No fuggin way I would ever buy a Prius or something of that size with living in a large city. Smart Car? No, that's a roller skate. Way too many idiots on the road to catch the deads or get brained to save a few bucks on gas.

 

[Nipigu]

You probably don't bring a dog.

We make the trip to the desert several times a winter. In fact we just got back and will go back out in a couple weeks.

 

[Joes Place]

We make the trip to the desert several times a winter. In fact we just got back and will go back out in a couple weeks.

Real dogs don't fit in carry-ons.
That's a gurl-dog.

 

[Nipigu]

Real dogs don't fit in carry-ons.
That's a gurl-dog.

Ok. Enjoy the drive. We’ll be out back by the pool...doing yoga.

 

[OrlandNole]

Don't new Minis retail for well over $20K? That's some crazy depreciation.

 

[Joes Place]

Don't new Minis retail for well over $20K? That's some crazy depreciation.

for an 11-12 yr old car? It's quite typical

50% of the value about every 4 yrs. It's why it makes a lot more sense to buy a 3-4 yr old vehicle that's been well-maintained, because it'll depreciate over the next 20 years about as much as it did in the first 4.

 

[stillh8unlv]

I have a CRV with 277k, a Sienna with 220k, & my low mileage Avalon has 117K. New cars are the worst investment out there.

Will always buy a 3-5 year old car and run the wheels off them....you buy the right ones (higher end Japanese specifically) and you can do that with absolutely minimal repair costs

 

[UNIowaHawk]

for an 11-12 yr old car? It's quite typical

50% of the value about every 4 yrs. It's why it makes a lot more sense to buy a 3-4 yr old vehicle that's been well-maintained, because it'll depreciate over the next 20 years about as much as it did in the first 4.

You lose about 10% within a month and 20% over the first year then 10% each of the following 3 years so I think you’re spot on with the 50% over 4 years. In the past I have bought cars that are a year out and ~12K miles that way I save about 20%, but still have the warranty.
I have a high mileage car now that thus far has cost me nothing aside from normal wear and tear (tires, brakes, oil changes). It’s a 9 year old Subaru (not a lesbian) and is basically used as my commuter-mobile. We use wife’s (no pic) car whenever we go somewhere as family, but it gets half the MPG. Both are over 100K now and out of warranty. Hers is going to be $$$ when it needs something so we are in the market again looking for something slightly used.

 

[Joes Place]

You lose about 10% within a month and 20% over the first year then 10% each of the following 3 years so I think you’re spot on with the 50% over 4 years. In the past I have bought cars that are a year out and ~12K miles that way I save about 20%, but still have the warranty.
I have a high mileage car now that thus far has cost me nothing aside from normal wear and tear (tires, brakes, oil changes). It’s a 9 year old Subaru (not a lesbian) and is basically used as my commuter-mobile. We use wife’s (no pic) car whenever we go somewhere as family, but it gets half the MPG. Both are over 100K now and out of warranty. Hers is going to be $$$ when it needs something so we are in the market again looking for something slightly used.

Good to hear your Subaru isn't a lesbian

Some makes/models depreciate less than 50% over the 4 yrs, but typically >33% even for the best models. That means a $30k vehicle, at best, drops $10k over the first four years, and upwards of $15k.

Equals a $2500 to $3800 annual repair bill, in my book, for a 10 yr old vehicle in good shape that depreciates very little in comparison.

Now, if you have only one vehicle and having that in the shop for repairs is a major headache, then buying newer maybe makes sense. But when you can rent a vehicle for $250-300 a week when yours is in the shop, that's still only $1000-1200 you burn over 4 years worth of major shop repairs. 10% of the depreciation costs for something purchased new over the same period. Of course, if you have something that leaves you stranded/stuck a few times a year, that completely changes the calculations here.....but maintain your vehicle, and it's unlikely to break down or not start.

 

[ghost80]

I would not put that kind of money into a 10-year-old Mini Cooper.

Mini pooper ... good. Mini cooper...bad.

 

[The Tradition]

People often overlook safety. I have an uncle who has made a lot of money over the years, very frugal, owns property in multiple states, etc. They have drove a few Prius’ over the past 20 years. Great for the pocketbook and environment.

However, when a driver rear ended him in their 10+ year old Prius, he suffered major whiplash and hasn’t been physically the same since. He cant golf or play tennis like he used to before the accident. Is it worth the savings to put your physically well being at risk?

If he was in a Chevy 1/2 ton pick up or full sized suburban, he could have in all likelihood avoided a life long physical ailment.

I don’t trust other drivers, but I do trust safety features newer vehicles.

That's not really about "safety" and more about "physics".... and doesn't say anything about "new" or "old" cars. Just size.

 

[funksouljon]

Depends on the car. I considered a Mini for miles, but have seen a number of the year models are NOT worth the long term investment and a couple year models that would be. Seems like yours falls into the later category.

We will see how the newer cars (last 0-6 years) do after 10-15 years with 100k+ miles. All the electronics makes me a bit leery, only time will tell.