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So when would you pull the plug on the old (paid for) car and buy a new one? What makes sense?
I got a 97 Toyota Corolla DX (1.8 L) with 120K miles. I commute a long way to work everyday (50 miles total/day) and it's the perfect car for that; however, it's due for some expensive maintenance and repairs. It's due for a timing belt/water pump replacement and the 120K service which includes Auto transmission service, plugs, wires, Coolant flush etc (approximately $1000 bucks!)... And it's having some front end/rear end issues, I'm betting it needs struts etc... (I'm taking it to my mechanic shop on Tuesday for this issue..) It's pretty ugly and with a rougher body (some dents etc...) On the positive side, it doesn't burn or leak any oil, it has new tires, new radiator, new AC condenser, is very good on gas, very cheap to insure, cheap property taxes and tags.
So, the old lady (who hates the car! LOL) and most of my friends think I'm crazy to put another dime in this car and should buy a new car. Well, I'm cheap and I don't want to either spend a big chunk of change or have car payments. What would you do? What would make more sense? I'd like to hear some REALISTIC opinions please!
P.S. If I were to buy a new car, I'd buy a 1-2 year old Honda Civic, Honda Fit or a Toyota Corolla with less than 30K miles.
I have asked the question about buying a newer car every year for the last five... I keep doing work on the old one and waiting. It has been cheaper to stay with the old car and until it is clearly a bad financial/reliability/safety issue I will stay with the current car.
So when would you pull the plug on the old (paid for) car and buy a new one? What makes sense?
I got a 97 Toyota Corolla DX (1.8 L) with 120K miles. I commute a long way to work everyday (50 miles total/day) and it's the perfect car for that; however, it's due for some expensive maintenance and repairs. It's due for a timing belt/water pump replacement and the 120K service which includes Auto transmission service, plugs, wires, Coolant flush etc (approximately $1000 bucks!)... And it's having some front end/rear end issues, I'm betting it needs struts etc... (I'm taking it to my mechanic shop on Tuesday for this issue..) It's pretty ugly and with a rougher body (some dents etc...) On the positive side, it doesn't burn or leak any oil, it has new tires, new radiator, new AC condenser, is very good on gas, very cheap to insure, cheap property taxes and tags.
I would NEVER get rid of a car that is operating well. That will be the one time that you will purchase a lemon and be forever unhappy.
If you plan to keep a car past 100-120k, you need to budget $1500 or so to ensure that the car will keep running well. That is ANY model.
If you do purchase a newer Corolla, I would suggest that you look at a NEW one in addition to the ones with 30k. When I was looking at private sales, MANY of the low-mileage vehicles were priced as high as the price quoted by the dealership. I mean, if you are only saving $2k buying used with 30k miles, is that really saving?
I agree with everyone else. Keep the old car. I still drive a '97 Mustang. It's a rare Ford that has never given me a serious problem. When I tell people I drive a 13 year old car, people gasp and say I "need" to buy a new car. Why? It runs great and looks great. It was paid off years ago. Take good care of a car and it could last decades. I moved from FL to PA in 2006 and had nearly $1000 worth of maintenance done before the long drive. 4 years later, the car is still going strong, with no additional repairs beyond basic routine maintenance. That $1000 maintenance bill broken down over 4 years is about $21 a month...can't find many car payments at that price, can you!
Keep it, i just put $800 worth of work into my 1992 4Runner. New timing belt, drive belts, hoses, water pump, etc. Well worth it when you consider how much new ones cost.
The 120,000 mile service is EXPECTED maintenance. If you can't fathom that, you shouldn't own a car.
Replacing the timing belt/chain and the water pump at the same time will save you money.
Struts don't last long at all. Replace them when you can.
It sounds like the car runs good, and you threw parts on it recently (tires, compressor, etc). You've already spent a pretty penny. Might as well spend some more to keep it in good condition. Your old lady and friends are the crazy ones. They probably are up their eyes in debt for wanting such materialistic things.
If you're happy with it and it is reliable, then keep it. With regular maintenance it could last you a good while longer.
Mugatu, don't let people diss on your Mustang...even it has a v6 and is that turquoise color. I'm guessing it probably is a v6, but at least tell me it is not that turquoise color. By the way, is this a center for ants?!? How can the kids read if they can't even get into the building?
I think we have come to a consensus and if the original poster takes our advice he will be happy and save a lot of money. Good luck and if you have any problems in the future with your Camry please let us know.
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