Run your car into the ground VS buying a new car every few years?

[Jotel me this]

Warning: Total run-on sentences..

Do you typically buy a new or almost new car and drive it for years past its initial warranty and then, once the car loan payments are complete, you keep the car making repairs along the way, and run it into the ground, only replacing the car once it either is no longer safe to drive or the repair costs outweigh the price of the car.

or..

Buy a new or almost new car, pay the monthly loan payments, and then 3 or 4 years later you trade it in for a newer car, therefore always having a car payment but you always have a newer car under warrenty?

Ive always wondered about other people's thoughts on this. If you buy a car, keep it for 10 years or so, and run it into the ground, once its near worthless the trade-in value is kaput. You have to pay for repairs and you dont have a warrenty.

On the other hand, if you buy a new car and trade it in every couple of years, you have a pretty good trade in value, always have a warranty, and you always have a newer car.

Thoughts?

 

[3650]

I have to let someone else put 200000 miles on a car or truck before I can afford to buy it. Then I run it the rest of the way into the ground.

 

[weee123]

My f150 is my first and only new vehicle I have/will ever purchase, always buying used previously, because of 0% apr deal at the Ford dealer I was working at. I fully intend to run it into the ground, as I used to turn wrenches for a living before getting into the sheetmetal trade, so I’m able to fix anything that goes wrong with it.

 

[spuldup]

Don't overbuy. Paid cash and bought new, then kept it until repairs start to mimic a monthly payment (10-15 years). Never go to the dealer for any work that isn't warranty. Do 90%+ of the maintenance/repairs myself. The whole time basically saving for the next vehicle but have not paid interest. If the money has been in a high yield savings, you basically pay yourself the interest instead of the finance company. Only finance if it is 0% or something massive like a home.

 

[ispinwool]

We bought our old Dodge Ram new in 2004...it's currently the "back-up" vehicle kept just in case
one of our daily drivers is in the shop or one of the kids need something to drive. That being said, it's not
the most reliable of vehicles; the dashboard lights look like a Christmas tree. My Chevy truck is a 2011 bought new and just about to turn over 100,000 miles...the engine light is on all the time.
Hubby has the newest vehicle, a 2019 Ford truck. Bought only because he changed jobs and needed
something better on gas.
So, yeah, we drive them till they die. We'd much rather have general maintenance costs than a payment
(that is pretty much a mortgage) every month.

 

[EbS-P]

There is a point where repairing is no longer a good idea. I have 120k on a 2011 Odyssey. I’ll keep it runners as long at I can. We might out grow it. But it’s paid for with a lifetime warranty it’s paid for itself. It’s been a bit of a lemon. But we are not easy on it. It’s a vacation vehicle now. 4-6k miles a year. Interesting rate back to a historical average means it’s probably better not to pay interest on a depreciating purchase.

 

[spuldup]

We bought our old Dodge Ram new in 2004...it's currently the "back-up" vehicle kept just in case
one of our daily drivers is in the shop or one of the kids need something to drive.

I miss my '06 1500 but the Dodge rot came for the bedsides. That and 14 mpg made us decide to swap for a '17 Grand Cherokee. Might be our last gas road vehicle, we'll see.

 

[brenndatomu]

The car you already own is generally the cheapest to have, with an occasional exception of course.
Even if you have to put a new transmission in, unless the vehicle has become very unreliable or somehow unsafe, just the cost of the tax on the new vehicle would pay for that new transmission...tax goes to who knows what, some inefficiency for sure...the new transmission benefits you directly, and adds resale to your vehicle too.

 

[Garbanzo62]

I drive them until they turn to Dust. A study showed that people who keep their cards for 10 years versus leasing every 3 years can save enough to retire 7 years sooner. Anyway, the 72 loan month payment for a new truck is almost twice my mortgage payment.

 

[Shank]

I drive them until they turn to Dust. A study showed that people who keep their cards for 10 years versus leasing every 3 years can save enough to retire 7 years sooner. Anyway, the 72 loan month payment for a new truck is almost twice my mortgage payment.

I would be interested to see that study.

I pretty well plan to drive mine until they are completely shot or the issues are so frequent I can no longer stand it. Current daily drivers have 130k miles and 278k miles. The two garage vehicles have 95k and 72k miles but they don't see the road when there is salt.

 

[peakbagger]

I run them to the point where the reliability starts to suffer and the rust gets too bad. Its about 6 to 7 years and the last two cars were sold/given to a collge kid who got a few more years out of them. Now that I am retired it will be interesting to see ho w long my Toyota will last, my guess is the rust will do it in.

 

[Shank]

I run them to the point where the reliability starts to suffer and the rust gets too bad. Its about 6 to 7 years and the last two cars were sold/given to a collge kid who got a few more years out of them. Now that I am retired it will be interesting to see ho w long my Toyota will last, my guess is the rust will do it in.

I strongly recommend oil spraying (something like Krown, Fluid Film, Etc).

My 2013 vehicle with 278k miles has very little rust underneath and none at all on the body. I have it coated yearly and it definitely makes a huge difference.

 

[brenndatomu]

I strongly recommend oil spraying

X2

 

[peakbagger]

Sad to say, the stuff they are putting on the roads in NH is resistant to most products. About the only one that seems to have some effect is the lanolin based wax products that are reapplied yearly.

 

[Shank]

Sad to say, the stuff they are putting on the roads in NH is resistant to most products. About the only one that seems to have some effect is the lanolin based wax products that are reapplied yearly.

We get a lot of terrible sprays on the road as well. The yearly expense is not ideal, but sub $2,000 in 10 years on a vehicle is worth not having it rust out (that is assuming having it "professionally" applied).

 

[ABMax24]

For me it depends on how reliable the vehicle is. I keep a vehicle until it's reliability begins to suffer, or it no longer meets our needs.

I keep looking intently at new trucks, mine is a '14, but my current one is the most reliable I have ever owned. I can put a lot of parts into this one for a $1700/month payment.

My wife's truck is an '18, but the reality is she'll get a new vehicle before I do, her baby truck is just too small if we have more than 2 kids.

But generally I only buy new vehicles, I assume others are like me and trade in vehicles when they become lemons, my belief is many used vehicles have issues with them, and my experience buying used matches that theory.

 

[NickW]

Just picked up a used AWD Chevy Trax for the Mrs with 53k on it. Her van was up to 335k miles. Kid is driving it for now. My '05 3500 Ram (diesel) has 370k or so on it and will probably fall apart around me before the Cummins dies...

 

[blades]

I have only bought one New unit in the last 40 years . I leased it for 2 years first and then bought off lease. At the time leases were reverse of what they are now (1998-9). Lease payments 1/2 less than loans ( rates being at around 18-20% back then ) About 12 units all told. One that turned out be a waste of cash -4 years and it just plain was shot Rust and electrical issues up the ...., another that wasted away (red death) from the inside out. 3 that were destroyed by other drivers using them to stop their units ( 2 in the last 4 years) . Now down to one unit and looking for a back up again. Pricing is insane in the used market. No way I am shelling out what they want for new or used units on the dealers lots, but even private is nasty. Problem in my area is the de-icing agents used on the roads, the vapor is caustic as sin. It attacks electrical connections that never get wet and anywhere else it can get in.

 

[SpaceBus]

The car you already own is generally the cheapest to have, with an occasional exception of course.
Even if you have to put a new transmission in, unless the vehicle has become very unreliable or somehow unsafe, just the cost of the tax on the new vehicle would pay for that new transmission...tax goes to who knows what, some inefficiency for sure...the new transmission benefits you directly, and adds resale to your vehicle too.

This is how I feel about things as well.

 

[NickW]

I have only bought one New unit in the last 40 years . I leased it for 2 years first and then bought off lease. At the time leases were reverse of what they are now (1998-9). Lease payments 1/2 less than loans ( rates being at around 18-20% back then ) About 12 units all told. One that turned out be a waste of cash -4 years and it just plain was shot Rust and electrical issues up the ...., another that wasted away (red death) from the inside out. 3 that were destroyed by other drivers using them to stop their units ( 2 in the last 4 years) . Now down to one unit and looking for a back up again. Pricing is insane in the used market. No way I am shelling out what they want for new or used units on the dealers lots, but even private is nasty. Problem in my area is the de-icing agents used on the roads, the vapor is caustic as sin. It attacks electrical connections that never get wet and anywhere else it can get in.

Consider looking into rebuilt salvage title vehicles, but be aware some insurers won't allow comp & full coverage. They have to be state certified after repair and are significantly less dollars for a pretty good vehicle (hopefully...). It doesn't take much for an insurance company to total a vehicle. They go to auction, sell cheap, get fixed up and recertified, sold reasonable. Place we got the Trax has a bunch of Jeep products reasonably priced. I liked a Cherokee there better than the Trax, but my wife liked the Trax better (and it was cheaper...); so Trax it was. Message me if you want to know where we went, not too far from Leroy and you can check their website first.

 

[mikey]

Indiana Jones said “it’s not the years baby it’s the miles”

 

[spuldup]

Indiana Jones said “it’s not the years baby it’s the miles”

Also one of my favorite Chris Ledoux songs...

 

[tlc1976]

Consider looking into rebuilt salvage title vehicles, but be aware some insurers won't allow comp & full coverage. They have to be state certified after repair and are significantly less dollars for a pretty good vehicle (hopefully...). It doesn't take much for an insurance company to total a vehicle. They go to auction, sell cheap, get fixed up and recertified, sold reasonable. Place we got the Trax has a bunch of Jeep products reasonably priced. I liked a Cherokee there better than the Trax, but my wife liked the Trax better (and it was cheaper...); so Trax it was. Message me if you want to know where we went, not too far from Leroy and you can check their website first.

I haven’t had full coverage since 2001. Back when my first car was 11 years old and still in excellent condition, was also a fairly rare model, I slid into a snowmobile trailer that cut in front of me. All it did was slice through the headlights and crinkle the fender on one side. Insurance company first said it was too old and they wouldn’t fix it, then the guy from the head office looked at it. He said they would fix it this time but never again. So after that I dropped to PLPD and never went back. With the money I’m not paying for full coverage, I could have it fixed myself, or buy something else. I can source my own parts. And least in my experience, body shops cut you a deal if you’re paying for it yourself, vs insurance paying for it.

That car is retired after putting 200k of my own miles on, and it eventually rusting apart. But I have others, like my 89 Celebrity that I bought in 2003 with 100k, now has 307k and I’d drive it anywhere. I keep my vehicles until they’re no longer safe due to rust, and the next step is the scrapyard. Anything else can be bolted in.

Aside from my first car which was a $7k loan, I’ve never paid over $1500 for a vehicle. That may change next time I need to find something, as used car prices have gone to outer space. But I’ve got 4 vehicles right now. All currently usable except my Jeep which I’m in process of totally redoing the floors and some of the uniframe, but after that it will be good for a very long time. And my mint condition Olds Wagon I’d have to be dying before I let that one see road salt.

 

[Max W]

It’s not years, 19, or the miles 136,000. It’s stuff that is spayed in the roads here that after years of frame reenforcing and body patching will spell the end of the line when this inspection runs out.

 

[spuldup]

I must say that I enjoy seeing all sides of the spectrum in car philosophies as with anything else among our forum members. You do you and don't be afraid of what anyone else thinks.