I have a 2001 BMW 325i with 130,000 miles. It runs perfect, looks great and I love the car. It's been paid off for six months and I love not having car payments. I wouldn't mind keeping this car for another five years, which would be an extra 110,000 miles. Cost to fix things can be expensive on this car, but a new BMW is $40k, so I figure I'm way ahead even with $$$ for maintenance. What do you all think? Keep for five years, ten years, sell now???
2006-07-11 09:36:48 · 10 answers · asked by Entidine 2 in Cars & Transportation ➔ Car Makes ➔ BMW
The best financial decision is to drive it until it isn't safe to drive anymore. It's unlikely that it will ever cost more to maintain than the cost of a new car.
Look at it this way:
The trade-in value for the car is about $8500. (You can get a better estimate if you go to www.kbb.com and list your car with all of it's options)
If you drive it 110,000 more miles, that's about 8 cents per mile assuming the car has zero residual value in 5 years with 240,000 miles on it.
A new 3-series 4-door sedan 325i would cost about 30,300. If you bought it and drove it 110,000 miles in 5 years, it would be worth roughly what your 2001 is worth ( in today's dollars). So that's a cost of $21,800, or 20 cents per mile, which is more than twice as much per mile cost.
Okay, so it is reasonable to expect to pay more in maintenance for an older car, so figure you would spend an additional $2,200 to maintain your older car versus the cost to maintain the new one. You are still ahead almost $20,000 over the 5-year period.
Enjoy your 2001 325i. It seems you like the car, and the car will save you a boatload of money by keeping it versus buying new.
2006-07-11 12:31:27 · answer #1 · answered by odu83 7 · 0⤊ 0⤋
Financially speaking, you're better off keeping the car for as long as possible. Don't take the car to the dealer for repairs unless you have to. Mine's a 2001 also and I bought it new with the intent to drive it for 10 years at least.
2006-07-11 23:18:48 · answer #2 · answered by scubalady01 5 · 0⤊ 0⤋
I don't borrow for cars anymore. I would start a fund for car replacement and while I am building that fund keep driving your car. If things break, fix them and keep driving. It will run for a long time, then in 5 years you can have $x saved and buy a car with cash. That way you still have the no car payment feeling. Ain't it grand?
2006-07-11 09:48:21 · answer #3 · answered by ubet426 4 · 0⤊ 0⤋
Put the car payment in a savings account every month. If you get to the point you're having to supplement the money in the savings account to pay for repairs....buy another car.
Otherwise, watch that money accumulate for 5 years and enjoy the car you have.
2006-07-11 09:41:58 · answer #4 · answered by Kaia 7 · 0⤊ 0⤋
Look I think that you should keep the car either till no one looks at it,it needs to go to the junkyard or till it has to many miles on it DO NOT keep it for another 110 000 miles you want probablly get some money if you want to sell it. Good Luck making a decicion!!
2006-07-11 09:42:30 · answer #5 · answered by krishnandram 1 · 0⤊ 1⤋
i have bought 3 condo autos so a procedures. One had 10,000 miles. the different 2 had round 25,000. BTW, they have all been very good autos, some extra scratches than i'd like, yet they look to maintain them nicely.
2016-11-01 21:06:36 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Keep it until you see the next one you want.
2006-07-11 10:14:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Keep it till it brakes.
2006-07-11 09:41:09 · answer #8 · answered by nicholaspappachristou 1 · 1⤊ 0⤋
if you love it keep it
2006-07-15 19:15:16 · answer #9 · answered by brian76db 3 · 0⤊ 0⤋
thats the way it is
2006-07-12 08:23:55 · answer #10 · answered by pk9394racing 3 · 0⤊ 0⤋