I bought a used 98' car five years ago that's now paid off and is in good working condition right now. I feel I'm good at keeping it maintained. It hasn't needed too much work but when it does it is expensive.
Right now, I'm saving the money that I would have used as a car payment and just paying for repairs as needed. I could keep this up forever if possible. Or when does it make sense to finally get another car?
2006-09-24 06:37:29 · 7 answers · asked by Yay for Summer 3 in Cars & Transportation ➔ Buying & Selling
When the cost of repairs is more than the car is worth....I'm into keeping cars too.
2006-09-24 06:41:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will come out ahead as long as you do this -- Consumer Reports magazine ran the figures several years ago and you are ALWAYS ahead by fixing your current car versus buying a new one, as long as it's possible to do so.
The issues will arise when you find it difficult to buy parts for your car. Contrary to popular belief, automakers are under NO requirement to continue to manufacture spare parts for automobiles for any time period -- with some very specific and limited exceptions, usually involved with the emissions control equipment.
Fortunately, most carmakers use the same components in many different models for many years, so you can usually count on finding something down the line that fits, or that can be adapted. And interestingly enough, if your car has any special-interest characteristics (that is, if there's a club or national organization for owners of this car), you may find that the aftermarket availability of parts for your car exceeds the manufacturer's parts availability. And with the Web, it's easy to find and participate in national organizations, even if there isn't a chapter near your home.
2006-09-24 13:52:48 · answer #2 · answered by Scott F 5 · 0⤊ 0⤋
Just like what Edgar (above post) said, if your spending equal or more on repairs than you would on a new car payment, get rid of it. If it keeps giving you problems, the longer youhold it, the less you can sell it for (lets say something bad happens and you can't afford to fix it properly).
2006-09-24 16:11:51 · answer #3 · answered by diamond_joe1979 3 · 0⤊ 0⤋
If you're transmission starts to break up, and the cost of maintenance is almost equal to the installment pay for a brand new car, it's time to donate your old car to charity to gain tax discounts.
2006-09-24 13:40:24 · answer #4 · answered by Solomon Grundy 3 · 0⤊ 0⤋
You are doing good. I keep my car until the repair bill maybe 800 or more.
2006-09-24 13:48:15 · answer #5 · answered by wazup1971 6 · 0⤊ 0⤋
You have a good head on your shoulders! Keep the car as long as maintenance doesn't exceed value of the car, or until it is unsafe to drive. Good luck!
2006-09-28 11:39:54 · answer #6 · answered by Jenyfer C 5 · 0⤊ 0⤋
Keep it if it runs good like you say and save up money.
2006-09-24 13:53:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋