In defense of keeping an old car.
I see lots of debate on when to replace a car and how much in repairs is too much for an older car. I think it varies a lot on the actual car and your driving needs. Just wanted to chime in with my experience.
The car: 19 year old 1999 Saturn SL1. Current mileage 121,000.
Purchased 2 months before I had a child. Now that child drives the car.
Bought new (actually leased at a very low rate for 3 years and then purchased). Total cost including the lease was around $14,000.
Low mileage: my commute was never more than 10 miles a day, so we didn't need to worry about mileage overages during those first 3 years of leasing. Now I work from home. This year, my child uses it to commute 50 miles a day for school.
Care: I get oil changes every 3,000 miles (or after 4 months or so if I wasn't driving much). I have found great mechanics so I have them do an oil change and check it over once a year or so, so I am aware of any potential issues.
Condition: Mechanically great. Chipped paint and the radio only gets one station. I put a new cushion and a car seat cover over the drivers seat, because it was getting worn.
I just ran the numbers for repairs over the past 10 years. Not counting insurance, oil changes, tires (things a new car would need too), I've spent an average of only $305 a year. It skewed a little higher because I included a repair when my child got into a fender-bender this year.
Even though the car's blue book value is only around $800, it's worth it to me to spend a few hundred a year to keep it running.
If a repair cost more than $600 (my guess at two or three car payments), or it looked like there would be a bunch of stuff going bad in the near future, I'd consider treating myself to a new car with better safety equipment and some bells & whistles.
April 21, 2017 at 12:39PM
