Should I Buy a New Car?

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BogleBoogie
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Should I Buy a New Car?

Post by BogleBoogie » Mon Aug 07, 2017 8:24 pm

I have a 2010 Toyota Camry V6 with 95K miles. It needs new brakes, the 100k tune up (timing belt, etc.) and new tires. My estimate for costs for these things where I reside is about $1700-2000. I primarily use this vehicle to commute to work daily. I drive about 80 miles a day. The MPG I get with this vehicle is somewhere around 29 on the freeway. Aside from the needed maintenance, the car is in good condition. I believe I could probably sell this vehicle private party for $8k to $9k. This car is paid off.

I'm considering a new Honda Civic as they are offering the .9% financing. A new Civic costs about $19k plus tax/fees. The MPG on freeway would be about 40.

Also was eyeing the 2017 Kia Otptima offering 0% financing for 66 months. This car is about $20k plus tax/fees.

Having said all this, what are the Bogleheads thoughts on doing the maintenance on the current car or buying a new one? If recommendation is a new one, any advice between the Civic and Optima?

emoore
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Re: Should I Buy a New Car?

Post by emoore » Mon Aug 07, 2017 8:32 pm

Ummmm do the standard maintenance. Much cheaper in the long run than buying a new car.

Kennyt7
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Re: Should I Buy a New Car?

Post by Kennyt7 » Mon Aug 07, 2017 8:36 pm

keep the car a no brainer you will get another 100k miles

UncleBen
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Re: Should I Buy a New Car?

Post by UncleBen » Mon Aug 07, 2017 8:46 pm

I don't think Camrys have timing belts, at least both of ours have timing chains so your maintenance may be much less than you think. We have an '05 with 130k on it, still no problems so yours probably has a few good years left.

I looked at a new Camry this week intending to buy one. There are great deals with a $3k rebate and moving the '17's off the lot for the new improved '18. It was nice but really not nice enough to replace the '05 that looks and drives great.

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Re: Should I Buy a New Car?

Post by LadyGeek » Mon Aug 07, 2017 8:54 pm

This thread is now in the Personal Consumer Issues forum (car).
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

BogleBoogie
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Re: Should I Buy a New Car?

Post by BogleBoogie » Mon Aug 07, 2017 9:02 pm

LadyGeek wrote:This thread is now in the Personal Consumer Issues forum (car).
Thank you and sorry!

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Re: Should I Buy a New Car?

Post by LadyGeek » Mon Aug 07, 2017 9:11 pm

Not a problem.

I might as well mention that my 2012 Honda CR-V is approaching 60k miles. That's less than your 2010 Camry at 95k miles, but my point is that my car is in good condition and I have no qualms about keeping it another 5 years.

Unless you really want a new car, then I'd say to keep it.

On the point of 0.9% financing deal, my bet is this is what's called a Subvented Loan. There's no room for negotiation on price.
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

runner3081
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Re: Should I Buy a New Car?

Post by runner3081 » Mon Aug 07, 2017 9:17 pm

Buying a new car to simply defer maintenance (the new car will need it eventually) makes little sense.

Keep it, as someone else mentioned, you are only 1/2 way into the lifespan of that car.

finite_difference
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Re: Should I Buy a New Car?

Post by finite_difference » Mon Aug 07, 2017 9:22 pm

A Civic will be a downgrade compared to a Camry in terms of room, comfort and potentially safety. You'd need to look at the Accord for feature parity.

I think it would take lot of driving to make up $8k comparing 30 mpg to 40 mpg.

Assuming you drive 100k miles that would use 2500 gallons @ 40 mpg or 3333 gallons @ 30 mpg. The difference in gallons is 833 or $2500 assuming a cost of $3 per gallon. So you'd have to drive 300,000 miles to make up the difference or have the cost of gas increase significantly.

I would keep the Camry and replace it down the road with a car that has more safety features (in 3-5 years or so).
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

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Watty
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Re: Should I Buy a New Car?

Post by Watty » Mon Aug 07, 2017 9:42 pm

BogleBoogie wrote:I believe I could probably sell this vehicle private party for $8k to $9k.
I think that is very optimistic especially since it needs so much work. There have also been posts about how there are also a lot of great deals on new Camry's because there is a new design for 2018 that will be out soon.

You mentioned financing deals so I would assume that you will have to finance a new car if you get one.

I would just fix up your current car then start saving up your "car payment" until you have enough to pay cash for a replacement car.
BogleBoogie wrote:I primarily use this vehicle to commute to work daily. I drive about 80 miles a day.
It sounds like you are driving over 20,000 miles a year. A big problem with that is that you will quickly go through the full 36,000 mile full warranty on most new cars and you won't get many more years before the powertrain warranty, usually 60,000 miles, is exceeded too. All the extra miles will cause the new car to have a lot of depreciation.

With driving that many miles each year I think you need to get used to driving cars well over 100K miles until they start having problems and actually need to be replaced.

I have not owned one but I have heard that some Hyundai models have good reliability ratings and they come with a 100k mile powertrain warranty. When you do get your next car you should look into those.

runner3081
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Re: Should I Buy a New Car?

Post by runner3081 » Mon Aug 07, 2017 9:44 pm

BogleBoogie wrote: Having said all this, what are the Bogleheads thoughts on doing the maintenance on the current car or buying a new one? If recommendation is a new one, any advice between the Civic and Optima?
Have owned a Kia Optima, nice cars, great warranty. That was a few years back. We found that they tend to have more options that are standard than their counterparts.

BogleBoogie
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Re: Should I Buy a New Car?

Post by BogleBoogie » Mon Aug 07, 2017 11:36 pm

Thank you all for the quick, thoughtful responses.

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Re: Should I Buy a New Car?

Post by BogleBoogie » Mon Aug 07, 2017 11:37 pm

LadyGeek wrote:Not a problem.

I might as well mention that my 2012 Honda CR-V is approaching 60k miles. That's less than your 2010 Camry at 95k miles, but my point is that my car is in good condition and I have no qualms about keeping it another 5 years.

Unless you really want a new car, then I'd say to keep it.

On the point of 0.9% financing deal, my bet is this is what's called a Subvented Loan. There's no room for negotiation on price.
Good point. I don't really want a new car and I think it is clear I don't need one so...

JBTX
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Re: Should I Buy a New Car?

Post by JBTX » Tue Aug 08, 2017 2:16 am

You are kind of asking an apples vs oranges question. Keep existing car vs get completely new car of different class and size. Only you can answer what want or need.

I typically assume standard maintenance as part of ongoing vehicle expense. So if it were me and I were happy with car I'd keep it.

Both me and my wife drive 20k- 25k miles per year. We usually drive them to well over 150k miles. Usually around 180k. Typically we can get 150k without any major repairs. Then somewhere around 180k it seems like some major repairs come on the horizon. Usually around then we dump it. In the past we'd stretch them to over 200k miles but the hassle and potential expense of the extra maintenance isn't worth it.

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Re: Should I Buy a New Car?

Post by bubbadog » Tue Aug 08, 2017 5:54 am

I would keep the car and do the needed maintenance. I would also check with another mechanic as I am pretty sure the v6 in the Camry has a timing chain and not a timing belt. $1,700-2,000 sounds high to me.

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William4u
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Re: Should I Buy a New Car?

Post by William4u » Tue Aug 08, 2017 8:03 am

1. 100% keep the car.
2. The Camry V6 2010 3.5 liter has no timing belt. I'm sure of this. It has a timing chain that will typically last 400k miles.
3. Do the toyota recommended maintenance for a couple grand (or less) and you will have a great car that will last another 100k miles with little maintenance.
4. Get the work done at a good independent shop, not a dealer. It will cost half as much and often get done better with more experienced ASE techs.

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Toons
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Re: Should I Buy a New Car?

Post by Toons » Tue Aug 08, 2017 8:10 am

Get a New Civic,,,
If You can afford it.
We just purchased a Civic Hatchback,,,
Well thought out machine,with loads of techology packed in. :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

BogleBoogie
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Re: Should I Buy a New Car?

Post by BogleBoogie » Tue Aug 08, 2017 8:57 am

Toons wrote:Get a New Civic,,,
If You can afford it.
We just purchased a Civic Hatchback,,,
Well thought out machine,with loads of techology packed in. :happy
Did you get the 2.0 or the 1.5 Turbo?

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dm200
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Re: Should I Buy a New Car?

Post by dm200 » Tue Aug 08, 2017 9:28 am

BogleBoogie wrote:I have a 2010 Toyota Camry V6 with 95K miles. It needs new brakes, the 100k tune up (timing belt, etc.) and new tires. My estimate for costs for these things where I reside is about $1700-2000. I primarily use this vehicle to commute to work daily. I drive about 80 miles a day. The MPG I get with this vehicle is somewhere around 29 on the freeway. Aside from the needed maintenance, the car is in good condition. I believe I could probably sell this vehicle private party for $8k to $9k. This car is paid off.
I'm considering a new Honda Civic as they are offering the .9% financing. A new Civic costs about $19k plus tax/fees. The MPG on freeway would be about 40.
Also was eyeing the 2017 Kia Otptima offering 0% financing for 66 months. This car is about $20k plus tax/fees.
Having said all this, what are the Bogleheads thoughts on doing the maintenance on the current car or buying a new one? If recommendation is a new one, any advice between the Civic and Optima?
If the car meets your needs, do the maintenance/repairs and drive it for another 95K miles

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Toons
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Re: Should I Buy a New Car?

Post by Toons » Tue Aug 08, 2017 9:44 am

BogleBoogie wrote:
Toons wrote:Get a New Civic,,,
If You can afford it.
We just purchased a Civic Hatchback,,,
Well thought out machine,with loads of techology packed in. :happy
Did you get the 2.0 or the 1.5 Turbo?
1.5 turbo...
Excellent performance(superb torque)
Hatchback (packed with technology)

https://automobiles.honda.com/civic-hatchback#features
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

UncleBen
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Re: Should I Buy a New Car?

Post by UncleBen » Tue Aug 08, 2017 10:41 am

Pretend like you bought a new car and stick the payment into a savings account for the next few years. If you had been saving the $300 car payment from 2010 to 2017, you could buy either of your new possibilities for cash.

I know there is a sentiment around here about zero and low interest loans. But I can tell you that you look at a car purchase much differently when you are handing over $20k than you do when you are signing a contract for $300-$400/month. IMO you are much less likely to buy a car that you cannot afford or a car on impulse just because you have the "car bug".

new2bogle
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Re: Should I Buy a New Car?

Post by new2bogle » Tue Aug 08, 2017 10:46 am

William4u wrote: 4. Get the work done at a good independent shop, not a dealer. It will cost half as much and often get done better with more experienced ASE techs.
Don't agree with this one. Shop around.. I was surprised to find my Toyota dealer competitive in price. I also don't understand how a Toyota dealer mechanic is somehow less experienced/qualified than an independent one. Could be, just not sure how.

sambb
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Re: Should I Buy a New Car?

Post by sambb » Tue Aug 08, 2017 11:00 am

i would definitely get a new car or slightly used one,with all of the safety features. 2010 camry seems like time to switch in my mind.

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Re: Should I Buy a New Car?

Post by bloom2708 » Tue Aug 08, 2017 11:03 am

new2bogle wrote:
William4u wrote: 4. Get the work done at a good independent shop, not a dealer. It will cost half as much and often get done better with more experienced ASE techs.
Don't agree with this one. Shop around.. I was surprised to find my Toyota dealer competitive in price. I also don't understand how a Toyota dealer mechanic is somehow less experienced/qualified than an independent one. Could be, just not sure how.
The shop rate (cost for an hour of work) will be $125 or $135 at the dealer and $80-$90 at a smaller independent mechanic. These are just example numbers. Plus the parts markup may be higher at the dealer. That may not always hold true, but you will typically pay more at the dealer. They have far more overhead to pay.
"We are here not to please but to provoke thoughtfulness" Unknown Boglehead

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Watty
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Re: Should I Buy a New Car?

Post by Watty » Tue Aug 08, 2017 11:13 am

new2bogle wrote:
William4u wrote: 4. Get the work done at a good independent shop, not a dealer. It will cost half as much and often get done better with more experienced ASE techs.
Don't agree with this one. Shop around.. I was surprised to find my Toyota dealer competitive in price. I also don't understand how a Toyota dealer mechanic is somehow less experienced/qualified than an independent one. Could be, just not sure how.
It varies a lot by the dealership.

I had a Toyota dealer that that did not try to add on unnecessary work and even though they charged a higher hourly rate I was OK with that since they did good work and I rarely needed non-routine service. There some sort of management change change and all the service writers changed and they pretty much became the stereotype of a bad dealership.

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Re: Should I Buy a New Car?

Post by surfstar » Tue Aug 08, 2017 11:20 am

BogleBoogie wrote:I have a 2010 Toyota Camry V6 with 95K miles. It needs new brakes, the 100k tune up (timing belt, etc.) and new tires. My estimate for costs for these things where I reside is about $1700-2000.
After nixing the Tbelt (as its a v6, as others have noted and a chain)
I see: $300-500 for brakes
$50 "tune up" = new spark plugs
$300 tires (labor day discount tire direct sale is coming)

I'd DIY for under $200 + tires, if you had the skill

Keep the car, shop around on the repairs and tires.

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Re: Should I Buy a New Car?

Post by mortfree » Tue Aug 08, 2017 11:23 am

BogleBoogie wrote:I have a 2010 Toyota Camry V6 with 95K miles. It needs new brakes, the 100k tune up (timing belt, etc.) and new tires. My estimate for costs for these things where I reside is about $1700-2000. I primarily use this vehicle to commute to work daily. I drive about 80 miles a day. The MPG I get with this vehicle is somewhere around 29 on the freeway. Aside from the needed maintenance, the car is in good condition. I believe I could probably sell this vehicle private party for $8k to $9k. This car is paid off.

I'm considering a new Honda Civic as they are offering the .9% financing. A new Civic costs about $19k plus tax/fees. The MPG on freeway would be about 40.
I don't think I'm truly a boglehead and I didn't read the replies...

I just did this with my 2011 accord. pretty much same scenario as you 90 mile commute, 96k miles, need same service.

I got a 2017 Accord LX for 20,836 plus tax, etc 48 months at 0.9%.

I would go for the accord; not the civic if you see the same pricing I did.

Unless I didn't get as good of a "deal" as I feel I did.

WhiteMaxima
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Re: Should I Buy a New Car?

Post by WhiteMaxima » Tue Aug 08, 2017 11:24 am

Keep the car.

thangngo
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Re: Should I Buy a New Car?

Post by thangngo » Tue Aug 08, 2017 11:52 am

BogleBoogie wrote:I have a 2010 Toyota Camry V6 with 95K miles. It needs new brakes, the 100k tune up (timing belt, etc.) and new tires. My estimate for costs for these things where I reside is about $1700-2000. I primarily use this vehicle to commute to work daily. I drive about 80 miles a day. The MPG I get with this vehicle is somewhere around 29 on the freeway. Aside from the needed maintenance, the car is in good condition. I believe I could probably sell this vehicle private party for $8k to $9k. This car is paid off.

I'm considering a new Honda Civic as they are offering the .9% financing. A new Civic costs about $19k plus tax/fees. The MPG on freeway would be about 40.

Also was eyeing the 2017 Kia Otptima offering 0% financing for 66 months. This car is about $20k plus tax/fees.

Having said all this, what are the Bogleheads thoughts on doing the maintenance on the current car or buying a new one? If recommendation is a new one, any advice between the Civic and Optima?
Keep the car. I don't see how you can sell your car with current condition for $8k-9k.

lazydavid
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Re: Should I Buy a New Car?

Post by lazydavid » Tue Aug 08, 2017 12:10 pm

As others have said, with your high annual mileage, new cars just don't make sense. If your Camry has been reliable--and it sounds like it has--I'd keep it until it isn't. Regular maintenance is not a sign of impending doom, it's just the cost of driving a car.

That said: I'd put off replacing the sparkplugs until the car starts running rough or throwing codes for misfires (P030X, where X is the cylinder #). Reason being, modern sparkplugs are a LOT better than they used to be, and it's quite difficult and expensive to replace the 3 in the rear bank. The wipers, cowl under the windshield and intake manifold need to be removed. Once they DO need to be replaced, have the dealer or mechanic replace all 6 plugs, and the 3 rear coilpacks. The job will be a bit more expensive by $300 or so (OE coilpacks are about $100 each), but it will prevent you from having to endure the high labor to essentially re-do the job when one of those coilpacks eventually fails.

Why not replace the front coilpacks at the same time? Because they're trivial to replace on their own. Unplug the cable, remove one 10mm bolt, and pull the complete unit out. Reinstall the new one in the reverse order. Replace them when they fail.
Last edited by lazydavid on Tue Aug 08, 2017 12:22 pm, edited 1 time in total.

geekpryde
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Re: Should I Buy a New Car?

Post by geekpryde » Tue Aug 08, 2017 12:12 pm

Buying a new car: probably a BAD financial decision.

Buying a new car: can be very GOOD personal decision.

I get extreme satisfaction from my car. I like to drive it, I like to clean it, I like to photograph it. I am in a Facebook group of ~3,000 owners of the same type of car, that we share stories, have meet-ups, have group drives, we like to "spot" each other, we like park next to each other, we go out of our way to introduce ourselves in parking lots. (Sounds all very geeky, I know).

The point it, I also get to meet people because of my car and do fun things, including safely driving very fast. I could do most of this with a used car for sure. But if you are posting on Bogleheads about pros/cons of buying a new car, chances are that car is very practical, and very boring.

Buying an expensive (for me), brand new, non-practical car was a VERY good decision. I smile every time I drive it. What is the dollar figure of happiness?? :beer

p.s. For those who are curious, I drive a Subaru WRX Limited
Last edited by geekpryde on Tue Aug 08, 2017 12:49 pm, edited 1 time in total.

mortfree
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Re: Should I Buy a New Car?

Post by mortfree » Tue Aug 08, 2017 12:19 pm

lazydavid wrote:As others have said, with your high annual mileage, new cars just don't make sense. If your Camry has been reliable--and it sounds like it has--I'd keep it until it isn't. Regular maintenance is not a sign of impending doom, it's just the cost of driving a car.
would you rather replace a car every 6-7 years or every 3-4 years?

try buying a 2-3 year old Honda... they price them almost as much as the new one.

sorry for picking on your post; not personal.

lazydavid
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Re: Should I Buy a New Car?

Post by lazydavid » Tue Aug 08, 2017 12:39 pm

mortfree wrote:would you rather replace a car every 6-7 years or every 3-4 years?

try buying a 2-3 year old Honda... they price them almost as much as the new one.

sorry for picking on your post; not personal.
OP's car is already 7 years old, and the consensus on this thread is that it does NOT need to be replaced for a long time, so your premise is faulty on its face. But let's dig in a little further. In the Chicago market I see:

--hundreds of 2017 Camrys selling for ~$29k (prices being artifically lowered by the all-new 2018s already starting to arrive)
--hundreds of 2014 low-mileage (16-28k) Camry XLEs selling for ~$16k

Let's create an assumption (implicit in your question) that the Camry is an unreliable car that cannot be driven much past 100k miles. Therefore:

--the 2017 can be driven for 5 years, and will probably sell for ~$8k in 2020. Total cost is $21k, or $4,200/year
--the 2014 can be driven for 4 years, and will probably sell for ~$5k in 2020. Total cost is $11k, or $2,750/year

inbox788
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Re: Should I Buy a New Car?

Post by inbox788 » Tue Aug 08, 2017 2:29 pm

geekpryde wrote:Buying a new car: probably a BAD financial decision.

Buying a new car: can be very GOOD personal decision.

I get extreme satisfaction from my car. I like to drive it, I like to clean it, I like to photograph it. I am in a Facebook group of ~3,000 owners of the same type of car, that we share stories, have meet-ups, have group drives, we like to "spot" each other, we like park next to each other, we go out of our way to introduce ourselves in parking lots. (Sounds all very geeky, I know).

The point it, I also get to meet people because of my car and do fun things, including safely driving very fast. I could do most of this with a used car for sure. But if you are posting on Bogleheads about pros/cons of buying a new car, chances are that car is very practical, and very boring.

Buying an expensive (for me), brand new, non-practical car was a VERY good decision. I smile every time I drive it. What is the dollar figure of happiness?? :beer

p.s. For those who are curious, I drive a Subaru WRX Limited
OP, if you can afford it, and it sound like you can, the question isn't "should I buy a new car", but "which new car should I buy". It's not really a bad financial decision, but conscious spending. While I don't care all that much about cars (i.e. I'm not a fanatic), I can tell you the pleasure (or lack of pain) from driving newer cars with less concerns for maintenance and repairs is totally worth it. Not having to worry or even think about car problems, unless you're into those things, can be worth every penny. Lest not forget that if you have to take productive time off to fix things or even routine maintenance, especially if your hourly rate is more than the mechanic.

I do synthetic oil changes once a year so I don't have to waste time doing oil changes. Forget this 3 month/3000 miles dealer nonsense. I have no trouble driving a 15k rated oil to 15k. Total cost is about the same and saves me time.

Agree, Civic will be a bit of downgrade. Look at Accords or another Camry, which are having difficult time with sales (all sedans since more buyers are going SUV). Go Optima if those 2 are your only choices!

$8k isn't too out of line when Carmax wants $10-12k for higher mileage 2010 Camry's.

A 1% interest cost or savings is worth about $200/year on a $20k car. Less as the balance goes down. It's neither zero nor high. Focus instead on the cost of the car and the depreciation.

According to this article, total sedan sales are down 11% first half Y/Y (vs +10% for small SUV). What do you think about the Altima, Fusion, Malibu Sonata, Legacy or Mazda 6? You may find good bargains among any of these.
  • Toyota Camry -11%
    Honda Civic -7%
    Toyota Corolla -9%
    Honda Accord -5%
    Nissan Altima -15%
    Ford Fusion -27%
    Chevrolet Malibu -30%
    Hyundai Sonata -27%
    Subaru Legacy -16%
    Mazda 6 -23%
https://seekingalpha.com/article/409023 ... cks-making

DanMahowny
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Re: Should I Buy a New Car?

Post by DanMahowny » Tue Aug 08, 2017 2:35 pm

Here's the rule I use:
Keep a car for 10 years or 200,000 miles, whichever come first.

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bottlecap
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Re: Should I Buy a New Car?

Post by bottlecap » Tue Aug 08, 2017 4:24 pm

Ahhh.

This question is often asked.

The answer is always no.

Routine maintenance on a car in otherwise good shape is always far cheaper than a new car.

But money isn't everything, I guess.

Good luck,

JT

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monkey_business
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Re: Should I Buy a New Car?

Post by monkey_business » Tue Aug 08, 2017 4:59 pm

It is financially smarter to just maintain your Camry. You really can't justify not wanting to spend $2,000 (which sounds way high, by the way) on maintenance only to spend $20,000+ instead on a new car.

That said, it sounds like you simply want a new car. The answer to whether you should get it boils down to your finances and interests. If you are in a good financial state in the context of Boglehead principles, and you would genuinely get enjoyment out of a new car, then go ahead and get a new car. Not every spending decision has to be about building your net worth. Believe it or not, even Bogleheads sometimes just spend money.

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Portfolio7
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Re: Should I Buy a New Car?

Post by Portfolio7 » Tue Aug 08, 2017 8:06 pm

With no special conditions, I'd keep the Camry all the way; pay your $400-$1000 annually in regular maintenance to keep it running, and burn up those miles on an old reliable car. Special conditions: A) it's had a lot of repairs or B) you need to stay in a newer car due to an image requirement with your job.

I had neither issue, and kept my 97 Camry roughly 20 years, and got 305K miles out of it. I could have kept it longer, but the driver's seat appeared to have developed a structural fault, the a/c just went out and the fix was several thousand dollars, paint had started to peel, the ride had deteriorated, and general safety improvements available in newer cars weighed on my mind, since my boys will be learning before long. I gave it away to a local charity to fix up and sell. With a new seat and repaired A/C, some college kid will probably get another 100K out of it, Camrys are freakin' bullet proof. In all 20 years I probably spent about $2-3K on things that weren't standard maintenance... a broken axle, and a distributor rotor, and the brakelight wire that a porcupine decided to make a meal of one night. Insurance on older cars ain't so bad either. Average annual cost of ownership was about half the lowest figures I usually see quoted.

I had a timing belt that I only replaced twice, once at 140k, once at 290k miles. Non-interfering engine, or I wouldn't have pushed it, but I tend to be gentle on my cars. My original front brake pads lasted almost 200k miles. That's just unheard of, I sometimes wonder if I got an experimental set or something, but I had a long, smooth commute, so I guess I hardly used 'em.

Cars are a big drag on net worth, so unless you're way ahead of the game, I'd definitely wait.
An investment in knowledge pays the best interest.

BogleBoogie
Posts: 467
Joined: Tue May 13, 2014 11:15 am
Location: AK

Re: Should I Buy a New Car?

Post by BogleBoogie » Tue Aug 08, 2017 10:20 pm

Portfolio7 wrote:With no special conditions, I'd keep the Camry all the way; pay your $400-$1000 annually in regular maintenance to keep it running, and burn up those miles on an old reliable car. Special conditions: A) it's had a lot of repairs or B) you need to stay in a newer car due to an image requirement with your job.

I had neither issue, and kept my 97 Camry roughly 20 years, and got 305K miles out of it. I could have kept it longer, but the driver's seat appeared to have developed a structural fault, the a/c just went out and the fix was several thousand dollars, paint had started to peel, the ride had deteriorated, and general safety improvements available in newer cars weighed on my mind, since my boys will be learning before long. I gave it away to a local charity to fix up and sell. With a new seat and repaired A/C, some college kid will probably get another 100K out of it, Camrys are freakin' bullet proof. In all 20 years I probably spent about $2-3K on things that weren't standard maintenance... a broken axle, and a distributor rotor, and the brakelight wire that a porcupine decided to make a meal of one night. Insurance on older cars ain't so bad either. Average annual cost of ownership was about half the lowest figures I usually see quoted.

I had a timing belt that I only replaced twice, once at 140k, once at 290k miles. Non-interfering engine, or I wouldn't have pushed it, but I tend to be gentle on my cars. My original front brake pads lasted almost 200k miles. That's just unheard of, I sometimes wonder if I got an experimental set or something, but I had a long, smooth commute, so I guess I hardly used 'em.

Cars are a big drag on net worth, so unless you're way ahead of the game, I'd definitely wait.
This made me laugh...and lean towards keeping my current car.

wrongfunds
Posts: 725
Joined: Tue Dec 21, 2010 3:55 pm

Re: Should I Buy a New Car?

Post by wrongfunds » Wed Aug 09, 2017 9:51 am

1999 Camry @216K miles is getting cosmetic rust "masked" right now to pass the inspection to the tune of $250.

Eventually there will come a time when we will decide to just lease cars but right now we drive 18 year old cars.

czr
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Joined: Wed Dec 17, 2014 8:40 pm

Re: Should I Buy a New Car?

Post by czr » Wed Aug 09, 2017 1:14 pm

Sounds like you want a new car. You kept the old one 8 years and since it is a Toyota your cost per mile and per year is good. It's not like you are asking about a crazy luxury purchase here so a new $20k car is reasonable.

BogleBoogie
Posts: 467
Joined: Tue May 13, 2014 11:15 am
Location: AK

Re: Should I Buy a New Car?

Post by BogleBoogie » Fri Aug 11, 2017 9:58 am

Thank you again for all the wisdom. I rarely ask questions on here but when I do, I'm never disappointed. I ended up keeping my Toyota and will put a decent amount in for the maintenance with the hope that it will go another 100K. What helped me aside from the financial points was someone pointing asking if I really wanted a new car. I don't really want one or I would buy one, I'm happy with what I have.

abonder
Posts: 157
Joined: Sat Nov 03, 2012 10:52 am

Re: Should I Buy a New Car?

Post by abonder » Fri Aug 11, 2017 10:42 am

Thanks for the follow-up. It sounds like the points raised actually helped you move towards a solution. Sometimes these "should I buy x?" Threads can be frustrating if the poster is simply looking for validation and is not truly open to any differing opinions or insights. Of course, you'll always get the "keep your current car until the wheels fall off it while you're driving crew," as well as the enthusiasts who implore "why save money if you can't enjoy it?" And everything in betweeen. And while sometimes there is a clear answer (I have 7 million, a pension, paid off house, can I buy a CPO Prius?), there's more often a reasonable argument one way or the other depending upon the deciders values. Since nobody can decide your values for you, it's hard to get strangers on the internet (albeit an incredibly smart, insightful, and pragmatic group of strangers) to come to a consensus when they don't necessarily share your views or values.

Regardless, I always find these should I buy x threads to be so enjoyable as they give glimpses of insights into how we think/value/triage decisions. That's always fun. And there's always somebody more frugal or more extravagant than you!

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