What should I do with my 2019 Toyota Corolla?

[Lawrence of Suburbia]

[Moved into a new thread from: Can I Comfortably Afford a $35k Car? --admin LadyGeek]

Not to divert the attention from OP's BMW, but I've been wondering what I'm going to do when time's up on my 2019 Toyota Corolla (100K miles). I'm told that 300K is possible with these, which means I could possibly still be operating it in the mid 2030's when I'll be 83 or so.

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

[gotoparks]

I gave my sister my Camry and she started having problems with it when it was over 350,000 so you might get a little more out of the Corolla than you think. Set up a car fund and add money to it each month. I have a Roth at Fidelity in the total stock market I add a little to it every month for miscellaneous expenses and it is growing nicely. I don't have a problem putting money I'm going to use in the future in the stock market. I doubt anyone in my family has retired with 500K so you are doing fine by normal non Boglehead standards.

[stonerolled]

Good for you for thinking ahead. Avoid car loans or be able to pay them off anytime by having a dedicated transportation fund slow!y built up while the vehicle is trouble free. The hard part is the exit strategy prior to major trouble or just plain being ready for something different vs my vehicle emotional attachment syndrome. Point is to be proactive and have a plan for replacement that keeps impulse to a minimum and time to shop for a deal on something you'll enjoy.

[oldlongbeard]

Not nearly enough info to make an informed comment. I will only say, if I was a betting type, I wouldn't bet against that Corolla having no major problems for the next 3 years. That gives you some runway for future purchase or lease planning.

[WoostaGal]

I bought my last two Toyota cars at about 100k miles and they went on to serve me trouble free for many years. I bought the 1996 Corolla at about 94k miles in 2004. I brought it to the closest vocational high school and they made some major repairs that I knew were needed when I bought it. That car ran until 2018 with no mechanical issues. The only reason I sold it is because it was starting to rust, which is a common issue for drivers in the Northeast.

The 2007 Matrix was bought in 2018 with 140k miles and is now at 185k and going strong. The prior owners had just replaced the clutch, some of the brakes and brake pads, and the battery. This car has only required routine maintenance ever since and I am still driving it with confidence.

Your Toyota Corolla is just getting started at 100k miles! No doubt there will be BHs that will tell you that you need the latest safety features available in newer cars. I disagree. I avoid driving during rush hour traffic and drive attentively and carefully near the speed limit. My experience is that if you do that, you will avoid most problems.

Good luck with your decision.

[jebmke]

Not nearly enough info to make an informed comment. I will only say, if I was a betting type, I wouldn't bet against that Corolla having no major problems for the next 3 years. That gives you some runway for future purchase or lease planning.

My wife drove her 2006 Corolla until 2018. It was still going strong at the time (approaching 200K) I think. I still have my 2008 RAV4 and have had only one repair that was not “consumables”. I may keep it for quite a while except I’m under a lot of pressure at home to splurge on something new. But I think I can hold out another couple of years. Who knows, by then maybe I can quit driving entirely.

[Triple digit golfer]

Your car is a baby. What you should do is, despite manufacturer or dealer recommendations, follow the advice in this video and ideally not have to worry about buying a new car for a long time.

https://www.youtube.com/watch?v=TevK-u3vkx4&t=1s

I'll summarize:

-Oil and filter change every 6 months or 5,000 miles.
-Replace transmission fluid every 6 years or 60,000 miles, even if it is a "lifetime fluid" in a closed system. Find a good, reliable mechanic who will do this for you. Some won't do it or don't know how.
-Replace coolant ever 5 years or 50,000 miles.
-Replace brake fluid every 3-5 years, regardless of mileage.
-Replace spark plugs every 10 years or 120,000 miles.
-Change your engine air filter and cabin filter when needed. If you want to be lazy and not check them, I'd just do them both every 2 years or 20,000 miles. The last sentence is my personal opinion.

[Watty]

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

You are likely more of an average Boglehead than your realize. It is just that more average people don't have to ask as many questions.

I'm told that 300K is possible with these,

300K miles is certainly possible but more realistically if you get 150K to 200K out of it you will have been doing well. An analogy would be that living to be 95 is certainly possible but most people will not live to be that old.

A big factor is if you can do most car repairs yourself. Often when people post about having gotten very high mileage out of car it was because they could repair it inexpensively. If you do it yourself some repairs may only cost $100 for parts and an afternoon of working on the car. To pay a mechanic to do the same work could easily cost over a thousand dollars.

What should I do with my 2019 Toyota Corolla?

I try to replace my cars before they die so that I can take my time a wait for a really good deal. I have had to replace a car quickly and in addition to being stressful that makes it very hard to get a good deal.

By waiting to buy at a really good time I have been able to buy new cars for around 10% below the invoice(not MSRP) price without too much trouble. I pay cash so the car loan interest rates do not matter to me. For example if you get in a situation where dealerships have glut of the last model year during a recession then you can likely get a very good deal.

I figure that by waiting to buy at a good time instead of when my old car dies I can save several thousand dollars.

The car market has been crazy and your car is only five years old so it would be too soon to even think about replacing it but one option to consider would be in another year or two to start watching the car market and wait until there is a really good time to buy a car like at the model year end clearance during a recession when the car dealerships are overstocked with cars and making good deals.

If I was in your situation I would start watching the car markets in maybe 2026 to 2028 to see if I could get a fantastic deal on a different car. If you get to 2029 without finding a deal that it too good to refuse you can decide what to do then. An 8 to 10 year old Corolla which is in good condition will sell for a surprising amount which can make buying a different car a lot more affordable.

[Lawrence of Suburbia]

Wow, wasn't expecting this to become its own thread! (Thanks, LadyGeek!)

And thank you all for the thoughtful, informed responses. I shall read each one carefully.

[hudson]

[Moved into a new thread from: Can I Comfortably Afford a $35k Car? --admin LadyGeek]

Not to divert the attention from OP's BMW, but I've been wondering what I'm going to do when time's up on my 2019 Toyota Corolla (100K miles). I'm told that 300K is possible with these, which means I could possibly still be operating it in the mid 2030's when I'll be 83 or so.

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

I would buy that Corolla for a grandchild...after getting it checked out. I'd likely add new battery and new tires if appropriate. I figure that they would be good for several years if not more.

[tibbitts]

[Moved into a new thread from: Can I Comfortably Afford a $35k Car? --admin LadyGeek]

Not to divert the attention from OP's BMW, but I've been wondering what I'm going to do when time's up on my 2019 Toyota Corolla (100K miles). I'm told that 300K is possible with these, which means I could possibly still be operating it in the mid 2030's when I'll be 83 or so.

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

I suggest not worrying about this at all. I also wouldn't expect even 200k much less 300k, but the point is if there's nothing wrong with the car now, there probably won't be in the near future. There's nothing you can do about this now that will predictably improve your situation in the future, other than making sure basic maintenance on your car is getting done.

[Nohbdy]

I recently sold a 15 year old corolla with 200k miles.

That car was in several accidents and still running strong. I just got tired of hearing the family gripe about rear legroom.

They do get to a point where it’s a couple hundred in maintenance annually but still far far less $ than a replacement. The new car also costs about 3x in insurance. In your situation, I would drive it into the ground.

[adamthesmythe]

A Corolla of that age and miles is nowhere near end of life. And it has most or all of the useful safety features. No reason I can see to replace in the immediate future.

20K/ year is a fair amount of miles,it must involve regular road trips. If that continues a replacement in a few years might make sense, to avoid the possibility of some expensive repairs. And to allow time for careful shopping. If the use shifts to groceries and trips to the doctor it could last a fair bit more with minimal issues. Note than an expensive repair (several thousands of dollars) can suddenly happen even in the most reliable brands.

Personally I have a 2020 Rav4 with 60K mostly roadtrip miles. No replacement planned in the near future, and I am not a drive the junker into the ground kind of guy.

[heyyou]

As mentioned above, look at the ongoing insurance cost for a new car to help you feel better about your current one.
At a library, read in the April 2024 Consumer Reports magazine for car reliability info, to bolster your decision to continue to drive your Corolla which is in near the top group for reliability. Take your car somewhere to have it waxed and detailed by experienced or professional staff, not just a drive-through car wash staffed by teenagers. You will like your car's clean and freshly-scented interior, and its shiny appearance inside and out.

100K miles is not the death knell for an older Toyota, if well maintained. Bought used a decade ago, my 20 year old RAV4 now has just over 200K miles on it. According to the Toyota dealer's sticker on its tailgate, that car was sold new in Phoenix so it would likely have limited exposure to winter road salt. My 30 year old Toyota truck, bought used, two decades ago, is showing its age, and so is its driver.

On your next car purchase, consider a manual transmission if you can tolerate using one. Replacing the clutch after the first 100,000 miles is not expensive, but at that same or more mileage, the cost of replacing an entire automatic transmission often sends some otherwise good cars, to the salvage yard.

Early in his retirement, I believe Jack Bogle drove his aging Volvo, from near Philadelphia, to one of the very early Bogleheads meetings in Florida. Ask Mel or Taylor about that.

[swong]

I still have a 2007 Toyota Camry which was purchased new. It's our household's only vehicle and all things considered it's been in the shop only one time and it was for a replacement radiator which sprung a leak a while back. If I were in your situation I'd continue driving your current vehicle until it literally drops dead. This is the only way to squeeze every penny out of your original vehicle purchase. I won't dissuade you if you really have your heart set on a new ride but all the newer vehicles come with their own set of troubles. Majority of them now come with CVT transmissions which fail at very alarming rates. Other headaches are the newest "start/stop" which literally shorten the life of every vehicles starter. I always attempt do my own simple vehicle repairs which is why my 2007 Camry has lasted so long ... a 17 year old vehicle! Finally any decent new vehicle will set you back over $30k+ depending what you have your heart set for. A decently equiped new Camry borders over $35k .... do you need to be saddled with such a large expense?

[Mel Lindauer]

. . .
Early in his retirement, I believe Jack Bogle drove his aging Volvo, from near Philadelphia, to one of the very early Bogleheads meetings in Florida. Ask Mel or Taylor about that.

Actually, Jack flew to Miami at the time of our first get-together. I drove him from his hotel to Taylor's condo and back to the hotel after our evening with him at Taylor's. (Jack was the Keynote speaker at the Miami Herald Making Money Seminar the following morning.)

[rogue_economist]

[Moved into a new thread from: Can I Comfortably Afford a $35k Car? --admin LadyGeek]

Not to divert the attention from OP's BMW, but I've been wondering what I'm going to do when time's up on my 2019 Toyota Corolla (100K miles). I'm told that 300K is possible with these, which means I could possibly still be operating it in the mid 2030's when I'll be 83 or so.

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

My Toyota corolla is an 03' and has 195k miles on it. Its been properly maintained, but run very hard its whole life. Loaded down with hundreds of lbs of weight (likely well over its rated capacity) and run across the continent at high speed. Driven up mountain roads that most people wouldn't have taken their fake CUV wannabe off-road cars on. Last month it blew a spark plug, $40 helicoil and it was back in business. They are tough cars and frankly yours might outlive you. I wouldn't worry.

[Lawrence of Suburbia]

Thanks again for all the informative replies!

[hudson]

[Moved into a new thread from: Can I Comfortably Afford a $35k Car? --admin LadyGeek]

Not to divert the attention from OP's BMW, but I've been wondering what I'm going to do when time's up on my 2019 Toyota Corolla (100K miles). I'm told that 300K is possible with these, which means I could possibly still be operating it in the mid 2030's when I'll be 83 or so.

But -- presuming I can still drive safely -- the issue is I'm a "constrained retiree" with only ~$500K (in 2024), from which to pay for a new vehicle in ~2036 (oh, to be an average Boglehead!).

My Toyota corolla is an 03' and has 195k miles on it. Its been properly maintained, but run very hard its whole life. Loaded down with hundreds of lbs of weight (likely well over its rated capacity) and run across the continent at high speed. Driven up mountain roads that most people wouldn't have taken their fake CUV wannabe off-road cars on. Last month it blew a spark plug, $40 helicoil and it was back in business. They are tough cars and frankly yours might outlive you. I wouldn't worry.

Toyota Corolla: Most or all Bangkok taxis are Corollas. (a non-scientific observation)
Driving up mountain roads in a passenger sedan: great adventure! In the 70s, I did that in a '69 VW; in recent times in a 4Runner.
Helicoil: An amazing invention that put my '69 VW back in service.

Bottom line: I own or look-after 2 Corollas.