The 10 year car ownership "rule"

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kamikazekid
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The 10 year car ownership "rule"

Post by kamikazekid » Tue Sep 12, 2017 11:22 am

I have been reading a fair bit on this forum about buying a car and then either driving it to the ground or holding it for long periods of time like 10 years. My question is - would this thumb rule change based on purchase price of the car? e.g. Spend 25k, hold for 10 years, spent 20 k, hold for 8 years, spent 40 k hold for 15 years.
I guess I am just curious to know when is the optimal time to sell one's car. I have a sedan with 70k and a SUV with 120k miles on it. Both Hondas.
Thanks !@

sambb
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Re: The 10 year car ownership "rule"

Post by sambb » Tue Sep 12, 2017 11:29 am

depends more on your income, interests, and desire for newer tech vs. cost savings. I dont think there is a time. Some lease every 3 years, some buy every 5, some hold forever. Depends on income, needs, desires. Hard to be objective.

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Uncle Pennybags
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Re: The 10 year car ownership "rule"

Post by Uncle Pennybags » Tue Sep 12, 2017 11:37 am

For regular cars it depends on the millage, cost of repairs and desire for a new car.
Jay Leno keeps his cars for more than 10 years. I will part with my 2009 Mustang GT when they pry the Hurst shiftier from my cold dead hands.

MathWizard
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Re: The 10 year car ownership "rule"

Post by MathWizard » Tue Sep 12, 2017 11:44 am

I've bought cars more than 10 years old. They just have to be in good mechanical shape.
Mileage is a little more important for me. I also work on my cars, so that may allow me more leeway on
the age of the car.

jebmke
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Re: The 10 year car ownership "rule"

Post by jebmke » Tue Sep 12, 2017 11:46 am

Uncle Pennybags wrote:
Tue Sep 12, 2017 11:37 am
For regular cars it depends on the millage, cost of repairs and desire for a new car.
Jay Leno keeps his cars for more than 10 years. I will part with my 2009 Mustang GT when they pry the Hurst shiftier from my cold dead hands.
I'll hang onto my '08 RAV4 as long as possible. One of the old side-swing gate models. I think they are mostly swing up rear door models now.
When you discover that you are riding a dead horse, the best strategy is to dismount.

obgraham
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Re: The 10 year car ownership "rule"

Post by obgraham » Tue Sep 12, 2017 11:56 am

I don't like any "year" rules -- it depends on the car.

My Pilot is now 13 years old, runs very well, but only has 80k. It hasn't had any significant repairs. So my plan is to keep it till 90k. Then reassess. If it starts to require more service, off it goes. Otherwise do some more maintenance and aim for 100k.

You have to be flexible on these things, otherwise you will keep a troublesome car, or conversely, junk a perfectly good one.

However, if you just want a newer one, all logic goes. Then it's a matter of affordability.

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mhc
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Re: The 10 year car ownership "rule"

Post by mhc » Tue Sep 12, 2017 11:57 am

For me, there is no time limit. I'll keep a car as long as it is reliable and suits the job.

I have a 14 year old Honda CR-V and 11 year old Honda Odyssey.

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VictoriaF
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Re: The 10 year car ownership "rule"

Post by VictoriaF » Tue Sep 12, 2017 12:00 pm

I drive a 1997 Honda Civic which I have purchased for about $15k. In February it will turn 21.

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Ruger
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Re: The 10 year car ownership "rule"

Post by Ruger » Tue Sep 12, 2017 12:02 pm

I generally buy new and am one of the ones that drive them into the ground. I don't relate how long I keep it to how much I paid for it...I will drive them until they are either no longer safe or no longer mechanically sound.
I purchased a 1999 Camry new, which I still occasionally drive, it has 321,000 miles on it.
Finally bought a new Camry in 2015 and am hoping that is the last car I will buy since I don't drive much any more.
Bought a almost new (6000 miles on it, six months old) Ram 1500 a few months ago, also it should last my life time since I don't drive it much either.
Last edited by Ruger on Tue Sep 12, 2017 12:06 pm, edited 3 times in total.

macheta
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Re: The 10 year car ownership "rule"

Post by macheta » Tue Sep 12, 2017 12:02 pm

I've had my scion for six years and I have about sixty thousand miles so far. I would like the get at least 200k before I buy a new vehicle.

Lately , I have been putting money into the vehicle to make it look better. For example, I had someone come out and clean and polish the rims. I'm going to get a fresh tent and touch up the paint next.

MI_bogle
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Re: The 10 year car ownership "rule"

Post by MI_bogle » Tue Sep 12, 2017 12:05 pm

kamikazekid wrote:
Tue Sep 12, 2017 11:22 am
I have been reading a fair bit on this forum about buying a car and then either driving it to the ground or holding it for long periods of time like 10 years. My question is - would this thumb rule change based on purchase price of the car? e.g. Spend 25k, hold for 10 years, spent 20 k, hold for 8 years, spent 40 k hold for 15 years.
I guess I am just curious to know when is the optimal time to sell one's car. I have a sedan with 70k and a SUV with 120k miles on it. Both Hondas.
Thanks !@
Hmm. A few of my thoughts. YMMV as it's a personal choice. If you want a new car 'just because' then it's a different story than my criteria

1) I would not call 10 years a long period of time. 3 of the 4 vehicles I have owned were >10 years old at the time I acquired them. My Tacoma is 19 years old and still running strong at 190K. Hoping to drive it another 4 or 5 years, maybe more if I get lucky

2) 70K and 120K for Hondas is nothing, you should be able to get 200, maybe 250 and higher if properly maintained

3) Optimal time is very subjective. And would probably change based on the reason you are selling. I view cars as appliances, so as long as they are functioning properly, I am not going to sell. So, for me, the proper time to sell is when they aren't functioning properly, and the repair cost is exceeding the blue book value. Obviously there are case by case exceptions.


4) I don't think purchase price of the car would impact how long I held it... longer is better (generally) since so much more depreciation happens early on in the car's life, regardless of purchase price. Unless it's a classic car or something

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Uncle Pennybags
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Re: The 10 year car ownership "rule"

Post by Uncle Pennybags » Tue Sep 12, 2017 12:09 pm

This 10 year rule is used by fleets for vans, pickup truck and cars. The larger trucks are kept longer.
A police car could never last 10 years but a fire truck has a much longer useful life.
There is no easy answer, it depends. Hang on, there may be another cash for clunkers offer.

chevca
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Re: The 10 year car ownership "rule"

Post by chevca » Tue Sep 12, 2017 12:11 pm

IMO, Bogleheads isn't the place to look for car ownership "rules". Some say, buy beaters and drive them til the wheels fall off. Some say, buy new'ish because the safety features are always better. Some say, lease because you get a new car every few years and no repair bills. And, on and on.

I don't think there is any rule, nor should there be, on how long to keep a car based on it's purchase price.

As long as someone stays within reason of their wants and needs, and can afford it, buy what you want and keep it as long as you want. My take on it anyway.

I think we would all agree that someone making $50k/year and buying a $60k SUV or something isn't a good decision. But, most folks on Bogleheads can afford a decent car. Whether they want to spend that much or not is a personal choice.

Broken Man 1999
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Re: The 10 year car ownership "rule"

Post by Broken Man 1999 » Tue Sep 12, 2017 12:30 pm

I would like my van to last 15 years. We put less than 10Kmiles/year on it, and we are steadily reducing mileage since all grandchildren have started school or VBK. So less picking them up regularly.

Wife has driven full size vans for nearly 20 years, she likes the height and view she has from the van. Does not like to drive cars now at all.

Depending on the van's mechanical health, I might even buy a regular duty vehicle to save putting miles on the van.

We always kept cars for at least 8-10 years, and truthfully we bought new cars even when the existing ones were still serviceable. I guess we got tired of a particular vehicle at some point. A couple of purchases were because of growth in family. Can't safely put 5 people in a 4 passenger vehicle.

So far as when it is optimal to sell YOUR vehicle, well, that is an extremely personal decision that only YOU can answer, Do you want to wring out every last mile and tow your vehicle to the salvage yard. Or do you want to buy new when your vehicle might still have trade-in value?

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Watty
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Re: The 10 year car ownership "rule"

Post by Watty » Tue Sep 12, 2017 1:47 pm

kamikazekid wrote:
Tue Sep 12, 2017 11:22 am
I guess I am just curious to know when is the optimal time to sell one's car.
I look at the depreciation and the cost of non-routine maintenance then divide that by the number of months that I plan to own the car. Things like routine maintenance, insurance, gas, tires, etc will not be dramatically different if your car is new or 15 years old. The insurance fees may be a bit more but that will likely be offset some by a newer car getting better gas milage.

For example if you buy a new car for $24,000 and then sell it ten years (120 months) later for $6,000 when it has 120K miles that would have cost you $18,000 or $150 a month in depreciation and likely minimal non-routine maintenance if it was a reliable model.

The person that bought it might be able to use it for five more years(60 months) and 60K miles until it has 180K miles(if they are lucky). That would have cost them $100 a month in depreciation but with it being an older car they might need have spent $300 a year on non-routine maintenance (if they were lucky). That would be another $25 a month for a total of $125 a month in depreciation and non-routine maintenance. Of course they might get really lucky and drive it for another 20 years but you can't count on that.

These are obviously made up numbers but you can come up with some similar estimates for the specific cars you are looking at.

A lot depends on your income and if you can do a lot of the car repairs yourself but at least for me it makes sense to replace a car when it is around ten years old since I can afford to pay a bit higher monthly cost to have a newer more reliable car.

One thing that I have found is that by replacing my car before I have to, I can wait and replace it when I can find a great deal on my next car. The last car I replaced was only nine years old but I went on and replaced it when I found a great deal on a model year end close out. I could have waited a couple of years for a great deal to come along if I needed to. I have had to replace a car in a hurry and while I was able to get an OK deal I could have gotten a lot better deal if I was not in a hurry to buy a car.

likegarden
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Re: The 10 year car ownership "rule"

Post by likegarden » Tue Sep 12, 2017 2:01 pm

On Buicks over the last 30 years we noticed that after 11 years or 110000 miles things will need to be fixed. It is a nuisance that you have to think often about little failures and fixing those. So replacing an American car at 10 years will keep you out of trouble. With a Camry we expect to get expensive maintenance at 100,000 miles.

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Re: The 10 year car ownership "rule"

Post by Swansea » Tue Sep 12, 2017 2:06 pm

I buy my cars new. One is 19 years old, the other 10 years old. I don't put much mileage on either now, but maintenance has been minimal on the vehicles. If the 19 year old, which has 94K miles, needed an expensive repair, it would be sold.

Alan S.
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Re: The 10 year car ownership "rule"

Post by Alan S. » Tue Sep 12, 2017 2:08 pm

How long you keep your vehicle is subject to enough variables that a "rule of thumb" is not meaningful or of value.

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gunn_show
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Re: The 10 year car ownership "rule"

Post by gunn_show » Tue Sep 12, 2017 3:02 pm

kamikazekid wrote:
Tue Sep 12, 2017 11:22 am

I guess I am just curious to know when is the optimal time to sell one's car. I have a sedan with 70k and a SUV with 120k miles on it. Both Hondas.
Thanks !@
LOL, on this forum those would be considered newer cars. Not sure how much searching / reading you actually did, and I am unaware of any hard and fast rule anyway, it really is YMMV depending on a lot of personal factors, as others have pointed out.

FWIW I bought two "new" cars this year... 2007 Lexus GS and 2007 Lexus GX ... both well over 100k mileage. Both have the modern conveniences I wanted, were well taken care of, often get mistaken as 'new cars' by friends, and could last another 100k each easily if garaged and maintained accordingly. Combined new they were worth $100k retail, and I bought both for $25k total. So far so good and we love them, plan to hold for a long time. But I work from home and wife is becoming a SAHM, so our usage will be low and these will not accumulate a lot of miles. My decision might be different if I were driving 12k miles per year etc...
jebmke wrote:
Tue Sep 12, 2017 11:46 am
I'll hang onto my '08 RAV4 as long as possible. One of the old side-swing gate models. I think they are mostly swing up rear door models now.
My Lex GX SUV also has the side swing, and I like it, never had a vehicle with one before. Can be a little awkward at times in parking lots or small spaces, but otherwise quite handy.
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deltaneutral83
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Re: The 10 year car ownership "rule"

Post by deltaneutral83 » Tue Sep 12, 2017 3:24 pm

chevca wrote:
Tue Sep 12, 2017 12:11 pm
As long as someone stays within reason of their wants and needs, and can afford it, buy what you want and keep it as long as you want. My take on it anyway.
90% of Americans don't know that they don't know (heard that expression before in any of Bogle's books?) that they can't afford the car they are driving. BH's is certainly the place to come where many can afford $30k and up cars, but not your neighbor or your co worker. I'd guess only 4-6% of Americans or less can afford depreciation of a car in years 0-3. That fourth year the safety features are still in tact and any other made up statistic by the auto world is still a non-issue (side note- It also doesn't work very well to forget to wear a seat belt twice a week and use "safety features" as a new reason to purchase a new automobile). I usually drive semi reliable cars years 4-8 and wash, rinse, repeat. I never have a new or old car as I have no interest in the former for depreciation expense nor the ladder for the unpredictability expense of time. That being said, I absolutely love the idea that BH's on here with 2MM+ net worth rolling around town in a 12 year old car. I get a huge chuckle and certainly don't get irritated like some YOLO people out there do.

hulburt1
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Re: The 10 year car ownership "rule"

Post by hulburt1 » Tue Sep 12, 2017 3:27 pm

4 cars buy new-(1995-223000,2004-170000,2007-122222 and a 1972 vw 25000 on engine)-I rent now when I take trips.

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Re: The 10 year car ownership "rule"

Post by badger42 » Tue Sep 12, 2017 3:31 pm

I buy simple cars that do the job I need them to do, and keep them until there's a good reason to get rid of them.

Reasons I have parted with a car:
- Not mechanically sound / not worth fixing (old beater with blown engine) - scrapped
- Not mechanically sound / not worth fixing (engine burning oil, suspension, electronics) - traded in
- Moving x-country, not worth paying to ship an old car and no time to drive it (sold to family)

The fate of the current vehicle will probably be "kid took it to college" in a few years, at which point I'll buy a new car.

I do optimize some for spousal happiness (my wife is not happy with a car that she can't count on getting into and going where she wants to go), but that's less vehicle age and more about being proactive on maintenance / repairs.

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Re: The 10 year car ownership "rule"

Post by aua868s » Tue Sep 12, 2017 3:33 pm

VictoriaF wrote:
Tue Sep 12, 2017 12:00 pm
In February it will turn 21.

Will that turn the Civic to a gas guzzler, now that it has reached the legal age to drink..age 21 ?!
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buccimane
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Re: The 10 year car ownership "rule"

Post by buccimane » Tue Sep 12, 2017 3:36 pm

In the past, I have only switched vehicles after the seemingly chain event of breakdowns. One thing tends to lead to another, and that is a signal it is time to move on..

Uncle Pennybags wrote:
Tue Sep 12, 2017 12:09 pm
A police car could never last 10 years but a fire truck has a much longer useful life.
There is no easy answer, it depends. Hang on, there may be another cash for clunkers offer.
There are absolutely crown vics still active over a decade old in departments. It's already been half a decade since the newest model rolled out of the factory
A man convinced against his will is of the same opinion still

Dandy
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Re: The 10 year car ownership "rule"

Post by Dandy » Tue Sep 12, 2017 3:40 pm

the "rule" is intended to squeeze the most value out of your car - very Bogleheadish. I followed it in a sense -- tried to hold on to the car for 10 years or 100k. But, here is my new thinking, not overly accepted, but I think worth of consideration. The advance in safety features I think changes the equation a bit, especially those who have a decent asset/income level. Remember your driver skill is only half the issue - the other guy is the other half..

Holding on to a car for 10 years or more can be a bit of penny wise pound foolish. I am retired but when working I was the goose that laid the golden egg i.e. salary, health insurance, retirement savings, funding for college, etc. If an auto accident prevented me from my job my family would have been financially devastated. Even a minor accident can be a major headache.

I drove a Ford Pinto for 11 years--even replaced the doors that had rusted out!! I get squeezing out value. But, the ability to avoid accidents by blind spot monitoring, automatic braking, cross traffic monitoring (when backing up), etc. are a game changer. My next car will have a full array of these advances I am 69 and had my only auto accident, a fender bender, at age 18.

So, I feel that the "rule" needs to be reevaluated. Sure many can't afford the full array of safety features but I think safety features should carry a lot of weight when making a car purchase decision. We need to stop the
badge of honor
for driving the same car for x years and y miles and encourage people to avoid the expense, pain, and lost time involved in auto accidents that safety advances could have prevented that they could afford.

Finally, at our age my wife and I have enough physical issues/concerns we don't need any extra punishment that could be visited by an avoidable auto accident.

Now when are they going to invent something that turns off my blinker after x minutes? :oops:

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Re: The 10 year car ownership "rule"

Post by Blueskies123 » Tue Sep 12, 2017 3:53 pm

While I agree with the 10 year rule I see a major problem facing us. The safety improvements in the next few years are so compelling most people that can afford to will upgrade sooner. Can you imagine how fewer accidents will occur when people stop plowing into the back of you when you come to a stop or how many children will be saved when they run out in front of your car?
How many drunk driver accidents will be avoided. The insurance companies really need to give these new auto stop cars a big insurance break.
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Watty
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Re: The 10 year car ownership "rule"

Post by Watty » Tue Sep 12, 2017 4:00 pm

Blueskies123 wrote:
Tue Sep 12, 2017 3:53 pm
The safety improvements in the next few years are so compelling most people that can afford to will upgrade sooner. Can you imagine how fewer accidents will occur when people stop plowing into the back of you when you come to a stop or how many children will be saved when they run out in front of your car?
How many drunk driver accidents will be avoided. The insurance companies really need to give these new auto stop cars a big insurance break.
Hopefully that will happen and people will not just drive more recklessly.

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Re: The 10 year car ownership "rule"

Post by BogleBoogie » Tue Sep 12, 2017 4:01 pm

I just had to make decisions on cars we have own that are turning 10 and 9 years old. It is so subjective that you won't find the answer here, but many good points. What it came down for me, personally, was I realized I am really happy with both of our vehicles in terms of comfort and safety. Both have about 100K miles which is the point where I felt I had to make the decision to dump money into them (new struts, timing belt, tires, etc.) or just buy a new car. Someone replied to my question/post and asked if I really wanted a new car. I realized I don't really want a new one and that putting the money into these vehicles and holding them made more financial sense. If I were you, which it helped me, ask yourself if you really want a new car. Plus, the technology from what I can gather hasn't changed a bunch since 2009!

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DaftInvestor
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Re: The 10 year car ownership "rule"

Post by DaftInvestor » Tue Sep 12, 2017 4:04 pm

OP: Personally I like the 10-year rule. I buy my cars new and try to keep them for 10 years. I don't have a lot of data but for me, after 10 years, I'm ready for a new car and if I hold out for 10 years I feel I have done well (I have always held out for 10 years - but for my spouse, I've caved and agreed on earlier trade-ins - usually due to new safety features or changes in family needs). You mention you have two Honda's - with Honda's you will still get a good trade-in value at 10 years (I've had Honda's, Toyota's, Subaru's - all still worth something after 10 years). I don't believe what you paid has anything to do with how long you should hold - it more about gumption to put up with problems as well as things like the reliability of car you own.

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Re: The 10 year car ownership "rule"

Post by White Coat Investor » Tue Sep 12, 2017 4:13 pm

There's nothing magic about ten years. The main points are these:

1) The less you spend on transportation, the more you can use to build wealth

2) The longer you keep a car, the less your transportation costs you per year as the largest costs in car buying are depreciation, sales taxes, and interest. When you buy used, you can often avoid all three of those. Your repair costs might be a little higher, but will generally pale in comparison to the costs of the above big three. Operation and maintenance costs are generally similar. Now if it is really old, there might be some safety issues, but that really only gets dramatic when you're comparing brand new to 20+ years old.
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Uncle Pennybags
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Re: The 10 year car ownership "rule"

Post by Uncle Pennybags » Tue Sep 12, 2017 4:34 pm

buccimane wrote:
Tue Sep 12, 2017 3:36 pm
There are absolutely crown vics still active over a decade old in departments.
Mayberry?

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buccimane
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Re: The 10 year car ownership "rule"

Post by buccimane » Tue Sep 12, 2017 4:38 pm

Uncle Pennybags wrote:
Tue Sep 12, 2017 4:34 pm
buccimane wrote:
Tue Sep 12, 2017 3:36 pm
There are absolutely crown vics still active over a decade old in departments.
Mayberry?
:wink: :sharebeer
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Dandy
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Re: The 10 year car ownership "rule"

Post by Dandy » Tue Sep 12, 2017 5:13 pm

re safety advancements
but that really only gets dramatic when you're comparing brand new to 20+ years old.
That is so misleading. Even some cars 5 years old have back up cameras which can help you not run over your toddler or their bike. A 3 year old used car can have some significant safety improvements. It shouldn't always be about how much money you can free up for investing - sometimes it is about balancing cost vs value/benefit. You could save money for investing by not insuring your house too. After all how many houses are destroyed by fire?

But there is a hard core fugal core belief that has been true in the past but less true now that is very smart to drive a car for as long as you can -- it becomes a badge of honor. I think the game is changing but long held hard core beliefs die hard.

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VictoriaF
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Re: The 10 year car ownership "rule"

Post by VictoriaF » Tue Sep 12, 2017 7:22 pm

aua868s wrote:
Tue Sep 12, 2017 3:33 pm
VictoriaF wrote:
Tue Sep 12, 2017 12:00 pm
In February it will turn 21.

Will that turn the Civic to a gas guzzler, now that it has reached the legal age to drink..age 21 ?!
It will give the Civic a license to drink while I'll maintain my license to drive. She and I may collaborate on our respective licenses.

Victoria
Last edited by VictoriaF on Tue Sep 12, 2017 7:48 pm, edited 2 times in total.
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Ron Scott
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Re: The 10 year car ownership "rule"

Post by Ron Scott » Tue Sep 12, 2017 7:33 pm

Please ignore any "rule" about being frugal, especially if the rule sounds cute or attempts to motivate you to do something you don't want to do.

My wife recently announced the 4Runner divorce rule: If I don't sell the '97 4Runner this year we're getting divorced.

We also have a 2016 Porsche and a 2014 335 so her rant is more about curb appeal than saving money but she's probably right; both bumpers are rusted and enough's enough.

You don't need to keep a car for 20 years but there's no need to sell most models in less than 10 either. And if your car can't last 10 years or say 200,000 miles it isn't much of a car.

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Re: The 10 year car ownership "rule"

Post by mmcmonster » Tue Sep 12, 2017 7:38 pm

I've held onto my Saturn for 10 years and 100k miles. At that point it was getting ready to need a new transmission real soon.

I've held onto my BMW 3-series for 5 years and 100k miles. At that point the services were starting to get expensive.

I've currently got a Tesla Model S for 3.5 years and 78k miles. So far the services are relatively cheap and the only things I've changed are the tires. I was originally going to take it to 100k miles like my other cars, but this seems different. I'm going to try to take it to at least 120k and reassess then. I paid more for this car. Going to get my money's worth. :sharebeer

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Re: The 10 year car ownership "rule"

Post by The Wizard » Tue Sep 12, 2017 7:45 pm

I keep two vehicles in my stable: a Mustang convertible and a F-150 pickup. I drive the Mustang unless I have something trucky to do, as often I do.

My current 2016 F-150 replaced a 2004 Ford Ranger that was almost 12 years old. (I bought it new.)

My current 2008 Mustang (bought new) is getting up there in years, but still works OK, even with 99,000 miles on the clock.
But its time will come.
So I've been putting $$ aside and will be ready when it's time.

I like the 10 year rule...
Attempted new signature...

Mike Scott
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Joined: Fri Jul 19, 2013 2:45 pm

Re: The 10 year car ownership "rule"

Post by Mike Scott » Tue Sep 12, 2017 9:08 pm

It's not a rule but 10 years makes a good round number to talk about. It's really a decision between form and function. My wife has a new car because her 20 year old truck got too expensive to fix. My "new" car is 7 years old and I hope it makes it to 10+ years and 250,000 miles but I will have to wait and see. The 2000 Mazda with 250,000+ miles finally quit and is now waiting to be towed to a scrap yard.

If you like new expensive cars and can afford them keep buying them and enjoy.

MnD
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Re: The 10 year car ownership "rule"

Post by MnD » Tue Sep 12, 2017 11:03 pm

At least 10 years and maybe much more works for me on a lifetime basis......
77 datsun pickup
89 mazda pickup
05 Toyota pickup

Total eclipse headquarters last month - not the dream campground by a long shot but was awesome site for total eclipse.
05 Toyota is not falling apart yet :mrgreen:

Image
Last edited by MnD on Tue Sep 12, 2017 11:11 pm, edited 1 time in total.

Bungo
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Re: The 10 year car ownership "rule"

Post by Bungo » Tue Sep 12, 2017 11:09 pm

I replaced my 2004 Civic Hybrid this year because California started smog checking hybrids, and mine couldn't pass because the check engine light was on due to failing hybrid battery. Replaced it with a non-hybrid CRV; maybe this one will make it to 15 years. :mrgreen:

JBTX
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Re: The 10 year car ownership "rule"

Post by JBTX » Tue Sep 12, 2017 11:21 pm

We usually don't get 10 years, because we put some pretty heavy mileage in a major metropolitan area. Ten years would be over 200k miles for us. We've done that once or twice, but you start getting into some pricey recurring maintenance then. More recently I'll make a switch to a newer low mileage used car at the first sign of major repairs (2k+, excluding tires) over 150k miles.

littlebird
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Location: Valley of the Sun, AZ

Re: The 10 year car ownership "rule"

Post by littlebird » Tue Sep 12, 2017 11:25 pm

I've found it also depends on my personal situation. When we were 2 drivers with 2 cars and could spell each other when repairs needed to be made, we could keep cars longer. Now that I'm the only driver and have only one car, I want it to be absolutely reliable.

Do you drive children? Do you work late? Do you park on city streets? Do you drive through sketchy neighborhoods? Has the size of your family or the length of your commute changed? There are so many individual variables, I don't see how there could be a "one size fits all" rule.

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TD2626
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Re: The 10 year car ownership "rule"

Post by TD2626 » Wed Sep 13, 2017 12:18 am

There doesn't have to be a solid rule, but reducing car costs is critical to living below one's means.

The depreciation expense on new cars is staggering, so maybe buying used is a better option. Just because you don't get a bill for depreciation doesn't mean it isn't costing you a lot of money.

Cars are meant to provide safe, reliable transportation from point A to point B. Any expense beyond that what it costs to get that basic level of transportation is completely optional and should be recorded as an entertainment expense (not a transport expense) in my opinion.

Big Dog
Posts: 516
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Re: The 10 year car ownership "rule"

Post by Big Dog » Wed Sep 13, 2017 12:24 am

never heard of such a rule. But then I drive cars until the wheels fall off.

My daily driver is a '89 Volvo.

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stemikger
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Re: The 10 year car ownership "rule"

Post by stemikger » Wed Sep 13, 2017 12:38 am

Never heard of this rule, but I do it because a car (for most average people) is the second biggest purchase they will make.

Although I love a new car, I also take pride in holding a car as long as I can. I do this because I live beneath my means and feel leasing a new car every few years like many people I know is a waste of money. I never really had car fever and at 53 am not going to start now.

My 2009 Nissan Versa has 100K miles on it and I'm hoping to drive it many more years.

When the repairs get to be equivalent of a car payment, I will purchase a new one.

I always buy new but always buy a subcompact or compact in the range of $12K to $17.
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

letsgobobby
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Joined: Fri Sep 18, 2009 1:10 am

Re: The 10 year car ownership "rule"

Post by letsgobobby » Wed Sep 13, 2017 2:18 am

Shoot, we've never retired a car at anything under 10 years.

13, 14, 13, 16 were the last four and currently working 11, 5, and a new truck. Anything under 10 seems really wasteful.

The Wizard
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Joined: Tue Mar 23, 2010 1:45 pm
Location: Reading, MA

Re: The 10 year car ownership "rule"

Post by The Wizard » Wed Sep 13, 2017 4:37 am

TD2626 wrote:
Wed Sep 13, 2017 12:18 am

The depreciation expense on new cars is staggering...
Not really. The COST of new cars is staggering...
Attempted new signature...

UKFred
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Joined: Thu Apr 20, 2017 9:58 am
Location: UK

Re: The 10 year car ownership "rule"

Post by UKFred » Wed Sep 13, 2017 5:22 am

We buy a one-year old car and sell it the second time it breaks down. That tends to be around the 7 year mark.

bovineplane
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Joined: Wed Jul 26, 2017 5:24 am

Re: The 10 year car ownership "rule"

Post by bovineplane » Wed Sep 13, 2017 6:30 am

Uncle Pennybags wrote:
Tue Sep 12, 2017 12:09 pm
A police car could never last 10 years but a fire truck has a much longer useful life.
Not sure I agree. I have a 1996 Caprice. Was Tuscon PD from new in 1996. If I recall from the title search it was PD for 17 years or so. Then through a few private owners before I got it. Paid $1500 for it. Now the wife and I use to to drag race. It looks like an old cop car. White paint peeling, dents and dings. Original shortblock and transmission. I have done some work but neither has been rebuild as far as I can tell. I have had the heads off and the factory Mahle pistons were still in it.

Now it has 140+ miles. Has made 20ish passes in the 1/4 mile and I drive it occasionally to make the neighbors happy as it is registered ad insured (cheap, stupid cheap). Yes I have done some work to it but the main parts of the engine, tranny, suspension and of course the body are all original and never apart. I doubt it was driven easy as a cop car and I certainly dont drive it easy. Link below is my wife on one of our nights out having a blast.

https://www.youtube.com/watch?v=Zp1mtp3Fzks

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bottlecap
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Location: Tennessee

Re: The 10 year car ownership "rule"

Post by bottlecap » Wed Sep 13, 2017 6:46 am

There is no such rule.

I have never heard of keeping your car for a predetermined period based on initial purchase price.

I think people get caught up in Boglehead excitement and want to do things like make rules or try to invest in IRAs for six month olds. Conversely, others like to come up with exceptions to commonly accepted wisdom and poke fun at Bogleheads that follow it.

The real answer is keep your car as long as you are comfortable with it. Like so many things in this world, it is up to you and you alone. Note that whatever you do, you can also save money and safely keep your cars longer by learning a bit about maintenance and repairs and driving carefully to avoid accidents.

JT

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