rule of thumb of when to sell your car

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audioaxes
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rule of thumb of when to sell your car

Post by audioaxes » Tue Feb 13, 2018 7:55 pm

I have a 2012 Camry that has been rock solid so far. Financed it used from a rental agency at 35K miles and its made it to 165K miles with pretty much nothing more than oil changes, tires, and brakes (and its showing no signs of issues). In the coming months I will have it paid off and my plan is to enjoy not paying the 280/month while riding it until the wheels fall off. I was also going to finally do some over-due scheduled maintenance to increase the longevity of it.
But now I'm wondering if instead I should try to determine a good mileage/pricepoint to sell at and bail out before all the problems start to creep in.

Does anyone have any rules of thumb that they use on when its time to sell?
thanks

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Alexa9
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Re: rule of thumb of when to sell your car

Post by Alexa9 » Tue Feb 13, 2018 8:47 pm

A Camry should last a long time. If you need a very reliable vehicle for your commute, I think 10 years / 200k miles is a reasonable amount of time before getting something new. If you don't mind renting a car while yours is in the shop or you can convince them to give you a loaner, I would keep going. Depends on your budget too obviously.

123
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Re: rule of thumb of when to sell your car

Post by 123 » Tue Feb 13, 2018 8:59 pm

I would sell when the car becomes "unreliable" and cannot be repaired to be reliable at a reasonable cost. An alternative point is when you are ashamed to be associated with the car.

If a car worth $1,000 needs a $1,500 repair it cannot be repaired at reasonable cost. If you are ashamed of the appearance of the car, dents, bad paint, torn upholstery and it cannot be improved at reasonable cost then it's time to replace it.

I wouldn't mind continuing to drive a car that remained reliable if it was in good shape and 20 years old. Some might place an premium on having the latest safety features, to each his own. The importance of safety features can vary depending on your location and where/how you drive your vehicle.
The closest helping hand is at the end of your own arm.

leod
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Re: rule of thumb of when to sell your car

Post by leod » Tue Feb 13, 2018 9:01 pm

Mine is between 12-15 years, you can go longer if you live in sunny climate. May be shorter If you live in the rust belt, the engine will still be solid but my Toyota and other japan imports seem to rust faster

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lthenderson
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Re: rule of thumb of when to sell your car

Post by lthenderson » Wed Feb 14, 2018 8:51 am

audioaxes wrote:
Tue Feb 13, 2018 7:55 pm
Does anyone have any rules of thumb that they use on when its time to sell?
I would start saving the $280/month until you have enough money saved to pay all cash for a new car. Then it is a matter of waiting until something big happens that requires more money than you want to sink into an old car. You will know when that day happens. I'm still waiting for that day to arrive for my 20 year old Civic.

NotWhoYouThink
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Re: rule of thumb of when to sell your car

Post by NotWhoYouThink » Wed Feb 14, 2018 9:14 am

When you have unscheduled maintenance needs twice in a calendar year. Brakes, tires, fluid changes, wiper blades and normal maintenance don't count, just breakdowns. This has never happened to us with our Hondas or Hyundai, so the other determinant will be 200K miles. Maybe.

kmurp
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Re: rule of thumb of when to sell your car

Post by kmurp » Wed Feb 14, 2018 9:43 am

So my daughters 2011 civic with 75k miles just had two unscheduled repairs. One, the exhaust system was maybe $500. The second was loss of the airbag system due to wiring corrosion at $2000. Does this qualify as a reason to dump the car? She thinks yes and I think no.

gotester2000
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Re: rule of thumb of when to sell your car

Post by gotester2000 » Wed Feb 14, 2018 9:50 am

When you frequently start having breakdowns that jeopardize your safety and time is when I would consider to buy another car.

Some people say that when repairs are say $2000 and car worth is $1500, you should sell the car. What if the repair allows comfortable use and running of the car for another 3-5 years?
The low cost of keeping and running the car can make it worthwhile to postpone the car purchase for that much time.

Edit:

kmurp,

I am with you if safety is not compromised.
Last edited by gotester2000 on Wed Feb 14, 2018 9:56 am, edited 1 time in total.

NotWhoYouThink
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Re: rule of thumb of when to sell your car

Post by NotWhoYouThink » Wed Feb 14, 2018 9:56 am

Whoever is paying for the repairs/replacement should make the decision. When we were both at Megacorp and had 2 young kids, an unexpected car repair really threw our lives into turmoil. We managed, but it was just not acceptable. The VW Passat was not the car to have at that time, and got sold/traded.

dbr
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Re: rule of thumb of when to sell your car

Post by dbr » Wed Feb 14, 2018 10:10 am

There is no rule of thumb. Instead there is the ambiguous advice to follow your own judgement and preference.

Cyclesafe
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Re: rule of thumb of when to sell your car

Post by Cyclesafe » Wed Feb 14, 2018 10:11 am

My 2000 Lexus RX300 SUV has 80k miles and still - apart from a couple of retouched dings - looks and runs like it's brand new. The styling is pretty much indistinguishable from newer RXXXX models so there's no issue with it looking out-of-date or decrepit in any way. I could drive it another 20 years. The Kelly Blue Book is a laughable $3-4k, but it's worth at least 3X's that to me.

However, I would donate it as soon as it would need a new engine or transmission. Otherwise, the odd $500 repair every couple of years is acceptable.

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DaftInvestor
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Re: rule of thumb of when to sell your car

Post by DaftInvestor » Wed Feb 14, 2018 10:22 am

My own personal rule of thumb is 10 years / 100K miles.
For my wife its when the mood strikes her :)

Some car changes for us have happened due to life changes (more kids requiring another vehicle, wanting to pass car down to child, etc.).

jlcnuke
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Re: rule of thumb of when to sell your car

Post by jlcnuke » Wed Feb 14, 2018 10:24 am

Cost to keep it up exceeds what it would cost to cover your new payments OR cost of repairs needed/expected (reasonably soon) would exceed the current value of the vehicle.

Alternatively, when you really, really want to get something new and it wouldn't hurt your finances to do so.

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lthenderson
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Re: rule of thumb of when to sell your car

Post by lthenderson » Wed Feb 14, 2018 10:26 am

gotester2000 wrote:
Wed Feb 14, 2018 9:50 am
What if the repair allows comfortable use and running of the car for another 3-5 years? The low cost of keeping and running the car can make it worthwhile to postpone the car purchase for that much time.
+1 This is why one should always include the expected additional life when figuring out whether a repair is worth it. I put in double what my car was worth on suspension repairs a few years back. It has driven flawlessly these last three years and the cost per year is still less than what a new car would have depreciated in the same amount of time.

LiterallyIronic
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Re: rule of thumb of when to sell your car

Post by LiterallyIronic » Wed Feb 14, 2018 10:32 am

DaftInvestor wrote:
Wed Feb 14, 2018 10:22 am
My own personal rule of thumb is 10 years / 100K miles.
That made me laugh. That's my own personal rule of thumb for what kind of car to buy. It has to be at least 10 years old with at least 100,000 miles on it.

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DaftInvestor
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Re: rule of thumb of when to sell your car

Post by DaftInvestor » Wed Feb 14, 2018 10:41 am

LiterallyIronic wrote:
Wed Feb 14, 2018 10:32 am
DaftInvestor wrote:
Wed Feb 14, 2018 10:22 am
My own personal rule of thumb is 10 years / 100K miles.
That made me laugh. That's my own personal rule of thumb for what kind of car to buy. It has to be at least 10 years old with at least 100,000 miles on it.
I'll PM you next time my car hits the limit :)

Admiral
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Re: rule of thumb of when to sell your car

Post by Admiral » Wed Feb 14, 2018 10:50 am

I think you'll know when it's time. Multiple breakdowns or costly repairs close together.

Cars are generally very reliable now. My car is 18 years old (with 90k miles; we don't drive alot) and we've averaged maybe $500/year over the last 10 years in maintenance, but much of that is preventive. It's had one repair (not due to accident) that caused a breakdown, and cost about $700 to fix. I was on vacation in VA at the time but was able to have it done w/o too much inconvenience.

You need to compare the repair cost to the replacement cost.

My car's book value is maybe 7-9k. But I compare the $500 per year to the $400 (or much, much more) per MONTH that I'd pay for a new car. And there's no comparison. I will keep it until it's shot, or I'm comfortable paying cash for a new car. And that will be... possibly never. Or at least not until FI.

itsgot8
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Re: rule of thumb of when to sell your car

Post by itsgot8 » Wed Feb 14, 2018 10:53 am

Generally speaking, vehicles are engineered to last 150,000 miles, especially from a power train standpoint. They can go beyond that of course but I would have an exit strategy once a vehicle crosses that mark. That's my philosophy though. If you don't plan to trade the vehicle in, then drive it into the ground. Once that happens, go buy another vehicle and scrap out the old one.

I agree with others who say it's time to get rid of a car when repairs exceed the value of the vehicle. Otherwise, it's a risk vs reward scenario. Could it go to 200-225k miles? Sure can but do you have plan if it starts having major issues at 180k?

I think the most important thing is to have a plan in place and be prepared rather than having to figure out what to do as it happens.

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MortgageOnBlack
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Re: rule of thumb of when to sell your car

Post by MortgageOnBlack » Wed Feb 14, 2018 10:58 am

kmurp wrote:
Wed Feb 14, 2018 9:43 am
So my daughters 2011 civic with 75k miles just had two unscheduled repairs. One, the exhaust system was maybe $500. The second was loss of the airbag system due to wiring corrosion at $2000. Does this qualify as a reason to dump the car? She thinks yes and I think no.
For what it's worth... I'm still driving my 91 civic (156k) and it's my main car. The Honda civic's are very reliable. There's a good chance you won't have anymore issues for a very longtime.

randomguy
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Re: rule of thumb of when to sell your car

Post by randomguy » Wed Feb 14, 2018 10:59 am

Cyclesafe wrote:
Wed Feb 14, 2018 10:11 am
My 2000 Lexus RX300 SUV has 80k miles and still - apart from a couple of retouched dings - looks and runs like it's brand new. The styling is pretty much indistinguishable from newer RXXXX models so there's no issue with it looking out-of-date or decrepit in any way. I could drive it another 20 years. The Kelly Blue Book is a laughable $3-4k, but it's worth at least 3X's that to me.



However, I would donate it as soon as it would need a new engine or transmission. Otherwise, the odd $500 repair every couple of years is acceptable.
Are you sure you should be driving if you can not distinguish between

Image

and

Image

?:) Some people just don't notice style (clothes, cars, furniture,...) at all. For anyone that cares, your car looks like a 20 year old model. You may not care. At 5k/miles year cars you are going to hit all sorts of rubber aging issues long before you hit wear ones. I have seen no good studies which suggest how long that will be in a car that is well maintained (i.e. not sitting in a barn).

itsgot8
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Re: rule of thumb of when to sell your car

Post by itsgot8 » Wed Feb 14, 2018 11:01 am

lthenderson wrote:
Wed Feb 14, 2018 10:26 am
gotester2000 wrote:
Wed Feb 14, 2018 9:50 am
What if the repair allows comfortable use and running of the car for another 3-5 years? The low cost of keeping and running the car can make it worthwhile to postpone the car purchase for that much time.
+1 This is why one should always include the expected additional life when figuring out whether a repair is worth it. I put in double what my car was worth on suspension repairs a few years back. It has driven flawlessly these last three years and the cost per year is still less than what a new car would have depreciated in the same amount of time.
I view this as survivorship bias. If you spent all that money on fixing the suspension and then had to turn around and replace the trans, you might feel differently.

There's a risk/reward balance to consider and thankfully it worked out to your advantage.

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bottlecap
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Re: rule of thumb of when to sell your car

Post by bottlecap » Wed Feb 14, 2018 11:25 am

There is no rule of thumb. If there was, everyone would follow it. And you'd have a hard time selling it when the time to sell arrived.

I sounds like you've got a good car. Since you know it is a good car and a buyer can't be sure, with all other things being equal, it is worth more to you than some potential buyer.

You aren't going to make more money on your old car by selling it at some date certain. You will save some money by not buying a new car so soon.

So drive it until you don't want to drive it anymore, for whatever reason that might be.

Good luck,

JT

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bottlecap
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Re: rule of thumb of when to sell your car

Post by bottlecap » Wed Feb 14, 2018 11:30 am

randomguy wrote:
Wed Feb 14, 2018 10:59 am


Are you sure you should be driving if you can not distinguish between

Image

and

Image

?:) Some people just don't notice style (clothes, cars, furniture,...) at all. For anyone that cares, your car looks like a 20 year old model. You may not care. At 5k/miles year cars you are going to hit all sorts of rubber aging issues long before you hit wear ones. I have seen no good studies which suggest how long that will be in a car that is well maintained (i.e. not sitting in a barn).
To be fair, you picked what is, in my opinion, a worst case scenario.



For whatever reason, those Lexus's looked dated about 3 years after they came out.



I generally don't notice dated-looking cars, but I notice ever single one of Lexus's with that old styling!



JT

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Sandtrap
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Re: rule of thumb of when to sell your car

Post by Sandtrap » Wed Feb 14, 2018 11:41 am

When my Toyota costs more to fix than it is worth.👍
J🌺

sitout
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Re: rule of thumb of when to sell your car

Post by sitout » Wed Feb 14, 2018 11:45 am

One has a finite number of different vehicles to enjoy and experience in a lifetime.

TN_Boy
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Re: rule of thumb of when to sell your car

Post by TN_Boy » Wed Feb 14, 2018 11:51 am

audioaxes wrote:
Tue Feb 13, 2018 7:55 pm
I have a 2012 Camry that has been rock solid so far. Financed it used from a rental agency at 35K miles and its made it to 165K miles with pretty much nothing more than oil changes, tires, and brakes (and its showing no signs of issues). In the coming months I will have it paid off and my plan is to enjoy not paying the 280/month while riding it until the wheels fall off. I was also going to finally do some over-due scheduled maintenance to increase the longevity of it.
But now I'm wondering if instead I should try to determine a good mileage/pricepoint to sell at and bail out before all the problems start to creep in.

Does anyone have any rules of thumb that they use on when its time to sell?
thanks
My usual approach is to sell when it starts needing enough journeys to a mechanic to annoy me, or that I am not completely comfortable taking it for a long trip. That is not a financial decision; I usually get rid of a car at around 100k, often more now, and at that point it would usually be cost-effective to keep fixing versus buying another. I pay cash, or take out a very small 2 year loan when I buy so I usually get at least five years of no car payments of any type.

Or, and this hasn't actually happened, a new car comes out that has such great features for what I need now that I can't resist it. I'd still resist until I had a goodly number of miles on my current car.

Cyclesafe
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Re: rule of thumb of when to sell your car

Post by Cyclesafe » Wed Feb 14, 2018 12:21 pm

randomguy wrote:
Wed Feb 14, 2018 10:59 am
Are you sure you should be driving if you can not distinguish between .....

Image



At 5k/miles year cars you are going to hit all sorts of rubber aging issues long before you hit wear ones. I have seen no good studies which suggest how long that will be in a car that is well maintained (i.e. not sitting in a barn).
Hey, you took a picture of my car! Being a rubber chemical tech service rep in a former life, I would normally agree with you on the rubber aging, but my experience living in San Diego and parking 95% of the time in a dark garage, is that the rubber is still pretty good. New tires after 10 years, helped of course.



The new Lexus RX looks downright ugly. My other car is a Macan turbo. The Lexus is a reliable go-to for home depot runs etc.

MathWizard
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Re: rule of thumb of when to sell your car

Post by MathWizard » Wed Feb 14, 2018 12:39 pm

I've only sold one car for over $1000. There are usually on their last legs, and go to the junk dealer
from whom I get about $200.

The one car I sold for over $1000 was a restored first model year Camaro Rally Sport.
I sold it to get money for a more practical car when I went to grad school.

My wife liked the car, we were dating when I had it (long ago.)

Mike Scott
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Re: rule of thumb of when to sell your car

Post by Mike Scott » Wed Feb 14, 2018 12:48 pm

When it needs mechanical repair that costs more than it would be worth after being fixed. The last "running" car I sold was about 1990 and it had it's own problems. Since then they have been sold for parts or towed for scrap metal.

On the other hand, if you like cars and have the money why not enjoy them? I could drive a different car but I would rather spend my play money on other things.

sid hartha
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Re: rule of thumb of when to sell your car

Post by sid hartha » Wed Feb 14, 2018 12:55 pm

My rule is simple. When it either becomes unreliable or starts to nickel and dime me with repair costs.

Marjimmy
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Re: rule of thumb of when to sell your car

Post by Marjimmy » Wed Feb 14, 2018 1:38 pm

sid hartha wrote:
Wed Feb 14, 2018 12:55 pm
My rule is simple. When it either becomes unreliable or starts to nickel and dime me with repair costs.
+1. 06 Ford Taurus with 150k miles riding strong.
Very little is needed to make a happy life; it is all within yourself, in your way of thinking. -Marcus Aurelius

mkasrp
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Re: rule of thumb of when to sell your car

Post by mkasrp » Wed Feb 14, 2018 1:54 pm

Car is depreciating asset, so no need to buy new car until it does not solve our day to day purpose without issues or it's maintenance is not worth enough.
I would say, better put your extra money into index fund per month and generate more revenue of it. Saving and right investment is the key to be success.
Most of the rich people live with old phone , old car, old house, they spend carefully and enjoy their life

N10sive
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Re: rule of thumb of when to sell your car

Post by N10sive » Wed Feb 14, 2018 2:09 pm

My 2000 civic currently has 260k miles. I doubt it needs anything *knock on wood*. I've only done recommended maintenance on it. I have left the shocks/struts go, they could be replaced but they don't make any noise or anything they are just certainly no rebound-all spring now. I've debated replacing them but at 500 dollars just for the shocks, I could probably barely get 1500 for the car it doesn't seem reasonable.

The wear items would be the biggest issue. Wheel bearings, alignment bushings, motor mounts, starter etc which become costly if not doing it yourself. I will pry keep this car till it dies but buy a new one before it does. I occasionally get 35mpg in this car on the highway. It is amazingly good on gas mileage.

I can do all the work myself so I can keep it longer than normal because my labor costs are cheap. I will buy another car when the maintenance starts to pile up where I cannot drive it daily, not by miles etc.

quantAndHold
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Re: rule of thumb of when to sell your car

Post by quantAndHold » Wed Feb 14, 2018 2:34 pm

N10sive wrote:
Wed Feb 14, 2018 2:09 pm
My 2000 civic currently has 260k miles. I doubt it needs anything *knock on wood*. I've only done recommended maintenance on it. I have left the shocks/struts go, they could be replaced but they don't make any noise or anything they are just certainly no rebound-all spring now. I've debated replacing them but at 500 dollars just for the shocks, I could probably barely get 1500 for the car it doesn't seem reasonable.

The wear items would be the biggest issue. Wheel bearings, alignment bushings, motor mounts, starter etc which become costly if not doing it yourself. I will pry keep this car till it dies but buy a new one before it does. I occasionally get 35mpg in this car on the highway. It is amazingly good on gas mileage.

I can do all the work myself so I can keep it longer than normal because my labor costs are cheap. I will buy another car when the maintenance starts to pile up where I cannot drive it daily, not by miles etc.
At 260k miles, the original shocks and struts are probably a massive safety issue.

N10sive
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Re: rule of thumb of when to sell your car

Post by N10sive » Wed Feb 14, 2018 2:48 pm

quantAndHold wrote:
Wed Feb 14, 2018 2:34 pm
At 260k miles, the original shocks and struts are probably a massive safety issue.
I knew someone would bring this up. And I have thought about it. I would change them out if they were shock absorbers. The front and rear are both struts. I only drive 7 miles to work and don't hit speeds above 40mph because of traffic. It is primarily a commuter car. I'm due to change my brakes so maybe ill do them then.

audioaxes
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Re: rule of thumb of when to sell your car

Post by audioaxes » Wed Feb 14, 2018 7:59 pm

lthenderson wrote:
Wed Feb 14, 2018 10:26 am
gotester2000 wrote:
Wed Feb 14, 2018 9:50 am
What if the repair allows comfortable use and running of the car for another 3-5 years? The low cost of keeping and running the car can make it worthwhile to postpone the car purchase for that much time.
+1 This is why one should always include the expected additional life when figuring out whether a repair is worth it. I put in double what my car was worth on suspension repairs a few years back. It has driven flawlessly these last three years and the cost per year is still less than what a new car would have depreciated in the same amount of time.
I'll just throw out there that I had bad luck doing this with a cts-v. Spent about $15K on various repairs that ultimately only squeezed out another 30K miles on it before I had to give up on it. With each repair I was hoping would finally get my car in a condition where I could just drive it worry free for a while and get my money's worth of what I put into the car.

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snackdog
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Re: rule of thumb of when to sell your car

Post by snackdog » Wed Feb 14, 2018 8:12 pm

When it is unreliable or worth less than $2000 it is time for replacement, bearing in mind replacement could be a car worth $5-7000.

These days you can get incredibly cheap and reliable transportation just buying ten year old Japanese cars. And don’t be fooled by the nonsense you need the newest safety features. After air bags and ABS, it is all minor increments better addressed by driving less, not driving after dark, not texting, etc. Most of us could cut our driving time in half without even trying.

jeffG
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Re: rule of thumb of when to sell your car

Post by jeffG » Wed Feb 14, 2018 9:32 pm

I generally plan on 10 years or 200,000 miles, we have two cars and I try to stay on a 5 year cycle, but that doesnt always work. My truck is a 2012 Nissan with only 50,000 miles. Her Chrysler2008 minivan we just sold last week with 177,000. Bought a new Pacifica. I wanted to keep her car longer as it was guaranteed for life (engine and trans) from Chrysler when they were going bankrupt. I was going to make them beg me to sell it! But made the mistake of test driving a new van and it was over. You forget how tight and quiet a new car feels.

randomguy
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Re: rule of thumb of when to sell your car

Post by randomguy » Wed Feb 14, 2018 9:42 pm

bottlecap wrote:
Wed Feb 14, 2018 11:30 am


To be fair, you picked what is, in my opinion, a worst case scenario.

For whatever reason, those Lexus's looked dated about 3 years after they came out.

I generally don't notice dated-looking cars, but I notice ever single one of Lexus's with that old styling!

JT
That was the first photo for a 2000 and a 2018. There are very, very few cars that you can look back 15 years (and a couple of model revs) and not know pretty much instantly that the one car is much older. All those face lifts and tucks are small individually but over time they add up to make a car look totally different.

randomguy
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Re: rule of thumb of when to sell your car

Post by randomguy » Wed Feb 14, 2018 10:01 pm

Cyclesafe wrote:
Wed Feb 14, 2018 12:21 pm


Hey, you took a picture of my car! Being a rubber chemical tech service rep in a former life, I would normally agree with you on the rubber aging, but my experience living in San Diego and parking 95% of the time in a dark garage, is that the rubber is still pretty good. New tires after 10 years, helped of course.

The new Lexus RX looks downright ugly. My other car is a Macan turbo. The Lexus is a reliable go-to for home depot runs etc.
I am not going to disagree with you about the looks of the modern RX. Just saying you can tell them apart pretty easily:)

I wouldn't expect problems at <20 years as that is roughly the expected lifetime but would be curious to see how things continue when you start pushing 25+ years. It will be interesting to see what parts break. I know a lot of electric parts (things like capacitors) have life spans in the 20-30 year range and to some extent I worry about them more than the mechanicals.

And at a certain level, having a second car is cheating. That just means you have a lot of garage space.:) There is a bit of a gap between having a car that you use occasionally and if it doesn't work, no big deal and needing a car that you can depend on. Lot of people own 50+ year old classic cars. Nowhere near as many daily drive them:) Same thing can be said for short commutes. If all you are doing is driving 5 miles at 35mph, you can use anything. Safety doens't matter much (i.e. accidents at 35 tend to be pretty survivable), gas mileage, comfort (your only in the car for 15 mins), inconvenience (you can walk if it breaks down), And so on . A lot of families take advantage of this and go with the 1 nice car/1 beater strategy.

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whodidntante
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Re: rule of thumb of when to sell your car

Post by whodidntante » Wed Feb 14, 2018 10:02 pm

It's always the right time to sell a Camry. :happy

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Watty
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Re: rule of thumb of when to sell your car

Post by Watty » Wed Feb 14, 2018 10:25 pm

DaftInvestor wrote:
Wed Feb 14, 2018 10:22 am
My own personal rule of thumb is 10 years / 100K miles.
My rule of thumb is 10 years or 120K miles but it is not a hard and fast rule. When the car gets to be about 8 years old I starting looking to see what is available and I can wait several years until there is a great deal.

The key to making this work for me is being able to get a really good price on the car that you buy. I have had to buy a replacement car in a hurry and that is not a good way to get a great deal and not g

A well maintained ten year old Honda or Toyota will also sell for a surprising amount if you sell it yourself.

For example if you buy a new Corolla for $16,000 and sell it ten years later for $4,000 it will have cost you $12,000 in depreciation. Unless you are unlucky you should have had minimal non-routine maintenance. That is 120 months or about $100 a month plus the operating costs and routine maintenance.

You can play with the numbers all sorts of ways but even older cars will still be depreciating some and with as a car ages and more non-routine maintenance it will be hard to lower those monthly cost a lot unless you can do a lot of car maintenance yourself.

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lthenderson
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Re: rule of thumb of when to sell your car

Post by lthenderson » Thu Feb 15, 2018 8:50 am

itsgot8 wrote:
Wed Feb 14, 2018 11:01 am
lthenderson wrote:
Wed Feb 14, 2018 10:26 am
gotester2000 wrote:
Wed Feb 14, 2018 9:50 am
What if the repair allows comfortable use and running of the car for another 3-5 years? The low cost of keeping and running the car can make it worthwhile to postpone the car purchase for that much time.
+1 This is why one should always include the expected additional life when figuring out whether a repair is worth it. I put in double what my car was worth on suspension repairs a few years back. It has driven flawlessly these last three years and the cost per year is still less than what a new car would have depreciated in the same amount of time.
I view this as survivorship bias. If you spent all that money on fixing the suspension and then had to turn around and replace the trans, you might feel differently.

There's a risk/reward balance to consider and thankfully it worked out to your advantage.
It depends on the person and the car for sure. In this case, I've had the transmission rebuilt a number of years back and this particular vehicle is known for it's engine/transmission longevity. Since it doesn't have any electronics, about the only thing that could go wrong was the suspension which I duly repaired. On the other hand, I recently "traded" off our old minivan that was totaled in a freak hailstorm last spring. I could have repaired it and maybe could have driven it many years but there were a number of uncertainties in my mind and I knew it wouldn't last another 13 years until my kids have flown the coop so we took the check and got a new one.

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knpstr
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Re: rule of thumb of when to sell your car

Post by knpstr » Thu Feb 15, 2018 8:56 am

I have been thinking about this recently as my Prius is now 11 years old - 79,000 miles.

Wife has been wanting a SUV so I may take her car which is a 2014 Fusion - 11,000 miles.

Decisions, decisions.
Very little is needed to make a happy life; it is all within yourself, in your way of thinking. -Marcus Aurelius

lazydavid
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Re: rule of thumb of when to sell your car

Post by lazydavid » Thu Feb 15, 2018 9:01 am

Cyclesafe wrote:
Wed Feb 14, 2018 10:11 am
My 2000 Lexus RX300 SUV has 80k miles and still - apart from a couple of retouched dings - looks and runs like it's brand new. The styling is pretty much indistinguishable from newer RXXXX models so there's no issue with it looking out-of-date or decrepit in any way. I could drive it another 20 years. The Kelly Blue Book is a laughable $3-4k, but it's worth at least 3X's that to me.
At 4k miles/year it will indeed take a VERY long time for a car--especially a Toyota/Lexus--to be used up. That said, if you think this:



Image



is indistinguishable from this:



Image



You might want to head to the optometrist.



My wife's 2007 RX350 has 165k miles, and we keep postponing replacing it, though we probably should in the next couple of years. I'll probably replace my 2011 BMW around the time my 10-year-old goes to college. If it's still reliable at that point (don't laugh! My last one made it 12+ years with only maintenance and two <$200 repairs!), I'll probably hand it down to him.

DemoEngr
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Re: rule of thumb of when to sell your car

Post by DemoEngr » Thu Feb 15, 2018 9:11 am

From a trade in value, it is best in the 85k-95k miles range. The used car guarantees are usually limited to vehicles under 100k. My work always trades in at that point, it reduces maintenance issues and maximizes assests.

niners9088
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Re: rule of thumb of when to sell your car

Post by niners9088 » Thu Feb 15, 2018 9:30 am

Several of you have mentioned that you buy a new car when the repair costs more than the car. For example repair is $1500 and the car is worth $1000. The problem with this is if you are at that point what do you do with the old car. Do you repair it for $1500 and sell it so you can get the $1000 or do you just give it away getting less the the $1000?

For example I recently traded in an '06 Acura TSX with 140k miles. Earlier in the year I had to replace the air compressor, both front brake calipers, and before I traded I was having issues with the steering. I said enough was enough, but to the original posters question I wish I knew earlier before I replaced the other parts.

After going through this I think the 10-11 yr rule isn't too bad but I think the milage could be easily 150k+ as the brakes and steering were more associated to wear of salt and rust from previously living in the snowy Northeast.

Cyclesafe
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Re: rule of thumb of when to sell your car

Post by Cyclesafe » Thu Feb 15, 2018 9:54 am

lazydavid wrote:
Thu Feb 15, 2018 9:01 am
At 4k miles/year it will indeed take a VERY long time for a car--especially a Toyota/Lexus--to be used up. That said, if you think this:



Image



is indistinguishable from this:



Image



You might want to head to the optometrist. There's nothing wrong with my vision. The two models are still indistinguishable, but for that ridiculous ugly grill. In 25 years, car aficionados will be pointing to that grill as a major design FAIL. And in only 10 years children will be pointing and laughing at it.



My wife's 2007 RX350 has 165k miles, and we keep postponing replacing it, though we probably should in the next couple of years. I'll probably replace my 2011 BMW around the time my 10-year-old goes to college. If it's still reliable at that point (don't laugh! My last one made it 12+ years with only maintenance and two <$200 repairs!), I'll probably hand it down to him. I sold my 2001 BMW330i with 54k miles because the leather seats were falling apart. Your Lexus will last far longer than your BMW.

Cyclesafe
Posts: 405
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Re: rule of thumb of when to sell your car

Post by Cyclesafe » Thu Feb 15, 2018 9:56 am

Cyclesafe wrote:
Thu Feb 15, 2018 9:54 am
lazydavid wrote:
Thu Feb 15, 2018 9:01 am
At 4k miles/year it will indeed take a VERY long time for a car--especially a Toyota/Lexus--to be used up. That said, if you think this:



Image



is indistinguishable from this:



Image



You might want to head to the optometrist. There's nothing wrong with my vision. The two models are still indistinguishable, but for that ridiculous ugly grill. In 25 years, car aficionados will be pointing to that grill as a major design FAIL. And in only 10 years children will be pointing and laughing at it.



My wife's 2007 RX350 has 165k miles, and we keep postponing replacing it, though we probably should in the next couple of years. I'll probably replace my 2011 BMW around the time my 10-year-old goes to college. If it's still reliable at that point (don't laugh! My last one made it 12+ years with only maintenance and two <$200 repairs!), I'll probably hand it down to him. I sold my 2001 BMW330i in 2015 with 54k miles because the leather seats were falling apart. Your Lexus will last far longer than your BMW.

lazydavid
Posts: 1358
Joined: Wed Apr 06, 2016 1:37 pm

Re: rule of thumb of when to sell your car

Post by lazydavid » Thu Feb 15, 2018 11:00 am

I never said there was anything wrong with your version. Just that they look completely different, and it's not just the grill. I therefore suggested you get your eyes examined, not your head. Lighten up. :D
Cyclesafe wrote: I sold my 2001 BMW330i in 2015 with 54k miles because the leather seats were falling apart. Your Lexus will last far longer than your BMW.
I sold my 2000 BMW 323i in 2012 with 128k miles, leather was still in great condition, though the front passenger upper seat cover had been replaced in 2002 due to it being destroyed while the car was stolen. The only issue it had when I turned it in was a weak 3rd gear synchro. It cost me a grand total of $245 in unscheduled repairs over those 12 years (again, not counting repairs in 2002 due to damage caused by the aforementioned thief).

My wife's Lexus has already cost me nearly that much in 2018 to replace an oil hose with a defective design--seriously, who decides that the best place to route hot oil under pressure is OUTSIDE the engine, through a rubber hose? :oops: . Another few hundred or a grand here or there for failed pulleys, 4 out of 6 ignition coils failing (replaced the other two preventatively), leaking headgaskets, trans cooler, and 3 Powertrain Control Modules (thankfully all 3 of those $2600 repairs were under factory/extended warranty). All of the TPMS sensors are dead, but I've gotten tired of replacing them, so the light has been on for the past 3 years. I don't have the paperwork in front of me, but I'd guess I'm about $3800 out of pocket for repairs, which isn't horrible by any means for an 11-year old car with 165k miles. So far--knock wood--the 2011 BMW has had a repair cost of $0 over 6 years and 80k miles. Couple of emissions-related problems taken care of under warranty, but that's it.

So I think the jury's still out....

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