I wonder about such things myself, so I don't have an answer for you. But my buying advice (when the time comes) is to get a late-model used car, not a brand new one. Most experts say that makes the most sense financially.....so my DH was right about something. :-)

I think that's such a personal decision. It depends on how much you would enjoy a new car vs hoarding cash or spending it on something else. Those seem like pretty minor investments and it's a good car that could carry on for another 50,000 or more. I have a 2003 Hona Accord and wonder about the same thing though I haven't needed anything major yet. I'm about due for the timing belt and wondering if I should splurge on a new car before that. I tend to think not since it runs well - it's just getting "worn" and is no longer much of a beauty. I tend to be cheap too. We had some Toyota once that needed a single repair of about $3000 and that pushed us to trade it in.

So, you've spent the equivalent of maybe 4 car payments on it in the last 14 months? Better than 14 car payments, especially if you love it.
But at 154,000 miles, you are likely about to be at diminished returns, meaning you will put more into it than makes sense considering the resale/trade in value. If I were you, I would start agressively saving for the next vehicle, so you don't have to borrow as much.

Keep it. Our old Honda went for 250K++ miles, and was still a great car when we got rid of it. The repairs you just made are probably worth about 3 or 4 car payments. Now, if you are putting $400 every single month, then might as well make car payments.

Besides, you'll have a heart attack when you see new car prices, or even newer model used cars.

It is still a bargain to keep the car and repair as necessary. You are money ahead.

Hi Rose,

I bought my last "new" car (the year-before model that had sat in storage all winter) about 35 years ago.

When you buy a new car ... when you drive it away from the dealership have you noticed how you have the passenger window open, with about 50 - $100. bills sitting on the passenger seat ...

... and when you drive into your driveway, they've all flown out the window?

I buy what they used to call, "used" cars ... that have recently been upgraded to being called "pre-owned".

My current car's a Mazda 323 hatchback, vintage '88, standard tranny, with about 160,000 mi. on it, that I bought less than five years ago. That sips gas.

Within a few months, it appears that I ran a red light, though I think that the other guy ran a yellow and hit my back end in the fourth lane over from where he started. In any case, I'm thankful that he hit the back ... rather than about the driver's door.

My long-term friend in the body shop felt that it still had some good years in it ... so I spent more to fix it than I'd paid to buy it. I call that my contribution to reducing global warming and pollution, as it adds a lot to both, plus using a lot of precious petroleum, to mine the ore and smelt, roll and shape metal, then add a lot of (petroleum-sourced) plastics to build a new car. But to repair one takes a small amount of materials and quite a lot of labour.

I've been complaining that, while 70 years ago folks in nearby cities had a horse-drawn wagon deliver chunks of ice to their door every few days, that was put into an ice-box to keep their food reasonably cool, and sixty years ago they began to build regrigerators, then 50 years ago many of the fridges that they built lasted for 40 years ...

... but ...

... that the fridges that they build these days last for about 10 years.

And when I tell that story, at about that point, quite a number of listeners have added, " ... if you're lucky!"!

They can build a fridge that's energy-efficient ... and last for 40 years.

So - let's see them do it.

They can build cars to last longer, as well ... and part of the reason that many in our part of the world chose to buy cars built far away over the Pacific (or Atlantic) quite a few years ago was ... because they did last longer.

In fairness, let's admit that it cost a mint to fix 'em, though.

Good wishes as you decide which path to follow.

ole joyful

I wish I'd spent a little more money on my 88 Ford Tempo I loved it DS brought up his PT Cruiser for me Much later model and I don't like it at all so dont drive as much

I kept my last car until it was close to the 160,000 mile mark. But when it got to the point that I was spending a couple of hundred dollars a month to keep it running it seemed to make more sense to me to buy a new car. The payment on the new car was about $100 a month more than I was averaging in monthly repair for the old car. Factor in that I lost time from work to get it repaired and it came out to pretty much the same amount of money spent. Not to mention that I didn't have to worry about being in danger if I broke down on the freeway.

Minnie, my Ford Tempo nickel and dimed me to death before I finally traded it in on a newer used car. At that time the dealer advised me not to keep a car so long before trading it. I have followed that advice since then.

"At that time the dealer advised me not to keep a car so long before trading it. I have followed that advice since then."

No dealer in his right mind would suggest anything otherwise, or he'd be out of work fast!

I know that Tom and Ray, the guys on NPR's "Car Talk" show, say that it almost always makes financial sense to keep your old car and keep fixing it, even if you end up having to rebuild the engine.

I'm keeping my 1999 Volkswagen Passat until it curls up and dies.:)

Have you taken care of it over the years, kept fluid levels topped off, and regular maintenance? Are the heater, A/C working well, tires good? Has it been garaged or sitting out in cold/heat? Depending on the condition and care, I think it could go another year at least, depending on your expected mileage too. Don't agonize over the expense of the repairs, because if you divide by 12 (months), it will probably come to less than a car payment.

DH is driving our '97 Jeep Cherokee which is getting close to 200,000 miles. We have had a few larger repairs, but we certainly cannot complain about the Jeep. It is starting to make a noise from the rear end, so we may get rid of it soon.

Keep it! But start saving for another one.

I love my '93 Honda with 140,000 miles on it, and I expect it to keep on going, even tho I have given it to my son recently. I wouldn't drive it 'cross country' right now, but it still is a dependable car for the valley we live in. A couple of years ago, my DH had it totally checked out by our Honda dealer...(just over $1,000) and that is all it has ever needed. Well, regular servicing and tires. I get to use it for yard sales in the summer LOL. Nanny

Hi Nanny 98,

If you buy a lot of stuff ... or big stuff ... I hope that it's a hatchback!

ole joyful

I am driving a 88 BUICK LA SABRE. It has 306,000 miles on it. We bought another one for $100.00 just for parts. We have never had any major repairs on it. If it needs something like an alternator or something my husband and our son work on it for me. I would drive it any where right now and trust that it got me where I was going. The most expensive thing we have to replace is the headlights where we hit pheasants once in a while. We will drive this until the junk yard wont take it anymore. Engines are now made to last longer than they were a few decades ago.

I'm sort of in the same position. I have a 2002 Honda Accord Coupe. It only has 57k miles on it so I know it can have a much longer life. However, it's small and I have a hard time seeing at night. I know I need to replace the windshield, get new headlights, fix the passenger side window which no longer rolls down (I had it fixed a year ago for $600 and it's broken again which leads me to think it might be something more complex going on). It doesn't handle well in the snow and I've slid all over the place this winter. Being so low to the ground, I get blinded by oncoming traffic because their SUV lights are right in my face on the many 2-lane roads in my Boston suburb. I just don't feel safe in it and I avoid driving at night. I don't know how much a new windshield and lights will help.

But it's totally paid off and it's hard to justify a new one, but I really want one!

That doesn't seem so bad to me. I just put $2500 worth of stuff into my car. But I was thinking I should get rid of it. It's working fine now so hopefully I'm good for awhile. I also have mine paid off. I may be getting a different car this summer though, because DH needs something different. His is really ready to go. When that happens, it was agreed that I would get something different. I sure do hate car payments.

I'd keep it. I had my 1983 toyota for 18 years. DS and DH made me sell it, it was just too small for them! lol
it had only 190,000 on it. It is still running around
northern Idaho, runs well,, don't know how many miles it
has on it now. I hang on to cars.

We buy a car that is 1 to 2 years old and still under warranty. We have some friends that buy new ones every year, but they have a lot of $$$$$. This method has worked well for us.

I'll chime in here and say I'd keep it.
Lois

My two cents says keep it. We have a 1997 Saturn with 185,000 miles on it. bought it used in July of 2000. Two teenagers ran the h@ll out of it, minor fender benders, etc. And she's still here. We've replaced tires, a water pump, an alternator and a front bumper bought from ebay. the gas mileage is fabulous and we run it everywhere.

It makes sense if you do not have to spend more than $1000 per year on repair (normal maintence items not counted), and if the auto is sound and safe, and if the seats are serviceable. However, at 150,000 miles, if you spy a good deal, it probably a good idea to take it.

Around here, the major problems are gettng parts and street salt, By our state law, a dealer has to supply parts up to 7 years after new. However, he is not required to stock the part in his shop, only be able to deliver the part from a remote central location. Most cars around here do not become repair problems until after 10 years.

Corrosion from street salt is a baddie. It can ruin a car before its time. I have a 1998 Dodge Stratus that looks as good as new and has 106,000 miles on it. I garage it each winter and put a beater or winter driver out in the salt. My policy is to put it away when the first salt appears and it does not go back out until after a spring rains has washed the streets. I switch to a 4 wheel drive Jeep for winter.

Years ago I did the same procedure on a Buick station Wagon. I bought the vehicle when it was 3 years old and kept it 13 years. It had no corrosion when I sold it at 120,000 miles. It was my fair weather family hauler for long trips.

I have driven 3 cars to the salvage yard because those were not safe due to corrosion. They died before their time. I did not want to see those on the road anymore.

We bought a 2004 Lincoln Towncar that had only been used 6 months. We are still driving it and thankfully it has never been in a repair shop. It now has 78,000 miles on it. We put new tires on it last year and hope to get a couple more years out of it before we get another one.
I don't know what to tell you about yours other than I wish you had gotten better service from your car.

Anyone who thinks that a new car can't break down on a freeway like any other car is a total unadulterated fool! LOL I laugh every time I hear someone say a new car is so much more reliable. Want to hear some stories about people with new cars in the shop all the time?

It sounds like you enjoy the car, that overall it's been pretty reliable and you must take reasonable care of it. Go to a trusted mechanic and ask them to give it a good going over. It'll probably cost something but have them pull the brakes, etc, to give you a real opinion on the condition. That should tell you more on whether it's a good idea to keep it or not.

Basing things on the cost of new, first off, are you going to pay cash or finance? What interest rate? People can rationalize up the perceived cost of things and factor in whatever, but if you do a serious evaluation and cost examination, for the most part, repairing a reliable old vehicle is far cheaper than buying new, especially when you factor in the other expenses like interest, increased insurance costs, increased license fees, taxes and otherwise. Many people get selective memory when they simply want a new car.

If you're happy not driving a status symbol which it sounds you are, good for you, that's going to help save some money. Even new cars need maintenance and actually the maintenance schedule is often higher on a new vehicle for the initial period. Not always but occasionally. More to consider. If you get a ding in an old car would you fix it? Would you feel compelled to fix it if it were new? More costs. And a new car is far more likely to be stolen.

How long will that new car last? If you buy a $30k car and it lasts 10 years, that's $3k+ per year (since you have to add interest and other expenses, fees, insurance, etc). So, if you spend less than $3k a year keeping the old one going, do the math, factor in whatever you want, but you're coming out cheaper.

I understand the dilemma completely. My old pickup had problems. Poor maintenance but still gave me 150,000 extremely reliable miles but then to keep it going I'd need an exhaust system, tires, brakes all around (at that point they had locked up on me coming home one night on the freeway. OTOH, my sisters NEW car had the brakes lock up on the freeway once too. I thought new cars couldn't "brake" down on the freeway??? LOL) I also had a leak in the gas tank so I could only put in about 11 gallons of gas. Plus there was a bit of a danger there too. I decided putting money into it wasn't the most practical thing. Then I was able to buy a van from the estate of a friend's son for $500. I felt it would be better to put some money into that, and stop on my pickup. I donated it and got a small tax deduction and didn't have to mess with selling it.

I really liked that van. Comfortable, economical too. 25-27 mpg on the highway? No way I'm sitting in a pretzel-maker! Solid and heavy, sat up higher, more powerful engine, and I felt I'd be far safer in an accident. Plus the insurance was $25 cheaper than my pickup and I'm guessing it's because of the airbags in it, not including me. Yes I had some issues and the transmission went out. I should have checked for a better price on the tranny, didn't, and put a lot, relatively speaking into it but all together I drove it for 5 years for a total cash outlay of $5k including all costs and drove it 50k miles or so. I sold it a month ago and wouldn't hesitate to take it across country, in the winter time because the a/c didn't work.

The reason I replaced it was I thought the brakes had gone out and I knew I'd need to put license tabs on it, tires and if I had to do brakes that's more. Plus I needed a vehicle for work, kind of panicked and searched for a vehicle quickly. I looked at a beater and was going to buy it overpriced at $2500 but the guy didn't show up to sell it so all the better for me. I bought a 3 yo lease return for $2500 less than loan value. 1/3 the cost of it as new. I paid cash. I did spend $200 to fix the old one and drove it another year and a half garaging the "new" one but finally decided I wanted a/c, appreciated the extra access, everything worked and adding up tabs, tires and a few other things like having it sitting there, might as well use it! So I bit the bullet and am driving the "new" one. It costs more to drive. Takes more gas. Higher insurance. Higher license tabs, but if I have comparable luck with this as I've had with other vehicles, who knows, it could even be the last vehicle I need.

I sold my old one to a guy who got laid off, the victim of a car dealer scandal and he was working odd jobs to make it. I felt I was helping him out and he's doing my snow shoveling now to pay off part of it. I feel good that it's still on the road and someone needing it has got it. He's thrilled. I sort of miss it! But I'm digressing.

The point is, it doesn't sounds like you're at the point where it's not cost-effective to keep it going. And there's value in keeping a vehicle you like too.

Thanks for the many responses. I really appreciate reading other people's opinions and learning about their real-life experiences on this.

A few folks asked if it was well kept. I'm fastidious about my car. I bought in brand new on March 31, 2003 and paid $17,800 for it. It was my dream car.

It was my post-divorce, oh-my-gosh-can-I-really-do-this-on-my-own car, and I always wanted a red Camry with snazzy wheels and a sunroof, and this was (and is) a red Camry with snazzy wheels and a sunroof.

My husband says it is the best-maintained car in the entire world. I take it to the Toyota Dealer and have done so faithfully for the last 154,000 miles and always use Toyota filters and parts. Oil has been changed every 5,000 miles, no exceptions.

I do all the recommended maintenance that the dealer suggests, and every time the car is in the shop, I go back to the garage and talk with the mechanic, and personally inspect the engine and under-carriage.

They tell me it's a "good strong car" and should last to 200,000 miles without any major mechanical failures. But $1,300 for a (yesterday's) repair was a big deal. It was the catalytic converter that cost the most. However, I guess one could argue that it's "maintenance." Catalytic converters (part of the exhaust system) just don't last forever.

I loathe debt, but there's no way I can save $30,000 for a new Camry XLE in the next year or two. I can start - but I can't save it all.

The interior and body look like new. And it will still zoom right up the side of Sandstone Mountain (in WV on I-64) without breaking a sweat. It's pretty peppy.

I just get nervous with old cars, and I hate throwing "good money after bad."

Thanks again for the opinions. I really do appreciate it.

Rose

I'd keep it!!! It's still costing you less than a new car would in payments. Keep it going for as long as you can while saving for a new one. The more you can save towards a new (or nearly new vehicle), the better. I have a 2003 with only 106 km on it and I plan to drive it until it stops. New cars are only new for a short time. Things happen with new ones too! It doesn't guarantee you'll be without problems just because it's shiny & new.

I'd keep it too. That does all sound like pretty much normal maintenance to me. Toyota's are long lasting vehicles and I'd expect you'd get a lot more miles out of it before it starts costing you anything like a new one would! (or even a fraction of what a new one would). I've got a 2001 Honda Civic with about 180,000 miles on it, and I'm betting it makes 300,000 for me before it starts costing more then it's worth!

" Is it nuts to hold onto an old car?" Not no but He@@ NO!

Whats nuts is buying a new car.

First off, the only time you ever get a chance to drive a "New Car" is that brief period at the dealership when they allow you a test drive. During the test drive the car is still registered under the dealers "In Transit Title" and it is legally a new car.

The moment the title is put in your name and you sign the document it becomes a "Used Car" and the value instantly drops from the MSRP window sticker to the "Blue Book Price" even before you attach your license plates or start the motor the first time.

What is really nuts is taking a cash rebate instead of demanding they take that number off the selling price.

Consider the facts. They artificially inflate the price by $2,000 and offer you a $2k rebate which you are to receive after the sale. You negotiate your best price (which still contains that artificially inflated $2,000) and you sign the contract. You now have two choices, you can write them a check for the full amount or you have to finance the transaction. If you have to finance it, you are now paying interest for the full term of the note on that rebate, even though you will get the money back at closing. Not a bad deal for them, they hold your money for perhaps one day and you pay interest on it for 5 years.

Now, when you get insurance you are also paying insurance on that $2,000 rebate that you took back immediately and went shopping for other stuff you probably didn't need.

Oh yes, Did I mention that you also payed sales tax on the rebate money tooo.

But then it is not all bad, hopefully you don't live in my state where you have to pay an excise tax on the value of your vehicle every year, including that $2,000 artificial markup.

Personally, I wouldn't buy a new car if I won the lottery.

I have lots and lots of experience with this issue, so I totally understand how you feel. It it were me, I would make sure I had a very reliable and honest mechanic, and a AAA membership in case of a breakdown, and then keep on driving it! It's great that you have kept up with all the maintenance, I'm sure that's why it's generally in good shape now. Like some of the others said, new car prices nowadays are really scary! Good luck

Three years ago we bought our daughter a used 2002 Ford Explorer SUV for exactly $8000. She's used it for the past 3 years to go from home to school (community college) and her 3 jobs. Yes! Three jobs! She (we) spent about $2000 in repairs over 3 years. Last month it broke down and had to be towed. Seems the transmission is now shot, will cost $4000 to fix. She's been borrowing cars to get around. None of us has $4000 (parents or daughter) to spend right now. So we've decided to junk it. I'm expecting an inheiritance from my late mother later this year and will give her some money for another car. But no SUVs!!! They are gas hogs and don't have good repair records. Talk about spending bad money after good. That Explorer already cost us ten grand, we cannot throw another four at it!

Unless you feel like the repairs will impact you in a strong way (stranding you in a dangerous place, leaving you without a vehicle while it's being repaired, etc), I'd keep it as long as you can. It seems like everything they make these days is made less reliable and more expensive. I'm still kicking myself for trading in my 1997 Nissan Sentra that had 177K miles and gave me little trouble besides a few things you would expect to go wrong when a car hits higher mileage. I was just worried that it was getting older and I was driving a long distance to work with a child. I bought a Ford Focus and had the alternator go out when it was just out of warranty (a common occurance on the Focus I now know). So I had to pay for that AND I was still making car payments. Oh, and I found out I was pregnant with Dan between buying the new car and making the first payment LOL.

I had a 1993 Toyota Corolla, 168,000 miles, still ran like a top--sold it to my nephew last year--he drives it everyday and loves it. Repairs over the years (had the car for 17 years were less thn $3000 total. The only reason I sold it was because I upgraded to a 1996 Corolla with 140,000 miles on it--I have had it for almost a year and a half and haven't spent that first penny on repairs. I say keep it. Toyotas are notorious for going 300,000 and still running.

You have already put enough money into it (really just maintance stuff and not major stuff like motor, transmission) so get your investment back out of it now. Toyotas are notorious for going over 200,000 miles. We had one that was retired when it had 307,000 miles.

I had a 2001 Toyota Corolla, in great condition, never requiring anything but routine stuff. Finally traded it in last year for a new all-wheel drive Subaru. I don't regret it for a minute, especially since I had saved to pay cash for the new car. It's been a terrible winter, and there are many times that I would be stranded if I'd still had the Corolla.

BTW, people were fighting to buy that Corolla after I traded it in - the dealer said it went incredibly fast!

Keep it! Toyotas, Nissans, and Subarus seem to run forever. All of them I've ever had (2 Nissans, one subaru, and two toyotas) have ran for far over 200k miles before the repairs started costing more than it was worth. Right now I'm driving an 89' Toyota Cressida and it still runs like a champ.

Don't forget Hondas!