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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 21 of 25

I'm also a long-term car owner.  Of course, my mileage tends to be fairly low as I am also a fan of being very efficient in my route when running errands and I like to use light rail when feasible.  I also do proper maintenance.  My last two (10 years old and 8 years old) were only replaced due to them being totalled (one by my father in law, one by a car hitting me hard enough to accordian me into the driver in front of me).  I'm 8 years into my Honda Accord and 12 years into my late spouse's CR-V.  While it might be fun to have a new car I likely won't spend the money on a new car in the foreseeable future.

 

I spend that money keeping up the 1968 Ford Mustang convertible that my husband bought before he died....  Woman Wink

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 22 of 25

A lot of the decisions we make about cars really has to do with our economic circumstances. It is, imho, always, without a doubt, less expensive to fix an old car and keep it going. Even a relatively inexpensive car these days will be in the $20000 range and devalue by the second as you drive it away from the dealer. Your insurance goes up. You pay interest on a loan.

   One could put $10,000  into an older car and replace the engine, do body work, tranny, and it would be good for another 10 years. I realize that it's age and elements that are hardest on a car, not mileage.

   I too have only had a handful of cars and kept them a minmum of 8 years, and 125000 miles. We then decided to spend the money to avoid the 'nuisance factor'. The older the car gets, things start to rust and fixes of various kinds are needed more frequently. 

   We always made a conscious choice to trade in a car because we had the means to do so, not because it was the least expensive option.

  Things have changed as we all know, in more recent times. Cars don't rust much, including underneath the cars. All of us oldsters remember when your muffler lasted only a few years, brake lines would rust out, electrical connections would rust, radiators needed to be flushed every year to keep them clean, and you needed a tune up every 12,000 miles. Stuff lasts now.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 23 of 25

@ASTRAEA wrote:

I keep my cars until it's not economic to continue, or there's some "can't live without" upgrade in the new models. It's comfortable, and I've never felt a need to impress anyone. I've always bought them new & outright, not getting a used car, loan or lease.

 

How about you?


We don't agree on much but on cars, we do. The average age of our cars when we get rid of them are somewhere between 10-13 years old with somewhere between 120,000 and 160,000 miles.

 

At one time, I bought late model used vehicles but several years ago, the pricing of used vehicles changed. They got more expensive and new cars had more incentives so that the gap between a two or three year old low mileage car and a new one got quite small. I think the cash for junkers program might have had an influence on that pricing structure.

 

I see no reason, unless you use it for business, to ever lease a car.

 

I would consider a short term, low interest or no interest loan as long as the money I would have used (in a cash purchase) is earning more than the loan interest on the car.

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 24 of 25

Just changed out my timing belt and the other stuff for the 2nd time - I drive it until . . . . . . . I am very small so when I find a car that fits me, I love it and take care of it extremely well.

 

2001 Honda Accord EX, loaded, with 105,000 miles - (purchased new on January 27, 2001)

* * * * It's Always Something . . . Roseanne Roseannadanna
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Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 25 of 25

I dodged a bullet last week, when my almost 10-year old car with 110K miles, started making a "funny noise" one evening. It turned out to be a reasonable repair .. but I was preparing by reading up on the new model I'd want, and getting prices for that & a tradee-in.

 

I keep my cars until it's not economic to continue, or there's some "can't live without" upgrade in the new models. It's comfortable, and I've never felt a need to impress anyone. I've always bought them new & outright, not getting a used car, loan or lease.

 

How about you?


Registered on Online Community since 2007!
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