GasBuddy Blog

GasBuddy News Article

votes

Should You Keep Your Old Car?

Kiplinger -- Kiplinger.com

Here's the single most reliable way to save money on cars: Keep your clunker and drive it till it drops.

A decently cared-for vehicle should still be running long after the odometer has clocked 100,000 miles. Keep driving it and you save money not only because you don't have to make payments on a new car, but also because insurance premiums are lower, and in some states, so are registration fees and personal-property taxes.

Unfortunately, at some point the statute of limitations runs out on this particular money-saving tip. The more the car is in the shop, and the wider the oil slick grows on your usual parking spot, the more you may think seriously about replacing the old chariot with something, well, nicer. Meanwhile, the money you save by not buying a new car tends to

Read the Full Article

Submitted Apr 29, 2012 By: mastermariner

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Should You Keep Your Old Car?	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First Prev

Next Last

bvrbill Champion Author Eugene Posts:3,217 Points:518,525 Joined:Jul 2011	Message Posted: Apr 29, 2012 9:17:49 PM Ignore bvrbill Report Abuse I agree. Keep your old one until it dies. If you want a more fuel efficient vehicle, that's when you should buy.
petrpuck All-Star Author Hamilton Posts:559 Points:418,560 Joined:Nov 2011	Message Posted: Apr 29, 2012 9:13:10 PM Ignore petrpuck Report Abuse Yup. I drive them till they die.
Wanda127 Champion Author Florida Posts:2,499 Points:915,005 Joined:May 2010	Message Posted: Apr 29, 2012 8:54:38 PM Ignore Wanda127 Report Abuse I always keep mine until they start to cost too much for repairs. My HHR is 7 yrs old now & 97k on it. I've had to do some costly repairs but now enough to invest in a new car.
asog75 All-Star Author Indiana Posts:836 Points:278,405 Joined:Aug 2011	Message Posted: Apr 29, 2012 8:49:10 PM Ignore asog75 Report Abuse if you spend more on repairs,than the price you pay per month for a new car then its time to buy a new one
Ken2OD Champion Author Grand Rapids Posts:9,067 Points:1,971,715 Joined:Dec 2005	Message Posted: Apr 29, 2012 8:36:48 PM Ignore Ken2OD Report Abuse I have lived by this rule ever since I bought my first car in 1958.
esq262 Champion Author Asheville Posts:2,897 Points:648,265 Joined:Jul 2011	Message Posted: Apr 29, 2012 8:30:39 PM Ignore esq262 Report Abuse I did and think others should.
bar1035 Champion Author Charlotte Posts:9,158 Points:1,298,220 Joined:Aug 2006	Message Posted: Apr 29, 2012 7:54:19 PM Ignore bar1035 Report Abuse if its old enough you can do a little of the work on it yourself. i bet the writer can't.
DYSKYPILOT Champion Author Fort Worth Posts:2,902 Points:625,705 Joined:Mar 2006	Message Posted: Apr 29, 2012 7:48:58 PM Ignore DYSKYPILOT Report Abuse I have an 85 with 450,000 on it . only tires and brakes.
doeslayersr Champion Author Illinois Posts:9,116 Points:872,005 Joined:Dec 2010	Message Posted: Apr 29, 2012 7:42:41 PM Ignore doeslayersr Report Abuse I usually have 250k+ miles on my pickup truck before it gets replaced.
elkaye All-Star Author Orlando Posts:572 Points:349,920 Joined:May 2011	Message Posted: Apr 29, 2012 7:35:37 PM Ignore elkaye Report Abuse I already do this.
Meowmy Champion Author Florida Posts:1,293 Points:348,855 Joined:Jan 2011	Message Posted: Apr 29, 2012 7:26:08 PM Ignore Meowmy Report Abuse My 2000 RAV4 has over 200K miles on it. I need a new one soon but we like to 'get our money's worth' out of our vehicles. A new one every 4 years or sooner is a waste.
NHLiveFree Champion Author New Hampshire Posts:11,092 Points:1,622,370 Joined:Jun 2008	Message Posted: Apr 29, 2012 7:11:36 PM Ignore NHLiveFree Report Abuse Many don't even have the choice as new car prices rise faster than energy prices.
carpenter4u Champion Author Virginia Posts:2,436 Points:616,395 Joined:Jul 2011	Message Posted: Apr 29, 2012 7:06:35 PM Ignore carpenter4u Report Abuse I don't buy new cars, and I drive them till the tires fall off
ccf_jeff Champion Author St. Louis Posts:15,285 Points:2,564,575 Joined:Sep 2005	Message Posted: Apr 29, 2012 7:03:35 PM Ignore ccf_jeff Report Abuse A decade or two ago I read a book from the library entitled, "How to make your car last a lifetime." The author came to a similar conclusion... It's virtually always cheaper to keep your present car, especially if you've maintained it reasonably well, than to buy a new one. In fact, that author went a step further, detailing all of the expenses, including depreciation, which is a pretty big one, and came to the conclusion that most times you're better off keeping your current car even if there is a pretty big repair looming in the future. At least from a financial standpoint. He listed out all of the expenses and maintained that you could put in a new engine one year, have the transmission rebuilt a couple of years later, redo the interior another year and still be dollars ahead. Of course as this Kiplinger's article noted, it isn't always about the money. A lot of people are willing to pay more for the newer bells and whistles. Safety and gas mileage could also be an issue in some cases. But from a purely financial standpoint, most vehicles are economical to keep for a couple hundred thousand miles or more and decades or more. Sometimes a lot more. He also noted that if you choose a classic type car, that after a certain period of time they not only quit going down in value, but can start going up.
dal1 Champion Author Illinois Posts:1,183 Points:147,165 Joined:Jun 2007	Message Posted: Apr 29, 2012 6:56:53 PM Ignore dal1 Report Abuse keeping mine
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Apr 29, 2012 6:49:05 PM Ignore buckets42 Report Abuse I'm keeping mine.
MidNJ Champion Author New Jersey Posts:7,554 Points:1,172,595 Joined:Sep 2009	Message Posted: Apr 29, 2012 6:22:42 PM Ignore MidNJ Report Abuse I like not having to pay a car payment each month.
newman26 Veteran Author Milwaukee Posts:314 Points:1,452,280 Joined:Jun 2006	Message Posted: Apr 29, 2012 6:19:39 PM Ignore newman26 Report Abuse keep your car until it starts nickel and diming you to death
Bussman Champion Author Dallas Posts:5,518 Points:1,359,960 Joined:Nov 2008	Message Posted: Apr 29, 2012 6:05:31 PM Ignore Bussman Report Abuse I hope to keep my car to 500k miles with proper maintenance.
derKraut Champion Author Ontario Posts:2,095 Points:1,227,650 Joined:Dec 2008	Message Posted: Apr 29, 2012 4:59:39 PM Ignore derKraut Report Abuse No "formula above" in the article.
StArrow68 Champion Author Oakland Posts:3,257 Points:1,361,240 Joined:Apr 2003	Message Posted: Apr 29, 2012 4:57:47 PM Ignore StArrow68 Report Abuse Common sense seems to require a reminder now, there was nothing new here that isn't just a bit smart. Biggest issue is finding the right replacement when the time finally arrives.
gawxnative All-Star Author Atlanta Posts:510 Points:229,865 Joined:Aug 2006	Message Posted: Apr 29, 2012 4:50:08 PM Ignore gawxnative Report Abuse Ive kept new cars an average of 12 years and used for 6 years (not counting one that was totolled by a drunk driver after 7 years)
Van_Halen Champion Author Atlanta Posts:2,850 Points:641,980 Joined:Apr 2011	Message Posted: Apr 29, 2012 4:49:06 PM Ignore Van_Halen Report Abuse . If its paid for and in good shape, YES!
aquarinut Champion Author British Columbia Posts:1,628 Points:436,855 Joined:Jul 2011	Message Posted: Apr 29, 2012 4:36:32 PM Ignore aquarinut Report Abuse Have always bought used so haven't had to have a car loan since I was a teenager! So far, knock on wood, all have lasted well over 220,000 miles!
ScottTee Champion Author Detroit Posts:4,386 Points:1,062,620 Joined:Mar 2010	Message Posted: Apr 29, 2012 4:32:29 PM Ignore ScottTee Report Abuse I always drive used cars
cmmattia Champion Author Long Island Posts:1,981 Points:391,585 Joined:Mar 2012	Message Posted: Apr 29, 2012 4:28:28 PM Ignore cmmattia Report Abuse take care of your car and your car will take care of you !!!
SilentpartnerMN Champion Author Minnesota Posts:1,622 Points:477,110 Joined:Apr 2011	Message Posted: Apr 29, 2012 4:19:58 PM Ignore SilentpartnerMN Report Abuse The key is a well maintained vehicle. Will run a long time. Keep it tuned and maintained till something major goes. Then look at a used vehicle.
kag2010 Champion Author Winnipeg Posts:5,259 Points:1,020,735 Joined:Apr 2010	Message Posted: Apr 29, 2012 4:15:02 PM Ignore kag2010 Report Abuse Yep! Keeping an older car is great,
schatzila Champion Author Los Angeles Posts:4,949 Points:1,016,620 Joined:Jun 2010	Message Posted: Apr 29, 2012 4:08:35 PM Ignore schatzila Report Abuse Only until maintenance and repair prices become outrageous
Rehorsehay All-Star Author California Posts:871 Points:45,925 Joined:Feb 2012	Message Posted: Apr 29, 2012 4:03:35 PM Ignore Rehorsehay Report Abuse Yep! Keeping an older car is great, knowing how to work on them is good too!
SilverDodge2000 Champion Author Spokane Posts:1,036 Points:185,390 Joined:Feb 2011	Message Posted: Apr 29, 2012 3:57:56 PM Ignore SilverDodge2000 Report Abuse Of course! 1996 Jeep - 226,000 miles 1981 Toyota - 496,000 miles Runs great. No payments. $$$
race2IT Champion Author Fort Worth Posts:1,773 Points:725,185 Joined:Oct 2008	Message Posted: Apr 29, 2012 3:55:09 PM Ignore race2IT Report Abuse I have a 1999 Nissan Sentra, the odometer has nearly 200,000 miles. I’m not giving it up, and I owe no monthly payments. Repo man can’t touch it or pick it up.
DerHahn Champion Author Illinois Posts:13,709 Points:2,114,135 Joined:May 2004	Message Posted: Apr 29, 2012 3:46:56 PM Ignore DerHahn Report Abuse recently installed a new engine on the mini van. while not a cheap process, everything else is in good shape and the cost was much less than a new vehicle and doesn't require higher insurance rates. should last through retirement. if that ever comes.
APlus Champion Author San Antonio Posts:3,918 Points:991,445 Joined:Apr 2007	Message Posted: Apr 29, 2012 3:32:26 PM Ignore APlus Report Abuse 1982 Surbaru was owned and ran 23 years by us until flooded.
Ouch06 Champion Author Michigan Posts:1,613 Points:1,431,505 Joined:Apr 2006	Message Posted: Apr 29, 2012 3:21:07 PM Ignore Ouch06 Report Abuse Driving a 1999 Buick Regal. Runs great.
js0743 All-Star Author Georgia Posts:981 Points:458,630 Joined:Nov 2011	Message Posted: Apr 29, 2012 3:20:13 PM Ignore js0743 Report Abuse Yes.I like my old car.
molebaby96 Champion Author Tallahassee Posts:2,121 Points:505,165 Joined:Nov 2011	Message Posted: Apr 29, 2012 3:18:29 PM Ignore molebaby96 Report Abuse I agree.
200porter Champion Author Toronto Posts:2,065 Points:542,135 Joined:Sep 2011	Message Posted: Apr 29, 2012 3:04:44 PM Ignore 200porter Report Abuse Interesting
doggod Champion Author Anchorage Posts:2,848 Points:741,360 Joined:May 2009	Message Posted: Apr 29, 2012 3:02:46 PM Ignore doggod Report Abuse Another reason to keep your old car: It has fewer government-imposed gimmicks on it.
humblepie Champion Author Toledo Posts:34,223 Points:2,371,370 Joined:Mar 2006	Message Posted: Apr 29, 2012 2:53:13 PM Ignore humblepie Report Abuse how silly, of course....duh
NedW Champion Author Indianapolis Posts:5,614 Points:1,142,245 Joined:Mar 2008	Message Posted: Apr 29, 2012 2:51:04 PM Ignore NedW Report Abuse Short answer? YES.
EricBrazil Champion Author Miami Posts:2,127 Points:471,275 Joined:Nov 2011	Message Posted: Apr 29, 2012 2:50:02 PM Ignore EricBrazil Report Abuse Agree. Taken several cars into 100k nile range, even above the 150K mile range and still ran well with prudent care.
pulpwood Champion Author Mississippi Posts:7,379 Points:1,859,605 Joined:Sep 2006	Message Posted: Apr 29, 2012 2:23:33 PM Ignore pulpwood Report Abuse still running strong.
hoosierva Champion Author Indianapolis Posts:1,036 Points:483,395 Joined:Jul 2011	Message Posted: Apr 29, 2012 2:08:32 PM Ignore hoosierva Report Abuse wow, talk about a new way to drive / PUSH people to buy new cars. Will certainly help the auto makers, not saying how it hurts the buying public. Jeez!
nj2000ng Champion Author Houston Posts:1,507 Points:449,020 Joined:Jan 2010	Message Posted: Apr 29, 2012 2:05:29 PM Ignore nj2000ng Report Abuse I have a 2002 mitsubishi lancer with 158000 miles still going strong, and I still put 2000 miles on it every month.
trugasCA Champion Author California Posts:3,859 Points:160,455 Joined:Mar 2011	Message Posted: Apr 29, 2012 1:52:23 PM Ignore trugasCA Report Abuse My son's 2004 chev is way over 100000 miles and so was the 1977 Chev l used to own which lasted 17 years. l now have a 2006 Chev and expect it to last way beyoun my lifetime. l bought it used and it had been a dealer's loaner car. l have had it 3 years and only starter replaced. Normal maintenace of course. Chevvies Rule!
RRBC Champion Author Victoria Posts:2,705 Points:529,065 Joined:Oct 2011	Message Posted: Apr 29, 2012 1:45:22 PM Ignore RRBC Report Abuse 9 yr old car at 77,000 km. Yup keep driving it.
tnfran Champion Author Arizona Posts:4,378 Points:842,190 Joined:Dec 2010	Message Posted: Apr 29, 2012 1:44:43 PM Ignore tnfran Report Abuse maintenance is a must if .you want to keep them running long
vjs3 Champion Author Denver Posts:2,541 Points:649,915 Joined:Jun 2011	Message Posted: Apr 29, 2012 1:42:42 PM Ignore vjs3 Report Abuse Keeping mine as long as possible.
Teamy Sophomore Author Miami Posts:109 Points:521,710 Joined:Mar 2011	Message Posted: Apr 29, 2012 1:30:58 PM Ignore Teamy Report Abuse I keep my cars until they "drop".
Rich1430 All-Star Author Indiana Posts:761 Points:258,090 Joined:Mar 2012	Message Posted: Apr 29, 2012 1:29:29 PM Ignore Rich1430 Report Abuse I agree. Run your vehicles until the wheels fall off as the saying goes.
fowlcan Champion Author Oklahoma City Posts:2,110 Points:684,365 Joined:Feb 2011	Message Posted: Apr 29, 2012 1:26:25 PM Ignore fowlcan Report Abuse To keep a car for a long time requires an advanced skill set these days to do the maintenance yourself. However just doing the basics will improve your odds. Oil change,all filters ect. Keep a log of your expenses so when the grim reaper seems to show up after your car you can justify keeping or dumping the vehicle.