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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

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Submitted Apr 29, 2012 By: mastermariner

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heydano67 Champion Author California Posts:1,651 Points:355,410 Joined:Feb 2012	Message Posted: May 21, 2012 7:07:18 PM Ignore heydano67 Report Abuse I'll be keeping it going for a long time.
hatmanOR Sophomore Author Oregon Posts:110 Points:164,235 Joined:Feb 2012	Message Posted: May 21, 2012 5:40:25 PM Ignore hatmanOR Report Abuse ditto!
DanMtz Champion Author Oakland Posts:3,340 Points:1,240,400 Joined:Oct 2009	Message Posted: Apr 30, 2012 7:14:51 PM Ignore DanMtz Report Abuse Run that car into the ground!
wamster Champion Author Houston Posts:4,237 Points:692,880 Joined:May 2007	Message Posted: Apr 30, 2012 6:46:57 PM Ignore wamster Report Abuse Ha, ha. There's an article a few paragraphs up stating we should purchase new cars. You have to look at the big picture.
07skydriver Champion Author Ohio Posts:3,245 Points:980,180 Joined:Feb 2009	Message Posted: Apr 30, 2012 3:25:13 PM Ignore 07skydriver Report Abuse It's cheaper to keep her.
carrek Sophomore Author Seattle Posts:230 Points:188,525 Joined:Aug 2005	Message Posted: Apr 30, 2012 2:18:59 PM Ignore carrek Report Abuse Some of us have no choice. I'm not making enough money to afford a new car. But the advice is sound. At some point it is cheaper to make payments on a new car than expensive repairs on an old car.
Millers37 Champion Author Michigan Posts:35,847 Points:656,900 Joined:Nov 2008	Message Posted: Apr 30, 2012 2:06:17 PM Ignore Millers37 Report Abuse Good article. We have 2 vehicles:- 1. 11 years old 2001 Olds Aurora 67,500 miles 2. 10 years old 2002 GMC Sierra 2500HD Duramax Diesel 206,476 miles. Both well maintained, no rust and very reliable, and cost us very little each month. Paid cash for both and so no payments, that is the way to go just as the article said.
carranco Champion Author Georgia Posts:1,027 Points:267,390 Joined:Dec 2008	Message Posted: Apr 30, 2012 1:07:53 PM Ignore carranco Report Abuse 100,000 is just warming up.
me2002 All-Star Author Toledo Posts:763 Points:319,205 Joined:Dec 2011	Message Posted: Apr 30, 2012 12:51:09 PM Ignore me2002 Report Abuse drive it til you cant stand it
Night Owl Champion Author Toronto Posts:7,540 Points:1,784,650 Joined:Jul 2004	Message Posted: Apr 30, 2012 9:08:57 AM Ignore Night Owl Report Abuse So true.
VomVom Champion Author Calgary Posts:3,857 Points:1,627,080 Joined:May 2007	Message Posted: Apr 30, 2012 9:04:11 AM Ignore VomVom Report Abuse A new car is an option and to many, a luxury. Buy a new one when one has extra money.
NukeAtComEd All-Star Author Milwaukee Posts:725 Points:338,520 Joined:Jan 2011	Message Posted: Apr 30, 2012 8:27:04 AM Ignore NukeAtComEd Report Abuse absolutely!! - 10-15 years or 150,000-200,000 miles!!
Nancy&Len Champion Author Cleveland Posts:2,038 Points:1,942,890 Joined:Sep 2004	Message Posted: Apr 30, 2012 8:21:06 AM Ignore Nancy&Len Report Abuse I keep my car until they are ready for the bone yard. Usually 10-15 years.
the1roadhog Champion Author Atlanta Posts:9,903 Points:2,053,080 Joined:Jun 2007	Message Posted: Apr 30, 2012 8:05:13 AM Ignore the1roadhog Report Abuse There's a line between reliability and optimum value cross. When it does, bail out.
YaBassa Champion Author Michigan Posts:2,415 Points:514,175 Joined:Nov 2011	Message Posted: Apr 30, 2012 7:49:49 AM Ignore YaBassa Report Abuse Keep them until they have to be replaced, then buy a newer used vehicle.
WeasleyOC Champion Author Orange County Posts:3,134 Points:799,400 Joined:Jul 2008	Message Posted: Apr 30, 2012 7:49:40 AM Ignore WeasleyOC Report Abuse I usually keep my cars until they are well over 200,000.
Grizdad Champion Author San Bernardino Posts:5,520 Points:781,525 Joined:Oct 2010	Message Posted: Apr 30, 2012 7:38:55 AM Ignore Grizdad Report Abuse Banks would love to help you stay in debt.
itzagasgasgas1 Champion Author Cincinnati Posts:3,959 Points:1,596,570 Joined:Aug 2005	Message Posted: Apr 30, 2012 7:16:29 AM Ignore itzagasgasgas1 Report Abuse This is one of the reasons I pay close attention to the mileage on an older car. When it starts to drop significantly it's time to think about replacing it.
LilRedWagonIN Champion Author Indiana Posts:7,761 Points:1,552,210 Joined:Oct 2008	Message Posted: Apr 30, 2012 6:36:57 AM Ignore LilRedWagonIN Report Abuse This article makes more sense than the one claiming that fuel-efficient new cars are better for the ecology-minded political claques.
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,229,770 Joined:Oct 2009	Message Posted: Apr 30, 2012 6:22:10 AM Ignore tbgasmizer Report Abuse Only partially true.
bullet226 Champion Author Toronto Posts:2,716 Points:534,915 Joined:Nov 2010	Message Posted: Apr 30, 2012 6:14:05 AM Ignore bullet226 Report Abuse If it's Japanese - yes
335d1 Champion Author Virginia Posts:2,366 Points:756,020 Joined:Feb 2011	Message Posted: Apr 30, 2012 5:51:48 AM Ignore 335d1 Report Abuse Depends.
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,685 Joined:Feb 2011	Message Posted: Apr 30, 2012 3:33:59 AM Ignore gandalfthegrey1 Report Abuse This article doesn't mention trade-ins, but one can save/gain some bucks by selling the car yourself rather than trade it in - if you kept the car in good condition. Use a site like AutoTrader. You'll be surprised at the result.
Blue_Cruzer Champion Author Lexington Posts:7,505 Points:1,666,660 Joined:Mar 2007	Message Posted: Apr 30, 2012 3:18:55 AM Ignore Blue_Cruzer Report Abuse No one simple answer.
Amplion Champion Author Oregon Posts:6,751 Points:1,862,135 Joined:Sep 2005	Message Posted: Apr 30, 2012 2:25:53 AM Ignore Amplion Report Abuse ABSOLUTELY, I WILL KEEP MY STRAIGHT SIX RWD. INSURANCE PREMIUMS ARE NOT NECESSARILY LOWER ON AN OLDER CAR !!! A few years ago we saw the premium drop when changing from 1968 VW BUG to 1998 BMW Z-3, Go figure ??? Insurance man said Airbags were the reason. He also said the BMW Z-3 had a better claim loss record.
Vette1967 Champion Author Albany Posts:5,952 Points:1,273,075 Joined:Jun 2009	Message Posted: Apr 30, 2012 1:01:15 AM Ignore Vette1967 Report Abuse There comes a time when you have to part ways with ol Betsy.
LEGION57 Champion Author South Carolina Posts:1,676 Points:283,110 Joined:Mar 2011	Message Posted: Apr 30, 2012 12:36:45 AM Ignore LEGION57 Report Abuse HAVE to- thanks to odumbo
BJWI Champion Author Milwaukee Posts:6,394 Points:733,400 Joined:May 2011	Message Posted: Apr 30, 2012 12:26:37 AM Ignore BJWI Report Abuse I have kept all of mine until the repair costs begin to exceed the blue book value.
kkimes Champion Author Illinois Posts:1,590 Points:1,503,665 Joined:Sep 2005	Message Posted: Apr 30, 2012 12:10:25 AM Ignore kkimes Report Abuse Pretty much the way I've operated for over 50 years. My 1988 Buick LeSabre had 130k+ miles when I got rid of it. My 1997 Buick LeSabre had 154k on it when I traded it off for a 1998 Buick LeSabre which now has 150K miles on it but it is still running good. I haven't bought a new car since 1979 but with the cost of used cars being so high, we replaced my wife's 1995 van with a new Toyota Camry Hybrid. It's a dream to drive and I'm sure it will still be running in 12 to 15 years. By then I probably won't be driving any more (if I'm even still here), so we thought it was a good time to splurge a little bit.
alterman156 Champion Author New York Posts:7,470 Points:1,554,600 Joined:Dec 2008	Message Posted: Apr 30, 2012 12:05:26 AM Ignore alterman156 Report Abuse No matter how good a car is, they do not last forever. Many cars manufactured these days can last at least 200,000 miles. However, it does not pay to keep an old car on the road if it is in constant need of repair. There is no joy in having a car that is going in the repair shop every 2 months because something else went wrong.
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Apr 29, 2012 11:40:23 PM Ignore northeast2 Report Abuse If I could do more of the repairs/replacement myself, it might make sense. But it's pretty easy to LEASE a new or certified used car nowadays where the lease includes free maintenance. The manufacturer wants the car back in good condition to sell or re-lease it. Might make sense to go that route once the repair bills for an existing vehicle start to pile up.
megadiesellv Champion Author Atlanta Posts:1,474 Points:503,585 Joined:Sep 2011	Message Posted: Apr 29, 2012 11:34:42 PM Ignore megadiesellv Report Abuse I'm keeping mine.
StArrow68 Champion Author Oakland Posts:3,242 Points:1,358,315 Joined:Apr 2003	Message Posted: Apr 29, 2012 11:21:27 PM Ignore StArrow68 Report Abuse Keeping cars was great as long as they were mechanical, but with electronics that is going to change the game some. Just think of some of the chips in late 80's and early 90's cars, the same chips that used to power the Atari or such. Keeping mechanical systems running is about knowing how to fix them, keeping old chips on the road is about finding replacements that at some point may not exist.
cheapchickKY Champion Author Lexington Posts:4,007 Points:794,340 Joined:Jan 2011	Message Posted: Apr 29, 2012 11:20:24 PM Ignore cheapchickKY Report Abuse Planning on driving my '95 Astro until the wheels fall off.
gus8441 Champion Author Baltimore Posts:2,104 Points:440,875 Joined:Feb 2012	Message Posted: Apr 29, 2012 11:17:39 PM Ignore gus8441 Report Abuse really depends
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: Apr 29, 2012 11:14:24 PM Ignore BuckyTJones Report Abuse 10 years at least
mpg611 Champion Author Cleveland Posts:2,322 Points:567,145 Joined:Apr 2011	Message Posted: Apr 29, 2012 11:12:27 PM Ignore mpg611 Report Abuse Would be cool if we paid lower income taxes so that we can save up more money faster to buy that newer car. Of course, Americans want a cultural/religious/social agenda and political correctness, even if it costs us more money and more lives.
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: Apr 29, 2012 11:09:36 PM Ignore anascom Report Abuse it depends!
TableTalk Champion Author Virginia Posts:1,184 Points:557,200 Joined:Nov 2008	Message Posted: Apr 29, 2012 10:50:49 PM Ignore TableTalk Report Abuse yes
mwc407 Champion Author North Carolina Posts:1,095 Points:556,735 Joined:Jan 2011	Message Posted: Apr 29, 2012 10:45:58 PM Ignore mwc407 Report Abuse I just put new ball joints and tie rod ends on my 1997 Honda Accord. My car has 228,000 miles on it and runs great. This repair cost me under $200 for the parts. It's great on gas and VERY dependable. Why would I not keep my old car. A new or newer car payment would run me at least $400 per month. I would have to be doing a WHOLE LOT more maintenance on a much more regular basis for the financial math to not work out. My Dad used to always tell me if you take care of your car, your car will take care of you!
feldos Champion Author Florida Posts:2,640 Points:548,250 Joined:May 2011	Message Posted: Apr 29, 2012 10:45:24 PM Ignore feldos Report Abuse I don't like driving old cars with mega miles. Don't have time or desire to screw around fixing it myself and can't afford to miss work if car breaks down.
lesndave Champion Author Texas Posts:3,027 Points:698,455 Joined:May 2011	Message Posted: Apr 29, 2012 10:37:47 PM Ignore lesndave Report Abuse Yes!!
amerk73 Champion Author Dallas Posts:7,035 Points:1,618,155 Joined:Oct 2008	Message Posted: Apr 29, 2012 10:34:31 PM Ignore amerk73 Report Abuse old cars better new cars
davenles Champion Author Texas Posts:3,186 Points:715,960 Joined:May 2011	Message Posted: Apr 29, 2012 10:28:59 PM Ignore davenles Report Abuse I keep mine for minimum 7 years.
PathfinderSC Champion Author South Carolina Posts:9,506 Points:1,828,690 Joined:Mar 2008	Message Posted: Apr 29, 2012 10:16:30 PM Ignore PathfinderSC Report Abuse When I give it up , It is scrap metal.
CVA19 Champion Author Salem Posts:2,393 Points:607,075 Joined:Aug 2011	Message Posted: Apr 29, 2012 10:14:15 PM Ignore CVA19 Report Abuse In almost every case, the answer is a resounding YES.
leraar2 Champion Author Massachusetts Posts:3,749 Points:784,755 Joined:Mar 2011	Message Posted: Apr 29, 2012 10:04:31 PM Ignore leraar2 Report Abuse usually keep mine 20-25 years.
ExplorerWA Champion Author Washington Posts:4,067 Points:794,325 Joined:Feb 2011	Message Posted: Apr 29, 2012 9:41:49 PM Ignore ExplorerWA Report Abuse Yeah, drive it till the wheels fall off. :)
bvrbill Champion Author Eugene Posts:3,193 Points:515,625 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:416,210 Joined:Nov 2011	Message Posted: Apr 29, 2012 9:13:10 PM Ignore petrpuck Report Abuse Yup. I drive them till they die.