How often do you trade cars or trucks?

[Birchwood]

I'm a believer in owning a truck until it almost dies.
As a retiree, the more adverse I am to buying another one.
My retiree friend at the gym who owns a much late model truck thinks he would like to trade his to a new 48K truck. I could not see the logic of trading a new looking 35,000 miles truck, pay additional 12K, to get a new one.
Unless it's a lemon? which it is not. Mine is a more basic model at only 21000 miles. Obviously folks have different values.
So, how often do you trade?

 

[aaronc879]

I bought 4 cars in the first 9 years of having a license. Once I found out what vehicle works best for me I have now kept it for 11.5 years and plan to keep it until it needs too much maintenance...probably another 10 years. Then i'll buy a slightly used car and keep it for another 15+ years.

 

[hnzw_rui]

I'll keep using mine for as long as it runs more or less problem-free. I do prefer buying brand-new because I know nothing about cars and I don't really trust myself to buy a good used car.

 

[Nodak]

I am at 8 years and 111,000 miles so far and have no intention of trading anytime soon.

 

[Senator]

My past cars have been ~15 years old when they are sold or traded in (or donated). I buy new, from the dealer, with excellent dealer financing (0%, .9%, etc.)

 

[BBQ-Nut]

Agree with keeping a vehicle and run it for as long as it 'makes sense'.

Two years ago I decided to jettison my Toyota 4x4 as it was a sink hole of repair costs at 160K miles. Would have preferred to run it twice that.

Bought a used truck w/ semi-low mileage and paid for it outright.

DW and I hate carrying loans.

 

[Midpack]

We buy new (yes we know used is cheaper) and usually keep cars for 8-10 years. Highest mileage car we've owned was 164K.

We've never had a car until it became unreliable, I suspect all of the cars we sold/traded went on to run for many years. From what I read most well maintained modern cars are relatively trouble free for at least 15 years/200K miles. http://www.consumerreports.org/cro/2012/05/make-your-car-last-200-000-miles/index.htm

 

[easysurfer]

I pretty much keep until car dies. Last car I kept around for about 18 years.

 

[razztazz]

Got rid of a 1993 Shadow in 2013. Previous autos, however, were sold off much earlier as I was in the military and was always cycling back and forth from the States to a remote location or a short stint somewhere and saving the car for future use or shipping it over was not feasible

 

[brett]

Kept my last car for 18 years. Did not need or want it any more so my son has it now. Runs like a top.

DW's car is 10 years old. She has had it for 6 years. We expect to keep it for at least another 10 years.

 

[Birchwood]

I have a 2010 truck with 21000 miles. A new truck same model will cause me to spend another 15-16K outright it I pay cash. That's a lot of gas money.
I think I'll drive this truck to 100000 miles even if it's a gas guzzler.
Even trading to a cheaper car, is not that of a economic benefit.

 

[utrecht]

Just about everyone on the way to FIRE or already there, got there by LBYM. That normally includes buying cars and keeping them a long time. We did the same thing our entire lives and saved buckets of money...BUT...now that we are retired, we built a retirement budget that includes money for new cars every 3 years or so. Do we need new cars every 3 years when we only drive 1500 miles per month between the 2 of us? Absolutely not! But you cant take your money with you and we have more than we need. We have a $1500 per month vehicle budget in retirement. We can afford it so why not? Having said that, DW just got a new Audi A5 convertible with a $500/month lease payment and Im driving a 2010 Maxima that is paid off.

I'm still driving the Maxima for 2 reasons:
1) It only has 45000 miles and feels brand new
2) Being retired, we get by easily with one car. Our 16 year old son drives the Maxima to school. We have one car during the day and 2 in the evening and weekends which works great. If I buy a new car to replace the Maxima, our son will be driving it to school and Im not crazy about him driving a brand new $40-50,000 car.

 

[ProspectiveBum]

We have 2 cars, both bought new. The SUV is 15 years old, and will be kept for another 3-5 years. The minivan is 11 years old, and will probably be with us for another 9-10 years.

I had a 3rd car, a 12 year old BMW that was bought used, which I sold last week. My DW has left her megacorp job to be a SAHM, and as I was trimming our budget, I couldn't justify the maintenance costs for a car I hardly drive.

 

[tmm99]

I have a Honda Accord and have had it since 2004 and it only has 64K miles. I think I can keep this car for another 11 years or more..is what I am hoping. The car doesn't look new but I got it detailed (the headlights have been sanded and rebuffed and it looks so much newer and nicer just by that) - it drives wonderfully as before.


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[Car-Guy]

OK, I guess I'll be the outlier here, "again". When I was younger I would trade in cars at least yearly since the only thing I could afford was old and worn out.

As I got older and could afford to buy new, I did. Before I retired I probably traded in my daily drivers every 3 to 4 years. Now, it's like every 18 to 24 months. Example, I have traded in on 2 new 2015 models so far this year. (After all, my name on this forum is "Car-Guy".) I do like to keep few older "collectibles" too.

OK, I'll admit it, I like the newest gadgets and especially higher performance cars. Talk about gadgets, you need to know how to work all of them. Lot's of options. The last vehicle I bought came with 2 users manuals. (Not shop manuals, those are separate) Together they are over 1000 pages long...

 

[fritz]

We always bought used when we were younger and then new and "kept them" later on in life. Since retiring - we've started buying (Hyundai's and Kia's) and trading them in when they hit the 5 year mark. That's when the bumper to bumper warranty goes away. Gives us a good feeling to drive a newer car that's covered under a bumper to bumper warranty while enjoying retirement traveling (ie. wintering in Florida).

 

[Theseus]

Car average is 6 years. Trucks 8. Motorcycles 18.

 

[pb4uski]

We usually keep until it starts having frequent repair bills or rust issues or our needs change and then either trade or sometimes sell and then buy another. I'm not into driving around a rust bucket that is running good... but that is just me.

 

[OAG]

I usually keep a car/SUV for 5 years, buy a new vehicle, but then pass the old one down in the family. I have a 2016 vehicle but the 2010 just went to a family member as did my 2005 vehicle in 2010. Most of the vehicles actually have been running for 10-15 years within the family. They can trade/sell at will (no strings).

 

[Cobra9777]

DW and I have 3 vehicles... a '97 Ford Ranger, '01 Chevy Suburban, and '06 BMW 325i. We don't drive very much, and they are all fairly reliable, so there's no real reason to change. The BMW is a money pit, so it will probably be the first to go in the next couple years. The truck and Suburban each have 160K miles, but only accrue maybe 5K/yr total for the two. The BMW has 65K and gets driven about 6-8K/yr.

 

[W2R]

I prefer new cars to used, and I can easily afford them so that is my choice. I don't like change much, though! So I tend to keep them a while.

I kept my Solara for 10 years, and only traded it in because I wanted a brand new vehicle at the beginning of retirement. So, I got a Venza.

I will probably start looking for another new vehicle to replace the Venza after it is 7-10 years old and it may take me a few years to find anything I want. Right now I see nothing.

 

[DEC-1982]

We buy new cars (with cash) and usually keep them for about 12 years.

 

[chilkoot]

Had a '92 Honda Prelude which I bought new. In '98 I sold that and bought a new Toyota 4 Runner (decided I needed an SUV) with the notion of keeping it for 10 years. In 2008 I didn't really need to sell it so kept it and bought a '08 Infiniti G37 (went back in the other direction) to complement it, using the Toyota when a larger vehicle was called for.

To be technical, I've never used a dealer trade-in program.

 

[RE2Boys]

One 2005 Ford bought as a used rental late 2005 with 20K miles, now has 95K.

Second 2005 Ford bought used in late 2007 with 40K miles, now has 105K.

Newest is a 2011 Kia bought used in 2013 with 8K miles, now has 25K.

Have been buying 1-3 yr old used since 1995, keep until about 10 years old. Two of the above are due for replacement but may drag it out a bit as have two teenage drivers and waiting to see what makes sense once college factors in regarding the family fleet. Probably two years away. Could I afford newer?...probably as only withdraw about 1% of portfolio but college will increase withdrawals to 6% range for a five year period. LBYM is hard to break and as I've gotten older, cars have become just a utility item for me, little passion involved. All three are minivans and love their utility, whether towing a pop-up, utility trailer, hauling soccer team or Boy Scouts around, backpacking gear, bicycles, etc.

 

[38Chevy454]

I have been buying approx 2 year old vehicles. 97 Expedition bought in 99 still have it with 176K, it is my mostly daily driver. Wife's 08 Ford Edge bought in end of 09 and it now has 126K. So I guess my typical vehicle ownership is around 10-15 years to answer the original question. I did inherit my father's 88 Ford F-250, which he bought around 90 and I have now had since 2010. The only one that may go in near future is the Edge, as my wife would like an Explorer or similar.

However I have several (currently 8) old classic vehicles, that I can vary from owning a short 2-3 years, to very long. My current longest is my 68 GTO which I have had now for nearly 36 years. Next longest is my 38 Chevy at 20 years.