- Joined
- Nov 27, 2014
- Messages
- 9,318
My everyday car is a 2003 Subaru with 158,000 miles. I want one of those new $35,000 Subaru's.
But here is the key: If I spend $500 a year on non-essential things to keep the old car pretty and fun to drive, it will save me $35,000 which may be about $400 or more per month.
Since you don't drive that many miles, you're in the situation where you want a new car (you're coming up on 15 years) but you're not using the old one enough to wear it out by then. 158K miles isn't that much on a vehicle where, maintaining it like you are could easily get another 100K miles. Personally, I'd be at the point where I'd be thinking seriously about the new car. Not because it makes sense financially, but because it's nice to have a new car and I assume you can afford it. The safety and electronic improvements have already been noted, but just the overall ride and comfort of a newer car is going to be a pleasure. Plus, you are clearly wanting it.
The good news is that your car is likely in very good shape and you can do some good with it. Either you can get a bit above blue book value or you can sell/give it to a younger family member that will really appreciate it.
Personally, I'm on the front end of retirement and these decisions. I have two newer cars and expect to drive them for quite awhile. However in 15 years, DW will be over 75 and I'll be over 70. I think by then, I'll want a new car even if the ones I have are in good shape (they will be). So I'm kind of thinking of setting a limit of 15 years or 200K. We'll see how it works out.