Poll:Vehicle habits

[RetiredAtThirty-eight]

I have traditionally kept my vehicles for around 8 years. But now that we have Teslas I’m not sure what to expect. Teslas are sort of like IPhones. If the tech keeps getting better I suspect I’ll want to upgrade more frequently. I usually get a new Iphone every two years, but hopefully I won’t have to do that with our cars.

We bought two Tesla's new in 2018 and, thanks to free over-the-air software updates, they still feel new, both tech wise and we clean them so also paint and interior still looks and smells new.

We will be getting a new Cybertruck to replace our 2010 F-150 (bought in 2009) but I don't see why we be replacing either of our Model 3's anytime in the forseeable future. If anything, they are both better than the day we bought them. The number of useful features they have now that they didn't when purchased is significant. All free of charge.

Most of our lives both my wife and I bought used cars to save and invest for the future. But once we saw we had more than enough savings/investments to last as long as necessary, we started buying only new cars.

I say let your finances dictate.

 

[Digger1000]

I've bought one vehicle since 1989. In 1989 I bought a new Toyota Tercel for $7000. In Jan 2011 I bought a 1997 Accord on craigslist for $3200.

 

[ExFlyBoy5]

I understood your post perfectly. In your hypothetical, I would still sell the car before I would pay for a new transmission.

Granted, it's been a few years but when my 1994 Ford Ranger needed a new manual transmission, it set me back a whopping $400. That included a new tranny, clutch and installation. Oh, and I had well over 200K miles on the truck when I replaced it. That truck was pretty much bullet proof and the cheapest vehicle to work on I have ever owned.

 

[ExFlyBoy5]

I don't think so. I doubt many of us would consider ourselves overly susceptible to dealer antics. Probably less so that the general population. Trade in value is negligible on most any car after 10 years. There's little left to haggle on once the car is only worth $5k. And carmax leveled that playing field years ago.

I think the reason most of us drive em till they are dead is more simple: Get ever last mile out of every dollar spent.

And now Carvana is pushing it further. We have sold 2 cars to Carvana and they paid quite a bit more for both of them than was offered by CarMax. As a matter of fact, I was able to sell my 2018 F-150 for more than I purchased it almost 2 years earlier...which I would have never believed could happen. Great timing and circumstances, for sure.

 

[Kwirk]

I buy with cash and give it away to a family member when I'm ready for a new one, typically after 8 to 12 years.

 

[anothercog]

A combination of #1 and #2. I plan on paying cash but usually get a better price on the car by financing with the dealer. If the interest rate is above 1% I just pay it off, if not I'll make the payments.

We tend to keep them forever. Our 2005 Honda Odyssey and 2013 Honda Pilot are still going strong. We only drive about 5k miles/year.

DS16 will be getting his license soon an I'll probably let him drive the Pilot and get DW a new minivan and I'll take the old one. I keep thinking buying used is more financially prudent but when I price used vs. heavily negotiated new, the price difference is pretty negligible factoring in the additional age and miles of the used vehicle.

 

[bobandsherry]

There have been interesting threads on EVs. I’ve been wondering if it’s worth leasing one? I have a trusty ICE SUV but it’s got many years on it.

Based on my review of Tesla lease, it's not favorable lease terms. It was downright poor. That said, I want to look at the newer EV's, such Mach-E and ID.4 as they will have tax credits that can be applied (up to leaseholder to decide to pass along to you or not), so could be beneficial. Tesla never passed that along to the end consumer. Unknown as to how to value a 3 year old EV may keep this leasing from being a good option.

 

[Green Papaya]

I buy a new car when there is a need, keep it for a few years then either give it to family member or trade it when there is still value. Either pay cash or zero % interest financing if available.

 

[Rambler]

We typically have two vehicles, usually a minivan or small SUV, and a pickup truck. We kept the last minivan we had for 10 years (paid cash for it). We traded that one in for a small SUV (Honda CRV to tow behind the motorhome), and paid cash. That was 6 years ago, and we won’t be trading it for another several years. I traded my 2007 pickup for a 2013 because the trailer I needed to tow was too much for the 2007. Paid cash for the 2007, but financed the 2013 for the incredible deal, then paid it off a couple months later. Once we decided to trade the trailer for a motorhome, we didn’t need the F-350 Superduty and traded down in 2017 for a Honda Ridgeline...the trade covered the entire cost of the Ridgeline. We drove the Ridgeline over 70k miles in two and a half years and had to use the extended warranty too many times for comfort, so when the warranty was about to expire, we traded for an F-150, and paid cash for the remainder. Off topic, but, Last week, we traded our motorhome in and downsized to a Sprinter based class C, and covered the excess with cash. The previous motorhome was six years old, but we had some problems with it and decided to downsize so we could take it into state parks that were inaccessible with the monster bus.

 

[MRG]

In the past 17 years I have owned 2 used pickups and just bought a Model Y in June. DW had two new Wranglers over the past 20 years and just bought another new Wrangler Rubicon last year.

I also think it's somewhat resource related and for commuting what did I care? Parking spaces were too small and door dings common. Things like 4wd, decent seats and entertainment were most important than new. Today I figure might as well enjoy driving and have some unique vehicles while we appreciate them. I mean going 0-60mph in 3.5 seconds does not get old or less fun..

 

[2017ish]

How do you offload the car that requires costly repairs without making them though? You cant really sell it without a transmission, etc.. right?? SO you fix it to be able to sell it but at that point it drives fine. We get into this spiral at my housel

Our experience is that when the rods are knocking (on a car, bought new, but now with 360,000 miles), a truck with bad transmission (at 275,000 miles), or a sedan that has body damage greater than its bluebook value, you just call a junkyard and sell it for scrap. Easy peasy.

 

[brett]

I had a Ford Taurus, wifes car ex my company car. Some shifting noise.

Took it to a good transmission shop. When I went back a few days later the owner asked if we liked the car (we did not,,,,absolute pile of a rubbish car). Electonic transmission could go anytime.

We parked it. Shopped for a new Camry. Only drove it to the dealer to negotiate a trade it. Dumped it rather than put one dime into it. No doubt the dealer auctioned it out.

 

[FIREd]

When I was a poor student, I used to buy older vehicles cash and drive them until the wheels came off or until they couldn't pass the state inspection anymore. As a young professional, I financed a new vehicle and kept it 8 years (at which point it started to require costly repairs). As my wealth grew, I started buying new (non-luxury) vehicles cash, changing them every 4 years. For my last car, I bought a certified pre-owned luxury model cash and I plan to keep it until it becomes too costly to keep on the road. I'll probably go that route again for my next car.

 

[ERObjd]

#5, Have never spent more than 6K on a used vehicle. If we do drive or travel on a long trip, say any thing over about 300 miles 1 way, we just rent a new vehicle from Avis or Hertz or some other rental place

 

[someguy]

Based on my review of Tesla lease, it's not favorable lease terms. It was downright poor. That said, I want to look at the newer EV's, such Mach-E and ID.4 as they will have tax credits that can be applied (up to leaseholder to decide to pass along to you or not), so could be beneficial. Tesla never passed that along to the end consumer. Unknown as to how to value a 3 year old EV may keep this leasing from being a good option.

I agree that Tesla leasing numbers are terrible deals. OTOH, the Nissan Leaf has very good leasing available. Which is weird, since Teslas (esp Model 3 and presumably the Y) have strong resale value while the Leaf has terrible.

 

[ivinsfan]

#5, Have never spent more than 6K on a used vehicle. If we do drive or travel on a long trip, say any thing over about 300 miles 1 way, we just rent a new vehicle from Avis or Hertz or some other rental place

Is this for safety or reliability? They do say most accidents happen within 10 miles of home. We live around some rural gravel roads so for us that's completely true. Especially due to some big mega farmers (not us) who plant corn literally on the road way. Our county had to mark the ROW on the roads and start destroying the corn planted in it.

 

[Teacher Terry]

When I sell a old car if it’s running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.

 

[finnski1]

When I sell a old car if it’s running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.

That's a very nice gesture. Good on you!

 

[Katiek]

Choice 1 - although I try to replace it before it starts having lots of little problems. I'm not good with cars, so I tend to replace them before they're totally run to the ground, but I will keep them long enough that the trade in value is usually pretty negligible.

 

[ls99]

Vehicle habits?
I have four different four wheeled vehicles, they all have different habits.

 

[ERObjd]

I am a decent mechanic and can do most all the maintenance myself, brake jobs, hoses timing belts, gaskets , sparkplugs, hoses, AC. About only mechanical task I dont do is mount tires I don't have equipment for that task. I have engine hoist and have changed out probably over a dozen engines and I have a transmission jack and have replaced several transmissions as well. I do have a pretty extensive tool set in the garage. So thats why buy used cars . Now granted I ussually stick with Honda ,Hyundai or Subaru and if you take care of them even used ones they tend to easily make it into the 300K mile club. They are plenty safe and sound ,but as I said for longer drives we like to just rent a new vehicle . At my income level buying new cars and toys and trying to keep up with Jones would be a way to go broke.

 

[ivinsfan]

When I sell a old car if it’s running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.

You're a good person. When our kids and DNs and DWs were younger we would always send out a message, we are getting rid of this car, does anybody want it. usually at the low range of the trade in price of KBB.

This time around because of Covid and such, as well as most of these "kids" being in their 40's..we just worked on a good number for a trade.

 

[Gumby]

Our cars are usually so old and high mileage that when we get a new one, we just give away the old one to family or friends.

 

[O2Bfree]

When I sell a old car if it’s running good with no known problems I sell it below BB knowing that someone poor is probably buying it. If I know it has problems I trade it in so as not to rip off people.

Do you have a method for telling if the person is actually poor and not just faking it or giving you a sob story?

 

[SloHan]

# 2 with a 2008 Honda Fit. Before that I drove a 1996 Dodge Neon.