Repair Your Car Instead of Buying a New One

We are fortunate to have so many regular customs that are just plain awesome. Besides being the office manager I am also a good customer of ToyoTechs. I have 337,000 miles on my 2011 Scion XB and plan on driving it a few more years. The question so many customers have to decide as do I, do you want to put money in an older car or purchase new. Well there are several ways to look at this issue. 

From time to time my car needs a tune up, new brakes and some other occasional repairs. Sometimes even more expensive repairs. My vehicle is 8 years old and even with 337,000 miles on it, it still runs great. I have made the choice to keep having regular maintenance done my car instead of buying a new car. This car should last me another 3 - 5 years with regular maintenance.

The maintenance on my vehicle runs $500 - $2000 per year. That being said the rest of the money I am not spending on a new car goes into my 401 K. I would love a new car however perhaps not so much when it comes with a $500 - $700 a month car payment. That’s $6000 - $8000 a year that could go to so many other things.

Vehicles made in the last 15 years are not made like they were years ago when your car’s odometer rolled over to 100,000 miles it was time to get a new car. They just weren't made to last 200,000 - 300,000 miles. Any Toyota or Lexus made in the last 15 years should last 200,000 - 300,000 miles or more.

I have to say last year I helped my daughter find a new car and went through a period of “new car fever” and started looking for a new vehicle. I liked this one and especially that one with all the new bells and whistles. Ahh the new car smell and look. No scratches dents or dings. It was almost like a touch of insanity entered my mind. The thought I then remembered was how glad I was when I made that last payment and the previous months looking forward to not having a payment.

Well so far I have not purchased a new car and the “new car fever” is gone for now.

This is all food for thought mostly about not being afraid when your car is getting a little older or around 100,000 miles and needs some repairs. New cars are nice however so is money in the bank.

(And I still kind of have that new car itch, I’m just not willing to scratch that itch...yet)

Crit

Repairing Your Car or Buying a New One

We are fortunate to have so many regular customs that are just plain awesome. One our favorites Julie recently came recently needing close to $1800 in maintenance and repairs. The question so many customers have to decide is do I want to put this much money in a ten year old car or purchase new. Well there are several ways to look at this issue.

In Julie’s case her car needed a timing belt, water pump, oil change, brake and transmission flushes. Her vehicle is a 10 year old Lexus with only 98,000 miles. Julie made the choice to have the maintenance done to her car. This car should last another 5 - 10 years with regular maintenance.

Vehicles made in the last 15 years are not made like they were years ago when your car’s odometer rolled over to 100,000 miles it was time to get a new car. They just weren't made to last 200,000 - 300,000 miles. Any Toyota or Lexus made in the last 15 years should last 200,000 - 300,000 miles or more. (My 2011 Toyota made Scion XB has 317,500 miles on it and runs like a top)

Everybody loves a new car however perhaps not so much when it comes with a $500 - $600 a month car payment. That’s $6000 - $7000 a year that could go to so many other things such as bills, vacations or savings.

I have to say last year I went through a period of “new car fever” and started looking for a new vehicle. I liked this one and especially that one with all the new bells and whistles. Ahh the new car smell and look. No scratches dents or dings. It was almost like a touch of insanity entered my mind. The thought I then remembered was how glad I was when I made that last payment and the previous months looking forward to not having a payment.

Well so far I have not purchased a new car and actually my car did breakdown last week. Fortunately it was an inexpensive repair. I have only spent $550 in repairs in the last 15 months and still feel very confident in my vehicle’s reliability. This is not to say I won’t buy a new car in the next few years however I like the extra money in my bank account for now.

This is all food for thought mostly about not being afraid when your car is getting a little older or around 100,000 miles. New cars are nice however so is money in the bank.

(And I do still have that new car itch, I’m just not willing to scratch that itch...yet)

Chris