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

Keeping the Cost of a New Car From Getting into Your Wallet

The thought of getting a new car so often sounds like a great idea until the reality of that new car payment comes home to roost. It's ok at first then after that new car feel is gone it can feel burdensome. Almost like having a big payment for a used car for the next however many more months or years. According to edmunds.com the average new car payment is $483.00 per month. That's almost $6,000 a year out of your pocket.

There is a lot of thought nowadays that if your car is paid for why would you pay for a $1,000 - $3,500 repair on an “older car” instead of just buying a new car. Well the new way of thinking is that cars made in the last 20 years are far superior than their predecessors. (my car is 6 years old and has 293,000 miles on it.) My 2011 Scion XB runs good and I plan to keep it at least another 3 - 5 years.

So let's get back to the idea of fixing your older car or going with another option.

Do you want 48 - 72 months of car payments ? Buying a new car is nice however is it the best option ? Do you want car payments ?

Do you want to buy a used car ? Always a certain amount of risk

Fix up the car you have ? Costs money

The thought on fixing up the car you have can be a very positive thing because you know the history of your vehicle and most importantly the repair history. Let's say you spend $2500 on a 15 year old car that you own with a good running history. If you think of it this way what kind of car can you buy for $2500 or more that you know nothing about ? That can be a scary proposition and now days it is hard to find a decent used vehicle for under $10,000.

We think if the vehicle is in good shape other than the needed repair your best option most of the time is to get your car repaired. If the vehicle has had a lot of problems though it might be time to get rid of it. If the car has been a good vehicle there should not be any fears on keeping it for another 2 - 4 years.

Yes we want to repair your vehicle however the reality is it makes good financial sense in the long run for most people when you figure how much money you will save that can go to house payments, vacations, medical bills, retirement or your children's education.

It’s can be a very appealing thought to have that extra money coming in and not going out in car payments. Yes there are repair bills however the repair bills are almost always much less than new car payments. It is fun and it feels good to have a new car. The question is it practical ?

As a point of note we sometimes will buy our customers old cars when they don’t want to repair the vehicle. So always keep that in min

Hopefully this article will help give you a little thought on repairing your old vehicle or not