Car buying jitters

[sparkydave]

I'm not sure why I'm getting antsy about this, it's not like I haven't bought a car before. Heck, my second car was probably one that I did the least homework on, but I got my miles out of it. My current car (a 2008 Honda CR-V) has 112,000 miles, and I've had it for 7 years. It's in great mechanical condition, although some rust is forming around the door hinges and on the rims. I know it will need new tires soon. I've taken good care of it and it has served me well.

I'm torn between thinking "trade it in now while it's still got good trade in value, the car payment figure I'm looking at fits comfortably in my budget, I can get something with AWD (which I miss having), and something that's better suited for towing my camper", and thinking "Why get rid of a paid-for car which really only needs new tires, and hasn't had any problem towing the camper?".

Darn that Dave Ramsey, I think I'm feeling "guilty" for buying a new car since I took FPU.

 

[TheyCallMeDavid]

I'm not sure why I'm getting antsy about this, it's not like I haven't bought a car before. Heck, my second car was probably one that I did the least homework on, but I got my miles out of it. My current car (a 2008 Honda CR-V) has 112,000 miles, and I've had it for 7 years. It's in great mechanical condition, although some rust is forming around the door hinges and on the rims. I know it will need new tires soon. I've taken good care of it and it has served me well.

I'm torn between thinking "trade it in now while it's still got good trade in value, the car payment figure I'm looking at fits comfortably in my budget, I can get something with AWD (which I miss having), and something that's better suited for towing my camper", and thinking "Why get rid of a paid-for car which really only needs new tires, and hasn't had any problem towing the camper?".

Darn that Dave Ramsey, I think I'm feeling "guilty" for buying a new car since I took FPU.

I was faced with the same dilemma 6 months ago with my 2002 Hyundai SUV with 179,000 miles on it. It was going fine with no problems...but it had the original radiator/fuel pump/and a few other big ticket items still on it. I knew sooner or later id have to dump a couple thousand into it for these things , plus as time went on, that it would be less and less dependable. So, I opted to buy a new 2014 Kia Rio 6-speed auto for $15,200 out the door which is a very good price . They would only give me $1500 on my Hyundai, so, ive kept the Hyundai and take it for a run once per month to warm it up., and use it to pull a small covered trailer when needed.

As for you, 112,000 miles isn't a whole bunch especially for a Honda....so....if I were you, id choose to keep it and put tires on it. Then, start setting aside money from your paychecks to one day get a replacement car. But I feel you have quite a few more miles to go before it becomes a money-dump . Asian cars are high mileage cars . Just budget for the occasional repair and once you need a big ticket item....then trade it in. That may not be for another 100,000 miles though. That's what I would do if I were you.

 

[memoriesbymichelle]

I would keep it and get new tires and fix the body damage if it bothers you. Having a car payment is something I hope to never have again in my lifetime.

 

[blackribbon]

The trade-in value is less than the value of a paid for car. If you WANT to buy a new car and can afford it, then buy it as a luxury item. But maybe the real way would be to start putting the car payments in a special account to buy the new car with cash. You can do a lot more negotiating that way and you don't spend money on the interest...actually you can be earning interest on the same money on it if it is in an interest making account. Your car is just getting to the point where I would buy it...and then easily drive it for another 100,000 miles or more.

 

[sparkydave]

Even though there were some good incentives being offered for 2014 models, I've scratched my head on it and decided I'll hang onto it for a while longer. The blue book trade-in value wasn't that great. Guess I'll be saving some more money in the meantime, making an appointment for some new tires before the snow falls, and try to keep the tin worm from spreading too far. Thanks for the input, I appreciate it.

 

[mjmcmillan]

Hey-- don't look at me. I'm driving a 16-year-old van with nearly half a million miles on it--still going strong. Gotta love those old Chevy vans.

Note: Dave Ramsey has the right idea. Buying a new car and taking on car payments is a non-starter. Better to buy an older car and keep the payments-- if any-- as low as possible.

 

[bhsmte]

I'm not sure why I'm getting antsy about this, it's not like I haven't bought a car before. Heck, my second car was probably one that I did the least homework on, but I got my miles out of it. My current car (a 2008 Honda CR-V) has 112,000 miles, and I've had it for 7 years. It's in great mechanical condition, although some rust is forming around the door hinges and on the rims. I know it will need new tires soon. I've taken good care of it and it has served me well.

I'm torn between thinking "trade it in now while it's still got good trade in value, the car payment figure I'm looking at fits comfortably in my budget, I can get something with AWD (which I miss having), and something that's better suited for towing my camper", and thinking "Why get rid of a paid-for car which really only needs new tires, and hasn't had any problem towing the camper?".

Darn that Dave Ramsey, I think I'm feeling "guilty" for buying a new car since I took FPU.

Honda's will run forever, if properly maintained, but at 112,000, you may need some fairly expensive maintenance, sooner rather than later.

Tires will run you about $400 and if your timing belt has not been changed yet, that will run you around $600-800 and it needs to be changed, or if it goes on you, it can cause significant damage and will cost you a bundle to get the car back on the road.

So, you always have to weigh what expenses you have already put into the car, vs what may be upcoming, vs the cost of the new vehicle, to figure out the best path.

 

[sparkydave]

Honda's will run forever, if properly maintained, but at 112,000, you may need some fairly expensive maintenance, sooner rather than later.

Tires will run you about $400 and if your timing belt has not been changed yet, that will run you around $600-800 and it needs to be changed, or if it goes on you, it can cause significant damage and will cost you a bundle to get the car back on the road.

So, you always have to weigh what expenses you have already put into the car, vs what may be upcoming, vs the cost of the new vehicle, to figure out the best path.

No timing belt in the K24 engine, so all CR-Vs since 2002 have had timing chains. I do all my own maintenance and repairs, except for tires and alignments.

 

[mjmcmillan]

That Honda is still a pup. Tires are something every car needs once in a while, pop for the new tires and don't worry about it. Same thing for brakes-- they wear, every now and then you'll have to spring for a brake-job. But-- as long as the engine and [bless and do not curse][bless and do not curse][bless and do not curse][bless and do not curse][bless and do not curse][bless and do not curse] are still sound, I'd be inclined to keep it.

(Gee, would this be a good time to mention that the van I'm driving was 13 years old when I bought it and had 183,000 miles on it--- and now, 3 years later I have 488,600 on it-- nahhh, maybe I'd better not. $3,000 purchase price, still going strong.)

 

[exitstageright]

Honda's will run forever, if properly maintained, but at 112,000, you may need some fairly expensive maintenance, sooner rather than later.

Tires will run you about $400 and if your timing belt has not been changed yet, that will run you around $600-800 and it needs to be changed, or if it goes on you, it can cause significant damage and will cost you a bundle to get the car back on the road.

So, you always have to weigh what expenses you have already put into the car, vs what may be upcoming, vs the cost of the new vehicle, to figure out the best path.

My Honda lasted for 9 nine years. During that time I had no problems with it. One Tuesday, the day it reached exactly 100,000 miles. The radiator blew up. So,I guess my Honda Accord was the exception that proved the rule of Hondas lasting more than 100,000 miles.

I wanted to get a loan for about 2,000 to repair the car,and to make other improvements.
My wife,at the time, kept nagging me by saying, "Just get a new car! Get a new car!!" So, I just gave in ,and bought a brand new........Mercedes Benz C-350.

I have had it for seven years. It is paid off now. It is in great condition.I just hope that I can keep it for another seven years. One does not need an expensive new car payment when on wishes to retire in five years.

 

[bhsmte]

My Honda lasted for 9 nine years. During that time I had no problems with it. One Tuesday, the day it reached exactly 100,000 miles. The radiator blew up. I wanted to get a loan for about 2,000 to repair the car,and to make other improvements.
My wife,at the time, kept nagging me by saying, "Just get a new car! Get a new car!!" So, I just gave in ,and bought a brand new........Mercedes Benz C-350. I have had it for seven years. It is paid off now. It is in great condition.I just hope that I can keep it for another seven years. One does not need a car payment when on wishes to retire in five years.

I have owned Honda and Acura products and also had a couple Mercedes as well. One of the Mercedes was extremely costly to maintain and had all kinds of mechanical issues, the second one (an ML 350) was much better.

All in all, I find the Mercedes to be much more costly to maintain over time, but they are fun to drive.