3rd Mar 2007, 04:49
My point was...
1. Most vehicles start to wear out around 150k.
2. If the car/truck still has life in it, why sell it?
3. In the area where I live, they salt the roads, and most cars/trucks start to rust around 7 years.
Yes, I own a Toyota, a Honda, and 2 Ford trucks.
The Toyota has served me faithfully for 10 years. Will sell it when it hits 200k.
The Honda - will keep it for at least 6 or 7 years (31k).
The Ford van - will get rid of it soon. Costing too much to repair, and now have to worry about spitting spark plugs (75k).
The Ford pickup has been a good truck with some inherent problems (125k).
Pick your poison. Car payment or car repair. I opt for the car payment - with reservations.
3rd Mar 2007, 05:46
20:24...heres another view. I have a parent living alone an hour away without public transportation that does not want to drive old possibly undependable transportation. She would rather pay cash for a new car no payments and not be stuck with the higher likelihood of repairs. And shes no mechanic. To her paying $18,000 for a new dependable vehicle with a loaner car is better. She will sell as always in 4 years with under 50,000 miles on them. I see your point on car payments however not everyone has them with new vehicles. Each case has an exception... some individuals are better with newer transpotation that has had a history of fewer repairs. And she worked hard many years to be have to be riding around in an old rusty rattletrap at this late date...
3rd Mar 2007, 14:27
The $18,000 still has to be averaged out over the life of the car, so she just made her car payments up front. She paid for a new car like having an insurance policy. A lot of people think that way, and maybe there is some validity to it. People hope that buying a new car will be a guarantee of dependable transportation, but it isn't always true.
Reading the comments on here will soon show you that new doesn't always equal dependable, and that the advanced technology you're paying for is often what lets you down. Does old = undependable even if the car is well cared for and well maintained? I don't think so. Does new = dependability and unquestionable reliability? I don't think so.
Some people certainly need a new car, but anybody who is in difficult financial circumstances would do better to learn how to keep their old car running, and use that car payment money to pay off debts and start investing or saving for a house. Hopefully, as people get older, they will be in secure enough ground to finally buy that new car, but young people seem to look at a new car as a birthright that they are entitled to, regardless of how much debt they rack up to get it.
5th Mar 2007, 05:15
20:29: Yes I have owned both Fords and Dodges, which is what led me to write the comment that I wrote. It didn't apply so much to the Dodge, but I wouldn't let someone insult me by giving me another Ford for free.