Comments on: When should you replace your old car? http://christianpf.com/when-should-you-replace-your-old-car/ Christian Personal Finance - Financial help blog, debt help and other financial resources Tue, 14 Feb 2012 21:22:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Cash for Clunkers Closing Down on Monday http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-23556 Cash for Clunkers Closing Down on Monday Sun, 07 Mar 2010 13:49:20 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-23556 [...] Here’s a good read on the subect.  Christian PF posted When should you replace your old car? [...] [...] Here’s a good read on the subect.  Christian PF posted When should you replace your old car? [...]

]]> By: One Money Design Weekly Round Up: Blogger Community Addition | One Money Design http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14970 One Money Design Weekly Round Up: Blogger Community Addition | One Money Design Sat, 22 Aug 2009 13:46:16 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14970 [...] When Should You Replace Your Old Car posted by Christian PF. [...] [...] When Should You Replace Your Old Car posted by Christian PF. [...]

]]> By: austin http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14823 austin Wed, 19 Aug 2009 15:36:16 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14823 I can't imagine having to use a mechanic! I worked on motorcycles for fun back in college and now I keep my cars going. My wife drives a paid off 02 explorer with 140k miles and I drive a 1971 F100. I rebuilt the motor and trans in the F100, installed AC, and painted it. It is now nicer than anything I could ever afford to buy off a car lot. I also do all the work on my wife explorer. Brake jobs are cheap when you are only buying parts. Same with any maintenance. I think most of you should take an auto shop class so you can do your own repairs. Even if you have to buy all your tools new, they will pay for themselves over the next coupe of years. I now have the tools where I can make my own AC lines. I also have all the tools required to assemble a motor or most simple transmissions. I can also build and tune carbs. This stuff isn't rocket science. I think the best deal these days is an older car that has cheap replacement parts. If you have kids get an old 67 galaxie. Plenty of room and they still make tons of parts for them. I'm about to start work on a 78 bronco. It will have plenty of room for my kids and wife and will be a great back up truck for the explorer and my truck. So, take the "beater" thing one step farther and pick up a 60s car that you can work on yourself. Learn to do the work and save the cash. Plus cars that old only appreciate in value if they are maintained. On the 71 I just finished, the paint cost me $100 (rustoleum), the new rubber stripping cost $100, carpet $100, misc $100 and now the wind noise is gone and it looks great. It takes a couple of years to get to this point of car knowledge, but once you get to this point, maintining an older car (60s/early 70s) is really cheap. I can’t imagine having to use a mechanic! I worked on motorcycles for fun back in college and now I keep my cars going. My wife drives a paid off 02 explorer with 140k miles and I drive a 1971 F100. I rebuilt the motor and trans in the F100, installed AC, and painted it. It is now nicer than anything I could ever afford to buy off a car lot. I also do all the work on my wife explorer. Brake jobs are cheap when you are only buying parts. Same with any maintenance. I think most of you should take an auto shop class so you can do your own repairs. Even if you have to buy all your tools new, they will pay for themselves over the next coupe of years. I now have the tools where I can make my own AC lines. I also have all the tools required to assemble a motor or most simple transmissions. I can also build and tune carbs. This stuff isn’t rocket science. I think the best deal these days is an older car that has cheap replacement parts. If you have kids get an old 67 galaxie. Plenty of room and they still make tons of parts for them. I’m about to start work on a 78 bronco. It will have plenty of room for my kids and wife and will be a great back up truck for the explorer and my truck. So, take the “beater” thing one step farther and pick up a 60s car that you can work on yourself. Learn to do the work and save the cash. Plus cars that old only appreciate in value if they are maintained.
On the 71 I just finished, the paint cost me $100 (rustoleum), the new rubber stripping cost $100, carpet $100, misc $100 and now the wind noise is gone and it looks great. It takes a couple of years to get to this point of car knowledge, but once you get to this point, maintining an older car (60s/early 70s) is really cheap.

]]> By: Tim http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14820 Tim Wed, 19 Aug 2009 13:53:16 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14820 Great post! I have had to make the decision recently when my transmission died. Luckily I found a barter club where I made a trade for my timeshare (which I couldn't use this year anyway). It was a great solution-- I priced many used minivans and for the price of what mine is worth, the cost of a monthly payment wasn't worth getting a newer model. I will keep my minivan until another major repair comes along... Great post! I have had to make the decision recently when my transmission died. Luckily I found a barter club where I made a trade for my timeshare (which I couldn’t use this year anyway). It was a great solution–
I priced many used minivans and for the price of what mine is worth, the cost of a monthly payment wasn’t worth getting a newer model. I will keep my minivan until another major repair comes along…

]]> By: Kevin@OutOfYourRut http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14819 Kevin@OutOfYourRut Wed, 19 Aug 2009 13:22:28 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14819 I faced a similar decision last November. My car is 10 year old and needed $1800 in repair work to keep it going. You never know exactly what to do when you're looking at a bill that large, but I went ahead with it, and there have been no other issues with it in the 9 months since. If you have a car that's more than five years old, you just have to assume that you'll be paying $2000-$3000 per year to keep it running. There are no zero cost options with a car, period. But compare $2-3k on an old car with a $450/mo ($5400/yr) payments on a brand new car. And that's just for starters. You have to add a down payment, higher insurance, higher taxes and yes, at least some maintenance to the annual cost. I think those NPR guys are right, it's always cheaper to keep the old car. A couple of mechanics told me that you can actually keep a car running for 20 years or more, but of course you'll have to pay for repairs and maintenance. Maybe the time to ditch it becomes when it's so old that replacement parts get hard (and expensive) to find. BTW, I've also switched to a less expensive mechanic, one of the old "backyard" variety. A regular shop can bleed you on an older car. I faced a similar decision last November. My car is 10 year old and needed $1800 in repair work to keep it going. You never know exactly what to do when you’re looking at a bill that large, but I went ahead with it, and there have been no other issues with it in the 9 months since.

If you have a car that’s more than five years old, you just have to assume that you’ll be paying $2000-$3000 per year to keep it running. There are no zero cost options with a car, period.

But compare $2-3k on an old car with a $450/mo ($5400/yr) payments on a brand new car. And that’s just for starters. You have to add a down payment, higher insurance, higher taxes and yes, at least some maintenance to the annual cost.

I think those NPR guys are right, it’s always cheaper to keep the old car. A couple of mechanics told me that you can actually keep a car running for 20 years or more, but of course you’ll have to pay for repairs and maintenance. Maybe the time to ditch it becomes when it’s so old that replacement parts get hard (and expensive) to find.

BTW, I’ve also switched to a less expensive mechanic, one of the old “backyard” variety. A regular shop can bleed you on an older car.

]]> By: Angie http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14818 Angie Wed, 19 Aug 2009 12:58:43 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14818 I just asked myself this same question yesterday when i had to have the ac repaired in my 2000 Civic (after having it repaired last year, luckily i had a warranty on the parts). Since paying my car off, every year I take it in to have a major inspection and have repairs made; until this year that usually ran about $1000 (I use tax refund money); this year the bill was $1500, then the brakes went out $600 and now the ac deal $400...ouch, but this is my theory...i keep going because i don't want the car note and i know that at this stage of the game the repairs are necessary. if i take care of the repairs i can have this car for a long time. i didn't have to put out this money until now and after checking around the repairs i am gettign done are in line with the age of the car... i love not having a car note. i gaol is to save enough in the next two year to buy a "new" used car for cash...and i can still have this car as a back up... I just asked myself this same question yesterday when i had to have the ac repaired in my 2000 Civic (after having it repaired last year, luckily i had a warranty on the parts). Since paying my car off, every year I take it in to have a major inspection and have repairs made; until this year that usually ran about $1000 (I use tax refund money); this year the bill was $1500, then the brakes went out $600 and now the ac deal $400…ouch, but this is my theory…i keep going because i don’t want the car note and i know that at this stage of the game the repairs are necessary. if i take care of the repairs i can have this car for a long time. i didn’t have to put out this money until now and after checking around the repairs i am gettign done are in line with the age of the car…

i love not having a car note. i gaol is to save enough in the next two year to buy a “new” used car for cash…and i can still have this car as a back up…

]]> By: Jason @ One Money Design http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14810 Jason @ One Money Design Wed, 19 Aug 2009 01:14:38 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14810 Excellent post! Oh, how I wish I would have made the decision you have made. Keep going, brother, keep going! Make those adjustments and save for your next car! Similar story - I had a not so dependable VW Passat. We didn't make the best decision when we bought, but managed to pay it off after a few years. Anyway, we just kept sinking money into it, but nothing like what you mentioned. We had less than 100k on it and decided to sell it. Long story short (not now) we have another used car payment we're working to put behind us very soon. Good for you! Live debt free! Excellent post! Oh, how I wish I would have made the decision you have made. Keep going, brother, keep going! Make those adjustments and save for your next car! Similar story – I had a not so dependable VW Passat. We didn’t make the best decision when we bought, but managed to pay it off after a few years. Anyway, we just kept sinking money into it, but nothing like what you mentioned. We had less than 100k on it and decided to sell it. Long story short (not now) we have another used car payment we’re working to put behind us very soon. Good for you! Live debt free!

]]> By: mike http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14808 mike Wed, 19 Aug 2009 00:34:38 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14808 Stewardship Services Foundation has a method called "2-4-Junk way". It is interesting... Stewardship Services Foundation has a method called “2-4-Junk way”.

It is interesting…

]]> By: Lakita http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14800 Lakita Tue, 18 Aug 2009 19:09:46 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14800 I can't wait to have my car paid off so I can implement a modified version of Dave Ramsey's "Drive Free - Retire Rich" plan. Basically I will start a "car" mutual fund. I don't expect a 12% return, but if it does....even better! I can’t wait to have my car paid off so I can implement a modified version of Dave Ramsey’s “Drive Free – Retire Rich” plan. Basically I will start a “car” mutual fund. I don’t expect a 12% return, but if it does….even better!

]]> By: Craig http://christianpf.com/when-should-you-replace-your-old-car/comment-page-1/#comment-14797 Craig Tue, 18 Aug 2009 18:48:34 +0000 http://christianpf.com/when-should-you-replace-your-old-car/#comment-14797 That is a decision I am figuring out now being I have an old car that most likely will need to be replaced sometime soon. That is a decision I am figuring out now being I have an old car that most likely will need to be replaced sometime soon.

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