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Rising Star
Rising Star
Sounds like we need bumble for consultants
Hello! Anyone work at GE Healthcare?
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Why would you buy a new car to "keep it stored?" At the rate cars depreciate, that's absurd. Why not just get the new car and sell your old one rather than pour more money into the old one knowing you'll have to replace it anyway?
OP if that's your preference then go that route! But I think most (of course not all) of us agree that two cars when you can only drive one is unnecessary.
I would retire the Japanese car and buy the dream car. No reason to have two cars keeping one in the garage and paying insurance on both cars.
I would get rid of the Japanese car and IF you can afford your dream car , go for it but if it will put you in financial difficulty, who cares, buy a car decent new car that won’t cost you an arm and a leg and not expensive to repair. No need to impress your colleagues! It’s a car, gets you to point A to B. Advice from someone who is probably a lot older then you! 🤣
Drive that beater until it fails and bank that cash to grow interest.
I have a 06 Impala with 280k miles. I keep the title in the car so when the tow truck driver asks where to haul it after breakdown, I can say to the junkyard!
Then I Uber to the bar to toast the old girl with a beer lol.
Chief
200k miles on a Toyota/Lexus is when the motor starts getting warmed up. It’s still got 100k-300k more miles on it if you maintain the chassis and body.
Might be true 10-20 yrs ago, not the case now. They purposely started to make them less durable so they can sell more
Sell the old car. It is worth more now than when disabled in need of a major repair. Once the major repair comes, you are kind of stuck to pay for it.
Enjoy your dream car (assuming this is your dream), if you can afford it reasonably.
Life is short, you earned it. Drive with a smile on your face. You don’t get back the time you drive a dull and boring car.
Then take roadtrips, etc. Think of it as a vacation, and an investment in happiness and your mental health. Even after a long and frustrating day, at least you get to drive it. It is your moment and no-one can take it away. Not everything is about money in the bank.
Full disclosure: I am kind of a moderate car guy. Not everyone can understand. SO does not.
Keep running the old car and service it when needed. Invest the rest.
Chief
Keep the old car and save the money. It will still be cheaper to perform major repairs than to buy a new car.
Chief
There are some deals now but I don’t really understand keeping two cars like that. Please consider very low mileage used.
Am i the only one who doesn’t understand why OP doesn’t buy the dream car when the current car is no longer viable? Is the “new” car a 2nd hand find?
Also old car not running is nearly worthless. Selling it now will yield more.
DIY maintenance on old Japanese cars is pretty easy as a 280k 2005 Tacoma owner. It’s a fun hobby if you’re into that kind of thing.
This is an interesting conundrum. Anyone I know who has been willing to drive a high-mileage car is typically doing from a financial perspective and is not the type of person to have a dream car.
A very different type of person will tell you to get the new car versus who is going to tell you to drive your beater, and as you can see above, there is plenty of both. This is entirely a personal decision. There isn't a right or wrong answer.
I would caution against spending that much on a new or used car until you are financially secure and are on track in terms of retirement savings. I bought my dream car early in my career, and today, I am facing the reality of needing to catch up on contributions, with the car(s) being a primary contributing factor.
What is your dream car if I may ask?
Chief
Such a good question. I have too many answers. You go first OP. 😊
Rising Star
I have a dream car in mind and can afford it but the idea of lighting that much money on fire just for a cool car seems insane now. I'll keep my aging Japanese car and get my kicks on my Japanese motorcycle.
Keep your old reliable on the road!
Wait until you can buy the dream car with cash and no loan, problem solved.
Just because you can do that doesn’t mean you will. I can’t emotionally justify burning that much money - even though I have it and can buy it.
The dream cars always seem like they come once in a lifetime but you will have another dream car in a few years or be able to buy this dream car for 30 to 40% cheaper. if you do decide to go for it now then I would go the route of trade-in versus selling a ticking time bomb private party because you will at least reduce your sales tax on the new car.
D1 - 100%. When people do the new vs old calculation often they neglect to take warranty and reliability into consideration. I personally am not a car person. So I want a new serviceable car that I'm certain is not going to leave me stranded. That has huge value for me. I've had older cars before and had to deal with major repairs where I was left weeks without a car. Beyond the money is also the time and disruption that comes with it. To me that's just not worth it. My time is more valuable. If you love your old car for other reasons I get that, but I don't think the argument of "loses money out of the agency" holds any longer. Also, good luck getting a used car with less than 80k miles these days.
I personally shop for manager demos/1 yo old vehicles without a lot of miles. It tends to be a big savings
I try to buy used cars but the lease deals and the rush to make sales before the EV credit expires make the Honda prologue really attractive. $3800 one time up front for 24 months