Drive it 'til it drops or sell it before it breaks? Which do you follow for your DD?
 

My 2009 Mazda5 just turned 70K miles. Should still be worth $11-12K on a private sale. However, in the next year it will probably drop a couple of thousand in value as it pushes upwards of 85K.

There's a 2012 version of the same car with 8000 miles for around $18K at a dealer here in Phoenix. If all went well I'd be out of pocket in the neighborhood of $7-8000 to go three model years newer and 62K miles fewer.

I'm torn. Always have been of the opinion that you get the most out of a vehicle by driving it until it drops. At the same time, it would be nice to have a nearly new car that's under warranty.

Thoughts? Do you drive it 'til it drops or sell it before it breaks?

70K on a Mazda is nothing. From a strictly financial viewpoint you know the answer. Dumping $8K to get the new one is a lot of fixes.

if you WANT the new car, well then..??

my policy is drive it until I get fed up with fixing it. Alternatively, drive it until my needs change and I have to replace it for something more useful/useless.

Ya.... I don't see trading for the same thing with less miles when yours only has 70k on it.... Especially not at that price gap.

I don't have a policy. I have a 2004 108K BMW that I bought new. I just replaced all the cooling as PM. I fix most of the little things myself o keep up on it. If something major comes along, I'll have to sell it. I WANT a new car, but this is in nice shape and I have to pay off the minivan. I don't drive that far on a daily basis either.

I've never owned a car this long.

drove it till a moron T-boned it and totaled it when she sped thru a red light at ~ 2x the speed limit

2000 Sube Outback wagon and only 100k on it

still, I got 6k from her ins. co. and I only paid 4k for it to begin with, so...

I think as you get older, you hang onto your cars longer, so its mostly a function of your age. My 993 is my longest serving car, now at about 10 1/2 years. One of my F150s is now about 8 years old. Guess that's my 2nd longest car. When I was 16, I churned Fords every couple months, or even sooner if they ended up full of bullet holes and broken motor mounts.

I just keep it maintained and working. After 22 years of ownership and 320,000 miles it looks and drives better than new. It is worth more than new.

Drive it till it drops.

Dropping of course includes spending a couple K a year on fixes.

Put another way, when keeping it running costs the same or more than a years worth of payments it's time.

I prefer to know what I have so I default to keep it if it's reliable.

One really nice driver, or a whole fleet of 98%'rs -

I'm the latter. All my cars have well over 100K....On the odometer ;)

I have always found it cheaper to keep things running well than to replace.

My DD has 210k+ on it.

Sold my 9 year old Renault Espace at 450000 miles as I was offered money for it to my astonishment.Sold for scrap my 9 year old Mazda Premacy at 268,000 when the head gasket & radiator went. My current 6 year old Ford has 160000 miles., and I am beginning to wonder how long it has left. All my cars have been maintained meticulously, never revved hard until fully warmed up, and used mainly on highways.

My Mazda 323 just turned 230,000 miles and the water pump just gave out (2nd one I have changed in about 10 years), it took me just over 10hours to R&R! It was one of the times when I was annoyed but really enjoy owning this car so continue to fix it as things break...so I guess I am on the mind set drive it till it drops....but it should not drop if you are diligent about maintenance.
Yasin

I'll dissent. Really depends on your needs. I have a 115 mile trip to the airport at least every week. Return is often at night going through Atlanta and out past the burbs. Prefer to minimize risk of car trouble as a result. Not fond of climbing under the hood in a business suit at 11 pm on the side of the freeway downtown.

If its a 20 mile commute, sure, drive it till it drops.

Drive for a while, fix everything, then sell it seems to be my mantra. Not sure how wise that is, but I don't have to worry about depreciation.:)

I drive it until the repairs cost more than the added out of pocket cost of a new car.

That generally means 'until it drops'.

I'm with a few others here in thinking that 70k on a Mazda is not high enough miles to justify buying a slightly newer car with lower miles at that high of a price premium. Sometimes it's better to stick with what you know then hope for the best on a trade.

My DD philosophy seems to be run them till the cost of fixing them outweighs the cost of replacing them. In my current fleet, most of my rides have over 150k and a couple have over 200k (My brother has a Cherokee with around 400k.) My Bikes are my only vehicles under 10k at the moment.

I seem to gravitate toward cars (and bikes) that I can work on myself. My rule of thumb on DD's is once the average monthly cost to repair goes over the cost of a monthly car payment, it's time to replace that car.

I like to develop a long term relationship with my DDs. Thus far, I have outlasted them.

My last one (93 MR3 Turbo)started breaking down in the electrical department after approx 150K miles & 18 years of service. Fixed the issues as they arose but finally sold it when it became excess to my needs (I retired). 168K miles last I saw.

The next one, I totaled but bought another like it (Tacoma). I figure this one will outlast me.

BTW, I haven't bought a new car since 1984. It never went to the dealer for service either but went over 165k miles.....till my daughter busted up the 5 speed.

Interesting that almost everyone makes their decision based on the "cost" of repairs, but not on the inconvenience of repairs.

I have never bought a brand new car. The newest car so far was 6 years old. I like to look for cars that are rather old but in very good condition and then drive them until they drop. My youngest car at the moment, my DD, is a BMW 320 from 98. Great little car.

I would love to do the same but I have a big problem - I get attached and just don't want to sell. Plus, space is a huge limiting factor.

Jeep, 212K
Ram 160k
944 300k
62 Mercury 105k

No intention of getting rid of any of them yet. If so, the 944 would probably be the first to go. Mainly because it is the most beat up.

I mostly change when needs change or cost to repair seems uneconomic. So far we have changed cars about every 7 years.

My cars since college:
Integra (bought after graduation)
Jetta (car seat too hard to get in the back seat of the Integra)
530 (wanted to be able to fit adults in the back seat and wanted AWD after moving from Dallas to Pittsburgh)

My wife's
Mercury Tracer (college car)
Maxima (Tracer needed a major repair and wanted a larger car after I got the Integra)
Highlander (wanted third seat for car pools)
Enclave (cost to repair Highlander was going to be over $2k)

I have two beaters. One always works. I have less than $5,000 total invested. I'm never stuck without a car.

What if you have 200 miles to drive, it's 11pm and you have an important meeting early in the morning.......and the beater back home becomes the "working" one?

My cars have never left me stranded, both have significant miles. Any car can break down. You either fix it or call a tow truck. I would drive cross country in either of my old cars without any concern.

If the inconvenience referred to previously is being without a car, then a second car solves that problem.

I usually them until they are a pain in the rear. Usually the value is low enough that it doesn't make financial sense to fix things.

I have never sold a car for mechanical reasons. Living in the snow belt, rust does them in before mechanicals. My last few DDs had between 120,000 and 150,000 on them and were at least 10 years old.

Bernie P

I don't like the drive it 'till it drops philosophy. My wife does. Too bad she's not the one maintaining the cars. ;)

I just passed 222k on my DD Civic. No major repairs so far but I attribute that to a lot of PM and fixing things when they happen, not months later.

I bought the car for $3500 and could probably get $3000 now. Way worth it in my opinion. If I find another great deal like this one, I'll sell it. Otherwise I'll wait until it breaks down, sell what I can to Pick n' Pull and find another and still know I'm $$$$ ahead.

Bmw-150K - 500mi on radiator and fan clutch..
Chev Truck 286K on odometer and body, 10K on Engine, suspension paint and wheels
Pontiac- Odo flipped who knows, about 20Mi on drivetrain, and paint.

Ahhh dammit. The cooling system I just replaced sprung a leak. Now I have to sacrifice tomorrow evening to look into it. Nothing like doing the project twice or one and a half times. :(

I drive my vehicles until they start getting on my nerves with needing constant or major repairs. I recently bought my first new car and am really enjoying the no-hassles and having no money go to Autozone every month. I will definitely drive it to 5 years and then decide if I don't upgrade.

The OP's mileage is nothing and I would not "upgrade" to the same car. Nothing breaks at that low a mileage. Only reason to upgrade would be a newer, nicer model car. And even then it does not make financial sense.

G

I'm considering buying my friends '89 Accord for $800.

180K, 5 speed, AC, good shape.

NC - sounds like a steal.

I have been leaning towards newer cars for daily driving, I like the modern safety equipment. I'd worry about getting banged up really good in an old beater that only has seat belts where a 5-10 year old car would have been so much better.

G

i remember when I popped the engine in the Silverado and had to bail it in Vegas, then my Benz at the ignition switch in Phoenix (requires to be cut of the car) the same week. THREE cars, two out of commission, the third not good for daily use, let alone getting home- and I'm driving a rental....

I seriously contemplated scrapping the truck (fresh paint suspension and all) and setting the Benz on fire then buying a ****ing Toyota.

Some days, it happens. But, no payments :)

There's sort of a trade off point on this one. Unless you're using it for demolition derby or really need to buy a car that cheap.... me personally, I would rather have a newer, nicer car.

One big exception for me is the wife, she never drives the older cars like I do. Especially considering that she's normally hauling the kids around. If I break down I can handle it, if she breaks down I'm in a world of hurt.:cool: we always have something newer as our family car, currently a 2012 F150 Supercrew 4x4.

I have automotive ADD, so I can't seem to run a car until its dead. That's starting from fresh...I did retire a '77 Wagoneer to the woods after it wouldn't pass inspection, but it was a rust bucket when I bought it. I tend to keep a car no more than three years on average. 6-7 years is max (Porsche 930), minimum was a '74 BMW 2002 that I put up for sale within a week or two of buying it.

In recent years I am buying new. I like the smell:D