How Long Do you Keep Your Car

I bought my first car in 2013, Mercedes E-Class. I plan on selling it in 2020 after the 7 year extended warranty expires as I do not want to pay for any repairs on it. Or would I be better off holding onto it until 10 years and just biting the bullet on repairs and maintenance.

 

I'm impressed with most of your responses. You guys are really smart with your money when it comes to cars. I'm pretty old now but made a fatal mistake in my early twenties. I just got out of the service, started in school full time and worked full time. I bought a brand new Toyota MR2 with a $400 monthly note. It took me 5 long years to pay that damn car off, every extra nickle that I had went into that car. I have since owned about 10 new cars, paid cash for each one. Lessons well learned!

 

Have a 2013 Tesla. Want to change it for a newer one next year.

I don't have any kids or plan on having any. What am I saving my money for besides retirement?

 

I have a 2000 chevy pickup I bought new. 150k miles. (I drive a company vehicle most of the time.) No major problems. Never been tuned up neither.

The wife on the other hand...She keeps a car 5-6 years. We have bought her four new ones. The last one was used. I will never buy another new one. This was decided after trading a seven year old 40k suburban and only getting 5k trade in.

 

I'm surprised at the number of people in this thread against car notes and putting down straight cash. With interest rates as low as they are (0% APR fairly common), you might as well just take the money that you were going to put down for the entire car and invest it and make the difference on the spread. If you have a 0% APR deal, even throwing it into a high yield savings account (1.05% at GS Bank, 1.00% at Ally) would make you money with no risk.

 

My parents are in the trade in every 3-4 years or so many miles club. I know quite a few people who also do this. They say they are taking advantage of the trade in value. Is there really any true advantage with doing this?

 

I have a 2007 Honda Accord my parents got me while I was in college. Still going strong, no major mechanical issues. Don't drive very much, just 71k on the odometer. No current plans on replacing it.

 

You know what man? You're alright with me. :grin:

 

I used to be the "trade in every 3-4 years" car guy. No more, I grew up. I bought my XJL in 2012 and just bought the extended warranty good through 2021. It's the most comfortable car I've ever driven, 420hp/420 torque so it's got power and I ♥ the 1200 watt sound system so I plan on driving it at least another 4-5 years. I thought about selling it but it's just such a beautiful car still and I just can't do it. We're too tight.

I also going to be buying my mothers 2014 Jeep Trailhawk in February once her lease is up as she was going to turn it back in to the dealership. I plan on driving this everyday, especially when it floods due to the slight lift and large tires. She's 67 so it's in PERFECT condition with only 11,000 miles on it. Will buy the extended warranty on this and keep until past 2022 if it holds ups. I can't remember the last time I had a car payment and plan on never having one again. I'm hoping to drive these two into the grave.

 

2000 Buick Century. Lots of highway miles.

Totally agree. The amount of interest paid on a 5-year car note is piddling.

 

Question for the audience...

My SO has a car (2013 Mazda3 w/ base level trim) that is fully paid off and in their name. We're a one car household right now as I take public transit to work. However, any time we need to go somewhere together, I am the one who drives, so I do spend a significant amount of time behind the wheel for us. This is especially true on long road trips (which are somewhat frequent).

As such, I have an interest in upgrading our car situation. I'd prefer a little more room (both cargo and head/leg), as well as features (leather/heated seats, all-wheel drive, backup camera, etc). All-wheel drive being the main thing, as it snows up here and being a native Texan I know crap-all about driving in it. In addition, we'll be starting a family sometime in the next 2 years, so a larger, safer car will become a very high priority then.

Here's the kicker. We clearly don't *need* to do this. It's more of a *want* to thing at the moment. When we buy a house and I end up driving to work every day, we'll need to get another car regardless, but that is likely to be 2.5 years away.

So I guess my question boils down to this....

What would you do in my situation?

Would you go ahead and take the plunge now, upgrading the car (at a cost of about 10K, which you can afford), and hold onto this family-friendly SUV until the wheels come off it... thereby forcing you to buy another used car (likely a more economical one strictly for commuting) in 2.5 years when you move to the suburbs/start driving to work.

OR

Do you hold onto the Mazda you have now (and keep it until it dies), and then get that 'upgrade' SUV 2+ years from now when you finally move and will be driving it yourself every day?

Extra consideration -- Would taking out a small auto loan, in both of our names (we both have great credit, just no *joint* credit history) and paying it off help our credit score when it comes to buying that house together in 2+ years?

 

No it depreciates the most the first four years. After that depreciation slows.

 

I would wait and get something nicer in 2 years. Presumably you will keep that one for a long time. Does she like the Mazda 3?

I don't know about the credit score question

 

We're going to keep whatever cars we get for a very long time, yes.

SO is agnostic/ambivalent about the car situation. Just wants something safe and reliable (which we feel the 3 is).

I probably misspoke about the "nicer" car. If we wait to upgrade, we won't be getting something more expensive or fancy than what we're looking at now (Ford Edge/Escape, Nissan Rogue, Mazda CX5). Any extra monies we come into from waiting will go towards the house or savings.

 

I wouldn't upgrade now considering your situation and the fact that you don't use the car too often. Invest that money elsewhere if it is burning in your pocket with an itch to use it.

The upgrade SUV is not a necessity right now like you mentioned and the value you get out of it will be minimal considering your use.

Wait it out..

 

I would keep the 3 in this case too. I think you can save a decent chunk because you'll only make one more car purchase instead of two. And the 3 is a pretty nice car IMO. The economical car you buy in the scenario may not be as nice or reliable

 

Still drive my first car, a 2002 Jetta Manual

no mechanical problems, but **** inside the car is falling apart

 

Any major issues on the Land Rover? Daily driver?