Used Car, New Car, or Same Car?

 

I’m afraid my car is about to go on life support.  Purchased used in 2004 with about 75,000 miles already on it, my 1999 V6 Toyota Solara SLE, made in Georgetown, Kentucky, and with the odometer currently sitting at 325,330, is starting to show its age.  It has the original engine, original exhaust system, original air conditioner compressor, original fuel pump, original just-about-everything-but-tires-and-battery, in fact.  It has been a remarkably trouble-free car.  It has never stranded me.

But last week the “check engine” light lit up—and this time stayed on.  Not coincidentally, I suspect, the air conditioner that had been blowing icy refreshment since the day I rode out of the used car lot was suddenly giving me a face-full of warm air.  And I’ve noticed the gas mileage is dropping.  I have to keep an eye on the tire pressure because the wheels have apparently worn to the point that the tires don’t fit as snugly as they should and lose pressure ever so slowly.  There’s a rattle in the back of the vehicle that no one seems able to diagnose or fix.

Is it the last gasp of a dying car?

That’s a question that plagues lots of people as their automobile starts giving them trouble.  I’m sure I’m not the only one who hates the car-buying experience, so like me they will try to make their car last as long as possible to put off that dreaded day they have to hunt for a new ride.  But how long is too long?  At what point should we stop trying to repair a car and just replace it?

Take my Solara for example.  I put on two new tires a few months back and have sunk about $500 into it over the last six months.  That is a likely a lot cheaper than six months of car payments would have been if I’d bought a replacement used car.  But how long do I do that?  Do I invest another $500 now to fix what’s wrong?  If it’s just the air conditioner, I can survive a few more weeks of hot weather then won’t have to worry about it until spring, thus putting off a car purchase even longer.  But just diagnosing the problem might cost a hundred dollars or more.  And if it’s something other than the air conditioner, do I draw the line now?  Should I have drawn it back in February? 

Here’s what I decided, and how I arrived at the decision.  If you are struggling with a similar dilemma, I hope this helps you.

For now I am going to do…nothing.  The car still drives smoothly, if a little hot and noisy.  It’s a runaround car that I use when the main family vehicle is unavailable or when I just want to get it out for a drive to church or any excursion less than 100 miles round-trip.  Gas mileage is not so critical then, just as long as I’m measuring it by miles per gallon and not gallons per mile.  If the car just suddenly dies on me I will not have lost much; I can’t get much for it in a resale.  And I’ve certainly gotten my money’s worth out of this vehicle.  By not having a car payment, I’ve been able to save up to purchase another runaround car with cash.

But a new car?  Nope.  I’ve been eying a used Solara or two online.  Toyota stopped making them with the 2008 model year, so they are all high-mileage.  But I might consider one with 125,000 to 150,000 miles on it, given how long my Solara lasted.  Moreover, Money reported last week that the average cost of driving a new car is $9666.  That includes depreciation, insurance, gas, maintenance, and finance charges on a loan for the car.  Take a hint from the “666” in that number, because the average price of a new vehicle hit $32,903 last year.

And you?  What about your vehicle?  If your main vehicle is acting like my Solara is now, then you likely do need to repair or replace it.  Selecting between those two options should be guided by the car’s maintenance history, the seriousness and potential repair cost of the current mechanical problems, how many miles it has on it, and your ability to buy a replacement (your cash/savings and budget situation) or pay for a repair.  There may be other factors in your particular case, but try not to let emotions be one of them.  If you have to part ways with the car, take some pictures of it, go on a fun (but short) trip in it—maybe to the ice cream hut—to seal a final good memory, then let it go.

If I can only do that for my Solara.  The places it has been, the people who’ve ridden in it with me….

Until next time,

Roger

“Things that are seen don’t last forever, but things that are not seen are eternal.  That’s why we keep our minds on the things that cannot be seen.”  2 Corinthians 4:18 CEV