My car is currently 16 years old which is crazy to many of my friends. They can’t make it 5 years before purchasing a new vehicle. Vehicles are both a blessing and a curse. For most people they are necessary evil and the only way to commute to work. To me it is just a form of transportation that takes me the 1 mile to and from work everyday.
Here are the 4 main reasons I am going to drive my car until it dies.
The Desire to Not Have a Car Payment
This is the big one. I have no student loans. No credit card debt. The only person I owe money to is the mortgage company. I have no desire to take on a loan for something that just depreciates in value over time. Preferably the next vehicle I purchase will be able to be purchased in cash or at a fantastic interest rate.
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Cars are Just Expensive
Has anyone looked at prices of new cars lately? They are crazy expensive and bring with them huge monthly payments. One of my coworkers just purchased a new car the other day and his small sedan set him back 32k. He said he got a fantastic deal of 1.98% interest over the next 10 years. While 1.98% is great the 10 years is another big number. Who wants to be stuck with a car payment every month for a decade?
I Cannot Decide What I Want
There are too makes and models to choose from. My biggest issue is deciding if I want my next vehicle to be a car or an SUV. I currently have a small SUV which puts me somewhere in between. There are so many advantages above and below me in size.
Key Advantages of Cars
- Fuel Efficiency (Many cars reach over 35mpg)
- Nimble, Easy to park
- Generally Cheaper to Purchase and Maintain
Key Advantages of SUV’s
- Space, Space, and more Space
- Great for going off the paved road
- Extra safety factor
- We have two Great Danes (Basically like have 2 more adults in the house)
Value vs. Cost of Repair
Most people I talk to think I am crazy. My Chevy Blazer is valued on Kelley’s Blue Book at around $2,800. That is not very much. It is also 16 years old which could be viewed as another downside. Knowing these two things makes everyone think that I should no longer put money into the car for repairs. (Just recently I spent $400 replacing an electronic component)
However the flip side is that my car only has 112,000 miles on it. It sat unused in a garage for 5 years. The cars interior and exterior both look brand new. Over time I have kept up with regular maintenance doing much of the work myself. When I look up other Blazers from 2001 many of them reached well over 250,000 miles. I have even found cases where people have exceeded 400,000.
Knowing all this it makes it easy for me to justify a few hundred dollars hear and there for maintenance and repairs. Even if I had a brand new car I would have to fork out the money for maintenance. But with that would come a large monthly payment of which one month would probably exceed what I put into mine every year.
What do you think? Am I crazy for not trading out for a new or new used car?
Heres to many more miles!