New car time. Do you buy new and plan on keeping them a long time?

[FarmerTan]

I am blessed to know millionaires that still buy used cars. Old habits. All but one are new money types. The old money one buys new. I'll bet the new money one's have kids that buy new instead of used.

There's a guy that drives by my house everyday in a 1950's era Chevy pickup. Obviously his daily driver. I hate that guy, cuz I wanna be him.

 

[vacman]

I've bought one used and one new car in the last year...and I keep them until the bodies begin to show the beginning of rust. With us here in northern Michigan, that's usually 7-8 years. You are correct on the expense of repairs when the warranty expires, but I deal with the local Chrysler dealer, bought 2 Jeeps, and added the unlimited mileage lifetime warranty (to both the new and the used Jeep). All repairs after the original warranty expires cost a $100 deductible and if you wait until you have more than 1 issue to be repaired, it's still $100 deductible. I also have a 2010 Dodge Journey with 275,000 miles on it and it also has the lifetime warranty. We recently rebuilt the rear end suspension at a cost of $3500. It cost me $100. Yes, that warranty is expensive (around $3500), but if the navigation panel needs to be replaced at some time (for example), that's a $3500 bill right there!

 

[Doc4]

I lease, we get tired of cars after 3 years or so.

Scott replaces his car more frequently than his blades.

He has a "car version of a drinking game" ... every time there is a credible sighting of a sasquatch, he has to keep his current vehicle for another ten years.

buying new for cash, no extended warranties, maintaining the car very well, and driving it into the ground.

Ditto. I am on my second-ever vehicle. My first one was a 1979 Impala that I kept until it basically did this:

Now I have a 2003 Tundra with 500,000+ kms on it (300,000+ miles) and I am expecting to get a couple more years out of it at least. I'm gunning for 750,000.

I said I was lazy in buying new rather than used. I suppose also risk adverse. That is no matter how careful one is in buying used, there is still some additional risk over new. So I am paying a premium to avoid the additional hassle of buying used and the risk of a whole lot of hassle and expense if I end up buying someone else's problems. That premium is probably bigger than I should be paying some level. But I consider my time and energy fairly valuable and competed for these days.

ditto.

Buying new takes the "I hope the previous owner didn't screw up the maintenance" worry out of the equation. I keep it for so long that the difference in depreciation ends up being minimal.

Because of that initial hit, I'd stay away from brand new as well. Nothing wrong with a new car, but you're going to lose 20% of the value in the first year, give or take

Could be a good plan for some. When I was looking for my current vehicle, I looked at the same vehicle in "used" and what I saw was a bunch of 2+ year old trucks with 100,000+ kms on the odometer and almost no depreciation compared to buying new. Not "enough" depreciation to convince me not to buy new.

So I bought new.

 

[jmudrick]

I drove my Studebaker Hawk for 43 years. I'm equally fond of my '99 Mercedes C230K and therefore plan on driving it until I'm.106.

 

[shavefan]

I've bought one used and one new car in the last year...and I keep them until the bodies begin to show the beginning of rust. With us here in northern Michigan, that's usually 7-8 years. You are correct on the expense of repairs when the warranty expires, but I deal with the local Chrysler dealer, bought 2 Jeeps, and added the unlimited mileage lifetime warranty (to both the new and the used Jeep). All repairs after the original warranty expires cost a $100 deductible and if you wait until you have more than 1 issue to be repaired, it's still $100 deductible. I also have a 2010 Dodge Journey with 275,000 miles on it and it also has the lifetime warranty. We recently rebuilt the rear end suspension at a cost of $3500. It cost me $100. Yes, that warranty is expensive (around $3500), but if the navigation panel needs to be replaced at some time (for example), that's a $3500 bill right there!

IME, that Chrysler factory extended warranty is the best hidden perk in the auto business.

I bought it for my '14 Grand Cherokee. I got 0% financing for the car and warranty, and I paid a few thousand less than MRSP on the vehicle. It's nice knowing I dont have to worry about expensive repairs for as long as I own it. Which will be some time

 

[Carson West]

When I was a kid, you could expect to get about 100,000 miles out of a new car before it's engine would need an overhaul. But my mechanic tells me I can get 3 or 400,000 miles out of a Toyota, which I drive. So I don't see the sense in buying a new car when I can buy a used one for a fifth of It's price but with 80 percent of its life left in it. I just need to have a mechanic verify that It's been well maintained.

 

[DustMite]

I kept my previous truck for 17 years. I bought a new truck in '14 simply because I needed a bigger truck. I went with a Toyota so I figure I'll have this truck for at least that long before it starts needing serious repair.

 

[Doc4]

IME, that Chrysler factory extended warranty is the best hidden perk in the auto business.

There are two pieces of automotive advice that have been passed down through my family. My Grandfather's one cardinal rule for automobiles was "never skimp on brakes and tires ... they are essential. The rest is bells and whistles."

And from my Dad:

"Never buy a Chrysler product."

 

[August West]

I buy used, anywhere from 2-4 years old, then drive them until they are not worth repairing.

Sent from my DROID Turbo using Tapatalk

Pretty much this, but I shoot for 100,000 miles as a benchmark at time of purchase. Value plummets at those numbers.

 

[shavefan]

There are two pieces of automotive advice that have been passed down through my family. My Grandfather's one cardinal rule for automobiles was "never skimp on brakes and tires ... they are essential. The rest is bells and whistles."

And from my Dad:

"Never buy a Chrysler product."

That's what the lifetime warranty is for . This is my first Chrysler product, but in 4 years and over 20k miles ive brought it into the shop twice, for firmware upgrades. Fingers crossed...

My worst car I ever owned, by far, was a 2001 BMW 530i. That thing was in the shop on a monthly basis. The last time I had it in was for a bad headlight. When the dealer told me it was nearly $1k to replace I asked for my keys back and drove directly to the Lexus dealer and traded it in that day.

 

[Carson West]

There are two pieces of automotive advice that have been passed down through my family. My Grandfather's one cardinal rule for automobiles was "never skimp on brakes and tires ... they are essential. The rest is bells and whistles."

And from my Dad:

"Never buy a Chrysler product."

That's so true. If your car won't go, that's an inconvenience and a bore. But if it won't stop, someone can die. As for Chryslers, my mechanic agrees with your dad. He says they're pieces of junk.

 

[Shaving like a boss]

I still own the car I bought in highschool in 1981. Does that qualify as keeping a car for a long time? 1981 Z28. Still looks like new. I dont drive it much except in the summer. But I keep a car forever. My truck has 370,000 miles. If you take care of your rig it will last a LONG time.

 

[Macfrommichigan]

That's about what I do. About a month and a half ago we bought a 2015 Chevy Spark EV with 16000 miles that came off a three year lease. This replaces a 1998 VW Jetta with 215000 miles that was about the same age and mileage when we bought it, if I recall correctly.


Mac, I think that the driving position in the Spark is pretty good and I would go ahead with the test drive.

Thanks! You got the electric?

 

[RSC]

Yes, the electric, and I'm pretty excited about it. Wouldn't work for everyone, but it suits my situation very well.

 

[jaro 101969]

I buy used cars and then try to repair what's wrong. After a while I sell them with a higher price.

 

[hroshaan]

Buying used cars works better for me than leasing. When you buy, you avoid the mileage restrictions and termination fees that come with leasing, and you also get to own the car outright after your payments are done. Plus, there's the added benefit of lower depreciation costs compared to new cars, which makes buying used a more economical choice in the long run. When I needed to ship one of my purchased vehicles, finding a trustworthy shipping company was essential. I discovered some really helpful hints on Discover the Top Auto Transport Companies | Best Auto Transport Services - https://www.a1autotransport.com/best-car-shipping-companies/. It provided a comparison of the best shipping companies, ensuring I never had any problems with the process.

 

[Sideburns]

My truck has 370,000 miles.

So you're well on your way back from the Moon. Well done!

 

[nortac]

Toyota Tundra 2002, 316K miles.

 

[Mojo88]

2016 Ford Explorer 225000 miles.
2017 Honda CRV 89000.

We typically buy a 2-3 year old car that has come off a lease. Once we find what we like, the vehicle is gone over by a friend who is a local mechanic. We buy certified used vehicles, that program is a little more expensive, but it saved us thousands on one vehicle alone.

We have friends that lease and have a new car every three years. Personally, I don’t want a car payment forever.

 

[DrStrange]

When my camry went over 250,000,
I would say it as "a quarter of a million miles".

I gave it away soon after because it seemed to be that I was,
as I would say "buying a new car, one part at a time".