How long are you planning on keeping your car?

[bjl584]

I can't believe you guys drive all these older cars, I can't have a car older than 2-3 years. The most mileage I had on a car was like 25,000.

I currently drive a 2008 BMW 328i.

A lot of people think this way. That's why there are so many cars sitting on the used car lot of pretty much every car dealership out there that are only 3 or 4 years old and have 30,000 miles or less on them. The auto industry depends on the fact that a good number of its customers will be back every few years to purchase a new car. There is nothing wrong with doing this so long as you can afford it. Unfortunately, alot of people have a car payment hanging over them their entire life and can't seem to figure out why they can't get ahead. If you can pay cash for your new car every few years, then go for it. But, if having a new car means endless financing, then it's a lot more financially savy to drive your car for many years and stay away from financing depreciative assets. But, most of you know that already. This is afterall a personal finance forum.

[disneysteve]

I can't have a car older than 2-3 years.

You can. You just choose not to. There is absolutely no reason why you can't drive a car past 25K miles. Heck, our van had 33K when we bought it. It now has 126,000. We paid cash in September 2002 so no car payment for the past 7-1/2 years.

If you are paying cash, that's great, but you still have to realize the huge impact that has on your overall financial picture.

[mdcrim]

I was planning on keeping my 2003 Acura TL forever (got it new in 3/03). It was the perfect car until it stranded me on a major highway during rush hour and the transmission went out completely (lucky I made it out of THAT situation okay). Car has 92500 miles with about 3 months and 2500 miles left on extended warranty (new transmission was covered) BUT, since I no longer trust this car and don't want to roll the dice on any other major problems, I will probably trade it on something new before the warranty expires.

My issue is that I work out of my car so I really want to be as comfortable as possible. I probably spend as much time in my car as my house.

[mikesaver]

My wife and I both have newer cars. My 03 Accord is paid off and her 06 Odyssey will be paid off as soon as our tax return hits our bank account. We're planning on riding them out for many years.

[Snodog]

We have replaced both our cars in the last 3.5 years.

I have a 2003 Hyundai Accent with 71k miles.

Wife drives a 2007 Toyota Yaris Sedan with 36k miles.

Plan is to keep the cars for about 8 years when both will have about 130-140k miles.

[cschin4]

We buy new. We bought on 05 Toyotat Forerunner and an 05 Sienna. Plan to just keep them as long as possible. OUr sons are 14 and 12 so we are considering giving them the cars when they come of age and then buying new for ourselves at that time.

[elessar78]

I got an 03 Accord COUPE (will be important later). The orig engine died, I know crazy for a Honda (I took it for regular maintenance) with 122K on it. The replacement engine was claimed to only have 40K on it—so I planned on driving it forever. BUT we have a baby coming soon in the next few months and the 2-door set up just doesn't seem practical anymore.

We have a second car (a Jeep Liberty) which we plan on using as the primary baby hauler.

[Penny Pincher]

I bought my Japanese SUV 8 years ago and it has about 80,000 miles on it and is still running strong.

I have the oil changed regularly, replace tires, brakes and other worn out items on a reasonable schedule and plan on keeping this SUV to at least 125,000 miles. Why buy new when this one looks and runs just fine?

Can't justify tens of thousands of dollars for the "new car smell" so why trade up?

[nck4857]

I've had my Mustang for about 12 years now.. Around 175,000 with no major problems. I'm driving it until the wheels fall off!! (and then re-attaching the wheels and driving some more!)

[mortgagegirl9]

Nice

I've had my Mustang for about 12 years now.. Around 175,000 with no major problems. I'm driving it until the wheels fall off!! (and then re-attaching the wheels and driving some more!)

Good one. My Chevy has been around for awhile. With regular maintenance any vehicle could last for a long time. It just depends on you if you want to cash in on every new vehicle that comes in the market. It can be quite annoying though because after a few months a better car pops up and you wish you just waited til it arrived.

[disneysteve]

April will be 10 years that I'm at my current job. I am the only one there still driving the same car as when I started. Everyone who has been there as long as me is on at least their 3rd car during that time period. My partner is on his 5th (he leases). It boggles my mind that these folks don't see a problem with perpetual car payments. Needless to say, I am the most financially secure of the group.

[RAYT721]

Hyundai Rocks!

I had a 2001 Hyundai Accent and LOVED it. I did recently get rid of it (only 60K miles - no troubles) because I bought a 2008 Suzuki Forenza in Feb 09 that had only 8 miles on it for under $12K. At 37% off sticker I was not gonna pass up the deal but I would still be driving my Accent regardless of age or mileage. My Suzuki (Hyundai's cousin in Korea) now has 10K miles which means that in the year 2025 I may consider a new vehicle if this one holds out that long. By then I would think gas would be around $35 a gallon but I'll probably be too old to drive anyway.

[PatientSaver]

The formula

I drive a 1999 Honda Civic with 110,000 miles on it and I'll drive for as LONG as possible. I should be able to get 200,000 miles on it.

I think i read that the rule of thumb is that once the annual costs of repairs equal or exceed that of a year's worth of car payments, you should replace it.

So i guess if monthly payments on a new honda civic were about $150 a month, then i should keep m y current honda unless annual repairs exceed $1800.

Can anyone confirm this is the right formula to use?

Right now, my annual cost of repairs usually runs about $1,000 or so.

[lillied]

How Long am I keeping my Car

I always plan to keep a car for 10 years and it seems to work out ok for me. Of course, I maintain it well. I like to enjoy a few years without a payment, but that is just me.

Lillie

[elessar78]

April will be 10 years that I'm at my current job. I am the only one there still driving the same car as when I started. Everyone who has been there as long as me is on at least their 3rd car during that time period. My partner is on his 5th (he leases). It boggles my mind that these folks don't see a problem with perpetual car payments. Needless to say, I am the most financially secure of the group.

In Millionaire Next Door the author talks about how high income/high prestige professions like doctors and lawyers tend to not have as much net worth relative to their income because they choose expensive lifestyles—do you find this to be true?