Comments on: Fix It or Junk It? http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/ Tips and tools to save time and money. Mon, 08 Sep 2008 15:31:15 +0000 http://wordpress.org/?v=2.5.1 By: Terry http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-13268 Terry Tue, 29 Jan 2008 20:44:28 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-13268 Most modern cars go past the 100,000 mile mark without even blinking. A car that is at 100,000 or a little beyond is a no-brainer. Keep it. I'm shocked that the Saturn mentioned at the beginning of this thread of comments is showing significant signs of aging at only 130,000 miles. There is something seriously out of whack if that's the case. Makes me think twice about ever buying a Saturn! I have a Grand Voyager min-van with 270,000 miles on it and I'm only now at the point where "Fix it or Junk it" has become a serious question. I've had 2 major repairs and one maintenance job all within a couple of weeks of each other. That's probably a sign that the risk of additional repairs and maintenance in the very near future is high and that the average monthly cost will exceed that of a newer car. Most modern cars go past the 100,000 mile mark without even blinking. A car that is at 100,000 or a little beyond is a no-brainer. Keep it. I’m shocked that the Saturn mentioned at the beginning of this thread of comments is showing significant signs of aging at only 130,000 miles. There is something seriously out of whack if that’s the case. Makes me think twice about ever buying a Saturn! I have a Grand Voyager min-van with 270,000 miles on it and I’m only now at the point where “Fix it or Junk it” has become a serious question. I’ve had 2 major repairs and one maintenance job all within a couple of weeks of each other. That’s probably a sign that the risk of additional repairs and maintenance in the very near future is high and that the average monthly cost will exceed that of a newer car.

]]> By: Mary http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-9295 Mary Tue, 14 Aug 2007 19:33:55 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-9295 We never buy brand new cars or trucks. If you buy an 'off lease' vehicle, you can finance (if you have to) at new car rates and usually have a bit of the Manuf. original warranty left. Low miles and low rates. For those who pay cash, the returned lease cars are very negotiable. Good money practice . . negotiate. We never buy brand new cars or trucks. If you buy an ‘off lease’ vehicle, you can finance (if you have to) at new car rates and usually have a bit of the Manuf. original warranty left. Low miles and low rates. For those who pay cash, the returned lease cars are very negotiable. Good money practice . . negotiate.

]]> By: anonymous http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-2240 anonymous Tue, 10 Apr 2007 17:34:06 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-2240 it really all depends on how much longer you think your saturn is going to last.. me personally? i'd do the maintenance and keep the car til the wheels fall off both my cars (paid for) have over 100k miles and i plan to keep them as long as i can i have a tercel that i drive for commuting.. and a lexus for the weekend.. both are reliable and both will last at least 200k miles guaranteed.. i don't plan on buying a car anytime soon (for at least 5 years).. and the money i save on monthly payments will go to my retirement fund instead.. common sense it really all depends on how much longer you think your saturn is going to last.. me personally? i’d do the maintenance and keep the car til the wheels fall off

both my cars (paid for) have over 100k miles and i plan to keep them as long as i can

i have a tercel that i drive for commuting.. and a lexus for the weekend.. both are reliable and both will last at least 200k miles guaranteed.. i don’t plan on buying a car anytime soon (for at least 5 years).. and the money i save on monthly payments will go to my retirement fund instead.. common sense

]]> By: Lisa Allen http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-987 Lisa Allen Sun, 25 Mar 2007 14:04:13 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-987 The first thing you have to consider is your back up system when your car is undergoing repairs. If you can get by for a few days, you have the freedom to tolerate a less reliable vehicle. If not, you can't afford the luxury of a crummy car. Never never never never buy new cars, and never finance anything that isn't going to appreciate in value. Cars don't. The time my husband ended up buying a 73 Dodge, because his sports car died the week we closed on our first home, I came to understand that being really serious about economic principles ain't always pretty. One cool thing about the decision to pay for a car without financing? I paid for my present car using my credit card, and paid the bill off at the end of the month. My bonus for that? Frequent flyer miles that took 2 of us on a vacation. There may be one 73 dodge between you and economic freedom, but it's worth it. The first thing you have to consider is your back up system when your car is undergoing repairs. If you can get by for a few days, you have the freedom to tolerate a less reliable vehicle. If not, you can’t afford the luxury of a crummy car.
Never never never never buy new cars, and never finance anything that isn’t going to appreciate in value. Cars don’t. The time my husband ended up buying a 73 Dodge, because his sports car died the week we closed on our first home, I came to understand that being really serious about economic principles ain’t always pretty.
One cool thing about the decision to pay for a car without financing? I paid for my present car using my credit card, and paid the bill off at the end of the month. My bonus for that? Frequent flyer miles that took 2 of us on a vacation.
There may be one 73 dodge between you and economic freedom, but it’s worth it.

]]> By: phillip http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-316 phillip Sun, 04 Mar 2007 00:11:44 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-316 There can come a time when the monthly payments to fix the old beater a Dodge van was averaging about 200 a month. A good used buick century was only 170 a month payments It was a wonderful change. The century lasted well past payoff. There can come a time when the monthly payments to fix the old beater a Dodge van was averaging about 200 a month. A good used buick century was only 170 a month payments It was a wonderful change. The century lasted well past payoff.

]]> By: alex http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-312 alex Fri, 02 Mar 2007 22:07:15 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-312 I have a 1997 subaru with 210K miles on it and I have ragged this car out pretty bad. Its got dents, rust, a missing fron bumper but runs like a charm..always cranks and handles great in the snow. I dont worry about cleaning it..my wife calls it the "hoopty-ru". Its cool though, i am saving cash for another one, but will wait to see if i can kill this one first...Insurance is cheap when you do not finance either..My neighbors got 2 new cars, but the car payments are killing them and I am sure the upkeep and insurance is high. I have a 1997 subaru with 210K miles on it and I have ragged this car out pretty bad. Its got dents, rust, a missing fron bumper but runs like a charm..always cranks and handles great in the snow. I dont worry about cleaning it..my wife calls it the “hoopty-ru”. Its cool though, i am saving cash for another one, but will wait to see if i can kill this one first…Insurance is cheap when you do not finance either..My neighbors got 2 new cars, but the car payments are killing them and I am sure the upkeep and insurance is high.

]]> By: mapgirl http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-311 mapgirl Fri, 02 Mar 2007 21:26:43 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-311 I thought a lot about my costly car repairs last year. I put in a new clutch, catalytic converter, brake rotors and brake pads for about $4K (including all other service like oil changes, etc.) The thing is, if I get a new car, for a $400/mo car payment, that's still more than maintenance. This year, I will spend a lot less on maintenance, probably only $2K. So year over year, I save money by not getting a new car because I'd still have *some* maintenance costs, even with a new vehicle. The maintenance costs just won't be as much. Till I can get a new to me car for purely cash, I am going to stick with the car I've got. I thought a lot about my costly car repairs last year. I put in a new clutch, catalytic converter, brake rotors and brake pads for about $4K (including all other service like oil changes, etc.) The thing is, if I get a new car, for a $400/mo car payment, that’s still more than maintenance. This year, I will spend a lot less on maintenance, probably only $2K. So year over year, I save money by not getting a new car because I’d still have *some* maintenance costs, even with a new vehicle. The maintenance costs just won’t be as much.

Till I can get a new to me car for purely cash, I am going to stick with the car I’ve got.

]]> By: Stefanos http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-301 Stefanos Wed, 28 Feb 2007 08:09:08 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-301 Cars is something you should not buy new. Other than that, replace a car whenever your needs change or as benkelele pointed out when you constantly are thinking when your car will break down again. I personally prefer used German cars, they are quite reliable (more than American but less than Japanese) and are the most fun to drive. "The average new car loses 12.2% of its value in the first year, according to Edmunds.com; on a $20,000 car, that's $2,440, or more than $200 a month. Some cars depreciate even faster, depending on demand, incentives offered and other factors." from http://articles.moneycentral.msn.com/SavingandDebt/FindDealsOnline/10thingsYouShouldntBuyNew.aspx Cars is something you should not buy new. Other than that, replace a car whenever your needs change or as benkelele pointed out when you constantly are thinking when your car will break down again. I personally prefer used German cars, they are quite reliable (more than American but less than Japanese) and are the most fun to drive.
“The average new car loses 12.2% of its value in the first year, according to Edmunds.com; on a $20,000 car, that’s $2,440, or more than $200 a month. Some cars depreciate even faster, depending on demand, incentives offered and other factors.”
from http://articles.moneycentral.msn.com/SavingandDebt/FindDealsOnline/10thingsYouShouldntBuyNew.aspx

]]> By: Gwyn http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-300 Gwyn Wed, 28 Feb 2007 01:54:56 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-300 I've never made a "car payment" in my life. Some people treat them as a necessity, like the electricity bill or buying milk and bread from the supermarket. If you only buy cars that you can afford to pay cash for then the question of whether or not you would be better off to buy a "new" (or used) car becomes moot, instead you just do it whenever you have a need. I’ve never made a “car payment” in my life. Some people treat them as a necessity, like the electricity bill or buying milk and bread from the supermarket. If you only buy cars that you can afford to pay cash for then the question of whether or not you would be better off to buy a “new” (or used) car becomes moot, instead you just do it whenever you have a need.

]]> By: Adam Davis http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-297 Adam Davis Tue, 27 Feb 2007 14:12:53 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-297 My cars typically cost me 10 cents per mile (not including gas, but including original purchase price, oil changes, repairs, maintenance, etc). So if the car starts costing more than that, then I get rid of it and get another car. You can figure this out on a case by case basis - ie, the transmission needs to be replaced, it'll cost $2,000, but the car should run for at least another 40k miles afterwards. You also need to look at the long term cost. I spent $500 in repairs and maintenance last year, but I drove 20k miles - so it's still worth it. When the engine goes, that'll be an interesting one to figure out. But I've pretty much written this car off - someone sideswiped it while it was parked and their insurance gave me $1,800 for repairs. I replaced the broken window and mirror for $120, and as far as I'm concerned the car is now 'free' for me. My cars typically cost me 10 cents per mile (not including gas, but including original purchase price, oil changes, repairs, maintenance, etc).

So if the car starts costing more than that, then I get rid of it and get another car. You can figure this out on a case by case basis - ie, the transmission needs to be replaced, it’ll cost $2,000, but the car should run for at least another 40k miles afterwards. You also need to look at the long term cost. I spent $500 in repairs and maintenance last year, but I drove 20k miles - so it’s still worth it.

When the engine goes, that’ll be an interesting one to figure out.

But I’ve pretty much written this car off - someone sideswiped it while it was parked and their insurance gave me $1,800 for repairs. I replaced the broken window and mirror for $120, and as far as I’m concerned the car is now ‘free’ for me.

]]> By: bankelele http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-295 bankelele Tue, 27 Feb 2007 12:09:50 +0000 http://www.moneyhacks.org/2007/02/26/fix-it-or-junk-it/#comment-295 Had a similarly story with an old Peugeot until about a year ago. I kept it going by having a string of mechanics on 24hr call. Repair costs were not high, but psychological ones were higher - I just never knew when the car would fail on me and so there were some places / events I could not go. Eventually I sold it and bought a Toyota. I now realize that new car payments (for Toyota) are much higher than repairs (for the old Peugeot) but the piece of mind to go anywhere, anytime is priceless Had a similarly story with an old Peugeot until about a year ago. I kept it going by having a string of mechanics on 24hr call. Repair costs were not high, but psychological ones were higher - I just never knew when the car would fail on me and so there were some places / events I could not go. Eventually I sold it and bought a Toyota. I now realize that new car payments (for Toyota) are much higher than repairs (for the old Peugeot) but the piece of mind to go anywhere, anytime is priceless

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