ValourUnbound said:Brett_Murphy said:93gsxturbo said:Unless the rest of this 203k mile Failblazer was 100% perfect and flawless I would have a hard time putting anything into it but a For Sale sign. The cost of the trans is at least what the vehicle is worth, maybe more.
A running, driving vehicle you own is generally cheaper than buying another vehicle, even if it requires a fairly hefty repair. Unless you're in a position where you car has to be newer, I don't get this line of thinking.I've done some thinking about this recently and come to this incomplete conclusion:
[annualized purchase cost] + [new car insurance] < [maintenance] + [current car insurance]
If, on an annualized basis, the above becomes true, replace the car. However, that check does not account for capability, safety, downtime, stress, etc. If you don't need your car to get to work, the above works. If this is your only car, if the failure modes put you in unsafe situations, if you need more seats for your 4th child, the check changes. You also need to consider the fact that the devil you know is better than the devil you don't if you are considering buying a used car.
I do not have a complete answer. The problem is more complicated then it seems.
There are times when a new vehicle is the logical solution. It was for most of my working life. As A Sales rep I covered 65,000 - 80,000 miles a year.
That cost was part of my compensation. It just made sense when cars were shot at 100,000 miles to replace the old with a new. I would hand my old car off to my wife, and a year or so later she'd get another.
My Income kept the car in near perfect shape, Since they were road miles the car while not worth much was a great deal for my wife, and later my children.
by the late 90's cars / trucks were actually solid values for hundreds of thousands of miles. Especially road miles.
That's when I really capitalized on The new. My 1997 truck was paid for by one company, paid for again by a second company, and paid for a third time by the third company. Many months the reimbursement on the car was greater than my salary, and sometimes even greater than my commission.
With. the recession of 2008 that truck really paid me back. It had been paid for since 2001 yet worked flawlessly through 2016 when rust made it unsafe.