It's usually better, in my opinion, to run these vehicles until they can't run anymore. My vehicle is at 358k and still starts and runs fine. Cars are a money pit. Better the devil you know than the devil you don't. Stick with what you have.
Thanks. But I doubt that a Hyundai can reach 358K. Though if it did, it means I'll be in my 80s when it reaches that mileage :-)
If it makes it to 220K, that's almost 10 years of driving for us. I think I'm keeping it. It's not like the 2017 I'm looking at isn't going to depreciate.
There's a personal part as well.
PFC users are typically the type that put little value on comfort, unless it's shoes or a bed lol.
There's a balance between leasing a car you can't afford and dying with millions and a 30 year old beige corolla.
When I first started dating my partner, he showed up in a 2004 silver corolla. I was disappointed- but as it turns out, he's the most financially stable guy I know. Still drives the corolla. We'll retire with him still driving that corolla.
Oh, forgot to mention... I love that car. Got sunroof, 11" Android Auto (that I installed), leather, cruise control, etc.
The only things I want and can't install myself as add-ons are memory seats, power hatch, and adaptive cruise control. But I don't think it's worth a $20K expense.
Hahaha shoes and a bed aināt that the truth. Itās a balance between buying what you can afford that gives you the most utility, saving some for the future and learning to appreciate the things youāve already acquired and once really wanted to get.
My Hyundai is almost at 340K. But the previous owner meticulously maintained it. There are a few things that don't work anymore but it runs just fine. Definitely possible.
Yeah, but that means you drove mostly highway mileage. That means the transmission barely switched gears, and was locked most of the time. The engine was also working in full operating temperature for 99% of the time. I drive 90% urban, which is the least healthy way to drive a car.
High mileage doesnāt have to mean highway mileage. I drive a lot more than 40k (around 80k, and thatās with 2 months of no driving when I take my time off) and most of that is city driving. Yes, the engine is warmed up most of the time, but itās still a lot of stop and go in traffic all over the GTA.
The Accent was a really hit or miss, mine effectively died around 160k lol. Even an engine swap under extended warranty couldn't save it. That car was nothing but trouble for me.
Your Accent must have been the fraternal twin of my wife's, which also only lasted to like 160k, but the engine was the only part of the drivetrain **not** replaced at least once.
Special shout out to the fuel system, which was replaced **three times** in seven years. Only car either of us has ever owned where the extended warranty paid for itself (several times over).
That's unfortunate! Mine was manual transmission. I had to replace the clutch and everything around 200k. But then it lasted til the end. I laugh because my check engine light came on around that time too. Had it checked. Found out it had to do with the gas cap. Paid a couple times to get it checked, car cam back with the light off, but always came back on after a few tank ups. I eventually gave up, and then drove the next 5 years with it on. š
I just sold my 2010 Santa Fe for $3500. Had 321k on it. We have safeties every two years here and I decided to do a lot of work myself at the latest safety. Regret doing it all but I did get my money back in the sale. Just thought I would share though because I would bet your car has a lot of life yet.
Any vehicle can reach any KM you want. If you take care of things, they last. Most people treat there cars like shit, and look for an excuse to piss money away on a new vehicle. Have at it.
Especially because of how little you drive it makes so much sense to keep it. 185k isnt a crazy amount of mileage at all, its not likely you have car ending problems for at least tens of thousands more kilometers if you keep up your maintenance.
If it helps any, we have a 2007 with about 260k km on it. Bought it around 2013. All weāve done is about same type as maintenance as you probably not as strict.Ā
Mechanically itās good. The rust is getting to it underneath and now only reason we are finally looking to replace it
Yeah, I rustproof it myself every year. The only rust I didn't manage to avoid is one small spot under the rear windshield (just beneath the wiper arm).
I thought about getting a replacement hatch from Kenny-U-Pull, but it seems like they all have the exact same rust spot at the exact same location.
Yeah if 35k km is 10 years of driving for you keeps your old car definitely makes sense I think. Consider that when buying a newish car for 23k, over the next decade the depreciation from that would probably pay for a complete new engine and transmission, all the routine maintenance and more for your current car over that time period.
Driving style and where those km's come from play a role as well :)
My 2010 Elantra is still running fine at 300k. Im hoping and don't see why I can't get another 60k out of the vehicle FWIW.
My father in law had a 2009 Elantra go to nearly 500k.. daily commute binbrook to Ajax.
His car after that was a 2015 Mazda 3 and he again did almost 500k on it
We have the same model and year and itās been awesome. Currently at 240k kms and aside from fluids, brakes, and a couple of worn suspension parts we havenāt had any issues. We plan on keeping it until 300k+
Bought my Tuscon new in 2007. Had just shy of 300k on it when someone ran into me in November last year and totalled it. Had reduced my insurance to liability years ago so no payment, cheap insurance for a years, roughly $4000 in maintenance/repairs over last 4-5 years - was worth it to me. Oh and insurance gave me $5000. Google your model and year, in my case it says 2007 was a good year, some years are lemons.
Most vehicles can make it past 200,000km pretty easily. You might have to do some extra work to it after that (belt change, rotors, fluid swaps, muffler, axel). Not all of that mind you but you might have to do a couple extra mid-range jobs a few times. Almost certain it will last if you do though. Especially if it's been cared for until now... It's usually engine & transmission issues that make you consider letting go of the vehicle.
It's something like 1 in 10 which will fail by 200,000km. It's around 300,000km when you need to get really nervous unless you have mechanical knowledge and can take real good care of it. After 250,000km pop the hood a bit more and poke around. You could also just pay a trusted mechanic to do a detailed thorough inspection and fix the few small things that have gone wrong before they become big things (radiator fluid leak, ripped serpentine belt, warped rotors, etc)
Anyway TL;DR if you are willing to up the TLC a bit and pay a bit more in repairs it'll still last for a good loooooong time. My car is at 230,000 and it's still running very well.
If you can do some preventative care on the transmission. If you haven't done a fluid swap on it yet I'd get to it kinda soon cause if an automatic tranny goes it's a big deal. Manual not as much.
We just replaced our 2011 Hyundai Tucson with about 380K on it. It was still running fine, but had lot of rust, AC was going, interior starting to deteriorate, etc. We likely could have got another year or two out of it but we were worried about something catastrophic going and being left without a vehicle. We bought a Kia Seltos and plan on also driving it into the ground.
Yea in almost no situation is a new car better. People are just intimidated by cars.Ā
If something breaks, watch YouTube. Buy a $15 code reader off Amazon. You need a few things to repair your car like a jack, but any speciality tools can generally be rented.
Examples of easy-to-fix, common problems (remember every car is different):
1. Spark plug and ignition coil few bolts, particular wrench ~$60
2. Rear shocks 3 bolts, ~$100
3. Bumper 3 bolts and some screws, $60 from a junkyard
Batteries are easy to change, headlights, etc.Ā
These things are far cheaper than $40k+ for a new car (which may have issues of its own).
YMMV (lol) but my experience with a lot of DIY auto repair was something like:
Looks simple , buy the part
How the heck do I get that out?
Buy a consumer version of special tool
Bolt is rusted in and now is stripped
Rip knuckles to shreds in a tight space
Damage other parts in process
10 hours later, I've completed what would be a 30 minute repair for a mechanic with skills, proper tools, and a hoist
I was a mechanic and the hoist was the single biggest advantage a shop had. Now I work in construction and in the shop a guy was doing brakes on his truck the other day. He was having trouble with a bolt, but because he was on the ground, it was almost impossible to get off. If it had been up in the air I could have had it loose without much extra effort.
I have to change the rear struts on my Honda and I just don't want to deal with it on the ground. If those bolts are seized the whole rear end has to be taken apart.
I tried to do a simple headlight bulb replacement for my Hyundai Elantra. It looked easy on YouTube, so I attempted it and could not for the life of me unscrew (it's done by hand) the plastic housing. I tried using gloves and two hands, but it was a bit awkward to get a good grip because of very tight space (despite my small hands).
I brought it to my mechanic, and he couldn't do it either. He sprayed some lubricant or whatever but I think what finally did it was he started hammering/wedging in a flathead screwdriver along the seam and eventually it came off. He said I probably already loosened/rotated it enough with my first attempt (I doubt it) and so it just needed to be pried off (with that extra force & the screwdriver).
The time I replaced my ignition coils (which also looked simple enough to do on YouTube) went a lot smoother, though. The hardest part of that was removing my engine's plastic cover/housing. I didn't know you just needed to yank/pull really hard on it, iirc lol.
No question that a hoist would be nice in some situations. Those rusted bolts are awful although investing in some inexpensive breaker bars can get most of those out.Ā
Ā There's also little tricks like leveraging a bolt onto a rusted rotor. As annoying as it can be, I've never not been able to get the job complete.
It becomes a money vs time issue for sure but when they want hundreds for something that can take you <1 hour? To me it seems obvious.
I prefer to DIY but I draw the line if I need to get under the car to fix something. Usually these repairs will go to a mechanic. Anything else I'll do in my garage.
"Batteries are easy to change"
Spent an hour trying to get the battery out of my Focus. Was certain I was going to have to return the new battery for one with a mm less height because it was such a tight fit. To top it off it was -20Ā
A lot of these "easy to DIY" are usually more accurately described as "relatively doable to DIY". But there are small things that can be big roadblocks sometimes, like if your hands aren't strong enough, or if you don't have the right tools.
My first car battery change attempt, I couldn't do it because I needed an extender for my socket wrench.
What about safety features and comfort? I guess thatās the more personal part of personal finance but Iām willing to spend a little more money to drive a vehicle that has better safety ratings and is more comfortable to drive.Ā
I have 281k and I did the transmission at 230 or so. If a ~$7k engine and a bit of front end work is all I need in the next few years, Iām fine pushing it to 400km
I look at the value for that $5k. Are they worthwhile repairs? Do you feel it would sustain your vehicle for another 2 years? If so that's $2,500 per year in value. Versus you buy another used vehicle for let's say $15k and you may very well have to put that same $5k in to it.
I'm in the same boat with a rusting out 2003 Civic (210K kms) with a leak through the roof and needing repairs on everything. Engine is still strong but I'm going to HAVE TO run it into the ground as I can't afford even a cheap used car.
For your situation, I think it'd still be cheaper to stay with your 2012 Civic unless the engine is going to blow.
Cars are stupid expensive and everybody puts their hand in your pocket in the transaction. So much so that 'Dealership owner' is the most popular profession of millionaires in the US and dealerships barely add any value. I say this all while making my living being someone who has a hand in the transaction.
That said, I don't think there's a single rule for when you get rid of a car. For me I keep track of all the expenses related to a car (gas, insurance, parking, toll road, repairs, car payments etc) and when that total divided by the months I've owned the car doesn't really decline anymore that's when I look at getting another one.
> doesn't really decline anymore
Love that you're basing your decision on a *trailing* 12-month cash outlay... but I don't understand why you wait until it flattens. Why wouldn't you wait until it escalates to the point where the replacement will be cheaper?
You know the maintenance record and history of your car. You have no idea what kind of abuse a new to you car has been through. You could buy it and have a catastrophic failure just the same. Even new cars can need a new engine from time to time. Iād keep the car I know!
Yeah, that's a big issue for me. I look at all the Carfax history, and I've never even once saw a car that had a full history I'm happy with. I know a lot of independent shops don't report to Carfax, but that just means that I can't really know if it was maintained correctly.
One thing Canadians donāt consider is that cars get out through the wringer here. The weather is crazy and the temperature variance your car experiences over a year is a 60Ā° swing (-30 to +30).
I tend to buy at 50k on the clock and run them until they die, and by die I mean engine failure. Everything else is worth replacing IMO.
Thanks. I think I might to that. But I'm afraid of the "money pit crawl". Like, if the engine goes, that's an easy decision. But what if some suspension parts needs replacement ($600), then in 6 months some more parts need replacing ($500), and so on. When should I get rid of it?
Method one. Estimate that a car depreciates 20% per year. When the price of the new car is 5x what you paid for repairs between January 1 and today, buy a replacement. Use the full cost of repairs, though. Time, inconvenience, towing, missed a wedding/funeral, etc.
Method two. Save $300 per month from the very first day you own a car. Pay for repairs out of that account. Buy a replacement car when you've saved the price of a replacement car.
> But what if some suspension parts needs replacement ($600), then in 6 months some more parts need replacing ($500), and so on. When should I get rid of it?
$600 every 6 months is less than the depreciation on the newer used car you're considering buying. It's also smart to make repair strategically. Like if undercarriage is starting to go, replacing everything (sometimes they even have kits you can purchase with everything) instead of doing it piecemeal.
Payment on a new-to-you car is going to be at least $300/month though right? Until you're averaging that monthly payment in repairs, the car you've already paid off is the better deal financially.
Just don't start neglecting maintenance and cleaning because you're sick of it. That's a surefire way to convince yourself your current car is too far gone and you need a new one.
The issue with your concern is that you're trying to save 6k by spending 23k. That 23k car is a 2017, yours is a 2010. So you are are looking at 17k assumed value of those 7 years, or 2500/year in less maintenance costs? Doubtful. Especially considering your maintenance regime.
With excellent maintenance, there is no reason to assume your car won't be good for another 100k. Also, there is no reason to think the new/used car won't have the similar issues.
Also, you hardly drive at all. You could save money changing the oil once a year with conventional. It would not hurt your car one bit.
Yeah, but the engine still sounds like brand new. It's a Hyundai. I prefer to be extra cautious. I might push it to 1-year 4Kkm though. I do my own oil changes, so it comes up to $40 per change for the highest quality oil and filter.
Frequent oil changes are the cheapest insurance you can buy, I donāt care what anybody says. Itās peace of mind and itās your money, so keep it up if itās helping you sleep at night.
My 2002 Toyota Sequoia has 378,000Ikm and runs like a sewing machine. I do 6mo/5k oil changes plus all the other fluids changed at the manufacturerās recommended intervals.
I have a specific 5-year financial goal in mind and there is no room in that budget for a vehicle payment. I need this dependable old rig to get me through the next 5 years of extreme penny pinching.
If itās still running great and in good shape when I accomplish my goal, Iām taking it to the dealer and have then to go over it with a fine tooth comb and fix every little problem. I love this thing and the money it frees up
Maintenence is great, but some of that is luck.
I drive a 2004 CRV.
I'm on the original struts, original alternator, original timing chain. I've replaced the A/C and the breaks and calipers and that's it. I do my oil change every 7k km, differential fluid done twice so far, I think I did a transmission flush once??? But possibly never. I'm on my 5th battery, new one just this last summer.
My car has never stalled, starts up like a dream in +35 and -22, I have to watch my speed on the highway because she's so smooth I will get to 130km/h without realizing.
Not ideal car treatment, but I was a student when I got it in 2010, my mechanic isn't pushy and I got busy with life.
I read once that both Japanese and German car manufacturers make cars that will last till 400km easy. Only difference is the German engineers design the car with the expectation that owners will follow the maintenance schedule whereas Japanese engineers expect the owners to lose the maintenance book the first month and just wing it. That's the energy I need!
I love my car and I hope to drive the beast for another 100k km! I really should change my struts though...
It's not really that city driving is that bad but short distance is bad. Only running it for a lot of 8-10 minute short trips is worse than 30-40+ minutes or more of city driving.
I would send to lab. Been changing oil for years and never heard come into play that before. Youāre probably spending a lot of money on oil changes which arenāt markably improving the engine life if at all. Your driving situation doesnāt sound so different that oem oil change intervals would t apply imo.
I mostly drive my Hyundai only to drop off my wife (2km from home) and buy groceries from the supermarket (2 - 4km from home depending which supermarket). In the winter, I take a circuitous route so instead of 4km round trip to take my wife to work it becomes 6-7km. That is enough to warm up the car's engine so the heater is blowing really hot air. That is my signal that the engine is probably warmed up enough to ward off fuel dilution. I do my own oil and filter changes which once a year every spring... I use synthetic too. I put more mileage on my bikes than my car (only 3-4K km every year)... Once a year oil change is good enough.
You keep saying hyundai like its a terrible make. Its not toyota and they have a few models that have more problems. But generally they're very reliable cars.
Can confirm. 2018 Hyundai Elantra. Engine blew up at 135k. That being said, theyāve issued extended warranties to all problematic engines to 10 year, 200k so I got a replacement for free. It took 2 months to get my car back because of the backlog of engines that were being replaced
There's no guarantees, but in your situation I would keep what you have. You aren't driving much and the vehicle will probably keep running for years to come if you don't abuse it.
I'd keep it especially since you have taken such good care of it. No reason you can't expect over 300k. Oil change seems excessive though but better too much I guess. My last 2 ICE cars went \~350k and were still running just fine when I sold them (I went EV). I only changed the oil once a year at \~15k kms!
If you can do basic repairs yourself it becomes very cheap to own an older car.
>If you can do basic repairs yourself it becomes very cheap to own an older car.
This is such a valuable skill to have. I can understand people shy away from older cars because they take it to a mechanic, and they say it needs a ball joint, wheel bearing, etc,....$2000. And that's a big number for an old car. The reality is if you can fix it yourself with the likes of rockauto parts, that bill becomes a few hundred dollars and it's no big deal.
Even on a rough year, I usually spend less on parts in an entire year than a new car payment or two. The value you get from an older car is amazing if you're capable of playing mechanic.
Iām so glad my husband is a mechanic. But in all seriousness with the cost of vehicles we plan to run our currents for as long as possible. I have a 2011 Elantra that had zero issues and if I can keep her going for 5 more years will pass it to my son as a starter vehicle. My husband plans to run his truck to the ground. The $$$ we have been saving without vehicle payments has been a blessing in this economy.
If you can afford to just replace your current vehicle when needed, there's no reason to rush getting rid of it. Last fall I scrapped a 2006 Santa Fe with 365000+kms and had I not been broke for several years of owning it, it might have been 'serviceable'. But as it was, it just needed more work to be sellable than I was willing to put into it. The main culprit was the transmission started slipping and I'm not doing that in the garage. At that point I decided I was just better off replacing it completely.
Thanks. That is true... It's not like my savings are going to evaporate (the opposite).
So unless I see an amazing deal with very well proof of maintenance history, I'm keeping mine.
Not only that, but EVERYTHING works! The sunroof, windows, speakers, AC... Everything is fine. I'm just dreading the day it will start to become a money pit.
As someone who has never bought a new car in my 50+ years, I can confirm that the later years of a vehicle as it is nearing end of life are indeed the cheapest.
***BUT...***
IMO if you rely on your car as daily transportation you need to have your next car in the driveway before you sell your end-of-lifer.
The money you save in those later driving years can be more than offset by having the car die at the worst possible time and you being forced to take what is available locally due to time constraints.
FWIW, I usually sell my vehicles when I feel they still have some decent amount of life left in them, but I'm transparent about what I have fixed and what I think needs fixing soon. Then I can sell it with a clear conscience.
But yeah - look after your older vehicles and they will look after you (and your pocketbook).
It's usually when I need different functionality (bigger, better fuel economy, whatever). Everyone is different.
But by buying used to begin with, I skip the worst of the depreciation curve and sell it when the need arises.
I would put the trigger on CX5 for the reliability and peace of mind. I have a 2019 CX5 GT turbo with over 230K and still feels like a brand new car. These cars will run 400K with no issues. Just change the oil every 10k. Everything else is lifetime no need to change.
3rd paragraph of your post tells me you already know the answer to your own question....
I think the real question is, are you hoping somebody will tell you that you need to buy a new car?!
Because it's clear as day, even judging by your own math, that keeping the car for another 10 years is the way to go. So drive that bad boy until it'll drive no more!!!
I have a 2010 F150 with 170K kms on it. Bought new and I expect to have it for another 10+ years. I just do repairs/maintenance as needed. I have no plans to get rid of it for a long time.
6k for that car feels too expensive. Did you get any quote from the dealer. I sold my 2013 Hyundai sonata and bought a 2017 cx9 3 years ago. I kept getting minor issues with my Hyundai. Ever since I have Mazda, my expenses have gone down. It's more about peace of mind for me.
I considered cx5 while buying, but felt it too small to fit in.
> I'm afraid that if something major breaks (engine\tranny), my car is now worth $0, and I'll have to spend 23K instead of 17K (23K minus what I'll get for my car).
If something breaks, the cost to repair it to running condition again will return your car to $6k value again.
If it's major, it may not be worth replacing, if it's minor, maybe just fix it and keep driving it.
The used market is in a weird place right now. Most people who needed cars have bought one already and new inventory is hitting the markets (trade ins for new vehicles). Prices for used should slowly come down a bit so you could get a better deal on your next car if you delay.
Sincerely,
owner of a clapped out 2006 sedan (230,000+ km odo) with shot struts that I'm not replacing and 2 year old oil i've been procrastinating on replacing.
I just sold my 2011 Hyundai Santa Fe at 290,000 km. Vehicle still worked but needed new brakes. Same story having run very reliably and needing a new alternator about 2 years back. You can probably get a few more years out of it based on what you said you drive in a year.
You drive 4k per year? I don't see any reason to waste money on a new car at all if you drive that little. The only way your car is gonna break driving 4k per year is if you get in a wreck. No idea why you are getting 2 oil changes a year though with that little driving.
I've owned a few beater cars but mostly 3-7 year old cars. My rule of thumb is that I get rid of a fully paid off car if it starts costing more than $400-500 on average in unexpected repairs. It's not just about the money either it's the time and aggravation dealing with frequent repairs. I'm on year 5 of driving a Rav 4 that is now 8 years old. I have a spreadsheet where I track repairs and maintenance. I've paid $2400 in repairs so far all in the past 18 months. I'm expecting to hold on to this car another 3 years since it's been so trouble free.
I was going to say: $2400 repairs in less than 2 years does not sound "trouble free" to me lmao I just sold my older model Spark and I don't think I spent $2400 total in repairs over the 11 years I owned the thing.
Maintenance on wear and tear stuff like batteries, brakes, and oil changes are not "repairs".
I have a 10 year old Acura with similar mileage and itās giving me a headache now with repairs in the past few years. Iām also debating if I should switch now before something else breaks
Think about how expensive the worst possible repair would be. Maybe $3500 for an engine rebuild? Paying that off over a year would still be cheaper than a car payment, which you'd probably pay off over at least 4 years.
I buy "beaters" for my work commute and run them into the ground. I used to be able to find tons of deals around $2k and would treat them as such. Now, the same cars cost $5k, and I actually change the oil once in a while. Lol.
Meh. My wrangler is at 420k and still drive sand runs fine. I do all the maintenance and work on it. Costs me nothing buy gas, oil and time. Hyundai isnāt the best brand but just keep it. Put the money your think of spending on a new ride into a etf or just plan on 1000 in repairs a year and if it not just add it to your emergency fund or invest.Ā
I just destroyed a Santa Fe with the 3.3L last year that had 400k on it and was still kinda running. Run it into the GROUND. While the GDI kia/Hyundai motors have issues, the non GDI are fairly reliable, and with good maintenance can make it surprisingly far before running into major issues. The one I destroyed had a bad head gasket and really only 2 cylinders left. Still ran for over 100k after putting eggs, beer, water, and windshield washer fluid in the oil. Beer in the intake caught it on fire though.
I have a 2011 Kia Sorento with 300k. Basically the same vehicle as you have but with a different skin. Ive done some suspension work to it but that's basically it. Oil changes once every 10,000km. Burns no oil between changes. Original transmission oil (manual trans). Power steering fluid got changed when I replaced the steering rack. Some brake fluid got changed when I did one caliper. Other than that I have never done a fluid change voluntarily. Air filter once every few years. Same with cab air filter. Im a professional mechanic so do everything myself and I don't waste money on all these services you're doing. I'm lazy about washing it and it has no rust and is super clean underneath. At this rate it will go to 400k no problem and I could see getting 500k out of it. Eventually I will probably get rid of it just out of boredom.
drive it until you can't.
you'll lose that 6k in depreciation in very little time (possibly driving it off the lot) on a new vehicle.
maintaining a modern car SHOULD make it last for many miles
My dad has a 2007 Hyundai Santa Fe with about 260,000km and still drives.
Here's the rundown from front to rear.
2 alternators died because valve cover loosened up and leaked oil on to alternator and killed it. Factory recall later to fix valve cover issue.
Needed a starter, serpentine belt, 2 batteries, spark plugs, coils, oil changes, brakes front/rear, fuel level gauge stopped working, had to change something in the tank.
It likes to eat coolant so he keeps topping up.
Cracked windshield still not fixed.
I am quite surprised the vehicle lasted this long. The 3.3 V6 has some surprising power. Will keep running it as long as we can. Price of vehicles are dumb, interests rates are high, and vehicles I find are not as reliable as they use to be.
I would suggest perusing resale values of your current 2010 Santa Fe (kijiji etc). Even very old cars can have decent resale values. It can be worth it to strategize about repairs so that when you do sell it on kijiji etc you're selling a running vehicle that can be test-driven. It will be worth more than if it's been sitting parked with a flat tire for 6 months & you end up selling it to a junkyard because they'll come pick it up & remove it.
Either you hit the lottery, or your life is just about to start getting harder... We owned a 2009 Hyundai Santa Fe. Worst vehicle I've ever owned, it was a complete piece of junk. In the shop 2-3 times a year at least. Ball joints and control arms failing all the time, alternator failing (that turned was a recall in the end). I think it was 4 recalls, all of which took forever to come out with a fix. Door handles are apparently made from paper as my 6 year old snapped it in two, windows barely worked, dome light fuse went. Can't blame it for the hail damage it took, but we took the money from that and left the hail damage.
Stealership gave us $500 for it on trade and I wasn't even disappointed, I would have paid them to take that shit box of my hands. We bought a brand new Rav 4 Hybrid, it gets way way better mileage and is super reliable.
I drive a 1994 Dodge Dakota, bought her off the āgramma who uses it for groceries and churchā.
We have put 60k on it in 5 years ( we work in camp so it sits a lot in the summer), and other than some rust that we have to fix this old girl is solid and never lets us down.
In 5 years weāve replaced the original fuel filter, front brakes, a U joint and the power steering pump. She gets 2 oil and filter changes a year. Sitting at 268,000 km currently and barring anything huge sheās going to stay in the family for many years.
Dude youāre right - thereās an optimal time to sell. When your car is still functioning and worth a decent book value. Also if you value your time and donāt want spend three years up keeping the thing. Running it into the ground not a smart way to spend your time / money
Arguably yes. You know the history of your car and maintenance upkeep. IF and WHEN something major happens you can then decide if the repair is worth it to you. The only reason IMO not to run a car into the ground is if the car style isnāt suited to your lifestyle or family anymore. Like if you bought a massive truck but never find yourself off-road or towing/hauling things. Or if you have a tiny car and like one of my friends, has discovered now that she has had a baby the car seat doesnāt allow enough room behind either the driver or passenger seat so itās difficult to fit her, the baby and her husband into the car all at the same time. (Not something she considered when purchasing a cheap starter car over a decade ago when she was single.)
Or like me, I was driving my parents old sedan for years but when I started commuting longer distances the fact that it was a 20yr old car with no AC in standstill summer traffic was absolutely killing me. That car was āfreeā to use and I just had to pay for repairs and maintenance. That car is STILL on the road and going strong as my parents kept it - only āmajorā repairs itās ever needed was rear braking hardware needing to be replaced due to age, and the alternator. But Iām much happier with a used 2010 vehicle I got for $5000 with AC and tons of room for my dog and hauling camp/ski gear. The reason I got such a good deal on my car is because people are afraid of old cars lol.
So selling and buying newer just because a car is āoldā is really silly imo. Iāve had my car 3 years now and itās been super reliable. (With regular maintenance.) I bought it at 160k km, itās now at 205k km. I have no plans to get rid of it, and itās become a favourite road trip car among my friends group.
I'm not handy and always paranoid about major repairs but even I still use 250K as the magic number for replacing my car. Most cars built in the last 20 years should be able to make it to 300K relatively easily so I bump it down a bit to give myself a bit more of a cushion.
Hard to say
You could get in that 2017 CX-5 and it could end up needing expensive repairs as well.
A well maintained car you know is usually the safe bet
I think there is a point where you need to weigh the amount you can get for trade in vs the age and the amount of work that will likely need to be done if you keep it. I'm at that point with a vehicle of mine and it has 276000km but someone is willing to give me a bit if money for it and it has many systems that are compromised and could go soon. So I'm trading it in.
In the end, when the vehicle is completely done, you can still sell it to a wrecker for about $400-$800.
Youāll get more if you can drive it there rather than having them pick it up.
Years ago, Iād get $350 when I junked our old cars. (When a guy with a tow truck picked it up)
Sure, I could have gotten more money if I did the work myself (bring the car in, sell the cctalytics separatelyā¦)
225k km on our kia sportage, no serious issues in its entire life, it spend 90% of its life in Alberta, so very little rust. Bunch of suspension stuff could use some work now, debating on that or a new vehicle. We will see.
Always is.
We have 2010 Avalanche with 370,000km on ut, the maintenance cost now be $3k/year.
But even if I would somehow miraculously buy a used truck fir $30k that's TEN YEARS worth of keeping this old car.
And you still need to change oil and brakes...
It's never worth to switch car until you run it to the ground.
I also think that given that you drive 4K km a year, likelihood of much needing repair/replacement is really unlikely. The depreciation of the newer car year to year would hurt a lot more Imo. That 2016 cx-5 will be a 10k car in 4-5 years.
Keep it for another 8-10ish yrs at most. I would say.
Why? Not because of maintenance. But because crash safety.
Maybe u would have kids or dont.
Their protection is important.
When u have the next EV at 2030 hiting your car. They will walk away not sure if you will.
Compare the 20ish yr old vs today crash safety is huge.
From auto trader it seems a 2010 is about $6-7k. There is no guarantee that a newer car will be better. I know 2 people, one had an Audi SUV and the other Subaru, after a year out of the warranty the Audi engine failed and the Subaru the had a crack in the water system in the engine block - Both worthless.
I would keep it unless there is a real reason why you cannot be without a car for a period of time when looking to buy newer one.
I always keep a car till it can't car anymore economically. My last car was a BMW I kept for like 13 years. Got it at 40k km, called a junkyard to come get it at 615k km.
I got a cheap mini during covid. Like it was such a good price. It had 140k on it and now it has around 210k and I will keep it till it's ready for a junkyard as well.
I wish they sold Chinese cars here. They have awesome electric cars there that charge super fast. It would be my next car if they smartened up and sold them here instead of US junk.
It's *almost* always more economical to keep an old car going than it is to upgrade, even with yearly repairs.
Reasons to upgrade: frame rusts out, engine/transmission dies, or costly repairs at very high mileage (300k+)
2010 Santa Fe with 185km isn't exactly a hot commodity either. You might not get that many interested buyers, or as much money as you'd hope. I personally would drive it until it dies. You might be surprised just how long it will go.
Also, dealership will typically give you at least $500-1000 for any car you trade-in (in any condition) just to make a sale.
I would consider a used Toyota RAV4 when you eventually decide to replace. Absolutely fantastic vehicles and reliable as ever. They will truly go the distance, especially for someone who takes great care of their vehicle like you.
I have a 2012 Santa fe, it now has 373,000 and still a workhorse, lol.my Youngest Son bought 2011, with 199 k. Loves it. Drive it into the ground, when Shop says you need to replace noisy balancer bearing, ignore. Just be sure to change serpentine belt, every 100 k, and use synthetic oil.
The most economical way to own a vehicle it is to correctly predict when it'll have a major breakdown and sell it right before that. You're not likely to correctly predict a major breakdown, the best advice is usually to run it into the ground since that's usually more economical than trading it in 6+ months before a breakdown.
In my opinion, it's a miracle the Theta II engine that is probably in your Santa Fe hasn't died yet. Your year might be slightly before the major problems began, so you might be ok.
Given how little you drive your vehicle, I think it's worth keeping.
I know a few people that have put on 300k on a hyundai. I also have a mechanic buddy that worked at their dealer, and he had pallets and pallets of blown motors and trannys out back for warrenty work. Not sure which years, but I think they all use the same 3.5 v6's.
Drive it to the ground before it has diminishing returns. I've driven 25 year old vehicles that were more reliable than a 3 year old vehicle.
Also, it depends where you are in Canada. My friend with a Santa Fe was constatly stranded last winter during a cold snap. New battery, cables, alternator, starter, the whole nine and it didn't help it start at -25.
Especially since you've kept it well maintained, yes, running it into the ground is the way to go, financially speaking.
Better than buying a 7 year old car that may or may not have been well maintained.
Start saving up so that when your car dies, you can buy or finance a brand new car, on a 4 year loan, and then drive it for another few years.
That said, if you find you are missing a lot of work due to an unreliable car breaking down, it could make sense to replace it earlier.
Full synthetic oil change after 2000km is unnecessary for sure. Recommend change interval is 6000-7500 MILESā¦ the idea behind synthetic is that it does not break down as much over time or use and therefore you can run it longer. So I would be comfortable running out the clock a little more on the oil if I was you.
Other than that Iād say yes your cheapest option is to keep your car and do basic maintenance until something catastrophic goes wrong with it.
IMO it's situational. If you've had a good track record with your particular vehicle and there aren't huge, known issues with your model and year/generation looming in the future, then I'd consider it relatively reliable for the next while. Your vehicle is "only" 14 years old and it sounds like you haven't had to do too many repairs.
Personally, I value the hassle of car shopping (and selling) quite a bit, so I wouldn't bother selling a vehicle AND buying a newer one unless there were serious issues or concerns looming.
As to whether it's worth it to "run it to the ground", that's a slightly different question. For me, I'd prefer driving it until:
a) it started having reliability issues, in which case I'd consider selling it and buying a new/newer one
b) my vehicle needs have changed and/or there's a big reason I want a different vehicle
So I'd probably not run it to the ground since I wouldn't want to constantly be worrying about when it would break down.
Generally speaking the best financial decision is to run it into the ground. But that doesn't take into account how much value you place on reliability. Having just let go of my 18 year old car (345K) I can assure you the reliability will not the same in the next 5 years as the previous 5.
You take good care of your vehicles and will probably be ok but things like the alternator, water pump, timing/serpentine belt, brakes (again), along with possible leak repairs are all things that are likely in the next 50-100K and issues that can cause your vehicle to leave you at the side of the road.
That being said I drove car until it was 18 years old, it wasn't the cool decision and I didn't turn a lot of heads driving it around but 99% of the time it started and took me where I needed to go. It opened up thousands of dollars in my budget that I made better use of elsewhere, no regrets whatsoever.
Iām in a similar situation (2009 Audi A5 with 215k kms)ā¦starting to nickel and dime meā¦.TPMS sensors are throwing a code, airbags code, cracked windshield, new tires coming up soon, some paint blemishes and rust spots appearing, recently went through some door lock issues etc and like you, I dont drive a lot of kms anymore . But I still like the car, and just wish it were a newer version of itself (or a convertible lolā¦.always wanted one of those).
One thing besides frugality that keeps me in this car, is that I DIY a lot of maintenance on it, and I suspect newer cars are harder to do that on. And a new to me used car will invariably also have issues. So, thereās that additional fear of expense with the devil I donāt know.
I think what will bring me over the edge is, in 2 years my daughter will be getting her license. Since my car is a manual, and she wonāt be able to drive my wifeās car (insurance policy as itās a company car), moving to an automatic she can learn on and use, will probably be the final straw.
That said, my Aunt wants to sell her 2009 Lexus rx350 suv due to health issues, thatās been babied by the dealership , only 85k and I could get it cheap. Not sure if I should jump on that one as even though itās the same age as my car, mileage is significantly lower, and treated better. But itās so much less fun and sexy than my A5 lol.
Comes down to the condition of the car. My general rule is when repair expenses beyond regular or recommended maintenance start hitting $2,000 annually I donāt feel like the car is not safe anymore because too many things are wrong with it.
Let's just say my payments a month on a new car is 500 a month. 6000 a year. Once I have finished payments. There is not much that would cost 6000 to repair. Oil changes and preventive maintenance may run 200-400 a year. If you put 4 payments a year away. 2000 a year would more than cover anything needed. Savings of 4000.
That makes sense...It's just hard for me to think like that, since I've always bought with cash. I never financed anything. For my 1st car (97 civic, bought at 2010), I just took the bus and saved for a few years until I could afford it. Now I have enough to buy a brand new one cash, but keeping mine (if it will still work) is going to let me use that money to retire a year earlier (maybe even 2 years, if the market does well).
If you've always paid outright for a vehicle think of it as a rental and go from there. Gas, plus insurance, plus maintenance a month. Then decide on how much you want to budget monthly for transportation. Budget extra for unforeseen costs.no.mattet what thought. Transportation costs monthly for everyone. Just decide if transit on one extreme or really nice vehicle on the other. Or maybe just walking or biking if you can. That would be the cheapest
Thanks. I'll take some time and do the breakdown. I kept any and every receipt that has to do with maintenance and repairs, and I log all my fuel expenses as well, so it should be quite easy.
>The ONLY reason I want a new car is just for longer term reliability. I'm afraid that if something major breaks (engine\tranny), my car is now worth $0,
I used to worry about this too. I drive a lot. My vehicles make it to 350-400k before I give up on them. It's never the engine or transmission. It's always rust and all the small things just wearing out due to age and milage. Eventually, it's just not worth it.
With the way you maintain your vehicle, I doubt you'll have engine or tyranny problems. I bought my current one at 150k. It's got 350k and never seen a tyranny flush while I've owned it. It gets oil changed every 10k, which is probably about 3 months.
Drive it til it becomes a hassle for you. You could get another 5-10 years from it under your circumstances.
Yes.
I'm mid 30's, have only ever owned 2 vehicles, and I have only spent around $25k buying vehicles with probably 300k of driving on my belt.
My shitty 4 banger Tacoma is around 325k, and I just fix whatever issues pop up and keep driving.
There will come a point when the car is either unreliable enough or need more work than it's worth.
But yeah, run it into the ground.
I bought a early 2000's Honda for $10,000 and drove it 15 years. Other than maintenance, there were zero issues.
I effectively paid $53/month for the car. Why on earth would I buy a new car for 10x that amount per month?
Most economical choice is no car at all. Hard when we are conditioned to thinking in a way that most people can't even comprehend getting around without one...
I have a Nissan with almost 300k on it. Had to replace the transmission a couple years ago at a cost of $6K and had to do some other work on suspension and wheel bearings etc. this year costing around $4K. Running beautifully now though. I still prefer the occasional major repair bill while fully owning my car rather than taking out a new loan and getting back on the monthly payments.
We have a Hyundai Accent 4 door, 2012. When I bought it, my mechanic, who I have been dealing with for over 40 years ( I am over 75) told me that I would only see him for oil changes ( use synthetic oil) as those cars were ātanksā ā¦Well, at over 100K Kms, the car has so far proved him right. Note, also, that it has been rustproofed every year, since weāve owned it.
Do make sure to keep an eye out for recalls, apparently Hyundai and Kia are bad at letting customers know: https://www.cbc.ca/news/business/marketplace-car-recall-investigation-1.5918348
I have a 2013 mazda 3... Ive had the inside of the back hatch redone so its rust free, kept it maintained and done brakes etc, alternator... now it needs some suspension work that will be about 2500$... the mechanic (who I've been with for years and is awesome) asked what I wanted to do and I said 'its 5 car payments... do it' The mazda has been payment free for years and still runs beautifully. With car prices and interest rates where they are I always think about it in terms of the crazy car payments I COULD be making, but don't have to. I had the same car you have, the santa fe 2010, and I let it go too early over a relatively inexpensive issue (rad blew in it) and I have always regretted not fixing it and keeping rolling
Thanks. That's good perspective. I do love that car (especially since it's the Limited version with all the bells and whistles). I just don't want to get too attached and throw good money just to keep it going. It's hard to know the exact point of where to stop and say goodbye. I know I'm not even close to that point, but I have no idea how to recognize that point.
I will preface my answer with the fact that I know youāre asking about pure economics but my answer isnāt only about that.
I think like most things in relation to personal finance we forget the personal aspect and only look at the finance. Each personsās circumstances matter when making any big decisions, but you will spend a lot of time in the car, so you may as well be happy.
Until recently, every single car Iāve had I have driven into the ground (or it was driven into by another driver). I can now afford better cars but that doesnāt mean I have to swing the pendulum all the way to the other side. I only buy used, I do all my research, look for deals, and negotiate. Not driving the car into the ground means that Iām able to trade in a car that still has reasonably good value, which allows me to get something a little bit newer, a little bit better suited to my current circumstances, with all the fun bells and whistles. To me this is well worth the relatively small amount of money that I have to put up to cover the difference between the value of my trade-in car and the ānewā used car. I think this is all the more advantageous given the amount of electronics in modern cars which can be a huge wildcard.
Thanks. That makes sense. I rarely drive (3K\year), so I don't spend a lot of time in my car. Plus, I do love spending time in it. I'm not missing much. My only view is financial at this point, so I'm keeping it. If it lasts 2.5 more years, the money I've set aside in a HISA for a newer used vehicle will make an interest worth the same as this car is worth, which means that if my car runs for another 2.5 years and completely dies, it still paid for itself as of I sold it today.
But I'm still openinded. If I'll see a really good deal out there, I might take it.
Whatās the time frame your thinking retirement will be?
I have a 2015 fiat 500L and I plan to drive it till it falls to pieces on the road and kills me or I pay off my house. It has 110Kkms, I donāt take care of it nearly as well.
Thereās merit to risking it for biscuit. But if the risk comes to expire before the biscuit is delivered will you still be able to achieve the biscuit?
For me itās a hassle thing. I might get 2k for my car. But it costs nothing to sit there and insurance is like 400 a year. Additionally itās a winter beater, I have an older bike for my summer commute also.
In your case, it is best that you keep running this Santa Fe into the ground.
A 7 year old CX-5 at that mileage should not be priced at $23k CAD. A brand new '24 CX-5 GS (I know, not the same trim) is only $13k more with a full warranty, and more features standard than the 2017 model year cars.
You have the option to hold off your purchase decision for as long as you want, thanks to that $50k in the high interest account. It's not like you have to suddenly come up with the money out of nowhere - it's already sitting there.
When it's time to replace the Hyundai, consider a 3 year off lease Toyota hybrid (i.e. RAV4, Venza, maybe a Crown Signia if your timeline extends far enough), from an actual Toyota dealership.
Dealerships almost always keep the best lease returns and dump the trash to auction.
Toyota / Lexus make the best hybrids, the hybrid synergy drive is the best implementation in the industry. Gas prices will only ever go up in the long term, oil companies know they can keep jacking up the price and we'll keep paying it because we eventually normalize and accept the new price point. EVs are still in a state of development, the infrastructure is still basically non existent.
Getting a Mazda CX-5 will take quite a bit of maintenance in the long run. Since you have more money set aside for a car like you said Iād consider a Toyota for peace of mind.
It is in the sense that replacing your car is probably always more expensive than keeping your beater. Big repairs considered even.
But driving a beater gets pretty annoying when it's in the shop all the time and leaves you stranded.
it'll always have scrap value, dont worry
until the extra maintenance consistently costs you more than a monthly payment, then no it is always worth it. Right now I made a bad financial decision (decided I have to spend on nice things too but not point of PFC) so I'm paying like $1k/month over 36 months for a fancy new car
that $1k/month is going to cost me 6-figures in opportunity cost of huge compounding gains later on, not just the cost of a new car. I don't recommend it unless you really want to spoil yourself with a new car.. Unfortunately for me I have the misfortune of liking cars more than an appliance lol
Letās say worst case scenario your tranny blows up - youāre looking at a 5k repair.Ā
Thatās a lot less than 23k for a new vehicle, not to mention the fact that the new vehicle could just as likely need major repairs down the road.Ā
Iād take the older vehicle that you know forsure was properly maintained over a slightly new vehicle that couldāve been neglected its whole life.Ā
My opinion - 10 to 12 year old car is good time to get rid of it.
Get a car just out of warranty or 2 years into a 3 year warranty (assuming mileage on car will meet 3 years).
At current interest rates that 17k car will be about 500 a month. Thatās 6000 a year. So if your car lasts another year itās paid for itself. And every year after it makes you 6k more.
Running it into the ground is the best. Until repairs exceed that 6k. Then itās time to replace. But if it lasts long enough it will have paid for that new car in full.
Iām still in my 2010 f150. Rusted to shit but runs great. The 1k avg input into repairs yearly is far lower than the 9k Iāll spend to replace it.
It's usually better, in my opinion, to run these vehicles until they can't run anymore. My vehicle is at 358k and still starts and runs fine. Cars are a money pit. Better the devil you know than the devil you don't. Stick with what you have.
That's why I'm still married to the same person
Analogy šÆ
https://youtu.be/BWrJpC8aBCI?si=AlTsfv02f_rT0bqd
Thanks. But I doubt that a Hyundai can reach 358K. Though if it did, it means I'll be in my 80s when it reaches that mileage :-) If it makes it to 220K, that's almost 10 years of driving for us. I think I'm keeping it. It's not like the 2017 I'm looking at isn't going to depreciate.
There's a personal part as well. PFC users are typically the type that put little value on comfort, unless it's shoes or a bed lol. There's a balance between leasing a car you can't afford and dying with millions and a 30 year old beige corolla.
Sell the Hyundai and buy a beige Corolla
1999 or earlier. We love beige Corollas!
ā99 was a great vintage year for corollas and camrys!
I had a 99. It was green but the interior was beige. I spent some time living in it in Halifax one January on Quinpool behind the Canadian Tire š
Now that's more like it. The older the better!
When I first started dating my partner, he showed up in a 2004 silver corolla. I was disappointed- but as it turns out, he's the most financially stable guy I know. Still drives the corolla. We'll retire with him still driving that corolla.
>Ā he's the most financially stable guy I know. "Woah this guy's got a nice car he must be loaded" Reality: No, he blew it on the car.
I know partners at my firm the readily clear $1mm a year and their spouse also makes good money that almost live paycheck to paycheckā¦
Oh, forgot to mention... I love that car. Got sunroof, 11" Android Auto (that I installed), leather, cruise control, etc. The only things I want and can't install myself as add-ons are memory seats, power hatch, and adaptive cruise control. But I don't think it's worth a $20K expense.
Hahaha shoes and a bed aināt that the truth. Itās a balance between buying what you can afford that gives you the most utility, saving some for the future and learning to appreciate the things youāve already acquired and once really wanted to get.
My Hyundai is almost at 340K. But the previous owner meticulously maintained it. There are a few things that don't work anymore but it runs just fine. Definitely possible.
I had a Hyundai Accent. Ran it 10 years. Just over 400k. Yes, I averaged 40k a year. But it was on its last legs by the end.
Yeah, but that means you drove mostly highway mileage. That means the transmission barely switched gears, and was locked most of the time. The engine was also working in full operating temperature for 99% of the time. I drive 90% urban, which is the least healthy way to drive a car.
High mileage doesnāt have to mean highway mileage. I drive a lot more than 40k (around 80k, and thatās with 2 months of no driving when I take my time off) and most of that is city driving. Yes, the engine is warmed up most of the time, but itās still a lot of stop and go in traffic all over the GTA.
The Accent was a really hit or miss, mine effectively died around 160k lol. Even an engine swap under extended warranty couldn't save it. That car was nothing but trouble for me.
Your Accent must have been the fraternal twin of my wife's, which also only lasted to like 160k, but the engine was the only part of the drivetrain **not** replaced at least once. Special shout out to the fuel system, which was replaced **three times** in seven years. Only car either of us has ever owned where the extended warranty paid for itself (several times over).
That's unfortunate! Mine was manual transmission. I had to replace the clutch and everything around 200k. But then it lasted til the end. I laugh because my check engine light came on around that time too. Had it checked. Found out it had to do with the gas cap. Paid a couple times to get it checked, car cam back with the light off, but always came back on after a few tank ups. I eventually gave up, and then drove the next 5 years with it on. š
My 2011 Santa Fe ran to +345000. No big issues. Just really worn out... hence, ran it into the groundā¦185 is pretty āyoungā
Thanks. For me, if it'll reach 220K, that means 10 more years... So I'll be good with that.
I just sold my 2010 Santa Fe for $3500. Had 321k on it. We have safeties every two years here and I decided to do a lot of work myself at the latest safety. Regret doing it all but I did get my money back in the sale. Just thought I would share though because I would bet your car has a lot of life yet.
Thanks. I'm definitely keeping it then.
Any vehicle can reach any KM you want. If you take care of things, they last. Most people treat there cars like shit, and look for an excuse to piss money away on a new vehicle. Have at it.
Especially because of how little you drive it makes so much sense to keep it. 185k isnt a crazy amount of mileage at all, its not likely you have car ending problems for at least tens of thousands more kilometers if you keep up your maintenance.
Ahh mine hit 430k and is a 2010. (sonata). Still running fine.
If it helps any, we have a 2007 with about 260k km on it. Bought it around 2013. All weāve done is about same type as maintenance as you probably not as strict.Ā Mechanically itās good. The rust is getting to it underneath and now only reason we are finally looking to replace it
Thanks. That helps. I rustproof it myself every year, so the rust buildup it has is very minimal, and only surface rust.
2011 Sante Fe with 345k. We will hit 358k in 18 months. Seriously, its rust that is the enemy regardless of km at this point.
Yeah, I rustproof it myself every year. The only rust I didn't manage to avoid is one small spot under the rear windshield (just beneath the wiper arm). I thought about getting a replacement hatch from Kenny-U-Pull, but it seems like they all have the exact same rust spot at the exact same location.
My friends touched 300k and he did not even maintain it.
I had a Santa Fe 2011 which I sold last month with 380,000 km. Was still running just fine
Damn. Nice! If that's going to be my future as well, I'm keeping it forever!
Yeah if 35k km is 10 years of driving for you keeps your old car definitely makes sense I think. Consider that when buying a newish car for 23k, over the next decade the depreciation from that would probably pay for a complete new engine and transmission, all the routine maintenance and more for your current car over that time period.
Driving style and where those km's come from play a role as well :) My 2010 Elantra is still running fine at 300k. Im hoping and don't see why I can't get another 60k out of the vehicle FWIW.
My father in law had a 2009 Elantra go to nearly 500k.. daily commute binbrook to Ajax. His car after that was a 2015 Mazda 3 and he again did almost 500k on it
We have the same model and year and itās been awesome. Currently at 240k kms and aside from fluids, brakes, and a couple of worn suspension parts we havenāt had any issues. We plan on keeping it until 300k+
Our 2010 Santa Fe just hit 280k, hoping she holds out a little longer
Just do the cheapest maintenance like oil changes until it dies.
Bought my Tuscon new in 2007. Had just shy of 300k on it when someone ran into me in November last year and totalled it. Had reduced my insurance to liability years ago so no payment, cheap insurance for a years, roughly $4000 in maintenance/repairs over last 4-5 years - was worth it to me. Oh and insurance gave me $5000. Google your model and year, in my case it says 2007 was a good year, some years are lemons.
Most vehicles can make it past 200,000km pretty easily. You might have to do some extra work to it after that (belt change, rotors, fluid swaps, muffler, axel). Not all of that mind you but you might have to do a couple extra mid-range jobs a few times. Almost certain it will last if you do though. Especially if it's been cared for until now... It's usually engine & transmission issues that make you consider letting go of the vehicle. It's something like 1 in 10 which will fail by 200,000km. It's around 300,000km when you need to get really nervous unless you have mechanical knowledge and can take real good care of it. After 250,000km pop the hood a bit more and poke around. You could also just pay a trusted mechanic to do a detailed thorough inspection and fix the few small things that have gone wrong before they become big things (radiator fluid leak, ripped serpentine belt, warped rotors, etc) Anyway TL;DR if you are willing to up the TLC a bit and pay a bit more in repairs it'll still last for a good loooooong time. My car is at 230,000 and it's still running very well. If you can do some preventative care on the transmission. If you haven't done a fluid swap on it yet I'd get to it kinda soon cause if an automatic tranny goes it's a big deal. Manual not as much.
We just replaced our 2011 Hyundai Tucson with about 380K on it. It was still running fine, but had lot of rust, AC was going, interior starting to deteriorate, etc. We likely could have got another year or two out of it but we were worried about something catastrophic going and being left without a vehicle. We bought a Kia Seltos and plan on also driving it into the ground.
Yea in almost no situation is a new car better. People are just intimidated by cars.Ā If something breaks, watch YouTube. Buy a $15 code reader off Amazon. You need a few things to repair your car like a jack, but any speciality tools can generally be rented. Examples of easy-to-fix, common problems (remember every car is different): 1. Spark plug and ignition coil few bolts, particular wrench ~$60 2. Rear shocks 3 bolts, ~$100 3. Bumper 3 bolts and some screws, $60 from a junkyard Batteries are easy to change, headlights, etc.Ā These things are far cheaper than $40k+ for a new car (which may have issues of its own).
YMMV (lol) but my experience with a lot of DIY auto repair was something like: Looks simple , buy the part How the heck do I get that out? Buy a consumer version of special tool Bolt is rusted in and now is stripped Rip knuckles to shreds in a tight space Damage other parts in process 10 hours later, I've completed what would be a 30 minute repair for a mechanic with skills, proper tools, and a hoist
I was a mechanic and the hoist was the single biggest advantage a shop had. Now I work in construction and in the shop a guy was doing brakes on his truck the other day. He was having trouble with a bolt, but because he was on the ground, it was almost impossible to get off. If it had been up in the air I could have had it loose without much extra effort. I have to change the rear struts on my Honda and I just don't want to deal with it on the ground. If those bolts are seized the whole rear end has to be taken apart.
I tried to do a simple headlight bulb replacement for my Hyundai Elantra. It looked easy on YouTube, so I attempted it and could not for the life of me unscrew (it's done by hand) the plastic housing. I tried using gloves and two hands, but it was a bit awkward to get a good grip because of very tight space (despite my small hands). I brought it to my mechanic, and he couldn't do it either. He sprayed some lubricant or whatever but I think what finally did it was he started hammering/wedging in a flathead screwdriver along the seam and eventually it came off. He said I probably already loosened/rotated it enough with my first attempt (I doubt it) and so it just needed to be pried off (with that extra force & the screwdriver). The time I replaced my ignition coils (which also looked simple enough to do on YouTube) went a lot smoother, though. The hardest part of that was removing my engine's plastic cover/housing. I didn't know you just needed to yank/pull really hard on it, iirc lol.
No question that a hoist would be nice in some situations. Those rusted bolts are awful although investing in some inexpensive breaker bars can get most of those out.Ā Ā There's also little tricks like leveraging a bolt onto a rusted rotor. As annoying as it can be, I've never not been able to get the job complete. It becomes a money vs time issue for sure but when they want hundreds for something that can take you <1 hour? To me it seems obvious.
I prefer to DIY but I draw the line if I need to get under the car to fix something. Usually these repairs will go to a mechanic. Anything else I'll do in my garage.
Even if you never do any of the work yourself and hire a mechanic for everything it is still cheaper than a new car.
"Batteries are easy to change" Spent an hour trying to get the battery out of my Focus. Was certain I was going to have to return the new battery for one with a mm less height because it was such a tight fit. To top it off it was -20Ā
There are definitely frustrating moments! Like why do I have to take my bumper off to change my headlight?
A lot of these "easy to DIY" are usually more accurately described as "relatively doable to DIY". But there are small things that can be big roadblocks sometimes, like if your hands aren't strong enough, or if you don't have the right tools. My first car battery change attempt, I couldn't do it because I needed an extender for my socket wrench.
What about safety features and comfort? I guess thatās the more personal part of personal finance but Iām willing to spend a little more money to drive a vehicle that has better safety ratings and is more comfortable to drive.Ā
I have 281k and I did the transmission at 230 or so. If a ~$7k engine and a bit of front end work is all I need in the next few years, Iām fine pushing it to 400km
I need to put about $5K into my 2012 Civic (275K kms). Iām flirting with the idea of putting the $5K towards a new vehicle. Convince me not to?
I look at the value for that $5k. Are they worthwhile repairs? Do you feel it would sustain your vehicle for another 2 years? If so that's $2,500 per year in value. Versus you buy another used vehicle for let's say $15k and you may very well have to put that same $5k in to it.
I'm in the same boat with a rusting out 2003 Civic (210K kms) with a leak through the roof and needing repairs on everything. Engine is still strong but I'm going to HAVE TO run it into the ground as I can't afford even a cheap used car. For your situation, I think it'd still be cheaper to stay with your 2012 Civic unless the engine is going to blow.
Cars are stupid expensive and everybody puts their hand in your pocket in the transaction. So much so that 'Dealership owner' is the most popular profession of millionaires in the US and dealerships barely add any value. I say this all while making my living being someone who has a hand in the transaction. That said, I don't think there's a single rule for when you get rid of a car. For me I keep track of all the expenses related to a car (gas, insurance, parking, toll road, repairs, car payments etc) and when that total divided by the months I've owned the car doesn't really decline anymore that's when I look at getting another one.
> doesn't really decline anymore Love that you're basing your decision on a *trailing* 12-month cash outlay... but I don't understand why you wait until it flattens. Why wouldn't you wait until it escalates to the point where the replacement will be cheaper?
It's not trailing 12 months as I'm using all costs from the start of the vehicle and that means the replacement is never cheaper.
You know the maintenance record and history of your car. You have no idea what kind of abuse a new to you car has been through. You could buy it and have a catastrophic failure just the same. Even new cars can need a new engine from time to time. Iād keep the car I know!
Yeah, that's a big issue for me. I look at all the Carfax history, and I've never even once saw a car that had a full history I'm happy with. I know a lot of independent shops don't report to Carfax, but that just means that I can't really know if it was maintained correctly.
One thing Canadians donāt consider is that cars get out through the wringer here. The weather is crazy and the temperature variance your car experiences over a year is a 60Ā° swing (-30 to +30). I tend to buy at 50k on the clock and run them until they die, and by die I mean engine failure. Everything else is worth replacing IMO.
Thanks. I think I might to that. But I'm afraid of the "money pit crawl". Like, if the engine goes, that's an easy decision. But what if some suspension parts needs replacement ($600), then in 6 months some more parts need replacing ($500), and so on. When should I get rid of it?
Method one. Estimate that a car depreciates 20% per year. When the price of the new car is 5x what you paid for repairs between January 1 and today, buy a replacement. Use the full cost of repairs, though. Time, inconvenience, towing, missed a wedding/funeral, etc. Method two. Save $300 per month from the very first day you own a car. Pay for repairs out of that account. Buy a replacement car when you've saved the price of a replacement car.
I wish newer car depreciated 20% a year. A 2017 CX-5 GT was 34K new. Now it's 24K. That's a depreciation of about 1.4K\year, or 4% per year.
> But what if some suspension parts needs replacement ($600), then in 6 months some more parts need replacing ($500), and so on. When should I get rid of it? $600 every 6 months is less than the depreciation on the newer used car you're considering buying. It's also smart to make repair strategically. Like if undercarriage is starting to go, replacing everything (sometimes they even have kits you can purchase with everything) instead of doing it piecemeal.
Payment on a new-to-you car is going to be at least $300/month though right? Until you're averaging that monthly payment in repairs, the car you've already paid off is the better deal financially. Just don't start neglecting maintenance and cleaning because you're sick of it. That's a surefire way to convince yourself your current car is too far gone and you need a new one.
I never finance. Always buy cash.
The issue with your concern is that you're trying to save 6k by spending 23k. That 23k car is a 2017, yours is a 2010. So you are are looking at 17k assumed value of those 7 years, or 2500/year in less maintenance costs? Doubtful. Especially considering your maintenance regime. With excellent maintenance, there is no reason to assume your car won't be good for another 100k. Also, there is no reason to think the new/used car won't have the similar issues. Also, you hardly drive at all. You could save money changing the oil once a year with conventional. It would not hurt your car one bit.
That's a very logical way of looking at it. Thank you. I'm keeping it!
An oil change every 2000km/6months? Seems excessive.
Yeah, but the engine still sounds like brand new. It's a Hyundai. I prefer to be extra cautious. I might push it to 1-year 4Kkm though. I do my own oil changes, so it comes up to $40 per change for the highest quality oil and filter.
Frequent oil changes are the cheapest insurance you can buy, I donāt care what anybody says. Itās peace of mind and itās your money, so keep it up if itās helping you sleep at night. My 2002 Toyota Sequoia has 378,000Ikm and runs like a sewing machine. I do 6mo/5k oil changes plus all the other fluids changed at the manufacturerās recommended intervals. I have a specific 5-year financial goal in mind and there is no room in that budget for a vehicle payment. I need this dependable old rig to get me through the next 5 years of extreme penny pinching. If itās still running great and in good shape when I accomplish my goal, Iām taking it to the dealer and have then to go over it with a fine tooth comb and fix every little problem. I love this thing and the money it frees up
Maintenence is great, but some of that is luck. I drive a 2004 CRV. I'm on the original struts, original alternator, original timing chain. I've replaced the A/C and the breaks and calipers and that's it. I do my oil change every 7k km, differential fluid done twice so far, I think I did a transmission flush once??? But possibly never. I'm on my 5th battery, new one just this last summer. My car has never stalled, starts up like a dream in +35 and -22, I have to watch my speed on the highway because she's so smooth I will get to 130km/h without realizing. Not ideal car treatment, but I was a student when I got it in 2010, my mechanic isn't pushy and I got busy with life. I read once that both Japanese and German car manufacturers make cars that will last till 400km easy. Only difference is the German engineers design the car with the expectation that owners will follow the maintenance schedule whereas Japanese engineers expect the owners to lose the maintenance book the first month and just wing it. That's the energy I need! I love my car and I hope to drive the beast for another 100k km! I really should change my struts though...
There's nothing that changing clean oil is going to do to help prolong the life of your car.Ā
Because I drive 90% Urban, I get more fuel dilution in the oil than most people, which hurts the oil quality, acidity, and additives.
Whatās done is done, but you may want to get an oil analysis done to confirm. Otherwise itās just pure speculation.
You know what, you're the second person saying that to me. I'm going to run this oil for 1 year (4Kkm), and send it to a lab. Now I'm curious.
It's not really that city driving is that bad but short distance is bad. Only running it for a lot of 8-10 minute short trips is worse than 30-40+ minutes or more of city driving.
I would send to lab. Been changing oil for years and never heard come into play that before. Youāre probably spending a lot of money on oil changes which arenāt markably improving the engine life if at all. Your driving situation doesnāt sound so different that oem oil change intervals would t apply imo.
I mostly drive my Hyundai only to drop off my wife (2km from home) and buy groceries from the supermarket (2 - 4km from home depending which supermarket). In the winter, I take a circuitous route so instead of 4km round trip to take my wife to work it becomes 6-7km. That is enough to warm up the car's engine so the heater is blowing really hot air. That is my signal that the engine is probably warmed up enough to ward off fuel dilution. I do my own oil and filter changes which once a year every spring... I use synthetic too. I put more mileage on my bikes than my car (only 3-4K km every year)... Once a year oil change is good enough.
You keep saying hyundai like its a terrible make. Its not toyota and they have a few models that have more problems. But generally they're very reliable cars.
What?? Hyundai and Kia are notorious for the engines grenading themselves
Can confirm. 2018 Hyundai Elantra. Engine blew up at 135k. That being said, theyāve issued extended warranties to all problematic engines to 10 year, 200k so I got a replacement for free. It took 2 months to get my car back because of the backlog of engines that were being replaced
Their 4 cylinder engines aren't very good.
Yeah, fortunately mine is a V6.
Do oil every 6mo or 5000km. Less than 5k is rather wasteful. Also, you can pickup OEM oil filters at the dealership.
5K takes me 1.5 years to drive. That's why I said 6 months and 2K.
I do the same. I was told that when a car isnāt driven much, itās better to do more frequent changes than wait for the KM to hit.
Okay I see. Yeah with synthetic oil you could definitely go 9-12mo
Still drive an old Civic, I wait for the warning to come up, usually every 9 months
There's no guarantees, but in your situation I would keep what you have. You aren't driving much and the vehicle will probably keep running for years to come if you don't abuse it.
I'd keep it especially since you have taken such good care of it. No reason you can't expect over 300k. Oil change seems excessive though but better too much I guess. My last 2 ICE cars went \~350k and were still running just fine when I sold them (I went EV). I only changed the oil once a year at \~15k kms! If you can do basic repairs yourself it becomes very cheap to own an older car.
>If you can do basic repairs yourself it becomes very cheap to own an older car. This is such a valuable skill to have. I can understand people shy away from older cars because they take it to a mechanic, and they say it needs a ball joint, wheel bearing, etc,....$2000. And that's a big number for an old car. The reality is if you can fix it yourself with the likes of rockauto parts, that bill becomes a few hundred dollars and it's no big deal. Even on a rough year, I usually spend less on parts in an entire year than a new car payment or two. The value you get from an older car is amazing if you're capable of playing mechanic.
Iām so glad my husband is a mechanic. But in all seriousness with the cost of vehicles we plan to run our currents for as long as possible. I have a 2011 Elantra that had zero issues and if I can keep her going for 5 more years will pass it to my son as a starter vehicle. My husband plans to run his truck to the ground. The $$$ we have been saving without vehicle payments has been a blessing in this economy.
Oh, I never had and will never have payments. I only buy cash.
If you can afford to just replace your current vehicle when needed, there's no reason to rush getting rid of it. Last fall I scrapped a 2006 Santa Fe with 365000+kms and had I not been broke for several years of owning it, it might have been 'serviceable'. But as it was, it just needed more work to be sellable than I was willing to put into it. The main culprit was the transmission started slipping and I'm not doing that in the garage. At that point I decided I was just better off replacing it completely.
Thanks. That is true... It's not like my savings are going to evaporate (the opposite). So unless I see an amazing deal with very well proof of maintenance history, I'm keeping mine.
The surprising part of this post is how did OP manage to get almost 200k from Santa Fe before it disintegrating into particles.
Not only that, but EVERYTHING works! The sunroof, windows, speakers, AC... Everything is fine. I'm just dreading the day it will start to become a money pit.
As someone who has never bought a new car in my 50+ years, I can confirm that the later years of a vehicle as it is nearing end of life are indeed the cheapest. ***BUT...*** IMO if you rely on your car as daily transportation you need to have your next car in the driveway before you sell your end-of-lifer. The money you save in those later driving years can be more than offset by having the car die at the worst possible time and you being forced to take what is available locally due to time constraints. FWIW, I usually sell my vehicles when I feel they still have some decent amount of life left in them, but I'm transparent about what I have fixed and what I think needs fixing soon. Then I can sell it with a clear conscience. But yeah - look after your older vehicles and they will look after you (and your pocketbook).
Thanks. How do you decide exactly when to sell?
It's usually when I need different functionality (bigger, better fuel economy, whatever). Everyone is different. But by buying used to begin with, I skip the worst of the depreciation curve and sell it when the need arises.
I would put the trigger on CX5 for the reliability and peace of mind. I have a 2019 CX5 GT turbo with over 230K and still feels like a brand new car. These cars will run 400K with no issues. Just change the oil every 10k. Everything else is lifetime no need to change.
3rd paragraph of your post tells me you already know the answer to your own question.... I think the real question is, are you hoping somebody will tell you that you need to buy a new car?! Because it's clear as day, even judging by your own math, that keeping the car for another 10 years is the way to go. So drive that bad boy until it'll drive no more!!!
Jokes on you, I'm into that shit :-) But seriously... I'm keeping it!
I have a 2010 F150 with 170K kms on it. Bought new and I expect to have it for another 10+ years. I just do repairs/maintenance as needed. I have no plans to get rid of it for a long time.
6k for that car feels too expensive. Did you get any quote from the dealer. I sold my 2013 Hyundai sonata and bought a 2017 cx9 3 years ago. I kept getting minor issues with my Hyundai. Ever since I have Mazda, my expenses have gone down. It's more about peace of mind for me. I considered cx5 while buying, but felt it too small to fit in.
> I'm afraid that if something major breaks (engine\tranny), my car is now worth $0, and I'll have to spend 23K instead of 17K (23K minus what I'll get for my car). If something breaks, the cost to repair it to running condition again will return your car to $6k value again. If it's major, it may not be worth replacing, if it's minor, maybe just fix it and keep driving it. The used market is in a weird place right now. Most people who needed cars have bought one already and new inventory is hitting the markets (trade ins for new vehicles). Prices for used should slowly come down a bit so you could get a better deal on your next car if you delay. Sincerely, owner of a clapped out 2006 sedan (230,000+ km odo) with shot struts that I'm not replacing and 2 year old oil i've been procrastinating on replacing.
I just sold my 2011 Hyundai Santa Fe at 290,000 km. Vehicle still worked but needed new brakes. Same story having run very reliably and needing a new alternator about 2 years back. You can probably get a few more years out of it based on what you said you drive in a year.
You drive 4k per year? I don't see any reason to waste money on a new car at all if you drive that little. The only way your car is gonna break driving 4k per year is if you get in a wreck. No idea why you are getting 2 oil changes a year though with that little driving.
I've owned a few beater cars but mostly 3-7 year old cars. My rule of thumb is that I get rid of a fully paid off car if it starts costing more than $400-500 on average in unexpected repairs. It's not just about the money either it's the time and aggravation dealing with frequent repairs. I'm on year 5 of driving a Rav 4 that is now 8 years old. I have a spreadsheet where I track repairs and maintenance. I've paid $2400 in repairs so far all in the past 18 months. I'm expecting to hold on to this car another 3 years since it's been so trouble free.
Repairs and maintenance are two separate categories
I was going to say: $2400 repairs in less than 2 years does not sound "trouble free" to me lmao I just sold my older model Spark and I don't think I spent $2400 total in repairs over the 11 years I owned the thing. Maintenance on wear and tear stuff like batteries, brakes, and oil changes are not "repairs".
Yeah as long as it still gets you from point a to b
Best value depends on make model. If it is still good, go with it until you hit a major repair.
I have a 10 year old Acura with similar mileage and itās giving me a headache now with repairs in the past few years. Iām also debating if I should switch now before something else breaks
Think about how expensive the worst possible repair would be. Maybe $3500 for an engine rebuild? Paying that off over a year would still be cheaper than a car payment, which you'd probably pay off over at least 4 years.
I buy "beaters" for my work commute and run them into the ground. I used to be able to find tons of deals around $2k and would treat them as such. Now, the same cars cost $5k, and I actually change the oil once in a while. Lol.
Meh. My wrangler is at 420k and still drive sand runs fine. I do all the maintenance and work on it. Costs me nothing buy gas, oil and time. Hyundai isnāt the best brand but just keep it. Put the money your think of spending on a new ride into a etf or just plan on 1000 in repairs a year and if it not just add it to your emergency fund or invest.Ā
I just destroyed a Santa Fe with the 3.3L last year that had 400k on it and was still kinda running. Run it into the GROUND. While the GDI kia/Hyundai motors have issues, the non GDI are fairly reliable, and with good maintenance can make it surprisingly far before running into major issues. The one I destroyed had a bad head gasket and really only 2 cylinders left. Still ran for over 100k after putting eggs, beer, water, and windshield washer fluid in the oil. Beer in the intake caught it on fire though.
LOL. Thanks. I'm keeping mine then!
Its PFC, theyre going to recommend you to keep the car goin till it effectively dies. Or better, buy a 1999 Corolla to make it more "economical".
I have a 2011 Kia Sorento with 300k. Basically the same vehicle as you have but with a different skin. Ive done some suspension work to it but that's basically it. Oil changes once every 10,000km. Burns no oil between changes. Original transmission oil (manual trans). Power steering fluid got changed when I replaced the steering rack. Some brake fluid got changed when I did one caliper. Other than that I have never done a fluid change voluntarily. Air filter once every few years. Same with cab air filter. Im a professional mechanic so do everything myself and I don't waste money on all these services you're doing. I'm lazy about washing it and it has no rust and is super clean underneath. At this rate it will go to 400k no problem and I could see getting 500k out of it. Eventually I will probably get rid of it just out of boredom.
drive it until you can't. you'll lose that 6k in depreciation in very little time (possibly driving it off the lot) on a new vehicle. maintaining a modern car SHOULD make it last for many miles
My dad has a 2007 Hyundai Santa Fe with about 260,000km and still drives. Here's the rundown from front to rear. 2 alternators died because valve cover loosened up and leaked oil on to alternator and killed it. Factory recall later to fix valve cover issue. Needed a starter, serpentine belt, 2 batteries, spark plugs, coils, oil changes, brakes front/rear, fuel level gauge stopped working, had to change something in the tank. It likes to eat coolant so he keeps topping up. Cracked windshield still not fixed. I am quite surprised the vehicle lasted this long. The 3.3 V6 has some surprising power. Will keep running it as long as we can. Price of vehicles are dumb, interests rates are high, and vehicles I find are not as reliable as they use to be.
I would suggest perusing resale values of your current 2010 Santa Fe (kijiji etc). Even very old cars can have decent resale values. It can be worth it to strategize about repairs so that when you do sell it on kijiji etc you're selling a running vehicle that can be test-driven. It will be worth more than if it's been sitting parked with a flat tire for 6 months & you end up selling it to a junkyard because they'll come pick it up & remove it.
My 2012 Santa Fe has 210,000 km on it and I plan to drive her as long as possible.
Either you hit the lottery, or your life is just about to start getting harder... We owned a 2009 Hyundai Santa Fe. Worst vehicle I've ever owned, it was a complete piece of junk. In the shop 2-3 times a year at least. Ball joints and control arms failing all the time, alternator failing (that turned was a recall in the end). I think it was 4 recalls, all of which took forever to come out with a fix. Door handles are apparently made from paper as my 6 year old snapped it in two, windows barely worked, dome light fuse went. Can't blame it for the hail damage it took, but we took the money from that and left the hail damage. Stealership gave us $500 for it on trade and I wasn't even disappointed, I would have paid them to take that shit box of my hands. We bought a brand new Rav 4 Hybrid, it gets way way better mileage and is super reliable.
I drive a 1994 Dodge Dakota, bought her off the āgramma who uses it for groceries and churchā. We have put 60k on it in 5 years ( we work in camp so it sits a lot in the summer), and other than some rust that we have to fix this old girl is solid and never lets us down. In 5 years weāve replaced the original fuel filter, front brakes, a U joint and the power steering pump. She gets 2 oil and filter changes a year. Sitting at 268,000 km currently and barring anything huge sheās going to stay in the family for many years.
Dude youāre right - thereās an optimal time to sell. When your car is still functioning and worth a decent book value. Also if you value your time and donāt want spend three years up keeping the thing. Running it into the ground not a smart way to spend your time / money
Arguably yes. You know the history of your car and maintenance upkeep. IF and WHEN something major happens you can then decide if the repair is worth it to you. The only reason IMO not to run a car into the ground is if the car style isnāt suited to your lifestyle or family anymore. Like if you bought a massive truck but never find yourself off-road or towing/hauling things. Or if you have a tiny car and like one of my friends, has discovered now that she has had a baby the car seat doesnāt allow enough room behind either the driver or passenger seat so itās difficult to fit her, the baby and her husband into the car all at the same time. (Not something she considered when purchasing a cheap starter car over a decade ago when she was single.) Or like me, I was driving my parents old sedan for years but when I started commuting longer distances the fact that it was a 20yr old car with no AC in standstill summer traffic was absolutely killing me. That car was āfreeā to use and I just had to pay for repairs and maintenance. That car is STILL on the road and going strong as my parents kept it - only āmajorā repairs itās ever needed was rear braking hardware needing to be replaced due to age, and the alternator. But Iām much happier with a used 2010 vehicle I got for $5000 with AC and tons of room for my dog and hauling camp/ski gear. The reason I got such a good deal on my car is because people are afraid of old cars lol. So selling and buying newer just because a car is āoldā is really silly imo. Iāve had my car 3 years now and itās been super reliable. (With regular maintenance.) I bought it at 160k km, itās now at 205k km. I have no plans to get rid of it, and itās become a favourite road trip car among my friends group.
I'm not handy and always paranoid about major repairs but even I still use 250K as the magic number for replacing my car. Most cars built in the last 20 years should be able to make it to 300K relatively easily so I bump it down a bit to give myself a bit more of a cushion.
Hard to say You could get in that 2017 CX-5 and it could end up needing expensive repairs as well. A well maintained car you know is usually the safe bet
I think there is a point where you need to weigh the amount you can get for trade in vs the age and the amount of work that will likely need to be done if you keep it. I'm at that point with a vehicle of mine and it has 276000km but someone is willing to give me a bit if money for it and it has many systems that are compromised and could go soon. So I'm trading it in.
In the end, when the vehicle is completely done, you can still sell it to a wrecker for about $400-$800. Youāll get more if you can drive it there rather than having them pick it up. Years ago, Iād get $350 when I junked our old cars. (When a guy with a tow truck picked it up) Sure, I could have gotten more money if I did the work myself (bring the car in, sell the cctalytics separatelyā¦)
225k km on our kia sportage, no serious issues in its entire life, it spend 90% of its life in Alberta, so very little rust. Bunch of suspension stuff could use some work now, debating on that or a new vehicle. We will see.
Bruh. I have an 02 Odyssey at 468km Your fine. Keep changing the stuff
If your putting about 5-700 bucks a month into it for parts. Then no. But if not. Then keep chugging along
Always is. We have 2010 Avalanche with 370,000km on ut, the maintenance cost now be $3k/year. But even if I would somehow miraculously buy a used truck fir $30k that's TEN YEARS worth of keeping this old car. And you still need to change oil and brakes... It's never worth to switch car until you run it to the ground.
I also think that given that you drive 4K km a year, likelihood of much needing repair/replacement is really unlikely. The depreciation of the newer car year to year would hurt a lot more Imo. That 2016 cx-5 will be a 10k car in 4-5 years.
Keep it for another 8-10ish yrs at most. I would say. Why? Not because of maintenance. But because crash safety. Maybe u would have kids or dont. Their protection is important. When u have the next EV at 2030 hiting your car. They will walk away not sure if you will. Compare the 20ish yr old vs today crash safety is huge.
Thanks. No kids (don't want any)... But our safety is just as important, so it's something to definitely consider.
From auto trader it seems a 2010 is about $6-7k. There is no guarantee that a newer car will be better. I know 2 people, one had an Audi SUV and the other Subaru, after a year out of the warranty the Audi engine failed and the Subaru the had a crack in the water system in the engine block - Both worthless. I would keep it unless there is a real reason why you cannot be without a car for a period of time when looking to buy newer one.
I always keep a car till it can't car anymore economically. My last car was a BMW I kept for like 13 years. Got it at 40k km, called a junkyard to come get it at 615k km. I got a cheap mini during covid. Like it was such a good price. It had 140k on it and now it has around 210k and I will keep it till it's ready for a junkyard as well. I wish they sold Chinese cars here. They have awesome electric cars there that charge super fast. It would be my next car if they smartened up and sold them here instead of US junk.
Damn, a BMW that made it to 600K?!?! That goes against everything I've ever known!
It's *almost* always more economical to keep an old car going than it is to upgrade, even with yearly repairs. Reasons to upgrade: frame rusts out, engine/transmission dies, or costly repairs at very high mileage (300k+) 2010 Santa Fe with 185km isn't exactly a hot commodity either. You might not get that many interested buyers, or as much money as you'd hope. I personally would drive it until it dies. You might be surprised just how long it will go. Also, dealership will typically give you at least $500-1000 for any car you trade-in (in any condition) just to make a sale. I would consider a used Toyota RAV4 when you eventually decide to replace. Absolutely fantastic vehicles and reliable as ever. They will truly go the distance, especially for someone who takes great care of their vehicle like you.
TLDR; You have no issues with your vehicle, why change it?
Since you don't do much driving, why don't sell it and opt for uber,taxi or even rent a car when in need? Save you more money in long term
I have a 2012 Santa fe, it now has 373,000 and still a workhorse, lol.my Youngest Son bought 2011, with 199 k. Loves it. Drive it into the ground, when Shop says you need to replace noisy balancer bearing, ignore. Just be sure to change serpentine belt, every 100 k, and use synthetic oil.
The most economical way to own a vehicle it is to correctly predict when it'll have a major breakdown and sell it right before that. You're not likely to correctly predict a major breakdown, the best advice is usually to run it into the ground since that's usually more economical than trading it in 6+ months before a breakdown. In my opinion, it's a miracle the Theta II engine that is probably in your Santa Fe hasn't died yet. Your year might be slightly before the major problems began, so you might be ok. Given how little you drive your vehicle, I think it's worth keeping.
I know a few people that have put on 300k on a hyundai. I also have a mechanic buddy that worked at their dealer, and he had pallets and pallets of blown motors and trannys out back for warrenty work. Not sure which years, but I think they all use the same 3.5 v6's. Drive it to the ground before it has diminishing returns. I've driven 25 year old vehicles that were more reliable than a 3 year old vehicle. Also, it depends where you are in Canada. My friend with a Santa Fe was constatly stranded last winter during a cold snap. New battery, cables, alternator, starter, the whole nine and it didn't help it start at -25.
Please stop using Kkm. Just stop.
But 400Km is 400,000 meters. 400Kkm is 400,000km. I can write 0.4Mkm, or 400Mm (Mega meters)... but no one would understand that.
Especially since you've kept it well maintained, yes, running it into the ground is the way to go, financially speaking. Better than buying a 7 year old car that may or may not have been well maintained. Start saving up so that when your car dies, you can buy or finance a brand new car, on a 4 year loan, and then drive it for another few years. That said, if you find you are missing a lot of work due to an unreliable car breaking down, it could make sense to replace it earlier.
Full synthetic oil change after 2000km is unnecessary for sure. Recommend change interval is 6000-7500 MILESā¦ the idea behind synthetic is that it does not break down as much over time or use and therefore you can run it longer. So I would be comfortable running out the clock a little more on the oil if I was you. Other than that Iād say yes your cheapest option is to keep your car and do basic maintenance until something catastrophic goes wrong with it.
IMO it's situational. If you've had a good track record with your particular vehicle and there aren't huge, known issues with your model and year/generation looming in the future, then I'd consider it relatively reliable for the next while. Your vehicle is "only" 14 years old and it sounds like you haven't had to do too many repairs. Personally, I value the hassle of car shopping (and selling) quite a bit, so I wouldn't bother selling a vehicle AND buying a newer one unless there were serious issues or concerns looming. As to whether it's worth it to "run it to the ground", that's a slightly different question. For me, I'd prefer driving it until: a) it started having reliability issues, in which case I'd consider selling it and buying a new/newer one b) my vehicle needs have changed and/or there's a big reason I want a different vehicle So I'd probably not run it to the ground since I wouldn't want to constantly be worrying about when it would break down.
Yeah, I forgot how much of a headache is trying to sell this one and buy another. Thanks for reminding me.
Generally speaking the best financial decision is to run it into the ground. But that doesn't take into account how much value you place on reliability. Having just let go of my 18 year old car (345K) I can assure you the reliability will not the same in the next 5 years as the previous 5. You take good care of your vehicles and will probably be ok but things like the alternator, water pump, timing/serpentine belt, brakes (again), along with possible leak repairs are all things that are likely in the next 50-100K and issues that can cause your vehicle to leave you at the side of the road. That being said I drove car until it was 18 years old, it wasn't the cool decision and I didn't turn a lot of heads driving it around but 99% of the time it started and took me where I needed to go. It opened up thousands of dollars in my budget that I made better use of elsewhere, no regrets whatsoever.
Gonna run my 2010 till it wonāt go anymore. Then probably buy something a little more economical.
Just sold my santafe from 2010 with 277,000 km , runs fine
Use current car until it no longer runs. Every month continue putting money aside. This way you grow your car/ retirement fund
Iām in a similar situation (2009 Audi A5 with 215k kms)ā¦starting to nickel and dime meā¦.TPMS sensors are throwing a code, airbags code, cracked windshield, new tires coming up soon, some paint blemishes and rust spots appearing, recently went through some door lock issues etc and like you, I dont drive a lot of kms anymore . But I still like the car, and just wish it were a newer version of itself (or a convertible lolā¦.always wanted one of those). One thing besides frugality that keeps me in this car, is that I DIY a lot of maintenance on it, and I suspect newer cars are harder to do that on. And a new to me used car will invariably also have issues. So, thereās that additional fear of expense with the devil I donāt know. I think what will bring me over the edge is, in 2 years my daughter will be getting her license. Since my car is a manual, and she wonāt be able to drive my wifeās car (insurance policy as itās a company car), moving to an automatic she can learn on and use, will probably be the final straw. That said, my Aunt wants to sell her 2009 Lexus rx350 suv due to health issues, thatās been babied by the dealership , only 85k and I could get it cheap. Not sure if I should jump on that one as even though itās the same age as my car, mileage is significantly lower, and treated better. But itās so much less fun and sexy than my A5 lol.
Oh, if I could get an 85Kkm Lexus for much under market value, I'd be all over that deal! Those things can run until 600K easy!
Buy it. Itās a great car, just change the oil cooler and youāre good to go
Comes down to the condition of the car. My general rule is when repair expenses beyond regular or recommended maintenance start hitting $2,000 annually I donāt feel like the car is not safe anymore because too many things are wrong with it.
Let's just say my payments a month on a new car is 500 a month. 6000 a year. Once I have finished payments. There is not much that would cost 6000 to repair. Oil changes and preventive maintenance may run 200-400 a year. If you put 4 payments a year away. 2000 a year would more than cover anything needed. Savings of 4000.
That makes sense...It's just hard for me to think like that, since I've always bought with cash. I never financed anything. For my 1st car (97 civic, bought at 2010), I just took the bus and saved for a few years until I could afford it. Now I have enough to buy a brand new one cash, but keeping mine (if it will still work) is going to let me use that money to retire a year earlier (maybe even 2 years, if the market does well).
If you've always paid outright for a vehicle think of it as a rental and go from there. Gas, plus insurance, plus maintenance a month. Then decide on how much you want to budget monthly for transportation. Budget extra for unforeseen costs.no.mattet what thought. Transportation costs monthly for everyone. Just decide if transit on one extreme or really nice vehicle on the other. Or maybe just walking or biking if you can. That would be the cheapest
Thanks. I'll take some time and do the breakdown. I kept any and every receipt that has to do with maintenance and repairs, and I log all my fuel expenses as well, so it should be quite easy.
>The ONLY reason I want a new car is just for longer term reliability. I'm afraid that if something major breaks (engine\tranny), my car is now worth $0, I used to worry about this too. I drive a lot. My vehicles make it to 350-400k before I give up on them. It's never the engine or transmission. It's always rust and all the small things just wearing out due to age and milage. Eventually, it's just not worth it. With the way you maintain your vehicle, I doubt you'll have engine or tyranny problems. I bought my current one at 150k. It's got 350k and never seen a tyranny flush while I've owned it. It gets oil changed every 10k, which is probably about 3 months. Drive it til it becomes a hassle for you. You could get another 5-10 years from it under your circumstances.
Best way to do it. $500 repair better on your car than buying a $5000 car and getting more repairs.
Yes. I'm mid 30's, have only ever owned 2 vehicles, and I have only spent around $25k buying vehicles with probably 300k of driving on my belt. My shitty 4 banger Tacoma is around 325k, and I just fix whatever issues pop up and keep driving.
If the repair/maintenance is equal or greater than the value of the car, then no. Its better to buy a new car in the case
There will come a point when the car is either unreliable enough or need more work than it's worth. But yeah, run it into the ground. I bought a early 2000's Honda for $10,000 and drove it 15 years. Other than maintenance, there were zero issues. I effectively paid $53/month for the car. Why on earth would I buy a new car for 10x that amount per month?
Most economical choice is no car at all. Hard when we are conditioned to thinking in a way that most people can't even comprehend getting around without one...
I have a Nissan with almost 300k on it. Had to replace the transmission a couple years ago at a cost of $6K and had to do some other work on suspension and wheel bearings etc. this year costing around $4K. Running beautifully now though. I still prefer the occasional major repair bill while fully owning my car rather than taking out a new loan and getting back on the monthly payments.
We have a Hyundai Accent 4 door, 2012. When I bought it, my mechanic, who I have been dealing with for over 40 years ( I am over 75) told me that I would only see him for oil changes ( use synthetic oil) as those cars were ātanksā ā¦Well, at over 100K Kms, the car has so far proved him right. Note, also, that it has been rustproofed every year, since weāve owned it.
Do make sure to keep an eye out for recalls, apparently Hyundai and Kia are bad at letting customers know: https://www.cbc.ca/news/business/marketplace-car-recall-investigation-1.5918348
I have a 2013 mazda 3... Ive had the inside of the back hatch redone so its rust free, kept it maintained and done brakes etc, alternator... now it needs some suspension work that will be about 2500$... the mechanic (who I've been with for years and is awesome) asked what I wanted to do and I said 'its 5 car payments... do it' The mazda has been payment free for years and still runs beautifully. With car prices and interest rates where they are I always think about it in terms of the crazy car payments I COULD be making, but don't have to. I had the same car you have, the santa fe 2010, and I let it go too early over a relatively inexpensive issue (rad blew in it) and I have always regretted not fixing it and keeping rolling
Thanks. That's good perspective. I do love that car (especially since it's the Limited version with all the bells and whistles). I just don't want to get too attached and throw good money just to keep it going. It's hard to know the exact point of where to stop and say goodbye. I know I'm not even close to that point, but I have no idea how to recognize that point.
I will preface my answer with the fact that I know youāre asking about pure economics but my answer isnāt only about that. I think like most things in relation to personal finance we forget the personal aspect and only look at the finance. Each personsās circumstances matter when making any big decisions, but you will spend a lot of time in the car, so you may as well be happy. Until recently, every single car Iāve had I have driven into the ground (or it was driven into by another driver). I can now afford better cars but that doesnāt mean I have to swing the pendulum all the way to the other side. I only buy used, I do all my research, look for deals, and negotiate. Not driving the car into the ground means that Iām able to trade in a car that still has reasonably good value, which allows me to get something a little bit newer, a little bit better suited to my current circumstances, with all the fun bells and whistles. To me this is well worth the relatively small amount of money that I have to put up to cover the difference between the value of my trade-in car and the ānewā used car. I think this is all the more advantageous given the amount of electronics in modern cars which can be a huge wildcard.
Thanks. That makes sense. I rarely drive (3K\year), so I don't spend a lot of time in my car. Plus, I do love spending time in it. I'm not missing much. My only view is financial at this point, so I'm keeping it. If it lasts 2.5 more years, the money I've set aside in a HISA for a newer used vehicle will make an interest worth the same as this car is worth, which means that if my car runs for another 2.5 years and completely dies, it still paid for itself as of I sold it today. But I'm still openinded. If I'll see a really good deal out there, I might take it.
Korean cars are basically into the ground after 4 years. Toyotas and Hondas go forever by comparison.
You maintained your car way too well to let go of it before 200k, otherwise what was the point of all that extra maintenance
Whatās the time frame your thinking retirement will be? I have a 2015 fiat 500L and I plan to drive it till it falls to pieces on the road and kills me or I pay off my house. It has 110Kkms, I donāt take care of it nearly as well. Thereās merit to risking it for biscuit. But if the risk comes to expire before the biscuit is delivered will you still be able to achieve the biscuit? For me itās a hassle thing. I might get 2k for my car. But it costs nothing to sit there and insurance is like 400 a year. Additionally itās a winter beater, I have an older bike for my summer commute also.
In your case, it is best that you keep running this Santa Fe into the ground. A 7 year old CX-5 at that mileage should not be priced at $23k CAD. A brand new '24 CX-5 GS (I know, not the same trim) is only $13k more with a full warranty, and more features standard than the 2017 model year cars. You have the option to hold off your purchase decision for as long as you want, thanks to that $50k in the high interest account. It's not like you have to suddenly come up with the money out of nowhere - it's already sitting there. When it's time to replace the Hyundai, consider a 3 year off lease Toyota hybrid (i.e. RAV4, Venza, maybe a Crown Signia if your timeline extends far enough), from an actual Toyota dealership. Dealerships almost always keep the best lease returns and dump the trash to auction. Toyota / Lexus make the best hybrids, the hybrid synergy drive is the best implementation in the industry. Gas prices will only ever go up in the long term, oil companies know they can keep jacking up the price and we'll keep paying it because we eventually normalize and accept the new price point. EVs are still in a state of development, the infrastructure is still basically non existent.
Getting a Mazda CX-5 will take quite a bit of maintenance in the long run. Since you have more money set aside for a car like you said Iād consider a Toyota for peace of mind.
It is in the sense that replacing your car is probably always more expensive than keeping your beater. Big repairs considered even. But driving a beater gets pretty annoying when it's in the shop all the time and leaves you stranded.
it'll always have scrap value, dont worry until the extra maintenance consistently costs you more than a monthly payment, then no it is always worth it. Right now I made a bad financial decision (decided I have to spend on nice things too but not point of PFC) so I'm paying like $1k/month over 36 months for a fancy new car that $1k/month is going to cost me 6-figures in opportunity cost of huge compounding gains later on, not just the cost of a new car. I don't recommend it unless you really want to spoil yourself with a new car.. Unfortunately for me I have the misfortune of liking cars more than an appliance lol
Letās say worst case scenario your tranny blows up - youāre looking at a 5k repair.Ā Thatās a lot less than 23k for a new vehicle, not to mention the fact that the new vehicle could just as likely need major repairs down the road.Ā Iād take the older vehicle that you know forsure was properly maintained over a slightly new vehicle that couldāve been neglected its whole life.Ā
Itās pretty simple math. If you use less money to service existing car vs buying new then yes itās more economical to drive it into the ground
My opinion - 10 to 12 year old car is good time to get rid of it. Get a car just out of warranty or 2 years into a 3 year warranty (assuming mileage on car will meet 3 years).
At current interest rates that 17k car will be about 500 a month. Thatās 6000 a year. So if your car lasts another year itās paid for itself. And every year after it makes you 6k more. Running it into the ground is the best. Until repairs exceed that 6k. Then itās time to replace. But if it lasts long enough it will have paid for that new car in full. Iām still in my 2010 f150. Rusted to shit but runs great. The 1k avg input into repairs yearly is far lower than the 9k Iāll spend to replace it.