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GasBuddy News Article

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Should You Keep Your Old Car?

Kiplinger -- Kiplinger.com


Here's the single most reliable way to save money on cars: Keep your clunker and drive it till it drops.

A decently cared-for vehicle should still be running long after the odometer has clocked 100,000 miles. Keep driving it and you save money not only because you don't have to make payments on a new car, but also because insurance premiums are lower, and in some states, so are registration fees and personal-property taxes.

Unfortunately, at some point the statute of limitations runs out on this particular money-saving tip. The more the car is in the shop, and the wider the oil slick grows on your usual parking spot, the more you may think seriously about replacing the old chariot with something, well, nicer. Meanwhile, the money you save by not buying a new car tends to


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Submitted Apr 29, 2012 By: mastermariner
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REPLIES (newest first) Post a Reply
heydano67
Champion Author California

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Message Posted: May 21, 2012 8:07:18 PM

I'll be keeping it going for a long time.
hatmanOR
Sophomore Author Oregon

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Message Posted: May 21, 2012 6:40:25 PM

ditto!
DanMtz
Champion Author Oakland

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Message Posted: Apr 30, 2012 8:14:51 PM

Run that car into the ground!
wamster
Champion Author Houston

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Message Posted: Apr 30, 2012 7:46:57 PM

Ha, ha. There's an article a few paragraphs up stating we should purchase new cars. You have to look at the big picture.
07skydriver
Champion Author Ohio

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Message Posted: Apr 30, 2012 4:25:13 PM

It's cheaper to keep her.
carrek
Veteran Author Seattle

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Message Posted: Apr 30, 2012 3:18:59 PM

Some of us have no choice. I'm not making enough money to afford a new car. But the advice is sound. At some point it is cheaper to make payments on a new car than expensive repairs on an old car.
Millers37
Champion Author Michigan

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Message Posted: Apr 30, 2012 3:06:17 PM

Good article.

We have 2 vehicles:-

1. 11 years old 2001 Olds Aurora 67,500 miles

2. 10 years old 2002 GMC Sierra 2500HD Duramax Diesel 206,476 miles.

Both well maintained, no rust and very reliable, and cost us very little each month. Paid cash for both and so no payments, that is the way to go just as the article said.
carranco
Champion Author Georgia

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Message Posted: Apr 30, 2012 2:07:53 PM

100,000 is just warming up.
me2002
All-Star Author Toledo

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Message Posted: Apr 30, 2012 1:51:09 PM

drive it til you cant stand it
Night Owl
Champion Author Toronto

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Message Posted: Apr 30, 2012 10:08:57 AM

So true.
VomVom
Champion Author Calgary

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Message Posted: Apr 30, 2012 10:04:11 AM

A new car is an option and to many, a luxury. Buy a new one when one has extra money.
NukeAtComEd
All-Star Author Milwaukee

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Message Posted: Apr 30, 2012 9:27:04 AM

absolutely!! - 10-15 years or 150,000-200,000 miles!!
Nancy&Len
Champion Author Cleveland

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Message Posted: Apr 30, 2012 9:21:06 AM

I keep my car until they are ready for the bone yard. Usually 10-15 years.
the1roadhog
Champion Author Atlanta

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Message Posted: Apr 30, 2012 9:05:13 AM

There's a line between reliability and optimum value cross. When it does, bail out.
YaBassa
Champion Author Michigan

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Message Posted: Apr 30, 2012 8:49:49 AM

Keep them until they have to be replaced, then buy a newer used vehicle.
WeasleyOC
Champion Author Orange County

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Message Posted: Apr 30, 2012 8:49:40 AM

I usually keep my cars until they are well over 200,000.
Grizdad
Champion Author Montana

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Message Posted: Apr 30, 2012 8:38:55 AM

Banks would love to help you stay in debt.
itzagasgasgas1
Champion Author Cincinnati

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Message Posted: Apr 30, 2012 8:16:29 AM

This is one of the reasons I pay close attention to the mileage on an older car.
When it starts to drop significantly it's time to think about replacing it.
LilRedWagonIN
Champion Author Indiana

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Message Posted: Apr 30, 2012 7:36:57 AM

This article makes more sense than the one claiming that fuel-efficient new cars are better for the ecology-minded political claques.
tbgasmizer
Champion Author Ontario

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Message Posted: Apr 30, 2012 7:22:10 AM

Only partially true.
bullet226
Champion Author Toronto

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Message Posted: Apr 30, 2012 7:14:05 AM

If it's Japanese - yes
335d1
Champion Author Virginia

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Message Posted: Apr 30, 2012 6:51:48 AM

Depends.
gandalfthegrey1
Champion Author Houston

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Message Posted: Apr 30, 2012 4:33:59 AM

This article doesn't mention trade-ins, but one can save/gain some bucks by selling the car yourself rather than trade it in - if you kept the car in good condition. Use a site like AutoTrader. You'll be surprised at the result.
Blue_Cruzer
Champion Author Lexington

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Message Posted: Apr 30, 2012 4:18:55 AM

No one simple answer.
Amplion
Champion Author Oregon

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Message Posted: Apr 30, 2012 3:25:53 AM

ABSOLUTELY, I WILL KEEP MY STRAIGHT SIX RWD.

INSURANCE PREMIUMS ARE NOT NECESSARILY LOWER ON AN OLDER CAR !!!

A few years ago we saw the premium drop when changing from 1968 VW BUG to 1998 BMW Z-3, Go figure ??? Insurance man said Airbags were the reason.
He also said the BMW Z-3 had a better claim loss record.
Vette1967
Champion Author Albany

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Message Posted: Apr 30, 2012 2:01:15 AM

There comes a time when you have to part ways with ol Betsy.
LEGION57
Champion Author South Carolina

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Message Posted: Apr 30, 2012 1:36:45 AM

HAVE to- thanks to odumbo
BJWI
Champion Author Milwaukee

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Message Posted: Apr 30, 2012 1:26:37 AM

I have kept all of mine until the repair costs begin to exceed the blue book value.
kkimes
Champion Author Illinois

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Message Posted: Apr 30, 2012 1:10:25 AM

Pretty much the way I've operated for over 50 years. My 1988 Buick LeSabre had 130k+ miles when I got rid of it. My 1997 Buick LeSabre had 154k on it when I traded it off for a 1998 Buick LeSabre which now has 150K miles on it but it is still running good. I haven't bought a new car since 1979 but with the cost of used cars being so high, we replaced my wife's 1995 van with a new Toyota Camry Hybrid. It's a dream to drive and I'm sure it will still be running in 12 to 15 years. By then I probably won't be driving any more (if I'm even still here), so we thought it was a good time to splurge a little bit.
alterman156
Champion Author New York

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Message Posted: Apr 30, 2012 1:05:26 AM

No matter how good a car is, they do not last forever. Many cars manufactured these days can last at least 200,000 miles. However, it does not pay to keep an old car on the road if it is in constant need of repair. There is no joy in having a car that is going in the repair shop every 2 months because something else went wrong.
northeast2
Champion Author New York

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Message Posted: Apr 30, 2012 12:40:23 AM

If I could do more of the repairs/replacement myself, it might make sense. But it's pretty easy to LEASE a new or certified used car nowadays where the lease includes free maintenance. The manufacturer wants the car back in good condition to sell or re-lease it. Might make sense to go that route once the repair bills for an existing vehicle start to pile up.
megadiesellv
Champion Author Atlanta

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Message Posted: Apr 30, 2012 12:34:42 AM

I'm keeping mine.
StArrow68
Champion Author Oakland

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Message Posted: Apr 30, 2012 12:21:27 AM

Keeping cars was great as long as they were mechanical, but with electronics that is going to change the game some. Just think of some of the chips in late 80's and early 90's cars, the same chips that used to power the Atari or such. Keeping mechanical systems running is about knowing how to fix them, keeping old chips on the road is about finding replacements that at some point may not exist.
cheapchickKY
Champion Author Lexington

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Message Posted: Apr 30, 2012 12:20:24 AM

Planning on driving my '95 Astro until the wheels fall off.
gus8441
Champion Author Baltimore

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Message Posted: Apr 30, 2012 12:17:39 AM

really depends
BuckyTJones
Champion Author Salt Lake City

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Message Posted: Apr 30, 2012 12:14:24 AM

10 years at least
mpg611
Champion Author Cleveland

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Message Posted: Apr 30, 2012 12:12:27 AM

Would be cool if we paid lower income taxes so that we can save up more money faster to buy that newer car. Of course, Americans want a cultural/religious/social agenda and political correctness, even if it costs us more money and more lives.
anascom
Champion Author Hamilton

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Message Posted: Apr 30, 2012 12:09:36 AM

it depends!
TableTalk
Champion Author Virginia

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Message Posted: Apr 29, 2012 11:50:49 PM

yes
mwc407
Champion Author North Carolina

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Message Posted: Apr 29, 2012 11:45:58 PM

I just put new ball joints and tie rod ends on my 1997 Honda Accord. My car has 228,000 miles on it and runs great. This repair cost me under $200 for the parts. It's great on gas and VERY dependable.
Why would I not keep my old car. A new or newer car payment would run me at least $400 per month. I would have to be doing a WHOLE LOT more maintenance on a much more regular basis for the financial math to not work out.
My Dad used to always tell me if you take care of your car, your car will take care of you!
feldos
Champion Author Florida

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Message Posted: Apr 29, 2012 11:45:24 PM

I don't like driving old cars with mega miles. Don't have time or desire to screw around fixing it myself and can't afford to miss work if car breaks down.
lesndave
Champion Author Texas

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Message Posted: Apr 29, 2012 11:37:47 PM

Yes!!
amerk73
Champion Author Dallas

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Message Posted: Apr 29, 2012 11:34:31 PM

old cars better new cars
davenles
Champion Author Texas

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Message Posted: Apr 29, 2012 11:28:59 PM

I keep mine for minimum 7 years.
PathfinderSC
Champion Author South Carolina

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Message Posted: Apr 29, 2012 11:16:30 PM

When I give it up , It is scrap metal.
CVA19
Champion Author Salem

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Message Posted: Apr 29, 2012 11:14:15 PM

In almost every case, the answer is a resounding YES.
leraar2
Champion Author Massachusetts

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Message Posted: Apr 29, 2012 11:04:31 PM

usually keep mine 20-25 years.
ExplorerWA
Champion Author Washington

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Message Posted: Apr 29, 2012 10:41:49 PM

Yeah, drive it till the wheels fall off. :)
bvrbill
Champion Author Eugene

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Message Posted: Apr 29, 2012 10:17:49 PM

I agree. Keep your old one until it dies. If you want a more fuel efficient vehicle, that's when you should buy.
petrpuck
All-Star Author Hamilton

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Message Posted: Apr 29, 2012 10:13:10 PM

Yup. I drive them till they die.
Wanda127
Champion Author Florida

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Message Posted: Apr 29, 2012 9:54:38 PM

I always keep mine until they start to cost too much for repairs. My HHR is 7 yrs old now & 97k on it. I've had to do some costly repairs but now enough to invest in a new car.
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