Current Events > Keep old car or buy new car?

(+) Yeah! (+)

Car:
2005 Hyundai Santa Fe with 110k miles on it. Main purpose = daily driver/beater car.

Condition:
I bought this car for $3,500 a couple years ago at 80k miles in mint exterior condition with fair mechanical condition. I spent around $2,000 in mechanical repairs bringing it back to good mechanical condition. In the past couple years, my wife hit a tree, so it has a huge freakin' dent and scratch all over the car (i.e. poor exterior condition).

Offer:
A dealer offered $1,200 for the car (KBB estimates ~$2,500 for private sale at "fair" condition), a major price hit because of the poor exterior condition (the estimate for "excellent" is at ~$2,000 and ~$4,500 respectively).

Dilemma:
The car is starting to have some ignition problems, but not consistent enough for the dealer to diagnose exactly what the problem is, thus no ballpark estimates on its fix. The car also soon needs major maintenance*, which may cost additional $1,500.

I don't think the car is worth spending ~$1,500+ to repair, only to sell it for ~$1,000 the year after. So we're both at a dilemma:
.....*Pay to repair/maintain the old car and hope it doesn't have more problems, or
.....*Sell it and just buy a newer car.

What does CE think?

*Major Maintenance Items Required Soon:
*Replace automatic transaxle fluid
*Replace engine coolant
*Replace spark plugs
*Replace timing belt (thus also replacing the water pump, tensioner, and pulleys)
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*Major Maintenance Items Required Soon:
*Replace automatic transaxle fluid
*Replace engine coolant
*Replace spark plugs
*Replace timing belt (thus also replacing the water pump, tensioner, and pulleys)

Three of these are neither major nor expensive.

The real important factor in your decision, however, is how much money you have for the next car. Is it going to be a substantially newer vehicle or another aging one that will require a degree of futureproofing work?

ArchiePeck posted...

The real important factor in your decision, however, is how much money you have for the next car. Is it going to be a substantially newer vehicle or another aging one that will require a degree of futureproofing work?

We are financially able to purchase a newer vehicle. Haven't decided if we should buy a brand new SUV or a certified used SUV yet, as we haven't really decided on if we should sell this car or just keep it.

Another risk is that after we do the maintenance items and fix a starter issue in the next year, what if another major thing breaks? Bleh...
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I came into the topic expecting to say keep it but I could see merit in either route. You kinda put a lot into that car for what it is already. That said only one of those things is remotely major.

The rest are pretty cheap and could be done at home with basic tools and a youtube video if you need a guide.
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CanuckCowboy posted...

but I could see merit in either route

Yup... Hence why we're at this dillema
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IdiotMachine posted...

ArchiePeck posted...

The real important factor in your decision, however, is how much money you have for the next car. Is it going to be a substantially newer vehicle or another aging one that will require a degree of futureproofing work?

We are financially able to purchase a newer vehicle. Haven't decided if we should buy a brand new SUV or a certified used SUV yet, as we haven't really decided on if we should sell this car or just keep it.

Another risk is that after we do the maintenance items and fix a starter issue in the next year, what if another major thing breaks? Bleh...

Since you have the option to make a major upgrade, I would suggest that. Your car is 13 years old. The low mileage is a huge bonus, but it's breaking down from old age, and will continue to do so. Yes, these are small repairs, but they will stack up and become more frequent. You aren't going to get any more money for it than you can get now. Try to sell it at "$3,000 or best offer", and you may get a fair deal out of it.

Addendum - I drove my last car (2002 Saturn SC1) to 268,000 miles. It became a constant repair issue, which I didn't mind because I did all of my own work on it. If my wife had not blasted a deer in it, I would still be driving it. We bought a new SUV last year. We are very happy and have had 0 problems.
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DarthGravid posted...

If my wife had not blasted a deer in it, I would still be driving it.

We're paying full coverage for this vehicle (extra $50/six months, so why not?); I'm sort of hoping we hit a deer or something and we get a check for like $3k
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IdiotMachine posted...

DarthGravid posted...

If my wife had not blasted a deer in it, I would still be driving it.

We're paying full coverage for this vehicle (extra $50/six months, so why not?); I'm sort of hoping we hit a deer or something and we get a check for like $3k

It's still in my driveway, and still can run. It has a parasitic draw that I can't find. If I decide to fix that, it's still a good car.
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