This year my car turns 12 years old. It's been a good car and has been paid off for probably 10 of those year. It has low, low mileage and gets me from point A to point B. So what's the problem? Well, it's 12 years old and the new models are so pretty and shiny and get much better gas mileage than mine does. Therefore, I have been contemplating getting a new car, or at least a new-to-me car. In this decision making process there is really only one pro - A NEW CAR - and one con - A CAR PAYMENT. And since I'm on the fence about that con, and whether I'm ready to start making a payment again, I haven't taken the plunge.
In my family growing up we never had new cars. We rode in used cars until they were unrideable and then bought more used cars. In fact, my current escape was my first new car ever and I didn't get that one until my previous car had so many repair bills I was finally talked into getting a new one when it stopped going backwards. My friend Jason shared his philosophy with me, "When your car repair bills start to cost more than your car payment would be, it's time to go car shopping." And the minute I thought about trying to drive a car that didn't go backwards we went car shopping, and I came home with my current car.
This car still goes backwards and has been relatively low maintenance. Which is probably why I've been hemming and hawing over this decision. Until this week. The engine light went on during the middle of last week and I noticed I had some oil on the garage floor underneath where the car is parked. I took the car into my mechanic on Wednesday for a thorough going over. The engine light was due to some wear and tear holes in some part or another. It was an easy and fairly inexpensive repair. However, the oil leak is another matter. While not an urgent fix, the leak is coming from a part of the car that is very expensive to replace. To repair it will be upwards of $1300. When I first heard this amount, I had Jason sitting on my shoulder saying, "It's time!" But after paying for the first repair, I spoke with my mechanic who told me under no uncertain terms would he get rid of my car if it were him. He said his brother has my exact same model and it has 300,000 miles on it...mine has 70,000. He said that while the cost to repair is pricey, it's maybe 4 months of car payments and if that gets me another couple of years without a repair I'm still ahead. While I take the mechanic's advice with a grain of salt, as I know he wants my business and if I get a new car that is under warranty he won't be seeing me for awhile, I do trust his opinion as I haven't had any reason not to since I've been going to him.
So now I'm back to where I started. Stick with what I have and make a repair payment here and there or get something new and taking on a regular car payment for the next X number of years but knowing I can rely on the car working? At this point it could go either way.
three on thursday
9 hours ago
I think you know yourself if the car is about to become a vast liability. And by that I mean one that you can't be sure it will start anytime you stop it.
ReplyDeleteMoneywise, the current one doesn't owe you anything. But at 70k miles it's really still a baby for it's not the years of it but the use of it that ages it.
For what it's worth what I'd do is begin putting the car payment into an interest a/c now, today. Why, well the more you've in the less you'll eventually pay for a new one.
At 70k miles for that type of car you should have at least another 100k left. Ergo, at your rate of use you have another at the very least 7 years left.
As to the prettiness of the new ones. If you have a car for 10 years AND have only 70k miles on it you're not exactly a Motorhead are you. The truth is you don't think of the car until 5 mins before you park your sweet behind into the seat and forget about it 2 secs after it's gone clunk-tweet-tweet. :-)
Yes! My thought was to do that very thing - put away a car payment amount just to have a cushion, and also to see what it would feel like to have a car payment again. And the thing is as soon as I heard the cost of the larger repair and thought I needed to go car shopping I panicked, partially because I hadn't done the above and also because I do know it's not in my best interest right now to buy a car. And you're right, I'm not someone who really cares all that much about what I'm driving. The problem is my heart goes pitter pat when I see a new pretty car, certain ones anyways. I keep telling myself that's no reason to have a car payment! :)
DeleteDon't tell me you're a Mini lover. :-D
DeleteNo, I am not actually. After having an SUV (albeit a small version) a teeny car isn't appealing to me. I do think the new little Fiats are kind of cute, but still too small. To drive on the freeway in one of those little cars next to the beasts and semis we've got here seems frightening. This is actually what I want
Deletehttp://images.newcars.com/images/car-pictures/original/2014-Infiniti-QX70-SUV-Base-4dr-4x2-Photo.png
The problem being is it's far outside my budget AND the model doesn't even look like this anymore AND they don't make them in this color anymore. So, at least there's that. :) But it sure is pretty! :)
Yowza. They don't even market that car in Ireland. In the UK it's cranking out between £40 and £52,000 http://www.infiniti.eu/prices/united-kingdom/
DeleteI know, right?!?! There's one in the neighborhood and every time I see it my heart goes pitter pat. :)
DeleteIn my defense, they are quite a bit less here than there by about $25-30 K.
I always have to remind myself, when I have a large repair bill, that I don't have car payment.....which would be ok if I had repair money in my budget.
ReplyDeleteYah, that's what I try to do too. If the $1300 is all I pay for the next couple of years, then it's worth it. If it's just the start of many more bills to come, well, that's what I'm worried about. When do I decide that a car payment for reliability would make more sense? As Vince said above, if I worry about it starting when I need it to, it's time. The big repair isn't needed immediately, so the little one can get paid off and then in the next month or so I'll open my wallet again.
DeleteNew Car! You have earned it and deserve it..
ReplyDeleteAhhh, see, you're not helping!!!! ;) There's always one in the bunch who makes me overthink my decision.
DeleteI just got my membership card for the Artists Society/Union today. http://visualartists.ie/
ReplyDeleteWe have tax law that allows an artist to earn a good bit taxfree and sales tax may be zeroed but you need to have a few things in place.
Oh wow! Good for you! That's exciting.
DeleteI had a look at the site and it seems pretty comprehensive - lots of PD and "advice".
Do you think you'll take advantage of the the ideas and networking aspect of it or is it simply for the tax credit? Oh hey! Did you start teaching your class yet?
No not just for the tax, they have connections(networking you call it) and access to legal people too, just in case.
DeleteNo not yet, on the class. This makes it a bit easier too, with that.
No I've been writing class notes, lots of them. Thing is it will depend on the level of the people so I cannot deliver an actual lecture. I have a tentative title. Expensive camera ?, and the photos are worse than before ?. Then take control and attend at Augustinian Hall 8PM. Tea, Biscuit, Photocopies, light and heat €30
Yah, the networking is what I was thinking would be valuable. It's looks like the site itself is a wealth of information and then contact with the other artists would add a whole other level.
DeleteThe name makes me laugh! Varying levels is the HARDEST part of teaching and does kind of back you up as far as planning until you know where they all are. But still, it's kind fun to think you can share your knowledge with others who are there because they want to be. :)
I was finally able to pick up my camera at one of the local fedex stores after a week of them coming to deliver it while I was at work. The paperwork said they replaced a bad circuit board and camera was now in working order. So imagine my surprise when, after attaching the lens, it still shut off and stopped working. Argh!!! Called the Co. and they are now paying to have it shipped back to the factory to look at again. I really just hope they give me a replacement this time.
I think it's time to demand your money back. You have good customer protections in Ca haven't you. Something has to be merchantable and has to act as new 6 mths in.
DeleteBut you know yourself.
The VAI site is very hard to read. It's very much a design from 2005. But I think the current info is useful.
I'm looking for studio space at the mo. And there's a page devoted to just that. It seems thpough that there's none in Tipperary in County buildings. Most counties have something. But hayhoo, I'll go another way.
The merchant won't do anything about it since it's been 30 days and is referring me to the Canon warranty, which is a year. I have until late May with the warranty, so right now it's putting up with the hassle, going under the assumption it'll get worked out via the warranty. If the end of my year is getting close and no resolution is in sight I'll move beyond Canon. I think my credit card co. has protection on things like this.
DeleteStudio space?!?! How fun! That's really exciting! :)