Hmmmmmmm.
This is my 1999 Ford Explorer:
I paid $12,000.00 cash for it ten years ago. It's got about 148,000 miles on it. It's on its third transmission.
Every time something goes south on it, I think about getting a new truck. And then I consider a few things.
First, I love my truck. There's not a damn thing special about it, aside from the fact that it's mine and I dig it.
Second, when I consider the economics of it, it's hard to reconcile a new ride. For instance: Back in May, my transmission gave up the ghost in Florence, Montana while driving cross country. I was fortunate that I was visiting my old bass player, and he knew great mechanics at a great shop, and they got a new transmission in for me. When all was said and done, it set me back about $2,400.00. Now, on the one hand, I guess I could say that I could've put that money towards the down payment on a new (pre-owned) truck. And then I'd have had payments of, I dunno', $400.00 a month? $350.00? Yeah, I'd have a new truck, but I like my old truck. Once I spent that $2,400.00, it was done. The truck was runnin' like a top.
Before leaving Portland last May, I put about $1,200.00 into the truck, including a rebuilt cooling system. When I got to Montana about two weeks later, the transmission went. Since then, it's been nothing but routine maintenance.
So, in the last year, I've put $3,600.00 into the truck, and it runs perfectly. I don't have a truck payment. Had I bought a new truck before leaving Portland, I'd have a monthly payment of, say, $350.00 a month, and I would still have to pay for any repairs that would need to be done during the life of that loan. Or, I could drive a vehicle that I love and that runs great and that I
don't have to shell out several hundred dollars a month for.
Don't get me wrong. If you have the resources, knock yourself out. But if you watch your money and you like the car, consider the repair. As my Explorer has shown me, yeah, I'll put a few grand into it every so often, but it's far less than what I'd spend on car payments over that same period of time...