The Economics of a Used Car (Vanity)

[general_re]

Is it sensible to spend a couple of grand to keep a fifteen-year-old car running?

Generally, no. A good rule of thumb is, if the repairs cost more than the book value of the car, skip the repairs, scrap the car and use the money for another car ;)

[Eric in the Ozarks]

A good plan. You sound like my parents. They lived through the Depression and found "saving back" accounts before anyone thought of a Christmas Club at the bank.

[ChemistCat]

What a pity--Carmax doesn't have an Oklahoma affiliate dealer. Dallas is the closest, and there's really no sense in driving three hours to buy a car.

I need an "Under $3,000" category. Heh.

[Semaphore Heathcliffe]

And the best thing about this is...no interest payments for car loans. You are using your own money. And it feels good.

most conducive to a good night's sleep.

[B-Chan]

I, too, endorse CarMax. Our Toyota 4Runner, purchased from CarMax, is excellent and dependable transportation -- and the direvetrain is covered by warranty for the payment period of the vehicle.

[Eric in the Ozarks]

To realy extend engine life, use Schaeffer lubes (made in St. Louis). This brand is kind of hard to find. Speed shops might have it. Its a synthetic blend motor oil with a molybdenum (sp?) additive.

[steve86]

The LUCAS Power Steering Stop-Leak did wonders for me. Saved $347 + installation of a heavy-duty E-350 steering pump. It did take most of a summer to stop the leak -- I think the remaining regular power steering fluid caught in high spots had to be purged. Other brands of P.S. stop leak just ran out along with the rest of the fluid.

LUCAS sponsers a bunch of neat racing events as well: e.g. drag boat racing.

[cody32127]

Never heard of it, what I like about the Lucas is that it is a petrolium product and its been around for 30 years, oh and it really works.

[cody32127]

Try their oil stabilizer, I run it in my new Xterra,lawn mower,Motorcycle as well as the miata with great results.

[sinkspur]

My brother-in-law swears by Carmax - he's bought his last 2 or 3 vehicles there & next time we're in the market, that's where we'll go.

That's where I bought our last two cars. Easiest place to buy a car I've ever been in.

Great cars, too. Carmax puts new batteries and new tires on every car that leaves the lot.

[knak]

We rebuild classics. My husband always says, You can put $5000 (or a little more) into an older car it'll be like new and last for many years. Or you can spend anywhere from 15K to 35K for a new one and it'll last just as long.

[Double Tap]

With the interest rates as low as they are for new vehicles, you might want to reconsider buying used. We may never get another chance to buy new this painlessly.

[knak]

Also, if your cars are in really rough shape, do what I think "mineral man" suggested. Clean them up as well as possible, carpets and all. Sell them and buy something else, a little newer or just in much better condition.

[cody32127]

"You can put $5000 (or a little more) into an older car it'll be like new and last for many years. Or you can spend anywhere from 15K to 35K for a new one and it'll last just as long."

While not wanting to dissagree with your husband and not knowing what he is calling a classic, there was a time 60s-70s when cars were over when they hit 100k, now 100 just brings down the resale value. My brother is driving a Chevy bronco 91 with 375k on it, still runs good.

[Dan(9698)]

I thought carmax was for chapped lips. :-)

[T Minus Four]

The Buick gives me an intermittant SERVICE ENGINE SOON light that cannot be tracked down.

I was getting a "check engine" light that would stay on for a while, then go away for awhile. It turns out I was not cranking the gas cap down tight enough! Fortunately I didn't pay anyone a couple of grand to replace my head gasket or whatever before I figured this out.

[Dan(9698)]

>>>...We buy a new car every 3 years,

It is virtually impossible to spend as much on repairs on a car as you lose in depreciation in the first three years.

You should keep the car at least 6 years or more even if you have to spend a little on repairs.

[Eric in the Ozarks]

Schaeffer is the first manufacturer/compounder of automotive lubes. I think they were founded in 1839, when candle wax and whale oil were still being used to grease horse-drawn wagons.

[jwh_Denver]

I need an "Under $3,000" category. Heh

I needed one for under $2,500 and got one for $2200. You don't need a Carmax dealer because you punch in the VIN and it comes out with a fairly substantial report in seconds. Besides the newspaper which was fruitless I used autotrader.com and found the one I'm going to buy if the mechanic gives the ok on it. Before you run to look at a car get the VIN and run the report, go from there or stay clear.

[jwh_Denver]

Another thing I like about Carmax. They give you 30 days to get unlimited reports for $20 and THEY stop the service so you don't have to worry about canceling it yourself.