Jason in Enid
Elite Member
Nothing wrong with buying a new car if you keep it. Problem is when you trade it in every 3 years and have the endless payments on just depreciation and little to no principle. . Don't recall the exact formulas, but I believe 10 years is the number where you get your moneys worth. After 10 years, maintenance costs put you in a hole. Less than 10 years then you pay for depreciation and have zero ownership.
I do all my own repairs so I've only owned 4 new vehicles in my life and I still own 2 of them. I literally wore out a 1993 Toyota 4 Runner and had to sell it for parts. I would still own my 1987 Ford T-Bird but it was T-Boned and destroyed in 1993. If you cant do your own repairs, then vehicles get very expensive after 8 - 10 years.
The problem is that manufacturers are making it impossible to work on new cars, forcing you to take it a factory authorized shop for 90% of problem. Trannies are sealed, cant even check fluid level. No more zerks, you have to have expensive code readers to check any trouble lights. Everything has a computer sensor connected, even the tires.
I do my own oil changes and check what fluids I can. 175,000 and still going strong on my F-150. I would love to buy a used one next time, but trucks are made to haul and tow, and I know lots of people who abuse trucks in that capacity because they know they will only have them 2 or 3 years and they wont have to deal with the problems and shortened life they created.