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Justifying Repair Expenditures Exceeding Market Value

21 messages,  Last post on Feb 23, 2010 at 8:03 PM

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#20 of 21 Something I learned a long time ago in HS by watkinst

Feb 23, 2010 (11:46 am)

If you like to save money and like to have nice cars - do your research - I'm talking major research dig up every little bit of info on the car you can. Everything from paint quality - engine history - transmission history etc. Make sure there are no well known major failures with the model you want to own.
 
Buy a good one probably from a private owner not a rental return sold by a dealer after buying it cheap at the auction lot.
 
Then read up on it so you know when the shocks start going bad - how long brake pads generally last - how long the rotors generally run. And keep the car for a very long time 10+ years. If you don't want to do the maintenance your self at least know enough to BS with the service guy- ask them what price they are selling the new parts to you for. Almost instantly they will knock off 15-20% on the parts costs just so that when you compare parts prices they fall in the average price range vs your discovery they are ripping you off with high priced parts.
 
If the car is in great shape - is a quality car with a good reputation of being durable and long lasting - yes dropping a few thousand in it to repair original parts that have had a long life is probably worth it. Much cheaper than buying a similar car new.
 
Once the car has reached the point where its just flat worn out and not dependable enough for your needs - replace it with another well researched - used - owner sold car. You'll save thousands and thousands of dollars over your life time. Put that money into a nice house - great trips a retirement fund. Your friends who crack jokes about your old cars won't be cracking jokes when your retired and they are still working. Or when you buy that really nice house and they are still struggling with owning a condo etc.
 
Cars are the largest expense and worst place to put your money.
 
My wife and I have
2001 Jetta 1.8T 5spd 55,000 (hers)
2001 Legacy GT 5spd 160,000 (mine)
1993 Landcruiser bought from original owner dirt cheap at 104,000. We put about $3000 into it over 6yrs replacing original worn out bits - its been flawless and is now at 140,000.
 
The only reason I'm researching newer vehicles - the Subaru is tired and the old LC gets horrid milege. I'd like to replace both with a fuel efficient large SUV. My only choice appears to be the MB GL CDI. So I found a mechanic locally I've been talking to him about common repairs and service costs. Checking out the model years for any common major product issues and looking at the dealer buyback values for lease returns.
 
So far it looks like an 09 coming off lease in late 2010 with 25-30,000 miles on it could be had for around $38-40,000. 08's still have some mechanical issues left over from the 07 disaster of a year. The 09's are proving to be much better regarding properly working systems and no major engine or running gear issues.
 
Porsche - I have a few co-workers with them. They all had issues till one found a new mechanic. He told them to do track days at least once a month. This was a few years ago. Since then outside of replacing tires once a year they have had very few issues. Turns out doing track days gets the old juices really flowing in the Porsche and helps reduce the number of issues that crop up with the daily stop and go grind to work.

#21 of 21 Re: Something I learned a long time ago in HS [watkinst] by euphonium

Feb 23, 2010 (8:03 pm)

Replying to: watkinst (Feb 23, 2010 11:46 am)
Your friends who crack jokes about your old cars won't be cracking jokes when your retired and they are still working. Or when you buy that really nice house and they are still struggling with owning a condo etc.
 
The above is very very true. We're retired & still driving our old cars, 94 & 95 garaged in a really nice house, on the hill.

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