So I’ve been driving my very first car, a red 1.6L Diesel 2010 Seat Leon for 11 years now. I bought it off my friends dad who literally only used it for motorway driving. When I bought it, it had around 70k miles on it. It now has 120k miles. I bought it outright.
In the time I’ve had it, I’ve remapped it, fixed the electronics (doors wouldn’t open), bought new fuel injectors, it’s got a good service history etc. There isn’t anything wrong with the car, and at the moment it’s running well.
I recently got a new job with a decent pay rise and I’m wondering when is the time to sell and upgrade? I don’t need to sell, I could easily keep driving this car but at some point I should move on. It’s a new drivers car, low insurance, low tax. I feel like I’ve outgrown it, but also I just like it, it gets me from A > B.
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I’m not a “car guy, ” so for me, the answer is when I can no longer safely use my current car.
Don’t fix what is not broken
Keep the car while you spend that pay raise to increase your wealth in appreciating assets.
The people who increase their living expenses with every pay increase are not the people you want to emulate.
I’d say keep it. Got plenty of life left. I’d say maybe in a few years sell it off or when it starts needing more and more work.
Nothing better than a paid off car that still runs well. My wife and I both make good money, I’ve been driving a used crv for 10 years now and she drives a hand me down hrv. That’s 10 years of no cat payments. I dread the day I have to replace one of these vehicles, not because we can’t but because it’s so nice to have that extra money for vacations or investments.
Go to seat.com. Price compareable car. Take the monthly payment and setup an automatic saving deduction from your bank account. Then I want you to have the negative emotion of paying for the exact same thing you have right now minus the money and minus the New Car smell. If you hate the payment thats probably how you will feel after 6 months Plus bluetooth Plus 84 months of finance payments. If the car decides to self-destruct, the down payment is already in your account.
I’ve driven the same car for 10 years now.
Over 85k driven by me and it’s at 160k miles. It’s a ’09 Dodge Journey, base model, 2WD, 4-cylinder. These cars are notorious for problems (most are the V6), and blowing up the trans. But for me? It’s been reliable. Other than regular maintenance/wear and tear (brakes, tires, oil, etc) I’ve only had to put in $700 of repairs.
I hate this car.
It has a check engine light for a leak in the evap, despite changing the gas cap several times. But the thing won’t die and has been paid off for 7 years. I drive it for errands and to work, so it only gets driven about 4k miles a year now.
I should also mention that I can probably get back half of what I paid for the car at the current time. Which given I’ve driven it for 11 years. Getting back half your money seems like a great deal. That’s another reason why I’m thinking of selling.
You’ve only driven 50k miles in 11 years? Just rock it and invest in your future.
Keep the car and invest the money. You have to look at everything through the lenses of compounding interest. If you dropped for example 50k on a new car plus interest over the payments of the car that 50k turns into 200k you just paid for that car in 30 years.
I had an 84 Ford ranger that I drove from 93 to 03 when I replaced it with an 03 Colorado that I replaced a few years ago when the rusted out frame finally caused it to taco when I dumped roughly one tone of skate bodies in the back… Upgrade when you want or need to.
Do not make any large purchase you don’t need to. I’m still kicking myself for “upgrading” my car back in 2015, I traded in my 2010 Kia Rondo, and I loved that car. I could easily still be driving it today.
If its safe, the interior is in good shape, and you are satisfied with it, keep it.
I aim to keep my cars at least 5 years.
If you live in the USA the best time to get a car for at least the next 4 years will be right now. Right now. Like today.
I would recommend driving your car until it can’t be repaired reasonably anymore. But if you think it might shit the bed in the next 4 years due to mileage……