I have a 2000 Honda CRV with 87,500 miles. Runs very well. Seeing that it is ten years old, should I replace it with a newer model or keep it & replace the timing belt? How much is a timing belt/water pump replacement?
Timing belts are an insignificant expense over the life of a car, in theory cheaper than oil changes if you amortize the cost over time. It will cost you $500-$800 depending on the cost of living in your area, depending if you go to a dealer or not, and also depending if other engine maintenance is done, too.
Why would you spend $20k for a new CRV when you can spend $700 and drive your nice one for another 88,000 miles?
A 2000 CRV with 87,500 miles isn’t even broken in yet, I’d keep it. Timing belt replacement should run around $600ish, with the water pump also replaced. You won’t find a comparable vehicle for $600.
Depending on where you live, whether the job is done by a dealership or an independent garage, and whether you also replace the water pump, serpentine belt and all belt tensioners, this could cost you anywhere from $400-$700.
If the car is running well, the only reason to get rid of it (IMHO) is if you are bored with it, or if you want the greater safety features on the newer models.
This vehicle has many more good miles and good years left in it–IF you replace the timing belt promptly. That belt is now a few years overdue for replacement, and it could snap tomorrow. At that point, your bill from the mechanic will increase by about $2,000.
Economically it is far less expensive to keep repairing this vehicle. However emotionally you need the stomach for costs and patience when it is out of service.
The CRV is the better of the bunch with regards to reliability however the bar for reliability falls simply to due age.
Is the car in good condition? Do you still like driving it?
If the only question is keep or repair then obviously keep it. There would be no reason to replace it based on the age/mileage. Now if you want some feature of a newer car then that is a different question. I believe the change interval on the 00 is 100K though at ten years you might want to replace it early for the piece of mind.
Yes & Yes!
I’d do the required maintenance and it will happily run another 87,000 miles. Budget $1100 per year (the US average) for maintenance, tires and repairs. You will note that less than $100 per month is substantially less than making payments on any replacement car, new or used.
Timing belt and water pump replacements are regular maintenance items on many cars.