I’m looking for advice on whether to keep or sell a 2007 Sequoia. I’ve had it for about six years, runs well, but… It’s been costing an average of around $900 a year for maintenance and repairs, most recently $1400 for complete brake job. It has 173k miles, so I’m looking at a timing belt change soon. There are also a some rust issues. The frame is just a few years old and is fine, but there areas are getting rusty. I was thinking about a rust treatment for around $800, but with a timing belt change I’m looking at between $1500-$2000. With the brakes, it’s $3-3.5K total.
I could sell it now for maybe $5k +/-. I wouldn’t want to spend more than another $10-$12k on a replacement - so $15k-ish total for an off-road vehicle. I do a lot of beach driving.
So go all in for $3.5k on a slightly rusty vehicle with 173k miles that otherwise runs well or spend $15K +/- on something that may have its own issues.
That is a personal choice you have to make for yourself, but you will get some that can afford a new high end vehicle every year or two and some that hang on to there vehicles for ever it seems like, and many in between, neither one is wrong it is just a matter of budget and preference… I am not going to advise either way but give you a few of things to think about…
$2000 a year is only $167 a month and $4000 a year is only $334 a year… A Toyota with 173k miles is not bad, and you won’t need the brakes replaced for a long while now… You know the maintenance of your current vehicle… As you said with a 15K vehicle is will be used with some problems, plus you have to see if/how much ins will be effected… Now if you really like your current vehicle then you might want to keep it, but if you are getting tired of it and really wanting an upgrade/newer model then go for it…
When I see what I can buy out there for $15K I say keep what you have. That powerplant is quite durable and with regular maintenance will outlast the body of the car. You know what you have, it suits your needs and you like it. Any car out there will need new brakes at some time.
Another vote for “keep what you have”. About half of all used cars are for sale because the owner got tired of dealing with it. Do you feel lucky enough to find one from the other half (that run fine, no issues, owner just wanted an upgrade)?
At this age and mileage there are no repairs, only maintenance. Some aftermarket body parts are available and if you need one that isn’t made now you can find a Southwestern US junkyard with low rust replacements. That $10,000 difference in cost between a new to you Sequoia and this one if you sell it can go a long way.
The great depression has returned with one difference; everybody has tons of money. The new vehicles are dreadfully expensive so more people are rebuilding their faithful familiar family car. Good looking used pickups in my area go for 39,000 to 59,000. That’s a lot of refurbishment money. The new car is a minus if you have to get rid of half a fortune just to drive something that shines brightly. The polish in your mind will fade away with buyer’s remorse. It happens faster if you buy used and then discover strange repairs underneath.
I suppose your point of view depends on whether you have a job and if not, what your prospects for another one are. The current unemployment rate in the US is 4.5%, a long way from the 24.9% at the height of the Great Depression. We are a long, long way from that. We are even about half the 9.9% max rate if the 2009 recession.
Thumbs up to @davesmopar. The only other thought is that you should shop around some for alternate mechanic service. The prices you quoted are not horrible, but they aren’t cheap either. Look in the “Repair Shops” section of this web site, and also search in a forum specific to your vehicle, online.
And, remember, your insurance will probably go up on a newer vehicle, and official fees, and there’s no reason to think a $15,000 replacement won’t need brakes and timing belts. These are maintenance items, not something that says your Sequoia is deteriorating.
If you buy another car what will your car payment be? If it is less than you plan on paying to maintain your Sequoia you are ahead of the game. If the payments are more, you should consider very carefully if it makes sense to buy a used car that someone else is getting rid of. You have a known car in hand and every car requires maintenence.