Or, to ask it another way, how do you decide when its time to retire a car?
I have a 2001 Chevy Lumina v6 sedan with 124k miles. I bought it used in 2003 and put 100 or those 124k miles on it, so I know its been well cared for. It has been, and continues to be, as reliable as any car I’ve owned. It runs great and I still enjoy it. So, I’m thinking just keep it until it eventually develops problems and then cross that bridge when I come to it. Alternatively, I can easily afford to buy a new or newer-used car now and not wait till I’m in a bind.
I have a friend who routinely gets a new car every 5 years because he thinks that’s the best way to insure he always has a reliable car. I’m more in the 10 years and a 100k miles camp, but, I’ve passed that benchmark and I see no signs the car is nearing end of life. It also seems to me like the Lumina is fully depreciated at this point and so every extra year I keep it, is in some sense a freebie.
One other bit of info: I’m single and my chevy is my daily, around-town-transportation-car, so if it does break down, its not like I’d be stranded with a family on a cross country road trip.
So, how long do you keep your cars?
Thanks in advance for sharing your thoughts.