Lexus


#1

I have a 2005 lexus gx 470. Should I buy 2007 gx at the end of the season, or should I hold off and wait for 5 or more years?


#2

Do what you want. Why are you asking us??


#3

My husbanD just died and i don’t have any IDEA on how long to keep a car!!


#4

There is not one correct answer. From a strictly economic point of view it makes sense to keep a car until the cost of maintaining it exceeds it’s value. It also makes more sense to buy late model used cars than new cars, due to the initial depreciation.

However, there are other factors to consider, if you are not comfortable driving a car beyond a certain point, it might be worth your while to replace it. My mom, who’s now 75, buys new cars whenever she gets to 100,000 miles (every 3 or 4 years), simply because she is no longer comfortable with them.

In you case, a 2005 lexus should be good reliable transportation for some time to come, I would keep it maintained and drive it until it becomes troublesome, or you just want a new car.


#5

Keep your car long as possible and your comfortable with it. Make sure you keep up on the proper maintenance and your Lexus will last for many years to come.


#6

Sorry to hear about your husband.


#7

Sorry - I hit enter before I meant to!

When my Dad died fourteen years ago, my Mom, like you, had a fairly new car. She worried about what to do. Since the car was paid for, she opted to to keep it since the mileage was low and it never gave her any problems. She drove it another seven trouble free years until it was totaled in a wreck.

You should base your decision on several factors. A Lexus will last a long time with proper maintenance. Does your current car have a lot of miles on it? Do you have a good dealer/mechanic who you can trust to take car of the car for you as it gets older?

There are also financial factors to consider. Is the car paid off? If you own it and it is paid off, do you want to spend more money right now on a new car?

If your current car is reliable and needs nothing, it might be smart to save your money now and keep on driving it.

Good luck with your decision!


#8

Thanks for the info. You make a lot of sense. I WOULDN’T BE ABLE TO AFFORD A BRAND NEW CAR 5 YEARS FROM NOW SO I JUST THOUGHT MAYBE I SHOULD TRY TO KEEP UP BY TRADING IN MY 2005 AND SPENDING JUST A LITTLE EVERY 2 YEARS INSTEAD OF A LARGE OUTLAY.


#9

MOST cars will EASILY last 5 years. Quality cars like a Lexus will last even longer. I wouldn’t even consider getting a new car until it has 250k miles or 15 years old.


#10

You should be able to keep the car for quite a while longer. The GX 470 does not get great gas mileage, though. You probably get about 15 MPG. At $2.88 per gallon, you would pay about $2900 for gas each year. If you had a car that got 30 MPG, your fuel cost would be about $1450. You could get about $36,000 if you sold it yourself; more if it has any options on it and less if it needs work. But the idea is that you can buy a lot of car for $36,000. You can even have a nice new car for around $20,000 and money left over for other expenses. You thought about selling now makes sense in that light.

I’m sorry to hear about your loss. My parents are both dead. Dad died 42 years ago; I was 13 at the time. Fortunately, Mom had a steady job already and we got social security and civil service benefits from my father’s earnings while he was alive. We were fortunate.


#11

I think if you look at the economics, you will find that holding on to your car will be cheaper in the long run. If you borrow money to buy a car and trade it in in 2 years your will probably end up selling it for less than you still own. New car dealers will just add the difference to you new car financing. Although that avoids a big lump sum payment, you are still paying more. In general you are better off keeping your old car while saving for your next new (or newer) car.


#12

The GX 470 does not get great gas mileage, though. You probably get about 15 MPG. At $2.88 per gallon, you would pay about $2900 for gas each year.

Where did she say how many miles/year she’s driving???


#13

Where did she say how many miles/year she’s driving???

What difference does it make? It was an illustration of how much it might cost to pay for gas in a large truck compared to a smaller, hypothetical vehicle. The OP appears to be strapped for cash after her husband’s passing and I thought she might like to see that her Lexus could bring a good return on sale that would provide a nice and efficient newer car. I hope it’s OK with you if I try to help through example from time to time.


#14

What difference does it make?

Well because you came out with figures on how much it will cost her which can ONLY be calculated if you knew how many miles she drives. If she’s like my mother-in-law who only drives less then 10k a year…the amount of gas she buys every year will be insignificant.


#15

If you wouldn’t be able to afford a new one in 5 years, then you wouldn’t be able to afford one in 7 either. Keep your lexus, squirrel money away, and by the time it dies you’ll be able to afford pretty much anything you want.