I currently drive a 2001 Camry (my 5th Toyota) that I bought with 29,000 miles on the odometer. It was a program car, now has 112,000 miles on it and I have had no trouble with it at all. I know I could drive it for many more years but am starting to wonder if 1. I could get a good trade in, since 20001 is not one of Toyota’s problem years and 2. buy a 2007-2009 Honda CRV for cash. I figured I would have to come up with about $15,000 or so…and is it a smart move/not a good idea/personal decision?
Thanks for any advice!
Just on a $$ basis, I don’t see where you’re better off, a 2001 Camry w/112k miles isn’t going to be worth a huge amount. But if you need a CRV, or just want a new car, no problem.
I don’t “need” a new car, which is my predicament. Thanks for your input…I just may keep the Camry!
We can rationalize getting a new car on many fronts that may not be the most economically sound.
Safety devices in newer cars,
Additional room and convenience of CRV
Security of having AWD.
Three perfectly good reasons…in addition to, I’m just bored.
If you can afford it and remain financial secure and feel good about the move…it’s always a “smart purchase” and anyone else who gives you their reasons for it not being is advice worth considering, but never the deal maker.
My friend owns two CRVs and loves them. Both CRVs have over 100 miles and she hasn’t had any problems. I am thinking of buying a new CRV but may wait until August when the new models come out.
Just don’t let your thirst for new vehicles diminish your home ownership or retirement plans. They are FAR more important…
I like your three reasons, especially the first one. And I love your last two thoughts. It reminds me of a salesman (jewelry, I think) who said, “If it gives you joy and you can afford it, buy it.!” I need to be pushed off the fence.
Retirement is quite secure - I’m there already and just fine - and mortgage very affordable plus $$$ in the bank. Excellent points, though…thank you.
Waiting until August sounds like a great idea! Maybe by then I’ll have made up my mind…
You do not seem to fully understand a very basic fact: no consumer gets a GOOD trade. A trade in, is good ONLY for the dealer. When one trades in a car, they a priori accept the fact they will ( at best )get wholesale value for it.
If I were you I would keep the Camry. If you must get the CRV, sell the Camry on your own. These days you have a multitude of options: CraigsList, Ebay, cars.com, autotrader.com, etc, etc…
Is there a specific reason you are looking at a CRV (you need AWD, car that is easier to get into, etc)? If the Camry is unfit for your needs, then you should trade it in.
A CRV will less comfortable even the new ones vs a cushy Camry. Financially it makes no sense. Emotionally I have no idea where you are with it.
You have no reason to trade your car; the Camry has lots of life left in it! A CRV will ride rough compared to the Camry and your wife will wonder what posessed you to get rid of a good, comfortable car and spend $15,000 to get into a less atrractive and relatively UNCOMFORTABLE car! Only if you are moving to a remote mountain home could this be considerd a wise buy.
I can’t possibly recommend this as a good move. In Hollywood, actors seem to change spouses for no apparent reason. But that’s Hollywood.
Kassied:
The way you phrased your opening question, it sounded like you asked if it made financial sense to get the newer CRV. As you see from the many replies, it clearly does not.
However, some of your recent comments since your opening post indicate that other preferences/desires may be more important than the most cost effective choice. If you’re all set for money and you want a newer vehicle, then follow your heart.
I think it’s a good idea for you to buy the new CRV.
Why?
First, and most importantly of all, because deep down you really want one.
2ndly, if you intend to keep it for at least 10 years and you take care of it, it will be a good investment in the long run.
But I would try to sell your Camry rather than trade it in. Either way, go with your heart. People here can tell you there are no good fiscal reasons for you to buy now and some might say there are good reasons.
But you only live once - if you can afford it, go for it. Besides, don’t you miss that new car smell?
Please come back and tell us about your purchase - whenever that may be.
That “New Car Smell” is actually bad for you…That smell is all the accelerated outgassing of all those new pieces of plastic/carpet/etc that make up the interior of the car. That outgassing contains many, many carcinogens. However, I do accept the fact that we all have to die of something, at some point in time :-)))
Wow, what a great response! For the record, I have no specific reason to switch but I did want to see if it made financial sense. Most of you said it did not. I have driven Camrys into the ground before so I thought I’d do something different this time.
Does anyone know anything about a Camry hybrid? I thought I saw those words somewhere.
Thank you to everyone who answered…I appreciate it!
No new (to you) car makes financial sense unless the old one is in the shop often enough that the cost or lack of use upsets your life. That goes for any brand of auto. BTW, there is no premium for owning a Toyota that hasn’t been recalled.
Well, since you’re already retired(atleast from what I’m understanding), and fairly secure financially, why not buy one. You’ve worked hard for your retirement money, so enjoy it. Life’s too short to worry about things like this, and you’re not getting any younger.
The years you’re looking at are most likely to be ones that are coming off lease and should still have plenty of life left in them. However, sell your Camry yourself, you’ll get the most money for it this way. Your car is worth about $5k if you sell it yourself, you’d be lucky to get $2k for it on trade-in. If you know someone in your family that needs a vehicle(someone turning driving age?), any fellow church goers(assuming you attend church) talking about needing one?
I’d keep the Toyota. If it’s in great shape and if you maintain it well the car should hit 300k miles or more.
Buy a CR-V and you run the risk of being one of the lucky(?) ones who may suffer an engine problem due to tight valve lash. (generally caused by failure to inspect this every 30k miles)
If the lash is fine when you buy it and if you have this checked every 30k miles, at a minimum, then no problem if you simply prefer the Honda.