We have (I know everyone hates them) an SUV that is 4 years old with only 27K miles. It is a GMC Envoy SLT V8 that runs well and is in really good shape.
So, what is the problem? Do you feel like you need to wear a bag over your head when you drive it? Are you that self-conscience? A 2003 or 2004 truck is still about as fuel efficient as these trucks can get. If you still like it, who gives a turkey what anyone else thinks? If you like it, keep it.
If your wondering when the right time to trade it in, for maximum trade-in value, waiting a year means further depreciation in value, plain and simple. The longer you keep it, the less it is worth.
Consumer Report Mag says to keep a car for a minimum of 10 yrs or 100k miles in order to get your money’s worth out of it. I don’t see why an SUV would be any different.
I think there is a point where a vehicle doesn’t have loan value and many new car dealers send such vehicles to the auction block. What this means is that the new car dealer doesn’t want to finance these cars, so the purchaser must arrange his/her own financing. This used to be about 6 years. Used car dealers buy these cars at auction and often provide financing at a high rate of interest.
A vehicle should run at least 150,000 miles. At 27,000 miles, you have used up less than 20% of the life of the vehicle. You won’t get 80% of your purchase price back if you sell the vehicle or trade it in. If your SUV runs well and is in good shape, go ahead and enjoy it. By the way, not everyone hates SUVs. We have a 2003 Toyota 4Runner and really like it. We find it much less tiring on long trips than the cars we had before.
You just ran off most of the depreciation and the thing is running great. Now is the worst time to get rid of it. Three more years to go and you won’t be losing too much.
Don’t overheat it, change the engine oil and trans fluid on a regular basis, and at the rate you accumulate mileage that vehicle should last you at least another 30 years or so.
That vehicle is still an infant at this point.
As with any car. The most economical time to keep it is as long as possible, usually at least 15 years or 300,000 miles. with proper care and no serious accidents most any car can last that long.
As cars age then need an occasional repair. “Repairs” are usually just maintenance items as most of them are just replacing worn parts.
When the repairs (NOT including maintenance items) reach the cost of car payments in a year, then it may be time. It is almost always cheaper to keep a car and keep up on the repairs than to be making car payments.
When you finally get the car paid off, start a new savings account and make the same payment to that savings account every month. Likely by the time you really need a new car, you can pay cash! Remember that the monthly payment you put into savings is almost certainly less than the a new car payment would be.
This is really a no-brainer, as others have pointed out! In industry, the decison process (by engineers and accountants) precisely figures how much the “ownership costs” are, covering fuel, maintenance and repairs, compared to buying a new unit. Some machinery is kept running for up to 50 years, since it is the most economical.
Ford went to overhead valve V8s in 1954, partly because the flat head V8 manufacturing line, installed in the 30s by old Henry himself, was worn out!
For your SUV, the best is yet to come. With low mileage your vehicle has many years of driving ahead. Comapre the $1000 or so maximum that you would spend per year on normal maintenance and repairs, with payments or leasing costs, and the decision is easy. Insurance on a new car is higher as well.
My last two SUVs (90 and 98 Pathfinder) I kept to OVER 300k miles. My current SUV (2005 4runner) has 78k miles on it and I plan on keeping it to 300k+ miles. It is by far cheaper to keep it as long as possible.
As long as you can.
My subjective answer is that I trade a vehicle when I no longer have confidence in it as a reliable source of transportation or whenever the cost of repair/maintenance justifies something new. Last year I sold two vehicles, one 20 years old and one 15. I kept both too long, though.
27,000 miles? You MUST sell it TODAY! To ME! I’ll buy this creampuff and absolve you of your guilt for owning it. Just kidding. Enjoy it . . . as OK said, this will last you 30 more years. Keep up on the maintenance and watch the rust . . . other than that, enjoy it. Rocketman
According to an article in Consumer Reports, todays cars should be able to go 200,000 miles without any major problems. Unless your needs change, that is a reasonable target.
Its pretty worthless on the used car market being a GM, SUV, and V8. Keep it long as it meets your needs.