Whereas visiting my mother and father in Honolulu this previous winter, I ended up driving my dad’s 28-year-old beater for eight days. He purchased that Toyota Avalon new in 1997—again after I was a university sophomore and he was stationed in Guangzhou, China for the U.S. Overseas Service.
I’ve recognized this automobile almost so long as he has, and for greater than half my life, I’ve pushed it throughout my visits residence. Certain, it drives like a ship and shakes after I hit the brakes on the freeway, nevertheless it reliably will get my household across the island.
Not Getting a New Automotive After 10 Years After All
I as soon as deliberate for summer season 2025 to be the yr I’d lastly improve my experience. I at all times believed the ideally suited time to exchange your automobile is when it hits about 10 years previous—lengthy sufficient for security and expertise enhancements to kick in, which is essential whenever you’re transporting your loved ones.
But, after spending time behind the wheel of my dad’s previous Toyota in Hawaii, I returned to my very own automobile in San Francisco feeling like I used to be driving a brand-new luxurious vehicle!
My present automobile—a 2015 Vary Rover Sport HSE that I purchased in December 2016, simply earlier than my son was born—feels wonderful by comparability. It handles easily, the steering is tight, and there’s no annoying shake after I brake.
The Vary has Bluetooth for tunes, a backup digicam that beeps when one thing will get too shut, and even twice the horsepower of my earlier experience. The paint continues to be shiny, and the tires boast about 80% tread remaining. There’s even leather-based seats, that are beginning to odor wonderful once more given its age.
If my dad’s automobile might final 28 years, I’m assured my Vary will simply final no less than one other 5 years, for 15 years complete.
New Vehicles Are Simply Approach Too Costly
I’ve checked out a number of new luxurious autos similar to my Vary Rover, and each one in all them prices between $115,000 and $170,000. Perhaps I’m a bit nostalgic, however right this moment’s new luxurious automobile costs appear totally absurd in comparison with the $60,000 I paid after tax. Although I’ve been diligently saving and investing in a brand new automobile fund for 9 years, the considered shelling out six figures after taxes for a brand new automobile feels fully off.
So, the logical various is to stay with what I’ve. I’ve additionally thought of extra budget-friendly choices, just like the absolutely loaded Honda Civic for about $28,000, nevertheless it’s too small for our household highway journeys and lacks options like four-wheel drive—which means I’d must tack on chains in snowy circumstances on our solution to Lake Tahoe. No thanks.
The subsequent possibility I checked out was the brand new Honda CR-V, which runs about $42,000 absolutely loaded (roughly $46,500 after tax). Whereas that could be acceptable for somebody with no automobile, I have already got a superbly positive household automobile. And to be frank, it appears like a steep downgrade, after I’d wish to take pleasure in nicer issues in my older age.
Used And New Automotive Costs Ought to Proceed To Come Down
One other issue I am contemplating is the gradual decline in common used automobile costs, particularly with the risk of a recession forward. Luxurious automobile costs are prone to take successful as extra house owners unload pointless autos. On the identical time, new automobile costs might even see extra reductions as stock continues to rise.
Beneath is a superb chart from the St. Louis Fed exhibiting how used and new automobile costs peaked in 2022 and have been trending downward since, with stock steadily rising. Due to this fact, I anticipate customers can get higher automobile offers between 2026 – 2027.
Just lately Spent a Bundle on Automotive Upkeep
Over the previous two years, I’ve invested roughly $5,400 in sustaining my Vary Rover, which has round 61,000 miles on it. Right here’s a fast rundown:
- New battery: $500 (2024)
- Two new 22-inch tires: $825 (2024)
- Water pump: $1,250 (2024)
- Vacuum pump and PCV valve: $1,050 (2024)
- Oil change service: ($199, January 2025)
- Brakes and rotors ($1,600, Jan 2025)
- Heater manifold: $1,025 (potential value perhaps in April 2025, however the coolant is not leaking anymore)
Luckily, my mechanic is only a one-mile stroll from my home, so dropping off the automobile for upkeep is rarely a trouble. After $5,400 in repairs and maintenance to date, the concept of promoting my automobile to purchase a brand-new one simply doesn’t make sense.
If I had been to do away with my automobile, I ought to have finished it earlier than reaching 50,000 miles and earlier than these bills started to pile up. Now that I’ve had these repairs finished, I anticipate my Vary to be in nice form for one more 5-10 years or 60,000 miles.
The Pleasure of Driving a Nicely-Worn Automotive
After 9 years of driving my 10-year-old automobile, I’ve grown accustomed to its quirks—very similar to my father’s steadfast 1997 Toyota Avalon. Each time I head to the grocery store, I really feel no stress about door dings. In actual fact, when a brand new ding seems, I simply see it as one other character mark on a automobile that’s been a dependable a part of my life.
I additionally love that because the automobile ages, it attracts much less consideration. I purchased my Vary as a result of I beloved its look and efficiency—ever since I used to be a middle-school child in Malaysia, I’ve been a fan of Vary Rovers. And attracting consideration isn’t my aim, which is why I recognize the tinted home windows.
Lastly, if my previous automobile can final one other seven years, it’s going to be good for instructing my son the best way to drive. Hopefully, he gained’t crash it—but when he does, its bigger dimension ought to present some additional safety. Plus, by then, it gained’t be a lot of a monetary loss both.
Hmm, now that we’re speaking about security, perhaps upgrading to a safer automobile sooner isn’t a nasty thought. On the very least, I ought to wait one to 3 years for used costs to drop because the economic system slows. When the time is true, I would splurge on the finest automobile I can afford whereas my children are nonetheless dwelling with us.
Closing Reflection: Preserve Your Previous Automotive For Longer
Driving my dad’s previous beater made me understand that typically the perfect determination is to stay with what works. As a substitute of spending a ridiculous sum on a brand-new automobile that will not drive any higher, I’ll save and make investments my cash. My RR Sport has served me nicely and nonetheless has loads of life left in it, and that reliability is value greater than chasing the most recent mannequin.
In a world the place new automobiles are prohibitively costly and fixed upgrades could also be extra about standing than performance, holding on to a well-maintained automobile is a brilliant, financially savvy transfer. Let a automobile’s depreciation be just right for you by getting your Home-To-Automotive Ratio as excessive as potential, if you wish to obtain monetary independence sooner.
Though I’ll say, automobile buying is likely one of the most enjoyable issues I’ve loved as a child and grownup, primarily because of the check driving. That may very well be a enjoyable father son, father daughter bonding expertise sooner or later. Nonetheless, I am hoping by the point my children are capable of drive, they will not as a result of safer, self-driving automobiles.
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