When Do You Buy A New Car?
I’ve developed a pretty strong emotional bond with my car, which I affectionately named Mona, a speedy ride I got as a graduation gift. It’s a brand-new 2008 Toyota Matrix, and I’m grateful and conscious that I’m lucky to have it. We’ve had many adventures together, covering countless miles from Virginia to San Francisco and back, and endured quite a few road-trip challenges.
Mona’s not just my ride, she’s also a helping hand to my family. While I was on cruise ship contracts, she became my brother’s first car. Even during my fascinating stint with the circus, Mona was with me, surviving the rough terrains of road and train yards.
Our adventures have included exploring ghost towns, thanks to a faulty GPS, and even attempts to venture into Area 51. But, Mona isn’t getting any younger. At over 8 years old and clocking in at 120,000 miles, I felt it was right to start a “New Car Fund”. A little pessimistic on my part, but practical, right?
I have heard amazing stories of Toyota cars lasting beyond 300,000 miles, and I’m optimistic that Mona can break that barrier. Yet I found myself wondering – How much money should I spend on maintenance and repairs? Maybe it’s because I’m emotionally attached to Mona; it isn’t always easy to make decisions that make the most financial sense.
I read an article last week by Gary on Super Saving Tips that suggested a helpful rule. Never spend more than 50% of the cost of an item for a repair, especially if it’s out of warranty. Well, Mona’s current worth is about $6000, so if repair costs hit over $3000, I might have to consider getting a new car.
How do you decide when it’s time for a new car? Just sharing my thoughts here and I’ll keep you updated on how things go with Mona in the next few years. Happy driving, everyone!