It is hard to get ride of things that matter to us. However, there comes a time where getting something new will help you more than repairing something old.
Of all the things we buy, maintain, use, and eventually scrap at the end of its lifecycle, nothing involves emotion like our relationship with our vehicles.
Perhaps it’s because of the cost and the sacrifices we make to own and operate them, or because they represent independence and mobility. But regardless, all this emotion can cloud our decision-making process when it comes to parting with our beloved daily driver. Many automakers invest as much time and energy in creating and developing an emotional bond between their products and their customers as they do in designing and building the vehicles themselves. If you doubt this, consider the amount carmakers spend on advertising each year compared to what they spend on R&D. While every auto manufacturer will supply an endless list of reasons why you should buy their particular product, few will help you decide when, and if, it’s time to leave your wheels by the curb and buy or lease something new. Here, then, is some advice to help make that decision easier.
Time and distance
Of all the auto executives I’ve met over almost four decades, only one ever admitted to the lifespan for which they design and build their vehicles to survive. While no auto company will admit it, the useful life for the majority of mainstream, non-luxury vehicles is about 10 years and/or 250,000 kilometers. While many cars, light trucks and SUVs may exceed that mark without exceptional repair or maintenance, a good percentage are relegated to the boneyard much sooner. A vehicle’s reliability takes a decidedly marked downturn once these milestones are passed. Does this mean we need to rush to the nearest dealership when the odometer clicks past that fateful mark? No, but it means it’s time create a succession plan. No matter the many variables when it comes to our relationships with cars, there’s one constant you can rely on: when you are forced to make a rushed decision on purchasing or leasing a vehicle (because your present chariot is dead in the driveway) it will cost you more than if you planned ahead.
Major repair estimate
Everyone dreads this call. They’ve had the family car towed into their repair provider because it failed to start/move/stop, and they get the estimate to overhaul/repair/replace something big. A good rule of thumb in these circumstances is to review your options of repairing or replacing your vehicle if a single-repair estimate approaches or exceeds its wholesale value. A quick internet tour of just about any used vehicle sales website can pinpoint this value. Just take the average asking price for the same vehicle in your area (with identical equipment and mileage) and subtract around $1,500 from a retailer’s asking price to come up with a wholesale value. Vehicles, unless it’s a collector classic, are a depreciating asset. Spending its entire value in one repair won’t double its worth.