Skip to main content
No. of Recommendations: 0
I don't mind paying to repair a car, I'm just saying that you aren't getting the same product when you buy a ten year old car, vs a new one. You can expect the new one to last long, the repair costs to be higher on an older car, and all of that has to be factored into the price you are willing to pay.

A new car *usually* lasts longer - but not always if there's a car accident in your future where your car will be totaled.

New cars are more expensive to insure than older ones, and if you live in a state with a vehicle property tax, they're more expensive to own.

When my mustang was new I paid at least $800 more in insurance - and I was over 25 years of age and that's not adjusted to today's dollars from 16 years ago. If I bought a new base model 2015 Mustang that starts at $24,000, the property tax bill for my county would be at least another $800 more. So that means I have to have $1,600 in repair costs on an older car just to even out the higher expense of insuring/owning a newer car - and most years I don't spend that much in repairs. But part of that depends on the make/model you buy. One reason I bought a Mustang is because one always sees older models on the road - which told me they must last.

I realized a couple weeks ago, other than Jeeps, one tends not to see many older model SUVs on the road. Aztecs, PT Cruisers, even Hummers, they older ones seem to have disappeared off the roads now that we're @10 years out from when they were popular.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.