I have the same car I had when I met my husband, an SUV that I bought used. We have been married for 12 years. The SUV is now almost 15 years old. While it isn’t our primary car, the birth of a third child necessitated a third car seat which would not fit the backseat of the SUV, it is still used quite a bit as a second car. Unfortunately, it is getting to the point when we may have to give it up.
According to the magazine, Consumer Reports, you can save thousands of dollars when you keep a car for 15 years rather than replacing it every five years or less. We know this of course. But what happens after those 15 years?
Well in our case, we are starting to notice more and more expensive repairs coming our way. We have to live with other issues that aren’t worth fixing, such as the fact that the driver’s side door lock doesn’t want to open with the fob, requiring us to either press the fob several times until it decides to open, or get in through the passenger seat and then manually release the lock. The air conditioner is a little inconsistent and very loud. We are probably one major repair from getting rid of the car altogether.
I looked up the Kelly Blue Book value on the car plus searched the model on Craigslist. If we sold this car today, we might get anywhere from $2200 to $2600 in a private sale. So, the dilemma is, do we sell the car now and invest the proceeds toward another car down the road, or do we keep the car until its next major repair, knowing that we won’t be able to sell it at all and may actually have to pay someone to take it away?
When is it the end of the road for your car? Consumer Reports offers this advice:
It needs a big repair that will cost more to fix than the car is worth.
Rust is compromising the structural integrity.
It remains unreliable even with frequent repairs.
It has been in a flood or a serious accident.
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