Whereas visiting my dad and mom 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 school sophomore and he was stationed in Guangzhou, China for the U.S. International Service.
I’ve recognized this automotive practically so long as he has, and for greater than half my life, I’ve pushed it throughout my visits house. Positive, it drives like a ship and shakes after I hit the brakes on the freeway, however 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 12 months I’d lastly improve my journey. I at all times believed the ideal time to replace your car is when it hits about 10 years outdated—lengthy sufficient for security and expertise enhancements to kick in, which is essential once you’re transporting your loved ones.
But, after spending time behind the wheel of my dad’s outdated Toyota in Hawaii, I returned to my very own automotive in San Francisco feeling like I used to be driving a brand-new luxurious vehicle!
My present automotive—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 journey. The paint remains to be shiny, and the tires boast about 80% tread remaining. There’s even leather-based seats, that are beginning to scent wonderful once more.
If my dad’s automotive may final 27 years, I’m assured my Vary will simply final at the least one other 5 years, for 15 years whole.
New Vehicles Are Simply Approach Too Costly
I’ve checked out several new luxury vehicles similar to my Vary Rover, and each considered one of them prices between $115,000 and $170,000. Perhaps I’m a bit nostalgic, however in the present day’s new luxurious automotive costs appear totally absurd. Although I’ve been diligently saving and investing in a brand new automotive fund for 9 years, the considered shelling out six figures after taxes for a brand new car feels fully off.
So, the logical various is to stay with what I’ve. I’ve additionally thought-about extra budget-friendly choices, just like the totally loaded Honda Civic for about $28,000, however 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 situations on our option to Lake Tahoe. No thanks.
The subsequent choice I checked out was the brand new Honda CR-V, which runs about $42,000 totally loaded (roughly $46,500 after tax). Whereas that could be acceptable for somebody with no automotive, I have already got a superbly high quality household automotive.
Not too long ago 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 price 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 automotive for upkeep is rarely a problem. After $5,400 in repairs and maintenance to date, the thought of promoting my automotive to purchase a brand-new one simply doesn’t make sense.
If I had been to eliminate my automotive, I ought to have achieved it earlier than reaching 50,000 miles and earlier than these bills started to pile up. Now that I’ve had these repairs achieved, I count on my Vary to be in nice form for one more 5-10 years or 60,000 miles.
The Pleasure of Driving a Effectively-Worn Automotive
After 9 years of driving my 10-year-old automotive, 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. The truth is, when a brand new ding seems, I simply see it as one other character mark on a automotive that’s been a dependable a part of my life.
I additionally love that because the automotive ages, it draws less attention. 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 respect the tinted home windows.
Lastly, if my outdated automotive can final one other seven years, it will be good for educating my son learn how 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 security, perhaps I’ll purchase a safer automotive at the moment.
Remaining Reflection: Hold Your Previous Automotive For Longer
Driving my dad’s outdated beater for one final hurrah made me notice that typically one of the best determination is to stay with what works. As a substitute of spending a ridiculous sum on a brand-new automotive that will not drive any higher, I’ll save and invest my money. My RR Sport has served me effectively and nonetheless has loads of life left in it, and that reliability is price greater than chasing the newest mannequin.
In a world the place new vehicles are prohibitively costly and fixed upgrades could also be extra about standing than performance, holding on to a well-maintained car is a great, financially savvy transfer. Let a automotive’s depreciation be just right for you by getting your House-To-Car Ratio as excessive as doable, if you wish to obtain monetary independence sooner.
Though I’ll say, automotive procuring is without doubt one of the most enjoyable issues I’ve loved as a child and grownup. That may very well be a enjoyable father son, father daughter bonding expertise sooner or later. Nevertheless, I am hoping by the point my youngsters are capable of drive, they will not as a consequence of safer, self-driving vehicles.
Subscribe To Monetary Samurai
If you wish to turn into a millionaire, seize a duplicate of my new e-book, Millionaire Milestones: Simple Steps to Seven Figures. I’ve distilled every little thing I’ve realized over the previous 30 years of working and writing about finance that will help you construct extra wealth than 90% of the inhabitants. The more cash you have got, the extra freedom you’ll must stay life in your phrases. You should buy a duplicate on Amazon or wherever you purchase books.
Pay attention and subscribe to The Monetary Samurai podcast on Apple or Spotify. I interview specialists of their respective fields and talk about a few of the most fascinating matters on this website. Your shares, scores, and evaluations are appreciated.
To expedite your journey to monetary freedom, be part of over 60,000 others and subscribe to the free Financial Samurai newsletter. Monetary Samurai is among the many largest independently-owned private finance web sites, established in 2009. All the things is written primarily based on firsthand expertise and experience.
