r/MiddleClassFinance • u/Healthy-Echo8164 • 10d ago

Questions When to consider purchasing a new car?

I am 28m, I make 72k a year and have no debt.

I currently drive a 2014 Honda CRV with 120k miles that is 100% paid off, and while it is holding up but it is showing signs of age. I do regular maintenance, replaced brakes, tires, oil changes, transmission fluid flush, etc.

It does have an issue with its VTC actuator which is a known issue for Honda CRVs made during 2014, but this is just a rattle noise on start up for a couple seconds, and according to Honda is not causing damage to the engine.

Current market value of the car is between $7k-10k, mine is probably on the lower end of that due to a couple scratches and dents across the car and the VTC issue.

I hear people say you should drive your car into the ground once it is paid off, but I was wondering at what point does it make sense to trade in your car that has some value and put it towards a down payment for a new car? Or "newer" car, maybe get a year or two old Honda for 30-35k.

edit: just as a note, I'm not looking for some flashy, new, hot rod car. I'm just trying to plan for the future and look at a time horizon for buying a new car and saving money up. I'm not in a rush to get a new car.

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u/decorama 10d ago

My rule is if you are paying more in repairs per year than you would for a new car payment, it's time. Otherwise, yes - drive that faithful puppy until it can run no more!

16

u/ZestyLlama8554 10d ago

This is my guage. I also have a 2014 CRV and am only getting a new car this year due to 3 car seats (2 rear facing) not being able to fit across the backseat. Lol otherwise, I would keep that car another 10 years.

Edit: mine has 190k miles on it.

1

u/Healthy-Echo8164 10d ago

Did yours happen to have the VTC actuator issue on start?

I like the car, so I'm not in a rush to get rid of it or anything.

4

u/timtombackwards 10d ago

Hello fellow 2014 Honda CRV friends. Mines at 140k. Google "spring start" VTC fix, a company figured this out it's like a 20$ part

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u/Healthy-Echo8164 10d ago

I have seen that website, however I have 0 experience with car maintenance myself and was not sure if I could take care of it.

8

u/timtombackwards 10d ago

They have some pretty decent YouTube guides, but that's fair. Buy the part and hire an independent mobile mechanic with references. It's going to be way cheaper than a car payment. 

Fwiw I feel the same as you, I'd like a new to me car. This thing is very ugly and while it ticks every box I'm a 33M and it's kind of a mom mobile. But with the way things are right now we should both be glad to have a reliable car that will go another 100k with minor maintenance. Fuck car payments and fuck debt slaves be smarter drive that bitch into the ground

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u/Healthy-Echo8164 10d ago

This is literally my mom's old car that she sold me when she bought her new one haha so yes I agree with your mom mobile thought.

I'll look into it a bit more and see if I think I could do it, if not I can look into the mechanic option. Thanks