Drive car to death/Save $31,000

[kahnartist]

A VERY interesting article from CNN that got my attention right away.
Why? I still own and drive my 1989 Nissan Maxima with over 190,000 on the odometer. Yeah, the car has some issues (no AC, sun roof broken, paint and upholstery fading and door dings galore). But the engine is strong and she runs and drives just fine
.
An idea that worked for me and could work for you. Once I paid off the car (this was my FIRST new car I bought and paid for with no parental help), the $300 per month that went to the car payment....I CONTINUED TO SAVE in what I called my 'slush account'. That money was used not often, (for car service, tires, etc.), but over the years it added up big time. Hence, when I found a used 2002 Nissan Maxima-I was a cash buyer. Probably more than ya all wanted to know...but a real good way to force yourself to save for the NEXT car, once the first one is paid off and drive the first one into the ground (literally).

Copied from www.cnn.com:
Drive your car to death, save $31,000
By keeping your car for 200,000 miles or more, you can save the money of buying a new car. Plus: Cars that can outlast all the rest.
August 31 2007: 1:53 PM EDT

NEW YORK (CNNMoney.com) -- By keeping your car for 15 years, or 225,000 miles of driving, you could save nearly $31,000, according to Consumer Reports magazine. That's compared to the cost of buying an identical model every five years, which is roughly the rate at which most car owners trade in their vehicles.

In its annual national auto survey, the magazine found 6,769 readers who had logged more than 200,000 miles on their cars. Their cars included a 1990 Lexus LS400 with 332,000 miles and a 1994 Ford Ranger pick-up that had gone 488,000 miles.


Consumer Reports calls the Honda Civic a "Good bet" to make it to 200,000 miles.

Calculating the costs involved in buying a new Honda Civic EX every five years for 15 years - including depreciation, taxes, fees and insurance - the magazine estimated it would cost $20,500 more than it would have cost to simply maintain one car for the same period.

Tagged: 10 cars with bad reputations
Added to that, the magazine factored in $10,300 in interest that could have been earned on that money, assuming a five percent interest rate and a three percent inflation rate, over that time.

The magazine found similar savings with other models.

To have much hope of making it to 200,000 miles, a car has to be well maintained, of course. The magazine recommends several steps to help your car see it through.

Follow the maintenance guide in your owner's manual and make needed repairs promptly.
Use only the recommended types of fluids, including oil and transmission fluids.
Check under the hood regularly. Listen for strange sounds, sniff for odd smells and look for fraying or bulges in pipes or belts. Also, get a vehicle service manual. They're available at most auto parts stores or your dealership.
Clean the car carefully inside and out. This not only helps the car's appearance but can prevent premature rust. Vacuuming the inside also prevents premature carpet wear from sand and grit.
Buy a safe, reliable car. Buying a car with the latest safety equipment makes it more likely you'll feel as safe in your aging car as a newer model.
The magazine recommends several cars that have the best shot at reaching the 200,000 mile mark and a few that, according to its data, aren't likely to make it.

All the cars in the magazine's "Good bets" list are manufactured by Honda (Charts) and Toyota (Charts). (One extreme example was not enough to get the Ford Ranger onto the list.) The "Bad bets" are a mixture of European models and two Nissans.

Consumer Reports' "Good bets" for making 200,000 miles: Honda Civic, Honda CR-V, Honda Element, Lexus ES, Lexus LS, Toyota 4Runner, Toyota Highlander, Toyota Land Cruiser, Toyota Prius, Toyota RAV4

Consumer Reports' "Bad bets" for making 200,000 miles: BMW 7-series, Infiniti QX56, Jaguar X-type, V8-powered Mercedes-Benz M-class, Mercedes-Benz SL, Nissan Armada, Nissan Titan, Volkswagen Touareg, V6-powered Volvo XC90.

[bigdave269]

Hi, Linda, good to see you back! This is an interesting report, because I am planning to keep my Ridge for at least 10 years. But in that time, I should hae 250K on the odometer. I also believe I will be buying another Ridhgeline at the time, but of course it is hard to see that far into the future. In the meantime, I plan to replace the wife's Camry with either an Avalon or an Accord. The new 2008 Accord is a much bigger car than it's predecessor. I can't wait to see it. But I probably will not buy one until 2009 or 2010.

[Michael_S]

The only problem with this plan is safety. Good modern cars have:
1. Traction control, which helps prevent you from getting stuck in slippery conditions.
2. Electronic stability control, also known as skid control, which helps prevent loss of control of the vehicle when you are already moving. The US Government National Traffic and Highway Safety Administration and the Insurance Institute of Highway Safety both have extensive information that the technology reduces the risk of crash fatalities by more than 30%. It's even better for taller SUVs and trucks that have a higher rollover risk.
3. Stronger body structures and side curtain airbags. I mean no disrespect to a 1990 Lexus LS or a 1994 Ford Ranger, but either one is a deathtrap on wheels compared to some of the newest, safest cars you can buy.

We purchased a 2007 Honda Odyssey earlier this year. We love it, and it has traction control, electronic stability control, and top notch crash ratings. If no new safety innovation comes to market within the next 10 or 15 years, we will use the minivan until it rusts out from underneath us. But if something comes out in 2012 or 2015 that offers such a tremendous safety improvement as side curtain airbags or stability control offer today, I will not hesitate to take the financial loss and trade in the Odyssey to get it.

[EDIT] One arguably big safety feature that's big is General Motor's OnStar, which will notify the police if you have an accident and use GPS to locate you. It has two advantages over just calling the police yourself with a cell phone. First, it works via satellite, so in the areas where you have no cell phone reception you are still safe. Second, if you are too injured to use the phone and no one else is around, it will still work.

[Chad]

Apparently OnStar only uses satellite for GPS and sending commands, and not for the cellular link.
So if you are way out in the boonies with no cellular signal, you are still not going to be able to get help, because they'll never know you had a problem.
If you had a landline nearby but no cellular service, then in theory you could get the help you need.

[lamric]

kahnartist wrote (View Post): › docWrite("quote")Consumer Reports' "Bad bets" for making 200,000 miles: BMW 7-series, Infiniti QX56, Jaguar X-type, V8-powered Mercedes-Benz M-class, Mercedes-Benz SL, Nissan Armada, Nissan Titan, Volkswagen Touareg, V6-powered Volvo XC90.

It would be nice if Consumer Reports could at least get the engines right on the XC90. The first two engines available were turbo charged inline 5 and 6's. Now they have a normally aspirated inline 6 or V8. No V6 engine has ever been offered on an XC90.

[Ridgeline2006]

I have a 1999 Acura CL 2.3 (4 cyl) that has just under 100,000 miles on it -- I never plan to get rid of it. The gas mileage is really quite remarkable, especially on the highway. The comfort is top-notch. The ride is superb. All in all it runs and feels like a new car. I agree that trading "up" for safety features is smart, and I would also agree that trading "up" for alternative fuels would be smart. Honda announced their hydrogen powered car for 2008 (available only in a limited area in California) and if something like that takes off and allows us to (1) reduce our carbon footprint (never used that phrase before!), and (2) reduce or eliminate our dependence on foreign fuel sources, then I'll get in line. Short of those things, the CL is mine for many years to come!

I also have a Mazda Miata that has 108,000 miles on it. This car isn't necessarily a "safety package" but it sure is fun to drive. I'll probably keep that one for a bunch of years, too!

I love cars that are paid for! My problem is that I also love new cars! My old cars sit when I get a new car (toy), but I always seem to go back to the old cars when the new car fun wears off.