When it comes to making the decision, whether to buy a new car or keep your trusty old beater, there are several factors to consider. The choice between these options can be a challenging one, as it ultimately depends on your personal circumstances, preferences, and financial situation. This article aims to delve into the various aspects of this decision, providing you with a comprehensive analysis that will help you make an informed choice.
To begin with, let’s examine the pros and cons of keeping your 2006 Corolla, affectionately referred to as a “beater.” The first advantage of holding onto your old car is avoiding the significant financial burden associated with purchasing a new vehicle. New cars come with a hefty price tag, and even if you finance or lease, you will still be facing monthly payments that can add up over time. By keeping your beater, you are able to avoid this financial strain and utilize your resources for other priorities.
Another benefit of sticking with your beater is familiarity. Over the years, you have likely become accustomed to your car’s quirks and characteristics. You know exactly how it handles, how it behaves in various driving conditions, and how to minimize any potential issues that may arise. This knowledge can provide a sense of security, as you are well-versed in maintaining and repairing your beater, which in turn saves you money on costly repairs that may be required for a new car.
In addition to familiarity, you may also have an emotional attachment to your beater. This sentimentality can arise from memories associated with the car, such as road trips, family vacations, or moments of personal significance. Having an emotional connection to your vehicle may outweigh the practicality of buying a new one, as it adds value that goes beyond its mere transportation capabilities.
On the other hand, there are some drawbacks to keeping a beater. As your car ages, it is more likely to experience mechanical problems, leading to increased maintenance costs. While it is true that repairing an older vehicle can be less expensive than purchasing a new one, the frequency and severity of repairs can sometimes make maintaining a beater financially unsustainable in the long run. If you find yourself constantly pouring money into fixing your car, it might be time to seriously consider an upgrade.
Furthermore, an old car may lack the modern safety features available in newer models. Technological advancements in the automotive industry have significantly improved vehicle safety over the years. New cars often come equipped with features such as electronic stability control, forward collision warning, lane departure warning, and adaptive cruise control. Investing in a new car could provide you and your passengers with added protection on the road, reducing the risk of accidents or injuries. This consideration is particularly crucial if you frequently transport loved ones or have concerns about your own safety.
Moreover, a new car typically offers greater fuel efficiency than an older model. The automotive industry has made significant progress in developing more efficient engines, hybrid technology, and electric vehicles. By upgrading to a newer car, you can cut down on your fuel costs and contribute to a greener environment by reducing your carbon footprint. In the long term, this can be financially beneficial and align with your environmental values.
Buying a new car has its own set of advantages. Firstly, you have the opportunity to choose a vehicle that perfectly suits your needs and preferences. Whether you prioritize performance, comfort, cargo space, or style, the variety of models available on the market offer you a wide selection to choose from. With a new car, you can customize features, select from the latest technology options, and enjoy a vehicle tailored to your specific requirements.
Secondly, new cars often come with warranties that provide peace of mind and protect you against unexpected costs. These warranties typically cover repairs and some regular maintenance for a predetermined period or mileage limit. This provides an added layer of financial security, as you can rest assured knowing that any potential issues will be addressed by the manufacturer at little or no cost to you.
In addition, a new car may offer improved performance and a smoother ride. As technology advances, driving experiences become increasingly refined. The acceleration, handling, and overall comfort of a newer vehicle can greatly enhance your daily commute or long-distance travel, making your time on the road more enjoyable.
Another aspect to consider is the potential for increased fuel efficiency with a new car. As mentioned earlier, advancements in engine technology have led to improved fuel efficiency, resulting in fewer trips to the gas station and reduced expenditures. This is particularly significant if you have a long commute or frequently travel long distances.
However, it is important to acknowledge the financial implications of purchasing a new car. Unless you are paying for the vehicle outright, you will most likely be financing or leasing it, which means monthly payments and, in some cases, higher insurance premiums. These additional costs may strain your budget, potentially impacting other areas of your financial life. It is essential to calculate and consider the long-term financial impact before committing to a new car.
Furthermore, as with any major purchase, you must also take into account the depreciation that occurs with a new vehicle. New cars lose value rapidly, with the steepest depreciation occurring in the first few years of ownership. This means that selling or trading in your new car in the future may result in a significant loss. Understanding this depreciation and its potential impact on your finances is crucial before making a decision.
Ultimately, the choice between buying a new car or keeping your beater depends on your unique circumstances and priorities. To reach a well-informed decision, take the time to thoroughly evaluate your financial situation, your sentimental attachment, and the practicality of maintaining your existing vehicle. Consider the costs, safety features, performance, customized options, fuel efficiency, and potential for future repairs and depreciation. Engaging in thorough research, test driving various models, seeking advice from trusted professionals in the automotive industry, and consulting with those who know your current situation can also aid in making a decision.
In conclusion, the decision to buy a new car or keep your beater 2006 Corolla is a complex one with various factors to consider. While keeping your old car offers financial advantages, familiarity, and sentimental value, it may also result in heightened maintenance costs and a lack of modern safety features and fuel efficiency. On the other hand, purchasing a new vehicle provides customization options, warranties, improved performance, and the latest technology, but it comes with a higher price tag, potential financial strain, and rapid depreciation. It is crucial to thoroughly evaluate each option based on your personal circumstances, financial means, priorities, and long-term goals before making a final decision.
Why not use your down payment to fix the car that otherwise works perfectly? Then you can just keep saving for a new down payment.
What does the rest of your financial picture look like? That will decide if you’re being frugal or miserly, the former of which is good, the latter which is bad.
Driving a busted car is kind of like wearing stained clothes. Sure, they keep you from being naked, but people are going to judge you and it may give the wrong impression, which can certainly negatively impact the rest of your life (who wants to hang out with someone who doesn’t take care of their things, for instance?).
There may be a middle ground, which would be having the car repaired. If it costs $2-3k to repair it, but that buys you another 50k miles, that’s a lot cheaper than the depreciation and interest on a new car.
Go for it, you can afford the car and it will make you happy. Civics hold their value decently well since someone will always be looking to buy one. Unless you don’t really drive that much then you should go for it. It will be a nice quality of life improvement
It seems like you could absorb the costs, but really think about the long term implications of buying a new car like this.
Brand new cars depreciate very quickly. The most severe depreciation is the minute you drive it off the lot.
After driving an ’06 for as long as you have a ’16 Civic would feel like a freaking Bentley. Just something to consider
Fixing the car you have is almost certainly cheaper than buying another car, new or used. Have you considered having the work done by a body shop? That way they can do it properly and address any issues with the fit of the door.
I think you should only buy a new car if you can afford to pay cash for it.
Otherwise drive the old one while saving up cash for the new one.
I just got rid of a 2005 Hyundai. My reason was that it was getting temper-mental with starting, had a break replacement coming up, a timing belt/water pump replacement coming, and who knows what other issues in the near future?
The above alone, would have cost close to $2,000. In addition, it was banged up, scratched, loud, and wasn’t getting nearly the gas mileage it used to. I decided to cut my losses and get a new car.
My new car is amazing. It’s got feature that make me feel like I’m driving something from the future. I hate having car payments again. I hate that my insurance is 3x the price it used to be. I hate that I actually care a lot about my car’s exterior and worry about it getting dinged by car doors in crowded parking lots.
However, I don’t regret the decision to get a new car, at all.
I wouldn’t buy a junkyard door unless you have the means to shape the interior metal, there’s a good chance it needs more than just a door. I would shop around for quotes from different body shops, i wonder how different the price would be if you just wanted functional rather than perfect.
Not sure how you’ve managed to get below msrp and well below market interest rate, but if that’s true that’s definitely worth considering.. sounds like you can easily afford the payment. Obviously it’s going to be much cheaper to repair the current car and drive it into the ground.
Safety has come a long way in 17 years. If you have people that depend on you it might be worth looking into. Of course this is personal finance and it would be more expensive.
I drive a vehicle with damage at the front bumper so you already know what I am going to say.
Pay cash for your vehicles. A lot of questions on here are from people that thought they could afford their car payments until they lost their income. Don’t be one of those people. Regular people finance their vehicles. Be better than regular. Pay cash.
People can judge the dent on my vehicle all they want. If I was in the service business, then I might fix it or buy another vehicle. But regular commute? Wear that damage with pride.
Go to a junk yard and look for those doors. If they don’t match color, get some cheap paint from Maaco or the like, or just ride out in two-tone. Car-part.com can help you find the doors at a yard near you.
$1,000 off msrp? Or $1,000 off the inflated price on the sticker? Don’t trust a car salesman even if they’re your friend. Regardless, a car is just a tool and if you say it’ll keep going, then keep it going? Unless it has damage that makes it unsafe to drive I would keep it in my opinion.
Just get a new car. At a certain point, the new safety features (including better engineering) in newer vehicles outweighs the cost savings you might get from keeping the older vehicle going. Driving a substantially older vehicle puts you at a higher risk of death in the event of an accident (and the new vehicle might help keep you out of accidents on top of that).
What good is all the money you’ve saved if you’re dead?
The sill is crunched as well as both doors, get the civic. Personalfinance hates cars, but the truth is that you send a significant amount of time in your vehicle and affects your quality of life just like your house, your yard, or your neighborhood. I have spent a lot on cars and they give me joy every day. The civic will be a massive upgrade, besides being far more presentable its nicer to drive in every way, and has a host of modern amenities that the corolla lacks. Carplay/android auto alone is a game changer. Being able to push a button on the steering wheel without looking down and ask the car to call someone, get you directions, play a podcast, etc is really nice.
You are going from one practical economical car to another, don’t feel guilty.
IF the older car is running well, keep it. Save more money.
I have an ‘05 Corolla and I love it. She’s paid off and running great. But if I were in your shoes I’d be hard pressed not to move on, as well. I don’t view it as embarrassing to drive, but it’s less comfortable, not as economical as some newer cars, not as safe, and yes, not as nice to look at. I’m not using it to impress anyone, but it’s nice to spend your time inside a ride that makes *you* feel better. If you can do it responsibly, then I think you ought.
People here are crazy. Money is a tool that should make your life better, not an optimization goal that makes it miserable.
If you’ll hit your saving and investing goals even with your car payment, you should totally go for it.
I recently bought a car that I really wanted. I can easily afford the car payment and I’m still hitting my saving and investing goals, although I have less extra cash that I could invest. Could I invest that extra cash and turn it into hundreds of grand in 30 years? Sure I could, but I’ve never been happier and my car plays a big role in that.
“Till the wheels fall off” that corolla will outlast you and is economical. Nobody wants to steal it, insurance is cheap and is bulletproof (mechanically speaking) . You don’t care if you get a new ding or scratch and I can go on. Find a paint and body guy to touch it up for you or spray paint the whole thing primer black and keep on trucking and keep counting your cash…
Financially it seems like you can do it. Personally, I would feel more comfortable driving a newer car bc the safety tech has made huge advancements since 2006. That said, if I lived in an urban setting and drove infrequently, I’d likely just pay for the car to be repaired and drive it into the ground. A 2006 Toyota Corolla is the epitome of reliability.
You’ve reached a point in your life where you can afford to fix the beater, but you can also afford to buy brand new. With it being a Honda civic it will likely last as long as your Corolla if you take care of it.
Personally I wouldn’t be concerned about the depreciation if I’m planning on driving it into the ground.
You’ve worked hard to get yourself into such a favorable situation. Treat yourself.
I mean, could you get a car that’s not a 2023? Plenty of nice cars that don’t have that brand new tax slapped on top of it. If you’re worried about the cost, idk why you’re looking at the newest possible model.
I just put about $3k into my car that is worth probably $2.5K. It now runs great, I keep is clean waxed, oil changes, it’s babied by me. I do plan on getting a new car, but this repair was well worth it. I’ll get a new car on my timeline, when I’m ready and I won’t pay MSRP.
20% down, financed for no more than 3 years with a car payment of no more than 8% of your monthly income. If the math works you can afford it, if not then it’s more car than you can afford.
trade it in or sell it to a junkyard and buy a used corolla. In my area, I have seen 2017 corollas with 40k miles for 17k.
What you pay to fix the door is sales tax you won’t be paying for a different car, at least in my state.
Do you live in an area with public transit? Why would you purchase a car if you have a perfectly functioning car? Imm so confused by this carbrain question.
Don’t buy new. Buy CPO. With good credit you should be able to get CPO for 3% currently (36mo) for Honda CPO. make sure you get the HondaTrue certified or certified+. In my area I can see a Honda Certified 2020 Civic for $14k with 26k miles.
Don’t get into the habit of financing cars if you can avoid it. You will thank yourself later.
Fix the car. Drive it another 100-150k. It’s a Corolla it can last that long. Meanwhile, save money. Buy your next one in cash. Drive it for 10-15-20 years, meanwhile save money again for your next car. Lather, rinse, repeat.
Drive it till it drops! You oughta see my 2002 Corolla. Runs great, totalled once already and still going!
This sub thinks you should live like a broke college student until you’re 75. If you can afford it get a new car. Modern cars are safer than they were 17 years ago.
We’ve spent $2000 in a year on repairs for a 2009 with twice as many miles. Still going strong. What would a car payment be? Likely over $500 a month. So for the cost of 4 months payments, my car is going strong.
I’ll have cash to buy a brand new BMW if this car keeps going. (But I won’t… I’ll buy something smarter)
It’s dumb to give up that car. Repair and enjoy.
You want to buy a NEW car, putting yourself in debt, owning something that will lose half its value as soon as you drive it off the lot, because you have a perfectly mechanically sound car that you can’t open one passenger door of?
Besides the fact that 1) a body shop could probably bang that door back into working order, 2) a mechanic could probably replace that door with a junker door in an hour, or 3) the frame might actually be damaged which is a much worse issue, I’m pretty sure you’re just looking for an excuse to buy another car.
Personally, after owning like 7 cars and now being an old person, I buy used cars in cash and keep them until they fall apart (as long as the total cost of the car + maintenance + repairs is no more than ~$2K/yr, it works out cheaper than new). But I remember being young and enjoying driving/working on cool cars, so I understand the draw. Just know that it’s completely throwing your money away, be cool with that, and go ahead and enjoy life.