My car has 277000 miles on it and I am debating about putting more money in it or buying a new one.

I had a new cat put in 6 months ago, a new timing belt last year. It needs new front struts and strut mounts and shocks for the back, also new headlights. Other than that it runs nice and I still get good gas mileage.

Just wondering if I am wasting my money with the high mileage?

 

Sometimes you'll hear that it's more cost effective to keep your current car maintained and running rather than replacing it with a newer car. But sometimes a dealership might come around and give you a great offer on your trade-in.
I try to keep a car as long as possible, I don't mind doing maintenance and repair work which is helpful for cutting down the costs of ownership.

 

So the high mileage would deter you from keeping it?

Everybody I know thinks I am crazy because of that

 

Not necessarily. If well maintained then the mileage would not be an issue. It sounds as though you've taken good care of the car as it's made it to 277k. Replacement front struts and rear shock combo is about $500, I found them on FCPEuro. If it were mine I would put in some time and money to keep it running.

 

My brother, an accountant, has studied the cost of car ownership in depth and puts the typical cost of a reliable mid sized sedan around $2,500 a year for either depreciation or repairs and maintenance. If you drive a new car under warranty you will have no repairs, but will experience depreciation. If you drive an older car with little depreciation you will spend it in repairs. IMO there is a short window where you can beat that number by driving a something like this car. If it is still reliable and you can keep it on the road for less than $1,000 you realize significant savings over trading up to something late model.

 

As Face points out, the cost avoidance of keeping a reliable older car can be much better than the depreciation of a newer one. With your 277K mile 12 year old car, you are driving almost twice the standard amount. Therefore, any new purchase will also depreciate faster. If the car still meets your needs; then spending $1,000 or so on it (2 or 3 months of a new car payment) to get a few more years use is a good investment.


Of course, new is nice.

 

Thanks for the advice everyone! I am going to keep the car and put new struts and shocks from FCPEuro on it. It's a lot cheaper then what my mechanic was going to put on so that makes me happy.

I am hoping to get another 2 years out of the car and maybe longer.