Originally posted by jeffyscott:
Ah, the common misconception that you will save money by buying a new car...
I really think it is extremely unlikely that you will come out ahead finacially by spending $25,000 or whatever on another car. If you get say a 5 year loan you will be paying $5000 per year plus average of maybe about another $1000 per year in interest. If you keep the old car and spend even as much as $3000 per year repairing it you can save the other $15,000 toward your next car over that 5 year period.
My thoughts exactly. I plan on keeping any new vehicle a minimum of 8 years. If you perform regular maintenance and keep up on any minor repairs before they become major, you'll definitely have more cash in your pocket. IMHO most people change vehicles for asthetic reasons rather than for true utlility.
My $.02 ($1.65 Cdn)
Cheers
