Hello ladies and gents,

I am in need of help making a decision between keeping my old car or buying a new one. I have a '93 honda accord lx with 309,000 miles. I take pride in the fact that my car has lasted this long and I am confident it can make to even 400,000. However, there is always a price to pay when driving around such an old car. Sometimes I'll be left stranded because something goes wrong with it which causes frustration of course. So now I'm considering buying a 2 to 3 year old car. I'm reluctant to do so because of the monthly payments plus the more expensive insurance. But everyone around me, friends and family, have said to me "Joe....it's time to get rid of it." And I would like a new car but the money aspect holds me back. After shopping around I've concluded that I will pay at least $400 a month extra if I were to get a new car.

Soo...what should I do?


P.S Is it realistic to expect my car to last another 100,000 miles?

 

Two points:

• Yes, your car can last another 100,000 miles; given enough time and maintenance. The question is, are you willing to invest enough to keep it running that long?
• I just bought an extra car for our family to be used as a spare and primary vehicle for our daughter when she gets her license in the next year or so. The car in question is a 2001 Accord EX-L V6 in almost impossibly good condition with only 114,000 miles on it (barely broken in for a Honda). Given that we're cash poor at the moment we decided to finance it through our Credit Union for only $200 for 24 months. I tell you this because, with a little bit of shopping you can come up with a car that is much newer (in both years and miles) than your current ride, but considerably less expensive than a two to three year old car.

 

This! No need to buy a car that's going to cost you $400 bucks a month, especially if you are looking for a Honda. You can get an excellent car for a reasonable price and in much better shape than your high mileage 93 that leaves you stranded. I just sold my 2002 Accord SE for $4,800. It was in new condition aside from a few scratches on the exterior. There are many deals like that out there, it just takes a little patience. I found my 2004 Accord EX-L V6 for $5,400. A great deal which wouldn't have cost me much had I financed (I bought it outright). Don't get in over your head for a car. As nice as they are, it's just not worth it.