Hey all
bought a 2004 civic about 4 maybe 5 years ago. $5500. 80k original owner. Great car. I write off most of the miles for work.
It's at 147k now and along with the usual maintnance has been wrecked about 1 year ago (guy ran a light, I only had plpd in michigan so nothing covered it). I originally planned to sell if before another timing belt ($400-500 at 160k) but because i repaired the vehicle from scrap yards and spray paint jobs I spent $1000 or so just getting the body, airbags, seat belts, whatever else was damaged into drivable condition and now it's not worth near the 3500 or so I was hoping to get out of it. It's a spray job and not looking great.
90k mile tires and new rear brakes and drums at 140k. Oil changes every 5k. Just did the spark plugs.
The a/c just went out (which i don't care about anyways) so the belt to bypass that is $50; the timing belt is due $400 in 13k or so.
I'm currently 26 making 24k or so a year self employed.2.5 years living expenses in liquid inventory/banked. 21k roth ira. owe 110k on my home/11k student loans (home is marketable around 200k right now, purchased for 141). Have around $1250 monthly living expenses (mortgage, taxes, bills) and i max my roth ira $450 or so every month. I don't make a lot but i do have a bunch set aside from living years on the road prior to buying my house. Finish my degree in 3 classes this fall. Needless to say i'm pretty frugal. Churning credit cards to pay off student loans is considered fun. Joined this forum to help better my financial knowledge.
I guess when does it math out that a car isn't worth fixing anymore? Let's say I drive this into the ground. At that point i'm assuming my residual value will be 0 anyways (or scrap). A "newer" car at around 5k would require less repairs at some point and hold better residual (as was my original plan) whil requiring less repairs, but what really defines that point? For example if i buy a 2006 civic for 5,000 and expect it to sell it for 3500 in 4 years then do the same it cost me 1500 to run 4 years plus maintnance (ignoring insurance, it's going to be plpd on that price), so if my current car runs me 1500 in 4 years would it be worth considering a newer one?
Sorry if this is too mangled to understand. I'm normally pretty good with numbers but this is kind of a unique situation with a bunch of variables.
Thanks