Author Topic: Keep the SUV? Or cut my losses and move on?  (Read 2880 times)

claramarie

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Keep the SUV? Or cut my losses and move on?
« on: June 09, 2015, 02:44:37 PM »
Okay, so heres the back story... I am 23, I have a small business that involves quite a bit of driving. Up until last month I had both a 2003 Chevy Suburban (202k Miles) and a 2007 Honda Civic Coupe (175k Miles). My younger sister needed a car and really loved my Civic, so I sold it to my parents for $4000. Since I really was trying to not have a car loan anymore this seemed like a good compromise for both of us. $2000 went towards my outstanding car loan to pay it off and the other $2000 I put into a savings account.

My dilemma is that I have been searching for a reliable car for quite a while now, with a 6,000 dollar cash budget, and have yet to find anything. It seems to be easier said than done. My hope was to find something fwd, good on gas, and 2005 or newer. I feel like everything I've driven has been trashed, driven hard, not maintained or doesn't work for my business. I have had my fair share of extremely expensive car repairs in the last year or two on my 2003 Chevy and I have quite a lot of hesitation about buying another junker because I will be spending a large portion of my savings on buying a new car.

My Suburban, purchased before I found MMM and this forum (it wasn't my wisest purchase)! It is a TANK in more way than one, but it has been quite amazing with hauling inventory for my business. I paid $4750 for it a year and a half ago and immediately it needed a bunch of work. I have done a ton of repairs on it, including a rebuilt rear end ($950), Wheel Bearings ($600), new tires ($750), Battery, AC, Etc Etc. That all was done within the last year and a half. I have well over $3000 in repairs because I know I'm forgetting some. Currently it runs well and I know its reasonably solid and reliable for the time being. Trade in on it is nothing (I was told I could get $200!!) and private party market for these around here isn't great, especially with the high miles.

Although the low MPGs is rough and it is ridiculously inefficient, its completely paid off, works for my business and I know it. Better the devil you know than the devil you don't? Im trying to justify keeping it by saying that I own it free and clear and I know how its been maintained the last few years. I was really hoping I could get a car that would save me money on gas, but now I don't know how much of a challenge it will really be given my experiences the last several months in my quest to find something else.

Am I completely irrational for wanting to keep it? Should I drive it for another 6 months or a year while waiting for the right car to come along and get over the fact that It costs a fortune at the gas pump? Or do I cut my losses and go out and buy a more efficient car and just set some money aside for repairs?

Thanks in advance!
Clara

JLee

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #1 on: June 09, 2015, 03:23:37 PM »
http://phoenix.craigslist.org/nph/cto/5053317611.html
http://phoenix.craigslist.org/cph/cto/5003676954.html

:)

They're out there - what part of the country are you in (assuming USA)?

claramarie

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #2 on: June 09, 2015, 03:34:07 PM »
Im in Boston!


Retired To Win

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #4 on: June 09, 2015, 04:58:26 PM »
... My dilemma is that I have been searching for a reliable car for quite a while now, with a 6,000 dollar cash budget, and have yet to find anything. It seems to be easier said than done. My hope was to find something fwd, good on gas, and 2005 or newer. I feel like everything I've driven has been trashed, driven hard, not maintained or doesn't work for my business. I have had my fair share of extremely expensive car repairs in the last year or two on my 2003 Chevy and I have quite a lot of hesitation about buying another junker because I will be spending a large portion of my savings on buying a new car.

My Suburban, purchased before I found MMM and this forum (it wasn't my wisest purchase)! It is a TANK in more way than one, but it has been quite amazing with hauling inventory for my business. I paid $4750 for it a year and a half ago and immediately it needed a bunch of work. I have done a ton of repairs on it, including a rebuilt rear end ($950), Wheel Bearings ($600), new tires ($750), Battery, AC, Etc Etc. That all was done within the last year and a half. I have well over $3000 in repairs because I know I'm forgetting some. Currently it runs well and I know its reasonably solid and reliable for the time being. Trade in on it is nothing (I was told I could get $200!!) and private party market for these around here isn't great, especially with the high miles.

Although the low MPGs is rough and it is ridiculously inefficient, its completely paid off, works for my business and I know it. Better the devil you know than the devil you don't? Im trying to justify keeping it by saying that I own it free and clear and I know how its been maintained the last few years. I was really hoping I could get a car that would save me money on gas, but now I don't know how much of a challenge it will really be given my experiences the last several months in my quest to find something else.

Am I completely irrational for wanting to keep it? Should I drive it for another 6 months or a year while waiting for the right car to come along and get over the fact that It costs a fortune at the gas pump? Or do I cut my losses and go out and buy a more efficient car and just set some money aside for repairs?

Thanks in advance!
Clara

Clara, keep that Suburban.  You don't specify what its gas mileage is, but in your shoes I would weigh that cost against the  money you would otherwise spend for another car.  And you are right to consider that now you KNOW how the Suburban has been repaired and maintained so that you're much more in control with it than with a new/unknown vehicle.

And, if you are still going to keep looking for a replacement vehicle, broaden your car-age horizon.  That 2003 Suburban is a full 7 years YOUNGER than my 1996 Dodge Dakota.  And that little truck of mine just keeps on running great (because I've made sure to maintain it properly.)

Good luck.

claramarie

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #5 on: June 09, 2015, 09:22:29 PM »
Thank you! I need some reassurance just in case there was something I was missing completely! I appreciate your response and I think this is the direction I'm going to go in now.

mschaus

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #6 on: June 10, 2015, 07:39:30 AM »
Unless you need the suburban for work and a Fit (or whatever) really truly actually won't do:

http://www.mrmoneymustache.com/2012/09/04/its-never-too-late-to-ditch-your-gas-guzzler/

snuggler

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #7 on: June 10, 2015, 07:40:45 AM »
The Honda Fits sound like a great option for you. They have an amazing amount of storage if you fold the back seats down. Great gas mileage, low-maintenance, and they hold their value very well.

acroy

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Re: Keep the SUV? Or cut my losses and move on?
« Reply #8 on: June 10, 2015, 08:06:38 AM »
I vote keep the 'Burban as well :)
Usually the 'cheapest car to run' is the one you already own! (Unless you have a late model expensive vehicle)
Best of luck!!