New tires = time for new car

[MMMdude]

I fear it might be time to replace my 16 year old car.  The tires all need to be replaced and living in Canada I always purchase the pricey All Weather tires that will run me about $750 to replace all.  My car is probably worth $2000 and also has an engine oil leak/burn due to faulty piston design on that year's engine.  Basically i'm dumping one quart every few hundred miles.  I have no issue doing that forever but i don't feel overly confident on taking  this car on a road trip.

Weighting in the back of my mind is the $1Mil liquid investment goal i had for myself by end of year.  I'm about 50K away from that and on track for reaching it in December.  Buying a new car would not enable this goal to happen.

[Tester]

You don't have to buy a new new car...
You could buy a 8 year old car - but that could also need some money after you buy it.
Still, if you feel that you don't trust your car anymore I would say it is time to change that.
Is your 1 mil net worth goal so important 😃? I agree that it would be even for me  it if I would miss it by 5k because of replacing an unsafe car I would not kill miself for that 😃. Just don't continue to miss it...

Now, regarding all weather tires.
Why do you buy them? If you have more than 1-2 months of weather below 7 Celsius plus some snow you should go for winter plus summer tires.

I have all weather tires on my car now and I don't like them at all.
Winter tires are not needed here but I can't get by with only summer tires.

All weather tires will decrease your mileage and performances in both cold and warm conditions compared to summer and winter tires.
Two pairs of tires might cost more, but if you drive your car all the time they might be worth it.

[Cannot Wait!]

Check kijiji for used tires.  Spend $200 to get you through to being a millionaire!

[alsoknownasDean]

How much longer would the car last with a new set of tires? Are there any other issues (rust)?

If you're happy keeping the car a couple of years once it gets a new set of tires, then by all means go ahead and get the tires.

Otherwise, have a look around for a good five year old used car. They're often under half the price of a new car.

[JLee]

http://www.kijiji.ca/v-cars-trucks/calgary/reduced-for-quik-sale-2010-mazda-mazda3-sedan/1153215143?enableSearchNavigationFlag=true

[DenverGal]

I will +1 to the temporary fix (cheeper tires but better than what you currently have) to get you to the end of the year and your goal.  Then, you are a few short months to saving up for a newer to you car.  Then, a year or two after that, you can upgrade again.  I love this forum and the fact that people are driving 16 year old cars and watching their expenses to get to their focused goals.  Kudos!  We can't wait to celebrate with you after you hit your mark.