When to stop spending on older car?

Britannia1863

Hi All,

I own a 10 year old BMW it's worth about £2500 I would estimate. I have spent £1600 this year on a service and repairs. I don't think I could spend the same again next year if any big bills come along. Is it it best to get rid before any more big bills come along??

Thanks

fred246

Time to buy a brand new car and pay £5K a year in depreciation.

tacpot12

Big bills do seem to come in waves, and getting rid of the car will mean that you will get a much better price than if it is sold with a fault. The problem is that if you sell it, and you can't afford to spend another £1,600, you are only going to be buying a car that is two to three years younger than your current car. There are too many uncertainties when buying a new car - you are going to have to be extremely lucky to get a car that is any better than the one you have. I would start saving hard so that you have the money either for another bill, or to buy a better replacement car. 

Where do you have the servicing done? BMW Dealer? Independent BMW Specialist? Halfords?

Britannia1863

At an independent specialist in the last 2 years I have replaced:

Tyres
Clutch & flywheel
Driveshafts and abs sensors
Battery
Exhaust Flexi pipe
2 X shock absorbers
Plus a recent full service! 
Hopefully not much left to replace.

Martin_the_Unjust

How much would you plan to spend on a newer car?

If you need a loan, how much would the repayments be?

Keep your current car and put the equivalent of the above loan repayments in the bank, I dare bet (and you will be) that even after you have paid for repairs, services etc there will be money left at the end of the year.

In answer to your question, when you have saved up enough to buy one and don't want to spend that money on anything else.

Flight3287462

OP three questions:-

Is engine good?
Is gearbox good?
Is there any (perforating) rust in MOTable areas?

Since you make no mention of any of those, it sounds as if your car is good for a few more years yet.
But start putting money aside for the day you need to replace.

Britannia1863

Yes gearbox good, no rust and get engine fine. It uses harldy any oil and no smoke etc.

chrisw

At least those bits should now last a few years, but that's not too say you won't need to spend any more on eg rest of exhaust or other 2 shocks.

However, most of what you have listed are consumables and could easily be required on a newer 4 year old car. 

Ditzy_Mitzy

Britannia1863 said:

Yes gearbox good, no rust and get engine fine. It uses harldy any oil and no smoke etc.

Keep it in that case.  

foxy-stoat

If its one of them engines with cam chains that give up then once that happens sell it for parts.  Until then keep it and get some use out of the repairs.

alan_d

My daily driver is a 17 year old Volvo. It's cost far less than that to maintain over the last few years, BUT I do most work myself so no labour costs. Most of what you mention I consider wear-and-tear items, and all (except the exhaust flexi) I have replaced on one of my cars in the last year or two. None of this makes me feel that I should replace with another, younger used car with a new set of problems!
I think you'd be unlucky to need to spend the same in the next year or two, so just keep running it.