New Car

dosh1

Hi there,

I bought a new car in 2019 which is now 3 years old.  I was considering replacing it and recently got some quotes for a part exchange but as you can imagine they are not what I am expecting (low).

My car is in excellent condition and has only done 13,500 miles in 3 years.

At what point is it supposed to be the most cost-effective to replace a new car.  I am currently working and have a few years until I retire but want to ensure at the point I retire I have a good, newish car that is reliable that hopefully will see me through.

Ibrahim5

If it's a good un just keep it till it dies. By that time you will have saved so much by not keep replacing your cars every 3 years that you will be able to afford a fabulous new one.

tacpot12

Ibrahim5 said:

If it's a good un just keep it till it dies. By that time you will have saved so much by not keep replacing your cars every 3 years that you will be able to afford a fabulous new one.

This ^. I had a landlord a while back who was an accountant who was in his 60s. He had only ever bought three cars in his life! They were all Volvos and he kept them until they died. 

forgotmyname

Buy a car at 3 - 5 years old, someone paid most of the depreciation and you can get 5 years or more of cheap motoring.

Me?  I am scrooge and buy 5 year old high mileage cars with a perfect service history and keep that for 5 years+ and lose

very little. Current car bought for £3k in 2018 just before its 5th birthday. Online valuation gave a figure of £2300.

Most petrol cars will be reliable upto 130k miles and diesels around 200k miles, if it fails before then its often poorly
serviced or just unlucky.

Ebe_Scrooge

forgotmyname said:

Buy a car at 3 - 5 years old, someone paid most of the depreciation and you can get 5 years or more of cheap motoring.

Me?  I am scrooge and buy 5 year old high mileage cars with a perfect service history and keep that for 5 years+ and lose

very little. Current car bought for £3k in 2018 just before its 5th birthday. Online valuation gave a figure of £2300.

Most petrol cars will be reliable upto 130k miles and diesels around 200k miles, if it fails before then its often poorly
serviced or just unlucky.

^^^ This, in spades.

Selling a car at 3 years old is probably the least cost-effective option possible.  You've already taken the biggest hit possible in terms of depreciation, and if it's been well looked-after then whoever buys it will be getting a bargain.  You've had it from new, you know how it's been driven, how well it's been cared for - I'd be surprised if it didn't give you easily another 10 years of trouble-free service, by which time you'll have had the chance to save up enough to buy yourself a shiny new Ferrari when you do finally decide to change it :-)

Ectophile

I bought my Fiat new in 2009, so it's 12 years old.  It's getting to the point where I really ought to replace it.

The Landy is only 11 years old, and was a much more expensive car when new. So that should be good for a few more years.

I consider a 3 year old car to be nearly new.

Ebe_Scrooge

Ectophile said:

I consider a 3 year old car to be nearly new.

I've never bought a car as new as that!  I usually go for something like 5 - 8 years old (taking my time to find a good-un) and fully expect it last another 7 - 10 years.  I've not been disappointed yet.

jimjames

dosh1 said:

At what point is it supposed to be the most cost-effective to replace a new car.  I am currently working and have a few years until I retire but want to ensure at the point I retire I have a good, newish car that is reliable that hopefully will see me through.

My car is 14 years old, owned from new so know full history of it. Still runs perfectly so can't see any reason to change. Certainly for a 3 year old car I wouldn't be looking to change. I'm surprised you've been offered low amounts, prices for nearly new cars are a bit crazy at the moment and for some are virtually the same as new. Might be worth trying a few sites like WBAC if you are intent on changing.

Herzlos

If it does everything you need for now, I'd keep it until you retire and then buy something new(er) then that suits what you intend doing.

Cars lose about 50% of their value every 3 years, so your next 3 years will see it lose about half of what it's already lost.

iwb100

In the current second hand market your cars value should be absolutely sky high. What car is it and what do you think it’s worth? 

There is never, never, never, going to be as good a time as this to realise a used cars value. 

Bigwheels1111

Get a quote from Carzoo, they offered me £1200 less then what I paid for my car in the first place. It’s 5.6 years old and 16500 miles and 2 owners.

My brother used Motorway and got a great sale price.