How do you know when it's time to sell?

[jsarche]

Searches with combinations of a bunch of different keywords hasn't really helped with my question - hoping some of you can.

I've got a 2004 Sport Edition (my second 4Runner) with 158K miles and a few problems. The steering rack will need to be replaced soon (I was quoted about $1,300), there's some body work including front bumper replacement that should be done (I was quoted about $1200), but that's really about it right now.

My question is, when do you hit the tipping point in throwing too much money at a car? My wife is thinking it's time to sell this one and get a new 4Runner (I just don't see myself driving anything else).

I checked with my mechanic, who I trust, and he suggested looking at my average maintenance expenses over the last four to five years. When that average exceeds $100 a month, he says it's time to really consider selling. That figure sounded a little low, but being curious, I went back and did the math. The figure I came up with -- and I believe know it's a bit low because it looks like I didn't keep all my receipts -- was about $190 a month average.

What do you all think?

Thanks very much for your opinions.

 

[bloodninja]

You're not factoring tires, fluids, and routine wear items in your calculation, are you? $190/month average for non-wear items seems pretty outrageous to me.

 

[jsarche]

The figure does include oil changes and other routine maintenance (at least for the receipts I could find), and one set of new tires. I asked my mechanic whether to include all that -- he said everything but fuel.

 

[TrkyMfns]

I was in the same boat as you. Ultimately I sold because I wanted to. For the most part, you can always fix something, and to fix the older car is cheaper than buying a new one. So go with what you want.

 

[CO-Cygnus]

'Time to sell' has always been more of an emotional thing for me. I held on to my old Subaru way beyond the point that I should have locically let it go, just because I loved the car.

 

[GHARP57]

I have a 2001 Camry that I have spent close to 2 grand on if not 3. It has 217k miles and i have owned it for 3 years. I bought it from my now deceased Aunt in Law. I cant seem to want to let it go. I paid a very good price for it but I have exceeded value for sure. My 99 4runner I bought for 4800 and put 2 grand into getting work done. It is still cheaper than spending 350-500 bucks a month for 5 years on a new vehicle

 

[blakjack23]

It's time to sell when you want a new car and can afford a new car.

 

[jsarche]

Thanks for the comments, everyone -- I'd love to keep hearing more!
CO-Cygnus - I love your avatar! Our situation sounds really similar to yours. My wife's last car was a 92 Honda Accord. We hung on to that way, way too long for various reasons and wound up dumping all kinds of money into it before realizing it would be much better spent on a new car. I love the 4Runner but really don't want to hit that point with it.

 

[CO-Cygnus]

Thanks for the comments, everyone -- I'd love to keep hearing more!
CO-Cygnus - I love your avatar! Our situation sounds really similar to yours. My wife's last car was a 92 Honda Accord. We hung on to that way, way too long for various reasons and wound up dumping all kinds of money into it before realizing it would be much better spent on a new car. I love the 4Runner but really don't want to hit that point with it.

I finally gave up when the air Conditioning failed, batteries were only lasting 9 months, paint on the hood was oxidizing, and turbo was starting to make some undesirable noises. Even as I was driving it to the Toyota dealer to trade it in (somehow got $8K for it) I was feeling some regret because I really loved that car.

In the end the new truck was totally worth it and, looking back, I kick myself for sinking way too much money in to a dying beast.

 

[turdpro]

When it hits 250,000 or more. You've got many miles left.

 

[DAGNABIT]

Your wife said you could get a new 4runner..... you should be at the dealership not here!

 

[philsey]

The truth is; it's an age-old question, for which no one has an answer, because it just depends on your personal financial situation, tolerance for pain, and ability to predict the future.

THE first question is: how able are you, truly, to afford a new one?

As far as The Monthly Cost theory, it's not a bad one, but only you can set that number, not your cousin Vinny. And, it's better than a dartboard.

Personally, I would not include normal maintenance (oil, filters, tires, etc.) because those expenses do not go away on a new vehicle.

A crystal ball is helpful too.

 

[03_4x4Runner]

The time to sell for me was when my 4th gen transfer case actuator leaked so bad it could not be taken on long trips without refilling it and the speedometer would quit working intermittently. The tires were almost worn out and the paint clearcoat was getting thin in spots from the Az sun. The dealer sent me an ad with my 2014 marked down a good amount. My speedometer had not been working for a while (I was using a gps for speed). One day the speedometer started working again and I told the wife it may be time to trade it in before I spend any money on it after 11 years.I ended up trading in my 03 4runner and my 2011 Avalon for very little additional money. Other than missing my old V8 I am happy with my decision.

 

[Ski_bum]

It's time when the upkeep becomes a pain. I just got a new one after an expensive string of repairs on a wrangler.

 

[off-road runner]

Time to trade... you'll probably need front brake calipers, front wheel bearings, rear axle seals, unless those have been done already. Then there is the inconvenience of making appointments and being without your vehicle for a day or 2. Also factor in the piece of mind of riding in what will probably be a more dependable vehicle that is less likely to leave you stranded somewhere. If you can afford it... do it. JMO.

 

[ST1FLER]

For me the decision to trade in the 3rd Gen for my new 5th was easy...... some woman pulled out in front of me and totaled it! Made the decision a no Brainer. I agree wi Dagnabit. If the wife even remotely said get a new one you better do it.

 

[Kennyr44]

When your daughters Altima needs the head gasket changed for the second time in 2 years and 10,000 miles after paying 15 hundo to a nissan dealers best tech. Then u know its time to shop for a Toyota. Or when your paint is bad.

 

[jrandom]

I could have completely rebuilt my '99 4runner, suspension, and armored it for half the price I have paid for the truck new and spent on aftermarket parts on for my 5th gen. I seriously considered that too, I had just replaced the steering rack and all of the ignition coils. Whomever bought my old truck scored IMO I know it's around I have seen it a couple times always heading the opposite way. The cute little dent is still in the front bumper

 

[jsarche]

A crystal ball is helpful too.

I can find a good one up for auction online, right?

 

[jsarche]

The time to sell for me was when my 4th gen transfer case actuator leaked so bad it could not be taken on long trips without refilling it and the speedometer would quit working intermittently.

Wow - I wonder how common that is: My speedometer sticks at 0 from time to time (more often when it's cold), and the fuel gauge sometimes sticks at "E" also. I just ignore it and try to match my speed to other traffic and watch my odometer. That started happening several years ago but it never bothered me enough to do anything about it. Strange.