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I have a 2004 Chevy Colorado with 237,000 miles on it, eight years old, and the total cost over the past 18 months for scheduled and unscheduled repairs is over $3000. Would I be better off to invest in a new vehicle, rather than continue to pay for periodic maintenance?

Nov 7th 2012 new

(Quote) Carl-98335 said: I have a 2004 Chevy Colorado with 237,000 miles on it, eight years old, and the total cost over the...
(Quote) Carl-98335 said:

I have a 2004 Chevy Colorado with 237,000 miles on it, eight years old, and the total cost over the past 18 months for scheduled and unscheduled repairs is over $3000. Would I be better off to invest in a new vehicle, rather than continue to pay for periodic maintenance?

--hide--
Up to you Carl. How attached are you to that one? They (vehicles) get to the point where things start happening. (you've done far better than me....my last car only had 145,000k on it and traded it)

As far as a "new" one? Did you mean NEW or NEWER? Because I might suggest looking a your favorite vehicles and buy a 1 or 2 year old "certified" vehicle. Generally they have been (gone through) thoroughly....and enough that they sometime will extend the warranty on them.

Plus you will have allowed for the previous owner to have taken the "heavy" depreciation for keeping one only a year or two.

For instance: My car was one year old when I bought it last February. It was "certified" through GM. ( I see you are driving GM) They added 12,000 miles to the existing warranty. (not an extra cost item) Though you will pay slightly more for a certified than just a used one.

Hope this makes sense.....and good luck!

Nov 7th 2012 new

A new vehicle is not an investment, the value will never go up.

Were the repairs drivetrain, engine or computer related?
I always recommend getting an older diesel pickup with mechanical injection and learning how to perform repairs.


Thank you for your service to our country.

Nov 7th 2012 new

(Quote) Jerry-730726 said: Up to you Carl. How attached are you to that one? They (vehicles) get to the point where things s...
(Quote) Jerry-730726 said:

Up to you Carl. How attached are you to that one? They (vehicles) get to the point where things start happening. (you've done far better than me....my last car only had 145,000k on it and traded it)

As far as a "new" one? Did you mean NEW or NEWER? Because I might suggest looking a your favorite vehicles and buy a 1 or 2 year old "certified" vehicle. Generally they have been (gone through) thoroughly....and enough that they sometime will extend the warranty on them.

Plus you will have allowed for the previous owner to have taken the "heavy" depreciation for keeping one only a year or two.

For instance: My car was one year old when I bought it last February. It was "certified" through GM. ( I see you are driving GM) They added 12,000 miles to the existing warranty. (not an extra cost item) Though you will pay slightly more for a certified than just a used one.

Hope this makes sense.....and good luck!

--hide--
Good suggestions, Jerry.

Although Carl may have an attachment to his 2004 vehicle, the mileage is getting up there. Anything can happen at this point. It's hard to be objective, but to look at $3000 for known repairs and maintenance (some needed; others that can be deferred) should make a person think serioiusly about buying a newer car. The age of the vehicle isn't too bad -- many vehicles can easily last over 10 years.

A consideration about the 237,000 miles would be how this mileage was run up. A lot of city (stop & go) driving? Mostly highway driving? Evenly divided?

Another consideration is the actual value of the 2004 model. Does the cost of repairs exceed the value of the vehicle?

While not much will be allowed for the existing vehicle, it's still running and will have more trade-in value than something that's broken down and can't be driven. This is a possibility, all things considered.

Why not look at a few newer vehicles of interest, test drive some of them, and a better comparison and more informed judgment can be made.

Nov 7th 2012 new

You're welcome. Majority were drivetrain, so not sure they could be avoided.

Nov 7th 2012 new

As I mentioned in another response, pretty much all repairs were drivetrain (brakes, tie rods, front and rear differential, front axle, etc.). The majority of the miles were highway.

Nov 10th 2012 new

(Quote) Carl-98335 said: As I mentioned in another response, pretty much all repairs were drivetrain (brakes, tie rods, fron...
(Quote) Carl-98335 said:

As I mentioned in another response, pretty much all repairs were drivetrain (brakes, tie rods, front and rear differential, front axle, etc.). The majority of the miles were highway.

--hide--
I recently bought my 1st new car ever. I have never had a new car because they just lose value but I ended up in a similar situation. Had an accident about 9 months ago and though the body was repaired but apparently there was other damage that was not caught at that time. After realizing repairs for several items would be $4000+, I decided to trade in my car.


In the end I bought new because it was not that much more than a 2 year old used car I was considering. I drive about 30K a year so I need something reliable. Hoping this one will make the 300k mark that I intended to drive the other car for. On the bright side, the new car is considered so much safer that my insurance stayed the same (the old car was a 2002 with 186k).

Nov 10th 2012 new

(Quote) Carl-98335 said: As I mentioned in another response, pretty much all repairs were drivetrain (brakes, tie rods, fron...
(Quote) Carl-98335 said:

As I mentioned in another response, pretty much all repairs were drivetrain (brakes, tie rods, front and rear differential, front axle, etc.). The majority of the miles were highway.

--hide--

hey Carl,, $3000 and you didnt mention if Engine & Transmission work has been done yet on your Colorado.. so let's hope you're okay there. My philosophy is never spend more $ than your car/truck is worth unless you're going to get that money back in it's use. $3k is about 10 months worth of payments on a newer vehicle. Some of the other things I would consider as well are, safety, comfort, and performance. So considering all that hopefully the decision is easier. Just a suggestion from a few years of experience working around the car biz; Always ask for a Carfax- and look over for accident info, mileage discrepancies, and what States (if any) the car has been titled in. Also know that accidents under approx $2000 sometimes are not reported and therefore may not showup on a Carfax. Good Luck. smile

Nov 10th 2012 new
That works out to about $167 a month. Compare that to $450 to $500/month or more for a new vehicle.I would ignore the cost of brakes, though. Brakes need periodic attention over the lifetime of any vehicle. Sure, there will be a repair here and there. I always consider the repair cost vs. a monthly payment if I replaced the vehicle. Is the vehicle generally dependable for you?

I just bought a new F150 two weeks ago. It replaced a 1989 F150 that had 23,000 miles on it when I bought it in 1991. It now has 416,000 miles on it. I'm going to keep it as a spare vehicle and use it during hunting or fishing trips.
Nov 10th 2012 new

If those repairs got you more life for the car then keep it as you likely won't have more anytime soon. If you have overhauled the engine and / or had the automatic transmission overhauled then those won't need doing for a long time. If you did these and get rid of the car then you are sort of throwing away your investment -- or not getting your money's worth out of those repairs.

If it was other things then I don't know.

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