Should You Keep Your Old Monte Carlo?
#1
05-20-2011, 07:15 AM
Should You Keep Your Old Monte Carlo?
Should You Keep Your Old Monte Carlo? I say `yes 4-Sure...
They don't build them like they use 2...
If you sold your Monte Carlo, what would you buy ? Get ?
Want to really save money on a new car? Don't sell your Monte Carlo.
From Kiplinger's Personal Finance magazine<!-- MEEBO --><!-- MEEBO -->
<META content="Should You Keep Your Old Car?" property="og:title"><META content=article property="og:type"><META content=http://www.kiplinger.com/basics/archives/2003/02/buying4.html property="og:url"><META content="" property="og:image"><META content="Kiplinger Personal Finance" property="og:site_name"><META content=647171035 property="fb:admins"><NOSCRIPT></NOSCRIPT>
Here's the single most reliable way to save money on cars: Keep your clunker and drive it till it drops.
A decently cared-for vehicle should still be running long after the odometer has clocked 100,000 miles. Keep driving it and you save money not only because you don't have to make payments on a new car, but also because insurance premiums are lower, and in some states, so are registration fees and personal-property taxes.
Related Links
Unfortunately, at some point the statute of limitations runs out on this particular money-saving tip. The more the car is in the shop, and the wider the oil slick grows on your usual parking spot, the more you may think seriously about replacing the old chariot with something, well, nicer.
Meanwhile, the money you save by not buying a new car tends to be eaten up by the growing cost of keeping the old one on the road.
The question is: Where's the tipping point? How long does it take for the higher cost of purchasing a new car to be justified by the growing cost of maintaining the old one?
Longer than you think. The actual numbers are less important than the overriding message: Those loan payments stack the deck against a new car. You could encounter much higher repair costs than assumed and still come out ahead by keeping the old one. If you're confronting this question, you can use the format above to run estimated numbers and see how they come out.
Better yet, don't bother. In the absence of a gigantic repair bill -- you need a new engine, for example -- an old car is almost always cheaper to own than a new one. You can close the gap a bit with a couple of strategies if you decide to purchase a new car.
Pay cash.
$$$ This will reduce your total expense by eliminating the interest on the loan, but in order to make a fair comparison you'd also have to take into account what else you might have done with that money and the interest you might have earned if you hadn't spent it on a car.
Pay a lower interest rate. A lower rate helps. But if you eliminated all the interest in the example above, the old car would still be cheaper to own than the new one.
Buy a used car. The problem is that, unless it is a certified used vehicle, a used car doesn't come with a new-car warranty, so you take on the same risks of unanticipated high repair bills that you already have with the car you’ve got. "Certified used" or "certified pre-owned" used cars are often two- or three-year-old previously leased cars. They’re offered by local dealers and feature warranties that extend beyond the initial "when new" coverage.
A certified vehicle has a warranty that is backed by the original vehicle manufacturer. Thirty-five makers have certified pre-owned programs. Terms differ, but a true certified pre-owned program will include at least a 100-point inspection of the car. Most programs:
* include only vehicles under five years old;
* have mileage limits under 100,000;
* use only vehicles that have had no major body work from prior accidents;
* "refurbish" the vehicle after a multistep inspection (110 to 300+ inspection points); and
* provide an extension of the new-car warranty.Certified pre-owned cars are usually more expensive than other used cars. But the benefits may outweigh the cost—for many buyers, the peace of mind alone is enough to justify the extra money.
But let's face it: When all is said and done, most of us don't base decisions on such a detailed accounting of the costs. Comfort, style, image, safety, convenience and reliability -- these are the forces motivating the vast majority of Americans who decide to buy a new car. So be it. The important thing is to choose the right car and get to the best possible deal.
They don't build them like they use 2...
If you sold your Monte Carlo, what would you buy ? Get ?
Want to really save money on a new car? Don't sell your Monte Carlo.
From Kiplinger's Personal Finance magazine<!-- MEEBO --><!-- MEEBO -->
<META content="Should You Keep Your Old Car?" property="og:title"><META content=article property="og:type"><META content=http://www.kiplinger.com/basics/archives/2003/02/buying4.html property="og:url"><META content="" property="og:image"><META content="Kiplinger Personal Finance" property="og:site_name"><META content=647171035 property="fb:admins"><NOSCRIPT></NOSCRIPT>
Here's the single most reliable way to save money on cars: Keep your clunker and drive it till it drops.
A decently cared-for vehicle should still be running long after the odometer has clocked 100,000 miles. Keep driving it and you save money not only because you don't have to make payments on a new car, but also because insurance premiums are lower, and in some states, so are registration fees and personal-property taxes.
Related Links
- Special Report: Best Car Values 2010
- Quiz: How to Get the Best Deal on a New Car?
- Best New Car Values 2010: Most Fuel-Efficient
- Best New Car Values 2010: New Models
- Best New Car Values 2010: Best in Class
- Best New Car Values 2010: Best Resale Value
- Guide to Getting the Best Values
- How to Drive Home a Bargain
- Should You Buy a Toyota?
- Bargains in Used Cars
Unfortunately, at some point the statute of limitations runs out on this particular money-saving tip. The more the car is in the shop, and the wider the oil slick grows on your usual parking spot, the more you may think seriously about replacing the old chariot with something, well, nicer.
Meanwhile, the money you save by not buying a new car tends to be eaten up by the growing cost of keeping the old one on the road.
The question is: Where's the tipping point? How long does it take for the higher cost of purchasing a new car to be justified by the growing cost of maintaining the old one?
Longer than you think. The actual numbers are less important than the overriding message: Those loan payments stack the deck against a new car. You could encounter much higher repair costs than assumed and still come out ahead by keeping the old one. If you're confronting this question, you can use the format above to run estimated numbers and see how they come out.
Better yet, don't bother. In the absence of a gigantic repair bill -- you need a new engine, for example -- an old car is almost always cheaper to own than a new one. You can close the gap a bit with a couple of strategies if you decide to purchase a new car.
Pay cash.
$$$ This will reduce your total expense by eliminating the interest on the loan, but in order to make a fair comparison you'd also have to take into account what else you might have done with that money and the interest you might have earned if you hadn't spent it on a car.Pay a lower interest rate. A lower rate helps. But if you eliminated all the interest in the example above, the old car would still be cheaper to own than the new one.
Buy a used car. The problem is that, unless it is a certified used vehicle, a used car doesn't come with a new-car warranty, so you take on the same risks of unanticipated high repair bills that you already have with the car you’ve got. "Certified used" or "certified pre-owned" used cars are often two- or three-year-old previously leased cars. They’re offered by local dealers and feature warranties that extend beyond the initial "when new" coverage.
A certified vehicle has a warranty that is backed by the original vehicle manufacturer. Thirty-five makers have certified pre-owned programs. Terms differ, but a true certified pre-owned program will include at least a 100-point inspection of the car. Most programs:
* include only vehicles under five years old;
* have mileage limits under 100,000;
* use only vehicles that have had no major body work from prior accidents;
* "refurbish" the vehicle after a multistep inspection (110 to 300+ inspection points); and
* provide an extension of the new-car warranty.Certified pre-owned cars are usually more expensive than other used cars. But the benefits may outweigh the cost—for many buyers, the peace of mind alone is enough to justify the extra money.
But let's face it: When all is said and done, most of us don't base decisions on such a detailed accounting of the costs. Comfort, style, image, safety, convenience and reliability -- these are the forces motivating the vast majority of Americans who decide to buy a new car. So be it. The important thing is to choose the right car and get to the best possible deal.
#2
05-20-2011, 07:42 AM
Join Date: Apr 2006
Location: Wauconda, IL
Posts: 13,335
I probably will never sell the 03 cause it's not worth anything. I will be selling the 05 in a couple of years for a newer used car for the daily driver - A Challanger RT or a Camaro.
#3
05-20-2011, 08:53 AM
Hi `Amy, I think you would be surprised on how much your Monte Carlo is worth....Maybe not on a trade in, but your Show Monte is a rare beauty & I'm sure that many would pay way, way over the Book Retail to have it 4-Sure....
If it were mine, I would want to keep it 4-Ever 4Sure
Thanks for your posts & contributions to the MCF..
It is appreciated : )
If it were mine, I would want to keep it 4-Ever 4Sure
Thanks for your posts & contributions to the MCF..
It is appreciated : )
#5
05-20-2011, 09:16 AM
https://montecarloforum.com/forum/off-topic-5/looking-new-car-28304/
i'm too deep in not to keep my monte
#6
05-20-2011, 09:35 AM
i call BS on that one
https://montecarloforum.com/forum/off-topic-5/looking-new-car-28304/
i'm too deep in not to keep my monte
https://montecarloforum.com/forum/off-topic-5/looking-new-car-28304/
i'm too deep in not to keep my monte
im buying a new car yes, but im not trading the Monte in...perish the thought!
#7
05-20-2011, 09:51 AM
Join Date: Aug 2008
Location: Bushkill, PA
Posts: 3,279
idk why the hell i would ever get rid of it, unless it got wrecked. as of right now im into it for $800 ish total, and it's worth $ 2,000 ish. but i don't owe anything on it, it gets WAY better fuel milage than the truck, and has never failed to get me where i needed to go safely and quickly. not much more to ask for in a car if you ask me.... except mabe working A/C 
#8
05-20-2011, 10:29 AM
How many true coupes do you see on the road. Most of what I see in KC area are SUV's! Some people don't know what my Black '98 LS is - till they are right up on it & can read "Monte Carlo" One guy thought it was a Lexus SC 400? Well, guess that could be taken as a compliment? LOL!
Hope you have a great Friday!
-Mark.
Hope you have a great Friday!
-Mark.
#9
05-20-2011, 10:39 AM
Monte Of The Month -- August 2009
Join Date: Jan 2009
Location: Highland, IN
Posts: 5,827
Personally I don't care that getting a new car is going to cost me more. Save on gas, maintenance, and you have a NEW car. In time... In time!
#10
05-20-2011, 01:18 PM
As long as she is comfortable & safe I'll keep her running. Like some others, it is paid off, so a motor or trans repair would not make me flinch.
I drove an '87 Nissan truck that I bought new until it was rusting away, had a slight blown head gasket (would overheat in 10 miles, just enough to get to work) a leaky radiator & bald tires. Only a longer commute made me buy something better. I do get comfortable in a car I like and will pay to repair stuff that others might run away from or use as an excuse to sign up for 5 years of payments.
I drove an '87 Nissan truck that I bought new until it was rusting away, had a slight blown head gasket (would overheat in 10 miles, just enough to get to work) a leaky radiator & bald tires. Only a longer commute made me buy something better. I do get comfortable in a car I like and will pay to repair stuff that others might run away from or use as an excuse to sign up for 5 years of payments.