Automotive

Is $1,000/year to maintenance good or should I buy new?

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  • Oct 11th, 2016 8:50 pm
Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely

Is $1,000/year to maintenance good or should I buy new?

I've spent about $1,000 so far to service the car (YoY). 2000 Toyota Corolla.

Assuming this goes perpetually...wouldn't it be better to buy a new car (e.g. $14,000 Hyundai Elantra for monthly payments of $160 per month)?

Currently maintenance cost:
About $100 per month.

2015 Hyundai Elantra
About $160 per month


So for an additional $60/month, I am getting a brand new car with better music system, safety features, etc
15 replies
Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
Be careful you are comparing ownership with leasing. Apples and oranges
Deal Fanatic
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Aug 27, 2014
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Canuckland
What is making you pay $100 a month?

I'd get something new if I had to spend $100 every month to fix it
Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely
Alternator, Brake Pads, Exhaust System, etc

Tires are worn so I believe next year in 2017, I will have to get new tires which is another $500 + perhaps some more repairs for $500 as well
Deal Fanatic
User avatar
Aug 27, 2014
8469 posts
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Canuckland
techcrium wrote: Alternator, Brake Pads, Exhaust System, etc

Tires are worn so I believe next year in 2017, I will have to get new tires which is another $500 + perhaps some more repairs for $500 as well
I would get a preowned car since they all lose value quickly but that depends on your financial situation.
Deal Guru
User avatar
Jul 12, 2003
12399 posts
4935 upvotes
Toronto
Depending on how annoyed you are to bring the car to garage every month.
If you don't mind and don't want to commit a fix lease payment for the next 2-3 years. Fix it....$1000 to maintain a 17 yrs old car is not crazy.

If you hate going to garage and come out with an unexpected bill every time and want to enjoy with a new car, go get a new one.
Your Corolla is 17 yrs old....even you keep it for another 2-3 yrs....you need to scrap it later on, so both scenario gives you nothing in return. (scrap the corolla may get you few hundred dollars back)
Retired Forum Moderator February 2009 - June 2015
Deal Guru
User avatar
Nov 6, 2010
10018 posts
1967 upvotes
Montreal, QC
It mostly depends on projected maintenance and how "bad" it gets. most of the items you stated are wear & tear so they should last quite a while now that they've been replaced, but all old cars will eventually have things to fix, it's the nature of the beast.

Also, does the $160/month cover all taxes & fees? I remember seeing the $59/week deal from Hyundai and when we went to the dealership there were taxes and other stuff to tack onto the price which made it quite a bit more. There's a thread here on RFD about it so maybe you can find more info specific to your region.

Remember to factor in insurance. If the new car costs $50 more a month to insure (exaggeration but it's to prove a point) then that might negate any potential savings.

But yes, it depends on how annoyed you are about bringing your car in and the uncertainty of something going wrong. That in itself may be worth any price difference in replacing.
Deal Expert
User avatar
Oct 13, 2009
21200 posts
10721 upvotes
Iqaluit, NU
uber_shnitz wrote: It mostly depends on projected maintenance and how "bad" it gets. most of the items you stated are wear & tear so they should last quite a while now that they've been replaced, but all old cars will eventually have things to fix, it's the nature of the beast.

Also, does the $160/month cover all taxes & fees? I remember seeing the $59/week deal from Hyundai and when we went to the dealership there were taxes and other stuff to tack onto the price which made it quite a bit more. There's a thread here on RFD about it so maybe you can find more info specific to your region.

Remember to factor in insurance. If the new car costs $50 more a month to insure (exaggeration but it's to prove a point) then that might negate any potential savings.

But yes, it depends on how annoyed you are about bringing your car in and the uncertainty of something going wrong. That in itself may be worth any price difference in replacing.
$100 a month maintenance on an '00 rolla ain't bad. Gotta pay to play.
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Deal Addict
Sep 22, 2009
3862 posts
2940 upvotes
Markham
$1000 on a 16 year old vehicle is nothing....
Just a front/rear brake job will run you at least $500.
To weld in a few flex pipe would be $150-200....

This is not a good averaging. You will not need a new exhaust/brakes/alternator every year.....
Deal Expert
Jun 24, 2006
15768 posts
11163 upvotes
What vehicle are you getting for LESS than $100 month to save some money?

If you just want a newer vehicle, I say go for it. If you want to save money, you are still driving your cheapest option.
Deal Addict
Dec 24, 2009
1223 posts
1102 upvotes
Depends man. I average $200/mth on maintenance + repair but if I was to lease a new car same model and options I'd be paying $800/mth so I'm good
Deal Fanatic
User avatar
Jun 19, 2001
9535 posts
3184 upvotes
Unelss you are going to roll over new cars regularly, then you have to factor things like tires, oil changes etc at the same rate as your current car regardless of what you buy.
Sr. Member
Jul 26, 2010
927 posts
89 upvotes
eastern Ontario
Is that 160/month a loan payment for 7 years. Because long before the 7 years you will be paying to maintain it. You need to compare the monthly payment to pay the car off before it needs any repairs/maintenance. That won't be $160. Remember when you buy new you give the government HST for which you get no value and the minute you drive off the lot it depreciates by who knows what these days. Your old vehicle is now likely full depreciated. Years and years ago I did some calculation on lifetime costs by trading at different intervals based on car data I used to record. Generally the best lifetime is to keep a car as long as possible until concerns of repair timing and impact on your life make it really inconvenient to own an older car. We bought a year old 2013 Verano three years ago because we were concerned about breakdowns of our 2007 Impala on longer trips away from home. We are still driving the Impala locally @251000km and the Verano is still only @55000km
Sr. Member
Aug 5, 2012
699 posts
561 upvotes
MISSISSAUGA
Its not worth spending 1000/yr on maintenance for a 2000 Toyota Corolla when you can get a new one for as less as 19000CAD. If it was an expensive car costing more than than 40K then it would have been worth it.
"You have more chances of getting hit by a lightning or getting eaten by a shark than actually winning a lottery"
Deal Addict
User avatar
Dec 4, 2004
2202 posts
404 upvotes
To me, it is not worth it on a car that old. It gets tiring after awhile. I had my last used car for exactly 5 years (60 months) and my total maintenance outlay was $4500 which worked out to $75 a month. I considered that car a reliable car that I only paid $2000 for out of pocket. However, when I got rid of it, it was 13 years old with 250K on the odometer and it had a leaking rad, soon would need new brakes, needed struts, and both winter and summer rubber along with other minor rattles, squeaks, and annoyances. I just didn't want to put in the time and money into a car that old that could fail somewhere else and cost even more money. Even though the smart money and the odds are in favour of maintaining and driving the old car, sometimes it is a nice to have something nicer and newer to re-energize you about car ownership.

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