New cars

[1CavHog]

I wonder how many people who foreclosed on homes drove cars newer than 3 years old? If we could get every American to drive the a vehicle for 8 years before getting a new one I think a lot of our personal finance problems would go away.

[HognotinMemphis]

I wonder how many people who foreclosed on homes drove cars newer than 3 years old? If we could get every American to drive the a vehicle for 8 years before getting a new one I think a lot of our personal finance problems would go away.

It wouldn't hurt. That's for sure. We keep our cars about 10 years on average. I wish I could make myself keep them more like 13 or 14 years on average. My current car is a Suburban that I bought new in Dec, 2000, a 2001 model. So, it's 10 yrs old this month. I just hit 91,000 miles on it yesterday driving back from Hot Springs. My wife's car is a 2003 Infiniti FX35 we bought new in Jan, 2004. So, it will be 7 yrs old next month. Still feels and looks like a new car. She has a bit over 60,000 miles on it. Hopefully, we'll keep hers another 4 or 5 years and keep mine at least 2 more years. Good idea on this subject.

[1CavHog]

Just blows my mind.

[HawgWild]

I turned my 1996 Toyota Camry out to pasture in October when I bought a new car. It had 329,000 miles on it and still got 32 mpg. I'm diligent about maintenance.

[1CavHog]

I turned my 1996 Toyota Camry out to pasture in October when I bought a new car. It had 329,000 miles on it and still got 32 mpg. I'm diligent about maintenance.

That's what I'm talking about.

[john c]

I wonder how many people who foreclosed on homes drove cars newer than 3 years old? If we could get every American to drive the a vehicle for 8 years before getting a new one I think a lot of our personal finance problems would go away.

People foreclosed ON?  Every American?  Why 8 years?  Personal financial problems for those making/selling new cars might get worse.  Having trouble understanding the logic.  What if we cut our food bill in half, never eat out, drop cable, cell phones, where would it stop?  I really appreciate those that buy new cars and allow me to buy a year old used car.  Just think, if every American drove what they have now for 8 years what would that do the supply of quality used cars?

I'm sure you are talking about personal responsibility.  Improved underwriting may be a better solution.

[Silver Hog]

I have had my first 'new' car 17 years this past Thanksgiving.  I had to break down and buy a 2nd car (used) because I needed 4 doors.  I totally agree that you keep a car 10 years or more.  I read an article years ago that the money you save (and hopefully invest) will be in the range of 250k if you wait 10 years between car purchaes instead of just 3 years.

[alwaysondbigscreen]

I bought a new mr2 right after I got out of pharmacy school kept it 13 yrs. the only reason i sold it was I really really wanted the lotus. Ive had it 5 yrs and have no real desire to part with it yet. MY WIFE ON THE OTHER HAND does go thru cars faster, altho I cant really hold it against her much. We have 4 kids and they pretty much put it thru he!! I actually took our minivan to a car wash with the back 2 rows of seats removed and hosed out the entire thing. It actually worked pretty well. I drove home with the back hatch up and it dried out pretty well