Is it cheaper to keep fixing an old car?

People are often surprised by how much it costs to keep an older vehicle running, but it is almost always cheaper to repair your car than buy a new one. New cars benefit from modern safety technology like back-up cameras. This might be reason enough for someone to favor buying a new car.

How does mileage affect car value?

Price Drop in Used Cars Per Mile For the first three thousand miles or so, cars usually drop about $5,000-$10,000, so it averages out to around $1.50 to $3 per mile. After that, the price drop is lower, and can go from around $. 25 to $. 5 per mile.

What if repairs cost more than car value?

Edmunds offers a simple rule to follow: “If the cost of repairs is greater than either the value of the vehicle or one year’s worth of monthly payments, it’s time for another vehicle.” Remember, though, that repairing an old car is almost always cheaper than buying a new one. Your car insurance may go up as well.

Is it worth buying a 5 year old car?

As mentioned earlier, modern cars are extremely reliable, even as they age. Even 10-year-old cars have less than one problem per year that needs repair. For example, a five-year-old car may only suffer a major problem every three years and a 10-year-old car would have a problem only every 18 to 20 months on average.

What is the best age of car to buy?

All in all, the best age to buy a used car is around the 5-year mark, as this minimizes depreciation and maximises reliability for the price you’ll pay, meaning you’re less likely to have any problems or need to pay any more money for later on which is a common problem with really cheap or much older vehicles.

Is there a Blue Book for used cars?

About Kelley Blue Book® Values. For over 90 years, Kelley Blue Book has been The Trusted Resource for used car values, helping car owners understand what their used car is worth. Depending on the method of disposal, there actually may be more than one Blue Book Value for the consumer’s car, truck or SUV.

What’s the value of a Kelley Blue Book car?

About Kelley Blue Book® Values For over 90 years, Kelley Blue Book has been The Trusted Resource for used car values, helping car owners understand what their used car is worth. Depending on the method of disposal, there actually may be more than one Blue Book Value for the consumer’s car, truck or SUV.

Is it bad to buy car with 129, 000 miles on it?

In your opinion, is a car with 129,000 miles on it a bad purchase (if the car seems to be in good condition)? In this case, the car is a 2004 Carolla, but I’m also curious as to people’s thoughts in general since I may look at other cars that have about that many miles. Flag as… I’d say absolutely not.

Which is better a high mileage car or an old car?

“These late model cars just run, run, run, as long as you change the oil and maintain them” according to the owner’s manual. So, in the case of Scenario 2, that high-mileage car could be a good buy. A much older car, such as the 8-year-old model in Scenario 1, has components that rust over a longer period of time.

How much does it cost to repair a car with Kelley Blue Book?

Unless you’re a mechanic or an expert on fixing your vehicle yourself, you probably don’t have a clue about car repair prices. Not to worry. Building on our 90 years of pricing experience, Kelley Blue Book has the Fair Repair Range to show you what car repairs should cost.

What should I expect when buying a high mileage car?

As you’ll find when shopping for a high-mileage car, there’s rarely much price difference between a vehicle with 90,000 miles and one with 120,000 miles.

Can you buy an older car with low miles?

You don’t have to be stuck in analysis paralysis, however. There are some simple guidelines that can help you decide which car is right for you, whether it’s a newer car with lots of miles, an older car with low miles, or something in between. Should you buy an older car with low miles?