I had my first Honda 2007 SUV for 13 years, gave it to my son and he got $7000 for it just last year.I sincerely need some advice here. So I find myself now in retirement for 6 years and living on a very minimal fixed budget.
In 2008 I was thrilled to buy a very well maintained used 2002 Honda CR-V for only $4,000 that at the time had only 102,000 miles on it.
It Ran perfectly and looked brand new. And in fact still looks beautiful inside and outside.
And I've now added 20,000 miles over the last 4 years to it with now 122,000 miles as of today Jan 2021.
Expenses in last 4 years about $1,500.
New tires $359, oil leak $800, serpentine belt, $200, and a few other minor things battery, etc. So a total of about $1,500 total cost for 4 years of Reliable service.
However... It's now 2021 and It needs several new repairs.
1. Yet another oil leak just discovered. $200-$300?
2. Front end alignment. $80
3. AC compressor making noise for 2 years, so I don't use much but still works, Likely $1,000 repair?
4. Has a minor vibration for last couple years if I accelerate hard. Maybe motor mount? $200 ?
So I may be facing about $1,500 in needed repairs soon On a car that's now almost 20 years old with 122K miles on it, yet otherwise runs great and still looks great. And I want to keep it but want to be realistic in the odds of owning a 20-year-old car.
So my question to the group is. Should I give up this great CRV for a newer SUV?
Again I'm retired and on a minimal fixed income so spending $15,000 on a newer used SUV is not something I feel financially comfortable doing. But my CR-V as-is I'm sure I could sell it for about $4,000 and put that towards a newer used car.
But it still runs and I still like it.
So what's the groups opinion on me just putting say $2,000 in repairs to my Honda CR-V that I'm still Honestly in love with and keep it vs spending my retirement funds on?
Do you guys think my precious 2002 Honda CR-V will last me another 2 or 3 more years after the needed repairs or is it a bad idea to keep it.
Truly grateful for all your opinions.
In 2019 I bought a new 2019 that I can't wait to get rid of as soon as I get the Covid vaccine.
If you still like it, keep it, keep it, keep it. You know what you have, but if you buy something new, you might end up spending more.