The A/C compressor in my 2010 CR-V EX-L died and I've been going back and forth about whether it makes more sense to fix it up or sell it and get something newer.
It has ~120k miles and right now I probably drive <7,000 miles a year, mostly highway so I've been getting about 25mpg (which is a lot better than the 21 I used to get with more city driving).
All told, fixing it up (A/C, new tires, replacing sparks/transmission fluid, and maybe struts) would be around $3000-$4000. The car is only worth $4000-$5000 right now, maybe a little more if it didn't need repairs. So, fixing it up would more or less cancel out the trade in value for me.
Even used cars are expensive right now, so the cheapest I think I could possibly get something that would meet all my requirements (to be fair, I'm picky) would be around $22,000 after trading in my car for a 2021 Subaru Forester.
I calculated that if I put that amount into some kind of interest earning account at 4%, I'd only make $4000 on it after 5 years, so I'd basically break even with what I put into it. The good thing there would be that presumably the same year models of cars I'm looking at now (2021-2024) would be cheaper in 5 years so I could spend about the same or slightly less (hopefully).
There's definitely some things I'd miss about the older style CR-Vs that there's no way I'm going to get in a newer car, like having the center console leave some floor space in front of it and having the 6-CD changer. I also would have to check the specs, but I feel like the cargo area is taller in height in older CR-Vs compared to newer cars. Pretty much everything else I could get in the Forester (and they have BIG sunroofs!), plus some newer features that would be nice like bluetooth/carplay, safety features, adaptive cruise control, etc.
The best financial choice seems to be to fix up my current car and then keep it for as long as I possibly can and wait for the prices to drop, but it'd have to be at least 5 years to break even. But the question there is how much longer will I be able to keep driving it (without spending more on it) if I fix it up now?
If the answer is more like 5 years max, I might as well just get the cheapest car I can right now, but if it's more like a solid 5+ years, it may be worth it. Of course, even if I wait, that's assuming I don't spend more than the $22k I'd be spending now (assuming I'd get net 0 trade in value from it by then), which in 5 years could probably get me a 2023 or 2024 model.
Is it worth it to fix? How long do you think it would last if I did?
It has ~120k miles and right now I probably drive <7,000 miles a year, mostly highway so I've been getting about 25mpg (which is a lot better than the 21 I used to get with more city driving).
All told, fixing it up (A/C, new tires, replacing sparks/transmission fluid, and maybe struts) would be around $3000-$4000. The car is only worth $4000-$5000 right now, maybe a little more if it didn't need repairs. So, fixing it up would more or less cancel out the trade in value for me.
Even used cars are expensive right now, so the cheapest I think I could possibly get something that would meet all my requirements (to be fair, I'm picky) would be around $22,000 after trading in my car for a 2021 Subaru Forester.
I calculated that if I put that amount into some kind of interest earning account at 4%, I'd only make $4000 on it after 5 years, so I'd basically break even with what I put into it. The good thing there would be that presumably the same year models of cars I'm looking at now (2021-2024) would be cheaper in 5 years so I could spend about the same or slightly less (hopefully).
There's definitely some things I'd miss about the older style CR-Vs that there's no way I'm going to get in a newer car, like having the center console leave some floor space in front of it and having the 6-CD changer. I also would have to check the specs, but I feel like the cargo area is taller in height in older CR-Vs compared to newer cars. Pretty much everything else I could get in the Forester (and they have BIG sunroofs!), plus some newer features that would be nice like bluetooth/carplay, safety features, adaptive cruise control, etc.
The best financial choice seems to be to fix up my current car and then keep it for as long as I possibly can and wait for the prices to drop, but it'd have to be at least 5 years to break even. But the question there is how much longer will I be able to keep driving it (without spending more on it) if I fix it up now?
If the answer is more like 5 years max, I might as well just get the cheapest car I can right now, but if it's more like a solid 5+ years, it may be worth it. Of course, even if I wait, that's assuming I don't spend more than the $22k I'd be spending now (assuming I'd get net 0 trade in value from it by then), which in 5 years could probably get me a 2023 or 2024 model.
Is it worth it to fix? How long do you think it would last if I did?