Buying a new car is a significant investment of resources. For the sake of this discussion, I’m going to ignore the new car versus used car argument. I know the pros and cons of both, but emotional factors come into play when making purchasing decisions.
Being a little risk adverse when making large purchases, a new car’s lack of history, expected reliability and warranty (if needed) offer a sense of comfort that I’m willing to pay for – even knowing that the car will depreciate as soon as I take possession of it. But I go into this planning on keeping my new car for 10 years, so I don’t really walk away a loser at the end of the day because I’ll have gotten my money back in the utility of the car by the end of that time.
With all of that being said, I just purchased a new car this week to replace our 2002 Honda Civic. Our Civic had been a great car with only 87K miles on it. Although it wasn’t the flashiest car around, it started right up and reliably got us from point A to B.
Recently, however, we started to notice a few small problem popping up. The car had a slight shake in it every now and then; the driver’s side electric window would sometimes stop working; the cloth roof liner was coming undone; the check engine light came on. Some of these things are to be expected with a car that we’ve had for about 11 years, though. Still, I had gotten a good deal. For about $15K, I had a car that I used every day for over 11 years. It was time to move on.