Your financed primary car: Keep it once paid, or Upgrade regularly?

[Dan C]

best piece of advice here, best car to drive is one that is paid off, and if its a well made Asian vehicle, can go forever with a small bit of regular maintenance.
there is a good reason Honda's and Toyota's are so stolen/hijacked.

That's a reason not to keep it.

 

[rh1]

Car ownership is one of those interesting financial decision and I've come to realise that we each have different motivations for ownership of our primary vehicle.

My primary car, a Ballade, is about to be debt-free in four weeks time as I decided to throw 20% of my salary into the monthly payments. My life has changed a lot since I bought it and while the intention had been to trade it in next year, I'm now keeping it till it gets stolen or my kids write it off once they get their licences.

Looking at current deals, it's tempting to upgrade but all those little things about my car no longer irritate me as I get closer to owning it. The squeaky dashboard, the bumper held in place with cable ties (I forgave my wife for that incident), the scratches, the dents, etc are all things that no longer bother me. Not owing the bank money on our cars makes me happier.

So I'm interested in what your current intention is with your financed primary car?

I am getting old, 1st thought was why you financing an 80s 90s car.

 

[Brawler]

The current car is 11 years old, bought it new and paid off in 4 years.
I will upgrade at some point when I feel my current car is becoming expensive to keep going or becomes unreliable.
Depending on the situation at that point, I may buy it cash or finance it and pay it off asap and keep it for 10 years again.

 

[unobeat]

Wifes daily i am going to keep for a long time as i have become attached to it very quickly and funny enough i don't get to drive it much but its such a solid and well put together SUV which is not expensive to keep on the road.

I even told the wife and plan is to pay it off quicky when finances get better in the next 2-3.

Other car which is paid off is 10 years old this year and @247 000km. I will keep it until the wheels fall off plus its a reliable daily with no fuss.
*Still have an inch for a diesel sedan car when i turn 40 or even before i turn 50 as i am not in a hurry.
This will only happen once the household debts have decreased drastically and savings are healthy*

I love cars and given the affordability. i will keep on adding to the fleet.

 

[unobeat]

After I sold the Golf R, which was my first new car and first car I never paid off, I bought the Touareg which is the perfect family car for us so it will stay for quite a while and I will pay it off. I want to get our '66 VW Bus back on the road in a reasonable state next and then save for a 964 or 993 Series Porsche 911 but will pay cash for it as I never finance project or weekend cars. Holiday homes or flats aren't on the radar with my parents living in Ballito and the future inlaws owning houses at Pecanwood and in Sodwana so paying off our house is a better option.

Howxit Neuk

How is Feo doing and when last did you drive it?
Thread on vwclub its been quiet and i love reading updates on it.

 

[RedViking]

Buy secondhand / cash, small loan, drive till it is not comfortable anymore / maintenance does not make economically sense anymore.

A car is not an investment. If you change every 3 - 5 years, you either have a lot of money or you have a lot of money you waste.

 

[emptybruwer]

We have a ford Kuga paid off. 6 year old. Great car for wife and I have a BMW 2 series. Had it 3 years now. Also paid off will be selling it and buying a big SUV as we need the space(2 kids). I enjoy the BMW but to see how much value it lost over the years isn't a pleasant site. Kuga we'll sell in a couple of years to get a smaller car city driving and to free up space in the garage.

 

[RandomGeek]

Drive your paid off car for as long as it makes sense. Don't try to keep up with the Jones' - they are broke!

 

[Terence1983]

I drive a 1995 Fiat Uno fire with 250k on the clock, i work from home now so dont drive it much, smokes a bit and probably will need an engine overhaul in the near future, needs a few odds and ends which will get done as i get time to do the work, this is my "project' car.

My daily is a 2007 Linhai 260cc scooter with 7.5k on the clock, was a true bargain buy, was bought cash a few months ago, it stood since 2011 until current. Super light on fuel, loads of under seat storage so i use it to do grocery shopping, its fast enough to keep up with highway traffic for shot distances, its the perfect daily, no issues to find parking, can skip the traffic.

Wifes prev car (2004 Fiat Palio) was paid off, we had it 11 years and did over 200k in the years we owned it and last year due to it starting to give regular issues we decided to trade it in on a low mileage Hyundai i10 with maintenance plan.

Only thing i would finance is a Harley but that will only come in a few years, want to try pay off as much of our bond as i can.

 

[Jola]

Still drive my 2002 BMW 330D, still goes like a rocket, and very economical if you can control your foot. I bought it new.

My son drove it for a few years, but he has now emigrated to Canada, he still yearns for the BMW, but it was not economical to ship it to Canada. Also steering wheel on wrong side, etc.

 

[unobeat]

I drive a 1995 Fiat Uno fire with 250k on the clock, i work from home now so dont drive it much, smokes a bit and probably will need an engine overhaul in the near future, needs a few odds and ends which will get done as i get time to do the work, this is my "project' car.

My daily is a 2007 Linhai 260cc scooter with 7.5k on the clock, was a true bargain buy, was bought cash a few months ago, it stood since 2011 until current. Super light on fuel, loads of under seat storage so i use it to do grocery shopping, its fast enough to keep up with highway traffic for shot distances, its the perfect daily, no issues to find parking, can skip the traffic.

Wifes prev car (2004 Fiat Palio) was paid off, we had it 11 years and did over 200k in the years we owned it and last year due to it starting to give regular issues we decided to trade it in on a low mileage Hyundai i10 with maintenance plan.

Only thing i would finance is a Harley but that will only come in a few years, want to try pay off as much of our bond as i can.

Have a project 1995 Uno beat that is currently sitting on 445 000km which i am attached to and will never sell. Have owned it for 14 years now.

It needs some odds and ends but i enjoy driving it. It can take me easily to durban and back easily which i still plan to do as a roadtrip.

 

[Neuk_]

Howxit Neuk

How is Feo doing and when last did you drive it?
Thread on vwclub its been quiet and i love reading updates on it.

Fes is good, I haven't driven her in a while and have some parts I need to get fitted in addition to taking her out for a drive.

 

[rh1]

We have a ford Kuga paid off. 6 year old. Great car for wife and I have a BMW 2 series. Had it 3 years now. Also paid off will be selling it and buying a big SUV as we need the space(2 kids). I enjoy the BMW but to see how much value it lost over the years isn't a pleasant site. Kuga we'll sell in a couple of years to get a smaller car city driving and to free up space in the garage.

A car that kills you via flames is not my definition of a great car. But everyone definition is different. Jokes aside, when did you get the second kid? The reason I ask is that you only had the bmw 3 years, so you going to take a knock.

I always tell younger guys, that if the goal is to keep a car as long as possible, you need to forecast your future needs.

If it is a consumable, where you change it every 2-3 years then it does not matter as much.

It worked out well for myself. Only purchased 4 cars in my life. Now in my 40s.

 

[Agent_Smith]

I can barely afford to feed myself. Norravok I can afford to finance a car. Been driving car-debt free since 2013

 

[mr_norris]

I had my fun buying a new car. Unfortunately at the time I shopped with emotions as I was tired of paying to fix inherited issues. Paid the car off 3 years ago - it was a hefty final payment (thanks balloon payments and past-mr_norris). Since then I've put that money into investments. I have little desire to upgrade. I have even less of a desire to give the bank money every month, or pull money out of investments.

I am sure there will come a time where I'll need to fund something else for some reason, but I will burn that bridge when it happens. For now I am pretending that this is my retirement car.

 

[Service]

Settle it and keep it until it falls apart. I would love to upgrade though, just that the current car prices put me off.

 

[unobeat]

Fes is good, I haven't driven her in a while and have some parts I need to get fitted in addition to taking her out for a drive.

Yes Fes

Please give her a quick wash one of these days and take her a mini drive.

Patiently waiting for an update on the build thread on vwclub forum.

 

[Terence1983]

Have a project 1995 Uno beat that is currently sitting on 445 000km which i am attached to and will never sell. Have owned it for 14 years now.

It needs some odds and ends but i enjoy driving it. It can take me easily to durban and back easily which i still plan to do as a roadtrip.

I know your Uno from the old speed and sound forum, you have had it for many years and you have taken good care of it bud.

 

[nazmo]

Past 4 cars I trade in just before warranty. I went from a Yaris to a Fiesta ST to Polo GTI to Clio RS trophy. My installments on my first car (which was R130k new) 15 yrs ago is the same as my RS, due to building and building my deposit and better interest rates. Im basically paying for a top line RS what many are paying for an entry level clio on residual. in 15 yrs never spent a cent on repairs. The system works well for me, and way under my "maximum afffordable car" . however due to the bleak future for performance small hatches and electric, might keep the RS as a project car.

 

[Went_For_Beer]

My car has been paid off for 3 years now, and the thought of trading/selling/upgrading has crossed my mind a few times, but then I remember that having car payments suck ass and my Figo is still going. No issues motor wise but does have some cosmetic damage (Brandewyn vlekke)