Keep my old car (BMW) or get a new one?

Microsoft / Product
MrHyde๐ŸŽƒ๐ŸŽƒ

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 MrHyde๐ŸŽƒ๐ŸŽƒ
Oct 21, 2018 11 Comments

Context: I've got a 7 year old BMW which i bought brand new. I got it with the extended 7 year warranty. Now that time is almost up.

Honestly it was a nice run but i don't want to deal with the high repair costs (none foreseen) that could come up (am i wrong on this one?)

Furthermore, given i have a family now, i can't afford the higher cost of a new car and frankly want something that will get me from A to B cheaply and safely in the Seattle area.

TC:220 / YOE:10 / L64

Thanks for the help!

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 TOP 11 Comments
  • Amazon / Eng
    n0v

    Go to company page Amazon Eng

     n0v
    Get a Toyota or a Tesla.
    Oct 21, 2018 2
    • Oath / Mgmt
      Atinlay

      Go to company page Oath Mgmt

       Atinlay
      One of these things is not like the other.
      Oct 21, 2018
    • Amazon / Eng
      n0v

      Go to company page Amazon Eng

       n0v
      The cheapest available Tesla is now $45,000 - $7,500 fed rebate - variable state rebates. Considering that most tech companies provide free charging you can add gas savings ($1000 yr x 10 yrs). So over lifetime, cheaper than a Camry and approaching Corolla numbers. That puts them on somewhat equal footing.
      Oct 21, 2018
  • Google
    meXe73

    Go to company page Google

    meXe73
    What is the mileage on the car? Has it had any significant problems up to now?

    If you get a new car, don't get *brand* new. That is a colossal waste of money.
    Oct 21, 2018 1
  • Apple
    procto

    Go to company page Apple

    procto
    Drive it at least until it starts failing. Cars are the anti-investment. Once thereโ€™s a sign of trouble, you might want to bail. I have a BMW at 167000 mi. I love the car but itโ€™s not cheap to fix.
    Oct 21, 2018 0
  • Sprint
    lxCy58

    Go to company page Sprint

    lxCy58
    I think bmws are pretty reliable... it should last you 3-5 more years.
    Oct 21, 2018 1
  • Find out the value if you sell it right now - trade in vs private sale depends on how much work youโ€™re willing to spend. You might be willing to take a thousand or two less for the trade in if it saves you 20 hours dealing with private sales.

    Estimate possible repair costs. Looks up common problem areas on your model and year. Water pump is something that Iโ€™ve had issues with on BMWs, for example.

    If the value is less than potential repair costs, keep it until it breaks, then trade it in for scraps. If the value is well above repair costs, keep it, and reevaluate when things break.
    Oct 21, 2018 0