Unlocking the Legal Jargon: How AI Legalese Decoder Can Help You Determine the Best Time to Keep Your New Car for Maximum Value
- May 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Considering Long-Term Ownership of a 2022 Corolla
Purchased a brand new 2022 Corolla in January 2023 and now contemplating the optimal duration to keep a new vehicle. Given the reputation of a Corolla for longevity with adequate maintenance, is it advisable to retain a car until it is no longer functional?
## Extending the Lifespan of Your Corolla
When it comes to a Corolla, it is widely known for its reliability and durability, often considered a vehicle that can last for many years with proper care. The sentiment of keeping a car “until the wheels fall off” aligns well with the longevity potential of a Corolla.
### AI Legalese Decoder Assistance
In this scenario, using an AI Legalese Decoder can provide valuable insights into any legal jargon or complex language present in the ownership documents or maintenance guidelines of the 2022 Corolla. By utilizing such a tool, you can ensure a clear understanding of any legal terms, agreements, or obligations related to keeping the vehicle long-term. This can help you make informed decisions about the upkeep and ownership of your Corolla for an extended period.
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Original content:
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****** just grabbed a
>Bought a ‘22 Corolla Jan ‘23
Your car hasn’t even graduated to eating solid foods yet, check back circa 2035 and ask your question again.
> Is trying to keep a car “until the wheels fall off” a bad idea?
No, that’s exactly how you get the most out of a new car.
[deleted]
If I
>Bought a ‘22 Corolla Jan ‘23
And it didn’t last me until 2038 I would be furious
The only way to get your money out of a car is to drive it out of it. So, yes. Once the car is paid off then every day you drive it for free is a credit toward what you paid for it.
Just think how utterly distasteful the whole buying process is. Ask yourself how soon you want to sit in a finance office again. My car just decided it was done after 22 years and over 300k miles. I bought one 3 years younger with only 118k on the clock. I will drive practically anything to avoid going back into a dealership.
You buy it and drive it until it’s no longer economically viable.
Until it’s costing me more than 50 percent a year in repairs of what a new car payment would be
Though I always pay cash for cars
Average time to keep a new car is 7-8 years.
So many dolts I know trade in after 1-3 years and end up saddled with even more debt.
First, by getting hosed on the depreciation (10% up to double that if not more) when driving off of the lot, second with actual trade-in (lowball dealership initial) offer and then, getting doubly hosed with added fees/warranties/??? and rolling all of that excess into “average” payment of $738 for new cars and $532 for used, according to Nerdwallet.
Not a thing to do if you are into debt avoidance.
Cars depreciate at a decreasing rate over time, so the most value is lost at the beginning of the car’s life. So, as others have noted, you get your best money’s worth by driving it to the ground.
Let’s say you buy a new car for $30k, and one year later its value is $24k. The first year of its life cost you $6000 worth of car value.
Ten years down the line, let’s say the car’s value is $6000. The remainder of its life (which could be another ten or twenty years) costs you as much as the first year alone.
If you have a ’22 car and you’re already considering that it might be time to upgrade, you’re essentially going out of your way to pay as much as possible for the time you spend with your cars
Until the wheels fall off, or your needs change and you need a different vehicle.
That is a personal question that is difficult to put a real number to. In my case… I have a 2015 Jeep Wrangler with 117K miles, and Chrysler’s “super duper unlimited mileage” warranty. Just started looking at newer cars this year, and decided to hold off 12-24 months and invest 2K or so into upgrades, non-warranty covered service and parts (new windshield, tires, deep cleaning, brakes, differential service) while continuing to saving money for a new vehicle.
Obviously there are things that could change that 12-24 month plan – like an accident that totals the vehicle. But… since most of my major mechanical things are covered under that warranty, and interest rates are so high right now – it made sense to take some of that savings and keep the existing vehicle a little while longer.
YMMV.
Until it costs more to repair than its worth in trade-in value.
However long you own it without a car payment is the easiest metric to go by.
My wife was gifted her new 2014 Elentra as part of her inheritance, and we drove that car for 10 years before a repair bill came that was higher than the car was worth. 10 years without a car payment was definitely getting our money’s worth, and while the wheels didn’t fall off we certainly drove it until it died on us.
If it wasn’t a model of Hyundai known for engine problems, we would have just got a new engine in it and driven it at least another 5 years. My 2015 Mazda 3 is currently paid off with less than 100k miles on it, so short of it getting totaled I don’t see myself getting rid of it anytime soon
Personally I’d say keep it as long as it is doing the job you need it to do and then sell it hopefully before it has any major mechanical issues. I’d probably say 10-15 years. I don’t think its great to drive it until its undriveable unless you basically cannot afford another car at all. Selling it when it is still worth something, like in the $6k range, makes more sense to me. Last car I sold was a 2005 and we sold it last year so it was actually 19 years old but we bought it in 2010 so it was 14 years old to us. It had 150k on it so it wasn’t driven that heavily. I hate to admit it but I took like 2.5k on a trade-in for it because I couldn’t be bothered to private sell it.
If you are replacing your car every 5 years or something I view that as being wasteful.
Average age of a car on the road now is 12+ years. Your car will likely do better than that.
Financially speaking, you buy the cheapest car that will last you the longest to get the most value out of it. 99% of cars are not investments and you need to understand that going forward. Personally, cars are a big hobby to me and are part of my “hobby” cost so I don’t look at lost value as losing money.
I mean, how much do you value your money? The absolute maximum value in a car is to sell it *just before* it completely breaks down. However, you can’t know the 2nd part, therefore keeping it until it’s completely un-fixable (or uneconomically viable to do so) is how you get the most out of ANY purchase. Clothes? Wear them until they are unwearable (then turn into rags). Appliances – use until unfixable, etc. etc.
Anything other than that is a waste of money. However, lots of people use cars as fashion statements or want the latest tech, etc. Or have a lifestyle change that requires a different vehicle (family, commute, work, etc.) At that point it’s not an economics discussion but a value decision.
Rule of thumb would be 10 years is how to think about useful life of a car, where you can still sell it and recoup some money for the next purchase. Many cars are going a lot longer, some less, but this question really doesn’t start for a least 10 years.
If we use total cost to own, i.e. total cost of vehicle – residual + all repairs + all standard maintenance, then somewhere around 50,000 miles is when it’s time to ditch a german car, 70k miles on most new domestic cars, and 150-175k on Japanese cars I’d guess. 10 years ago I would have given domestics 100k and Japanese 200-250k easily but quality across the board has dropped substantially since pre-covid. After those mileages I’d bet your expected cost to repair starts going up substantially.
I hate car payments… nothing worse than paying tons of money per month on a depreciating asset.
Haven’t done the research but I’m an “until the wheels fall off” kinda guy. In 2007 bought a CRV with enough trade in to make the payment $323 per month @ 5 years (thanks to almost 10k insurance money on an accident caused by someone else). The car was paid off in 2012. I saved around 2k for just in case situations, which would occur maybe once every 2 years (so $83.33 per month in expenses + regular maintenance i.e. oil changes, inspection, etc.).
That car died in 2022 (w/ $0 offered for trade in) and my car payment is $590 / month (Hyundai Tucson). When this one is paid, I’m going to ride it until the wheels fall off again……because I hate car payments.
Cost of repair > than value of car. I have a 2012 Acura that I just spent $3k on fixing oil leaks. Still a lot cheaper than the $55k new one.
Drive it till it you need a repair. AKA mid 2040’s since it’s a Toyota. Then sell it for 50% of what the MSRP was and buy another.
Our Corolla is a 2010, so going strong at 14 years. Pretty low use though, maybe 35k miles
My truck is 26 years old with 350,000 miles, and I have yet to do any major repairs, just normal maintenance. It’s seen the ROI about 10 times now and is still a great truck.
The average car in the US is 12 years old today. Your Corolla should easily be good for 10-15 years.
I’ve never owned a ‘new’ car. My daily driver I bought in highschool. It was 13 years old when I bought it and it’s still my daily, but I’ve owned it for over 20 years. I have a backup that is from 1985. When the daily breaks down, I drive the backup until I can get the daily fixed.
As long as you stay on top of maintenance you can drive them for quite a while.
Drive it till you don’t want to anymore.
I have had a bunch of cars, most of them for a few years at a time.
My current car is one I’ve owned the longest, 5 years. 90k miles put on since new. I will keep driving it until something explodes, and even then I might fix it. I just don’t have the itch to switch vehicles like I used to.
Bought a new 2004 Ford Ranger and a new 2005 Ford Focus at the same time in 2004. Both are still on the road today.
Economically from the cars value probably until its no longer driveable. Often factors like newer more efficient vehicles, mpg, technology are important but you have already laid out the capital for the investment. So you ROI benefits from longevity on usability of the asset.
Still driving my 2004 F150 and my wife still has her 2013 Lexus.
Take care of routine maintenance and drive them until they start becoming unreliable. For many vehicles that now means over 200,000 miles.
My first car was a 2011 corolla. Still use it to this day. I’m only getting rid of it when the cost to repair exceeds the value of the car.
When the cost per mile starts to climb. This includes fuel, insurance, maintenance, depreciation, and repairs. Once the repairs cost at least half what the car is worth is a good rough estimate in my opinion
We always keep ours at least 10 years and sometimes keep going until the first major repair. Right now we have a 2010 Toyota and a 2015 Honda and we are not shopping for replacements yet.
We no longer ever have car payments. After we paid off our first cars, we just kept putting aside the same amount each month until we had enough to buy a replacement new car for cash.
No magic number exists. Granted a corolla is not likely to become a high demand classic car like a 69 Shelby cobra. But then again if it is still getting you from point a to point b and any other you want reliably enough you are happy with it why go through the mess that is buying a car if you don’t have toml.
I like to go 10 years. Last new car I bought actually went to 12 years, with a couple expensive repairs along the way.
Each time the mechanic asked me if I wanted to bother with the repairs because they were almost as much (or more) than the car was worth. I figured each repair was less than 6 months of car payments on a new car, if I got another year out of it for each repair I’d be net positive.
I’d say I got more than my money’s worth, those repairs covered me the next 6 years and it was over 300,000 km the day I sold it. I’d probably still be driving it if I hadn’t got a great deal on another car, same year, with less rust damage and half the mileage on the clock and a new transmission. I’ve been driving that now for over a year and plan to get at least 4, maybe 5 years out of it.
I’m on my 4th Corolla.
The first 2 I bought when they were 10 years old and sold when they were 20. The 3rd I bought when it was 20 and sold at 25. The current one I bought at 6 and now it’s 15.
Please replace the air bags when they expire, though.
> Bought a ‘22 Corolla Jan ‘23 and was wondering about the consensus on how long to keep a new vehicle.
Go take a long nap. It’s two years old. It’s not even 20% through its life – treat it well, and next year it will have finally graduated high school.
I don’t know about Toyotas or Corollas specifically, but modern cars are built to last a long time. If you treat them right. Oil changes, of course. That’s the big one. But whatever other routine maintenance is prescribed – do it! Rotate tires, flush coolant, change the blinker fluid. Whatever it needs, do it on whatever schedule Toyota recommends.
Ten years is a no-brainer. If it doesn’t last that long, something went wrong. Fifteen is probably more like it. And twenty is absolutely possible if you take care of it. Twenty-five is probably not gonna happen unless you give it the white glove treatment and never so much as look at it the wrong way.
As for your question – no, it’s not a bad idea financially to keep a car a long time. Unless it starts racking up problems that eclipse its resale (or trade-in) value. If the engine seizes up, just have it towed away and forget about it. But if it stays running, no rips/tears/dents/scratches, and the appropriate bells and whistles still work (alarm, stereo, etc), there’s no reason you won’t get your money’s worth out of this thing – and then some, when compared with what many other people (who only vaguely give a shit about their car) go through.
My ’06 corolla is 18 years old and I plan to drive it at least 10 more. It’s in great condition – The wheels are very far from falling off. Though the hubcaps all fell off long ago.
Last year I had the brake fluid changed and replaced the alternator – $650 in maintenance. Other than that the costs have been extremely consistent year to year. Still gets about 30 mpg. This car is so flippin reliable.
I have a 2007 4Runner with 265k and no major repairs yet. I keep her maintained and she’s been good to me. Worth every penny.
I got an 08 sedan that I’ve been telling the SO that we should start thinking about replacing it in 4 or 5 more years.
How is using what you have until it turns to dust a bad thing? Unless you bought a junker that’s going to need constant repair and upkeep.
Bought my Tahoe brand new 2002 and has 155,000 miles. Runs great with normal maintenance.
Financially, best to drive it until the wheels fall off.
Realistically, you have to factor in how much you value reliability.
Depends on your goals. I purchased a 2012 civic in 2011 and still going strong. So it’s paid off and paid for itself a few times over.
I’m on year 15 driving mine. It’s starting to need a pricey repair here and there, but I’ve definitely gotten my money’s worth.
I kept my Yaris 13 years until the frame rotted and the back end almost fell off. keep your Corolla until it at least is a freshmen in HS
I drive mine until the wheels fall off. Drove my last car until my mechanic told me it’s not worth fixing.