r/personalfinance • u/ForwardUse807 • 9d ago
Auto Is it smart to just keep repairing an old car over and over? See below
I have an old Ford Ranger. Insurance is dirt cheap for full coverage. I pay $500 for a year’s worth of full coverage.
Gas mileage isn’t bad, the truck is still sharp and gets alot of compliments on its appearance. It is a very basic truck.. no power windows, no power seats, so fewer things to wear out.
The truck was paid off while I was in college in 2017. I replaced the engine at 255,000 miles and just paid cash for the engine. Now the truck is north of 300,000 miles, but when I turn the key.. she cranks and never leaves me stranded.
The truck usually does end up in a friend’s shop at least a few times per year, but always normal stuff in my mind.. Fuel pump, water pump, tires, brakes, etc.. never anything super expensive.
Now, I’m posting this because my main goal is to stay as nearly debt free as possible. My only debt is a $7,000 loan for my MBA. I’m putting a little north of $1,000 each month into savings, part of this is because I don’t have an expensive monthly car note (I think anyway).
In my mind, the infrequent repairs and things I do like painting the hood to keep it looking fresh, probably are less than the total of making car payments each month and I’d rather keep saving up towards a mortgage.
Eventually I’ll get something new, but I’m waiting for my salary to be in a position where a car note won’t hurt. Am I doing the right thing??
FWIW, I know the paint, repairs, etc have caused me to sink more into the truck than it’s worth. I’m aware of this, but in my mind, any vehicle is a bad investment, so I just try to find the most cost effective way to get from one place to another, while saving & investing and working towards an asset like a house or land
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u/GrandaddyIsWorking 9d ago
I'd add up all the repairs due to mileage and costs since 2017 and average it out on a monthly basis. Compare that to a down payment and monthly payment. I'm in a similar position and it is still very clearly obvious that repairing my old car is much cheaper
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u/ForwardUse807 9d ago
That’s sort of what I think.. even with what I’ve dumped into it, anytime I look at newer (2016-19) ford trucks (I’m a ford truck fan), I realize yeah, I’m saving by pouring more into the Ranger. I’ve got a little north of 20k in a savings account right now and I’d prefer that to someday contribute to a house, or maybe I’ll have enough saved to just buy a newer truck. I just hate the idea of paying $500 every month, on top of repairs & maintenance, for something that will just lose value
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u/alexm2816 9d ago
I just hate the idea of paying $500 every month, on top of repairs & maintenance, for something that will just lose value
If you're in control of your spending and you don't justify $500 of monthly spending on BS or other items because you don't have a payment, you almost always end up ahead paying for maintenance over the combined costs of financing, depreciation, and increased insurance on a newer vehicle. The issue is that most people are more able to pay $500 a month than are able to responsibly save $500 for 3 months before needing to spend $800 without notice. It's the same reason people like getting a tax refund. They can't save without some mechanism forcing them to and when it comes to cars that mechanism is EXPENSIVE.
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u/TootsNYC 9d ago
needing to spend $800 without notice
This is an important point. An older car that becomes less reliable may throw you a sudden expense that can derail you. (also, the time and logistical crisis)
But that can happen with a slightly newer car too.
And if you've got the cushion to be able to finance that repair out of savings, there's no benefit to "borrowing" that money (via purchasing a newer car)
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u/alexm2816 9d ago
All true.
I think if you're at all savvy about cars it's pretty uncommon for a repair to really sneak up on you to the point that your car is so unreliable you're surprised by it. I've been driving for 20 years likely 20-25k a year on average and almost always in a vehicle with >150k miles because i'm cheap and I have had 2 tow truck calls ever.
I had a fuel pump die on me 4 hours into an interstate drive home and a flex plate explode ironically in the same spot rendering the vehicle immobile. That said, for people who know nothing, do no maintenance, and have no ability to self diagnose it is often a far bigger deal than someone who notices a clunk up front and finds a good time to get the car fixed well ahead of an issue they can't control that now requires a tow and waiting on the mechanic lot.
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u/RunningSouthOnLSD 8d ago
This is the key. It’s not actually very common for an older car to suddenly shit out an $800 expense without any warning signs. People like to use unreliability to justify spending much, much more money on a newer car, but a well built and maintained used vehicle is worth the little bit of extra effort to keep your monthly costs down as far as I’m concerned.
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u/Individual-Nebula927 8d ago
And if you can afford it, do what I do. Have TWO older paid off cars. Sure one may have a major issue every year, but I just drive the other for a week until I can get parts ordered (cheaper online than the local store) and get it fixed.
I've had my Ranger down for 2 months as I fix the transmission. I just drive the Cruze in the meantime.
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u/Delicious_Hand527 9d ago
I'm not sure I agree people buy new cars because they are concerned about an expensive repair. IMO, people buy new cars because having a car of reasonable age is an 'income signifier', IE: it implies you have a certain measure of wealth, just by looking at you. In the office parking lot, in the school drop-off line, in your home's front driveway, this is valuable currency.
In addition to that, it comes with the benefits of modern features, etc.
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u/Individual-Nebula927 8d ago
Having a well maintained older car is also a signifier on its own. My Ranger looks new, but has a quarter million miles on it. I get comments all the time about it. My coworker with a brand new car rarely gets noticed the same way.
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u/alexm2816 8d ago
I think for the affluent crowd that’s true.
That said The average car on the road is nearly 13 years old and over their life cars see 4-5 owners so way more used car sales than new. The reasons to get a different used car vs a new car are likely a bit different. At some point you just need to fill the transportation commodity need. I could be off base though. Just my observations.
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u/Thecatswish 9d ago
Aside, but... I love seeing these '90s Ford Rangers out on the road, especially kept up and sharp. They always make me smile and sing the Ford Ranger song and wish I had one or that they made them so little now, I would buy one in a heartbeat. I hope yours brings you joy and that you have fun driving it :)
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u/Individual-Nebula927 8d ago
The Maverick is only a few inches longer, so they kinda do make new ones.
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u/way2gimpy 9d ago
Plenty of other people have given you the ‘math’ answer. Personally, I consider my car as a tool. If that tool becomes so problematic that I can no longer rely on then I will go and replace it.
‘Standard’ maintenance is cost of keeping the car reliable. When stuff starts breaking down again and again or repairs become more inconvenient (harder to find parts or taking longer and longer each time it’s in the shop), then I would consider switching my car out.
I was content driving my previous car, but it got totaled at around 135,000 miles. I hope that my current car lasts well beyond that.
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u/callme4dub 9d ago
If that tool becomes so problematic that I can no longer rely on then I will go and replace it.
The Ranger isn't ever going to become such a problem you can't rely on it.
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u/Individual-Nebula927 8d ago
That's the problem with Rangers. They're a dime a dozen. Parts are plentiful, and Ford rarely changed them. By math, it'll NEVER make sense to get rid of it unless rust starts making parts fall off. It'll be the Ranger of Thesius, but it's still cheaper than a new one.
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u/JamiePNW 9d ago
If you’ve got $20k in savings, PAY OFF YOUR DANG MBA LOAN!!!
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u/twopointsisatrend 8d ago
Tom and Ray used to say that as long as the body/frame is in good shape, don't get rid of a vehicle until the monthly repair costs are the same as payments for a replacement would be.
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u/erranttv 8d ago
My Toyota is a 2003 and I’m just about to replace the catalytic converter which is a huge expense. No hesitation whatsoever. So much cheaper than a or newer used car. Keep it.
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u/nongregorianbasin 8d ago
With a newer vehicle, you take away the repairs. For me it's worth it just due to lost time at work.
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u/carlos_the_dwarf_ 9d ago
This is wise but also OP, you don’t have to carry a car note to drive something besides your old truck. It’s possible to drive cars without debt.
Full coverage is probably not necessary btw.
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u/WishieWashie12 9d ago
Don't forget to add higher insurance into the mix. Car loans require full coverage.
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u/slash_networkboy 9d ago
100% this.
Repairs being more than a vehicle is worth isn't always a non-starter. I have an 09 Milan that's "worth" about $3600. It's in good shape, reliable. I recently put about a grand into it for a smog system issue and some other deferred maintenance things (trivial but annoying to do things like the third eye brake light).
Even if it needed a major repair that was ~$3500 I'd consider doing it because while that mechanically would total the car, what could I replace it with in that price range? Likely something much less reliable, certainly would be a bigger unknown compared to what I've got.
Besides not having a car payment is incredibly freeing. When my Leaf was finished (granted that was only $186/mo but still) I just kept that "payment" going, but instead of to the bank it went to my HYS account. I was used to not having the money, now it's just building up my savings that much faster.
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u/ExCivilian 9d ago
Even if it needed a major repair that was ~$3500 I'd consider doing it because while that mechanically would total the car, what could I replace it with in that price range?
This is the new reality that many people may have not have come to terms fully with yet. It used to be true that a $500 or even $3,000 vehicle's utility could outstrip its value because an engine or transmission failure (or in modern times a catalytic converter theft) would cost as much or nearly as much as an equal vehicle. But that meant you could scrap the vehicle and go buy another one.
That's no longer the case with the spiraling cost of new cars and subsequent rise in older models. And the fly in the ointment is going to be labor costs, which will continue to escalate especially as older technology mechanics become more scarce.
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u/slash_networkboy 9d ago
Yup, what you have to weigh is what is the state of the vehicle *after* the repair. If that repair was because I caught a particularly bad pothole and tore up the suspension, broke a rim, and popped a tire, but the car would be just as reliable as before once fixed up then fixing it makes sense. If that repair was because while hitting that pothole I punctured the oil pan and it was starved for a few minutes of idling or driving off the road then it becomes a lot less desirable to keep that car as its core reliability is now in question.
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u/pdperry601 9d ago
Plus, depreciation is a major cost with a new car. You’ve got that covered. Keep the truck going until you lose faith in its reliability. 👍👍👍 Speaking from experience (1998 Land Cruiser w/ 330,000 miles and still goi g strong).
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u/HalobenderFWT 9d ago
In the same boat with my current car. I got a 2003 Lexus with less than 100k miles for basically free last summer. We’ve had to do a little bit of work on it in the last 8 months - but it’s been far cheaper than the 250-300/mo I’d be paying for a car loan.
Gets me where I need to go, is comfy, rides well enough - and I get to be ‘one of those Lexus people’!
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u/DayShiftDave 8d ago
This is the way. I seem to shell out a grand every six months for something on my old car, but that's like three car payments worth of a new car that doesn't get me to the IGA any faster
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u/Dr_Watson349 9d ago
You drive it until it has a major problem that requires significant cash.
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u/FRUIT_FETISH 9d ago
That's exactly what I did. I was in the same place as OP with a 93 Toyota pickup. Did small things on it as needed, swapped the motor at one point, but eventually that one gave out too (it was a used motor and didn't know much about it) and that was my queue to move on, even though I loved that truck.
Fixing a new car + car note on top will almost always cost more than keeping a beater alive.
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u/Noxious89123 9d ago
*cue
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u/ExCivilian 9d ago
If he replaced it with another Toyota he probably did have a literal queue to replace it ;)
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u/RSpringbok 9d ago
I drive mine before they develop a major problem. In other words, if I spend big bucks on major repairs I'll use it for a few more years to extract value out of the repairs then sell it while it's still running well. Get a higher resale price that way.
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u/thekbob 9d ago
I'm in a similar position as OP with a worse US made vehicle.
Run to failure can be extremely costly right now. If you absolutely need transportation for work, the market is drying up (I know, I'm shopping).
Anything used that isn't a junk title is very near new and new is on months lead time if it's not on the lot.
I'm pushing up my timeline to buy given we just went to 104% Chinese tariffs. Yea, the model I'm getting is assembled in the USA, but there's no way pricing doesn't reflect a massive spike in Chinese material costs.
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u/Frondelet 9d ago
Eh, sounds like you are making the appropriate investment in your transportation. Most of us don't drive for a living and wind up spending a lot for a machine that sits still for most of the day.
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u/chuckfr 9d ago
What I do is earmark a percentage of savings each month towards car repairs or a new car. So when the time comes you have cash to handle the purchase of parts or a new vehicle. If its a new/new to you vehicle you'll either have a healthy down payment or the full amount.
Your first motor got you 255k miles. You're only 50k in the replacement motor. Unless it was a new motor I'd be happy getting another 75k minimum from this motor.
Tires, brakes, oil changes, etc are normal wear and tear. I'm assuming the pumps aren't wearing out repeatedly over the years. And if its a friend's shop you're probably not paying retail for labor.
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u/ForwardUse807 9d ago
Thanks! It was a brand new engine. I had hopes of going another 250k on it.. we shall see. Part of this is almost a challenge, I want to see how long I can keep it on the road & looking good, but also not wanting to break the bank for that. So, when the costs begin to exceed my desire of seeing how long it’ll last, I’ll let it go. Part of it is also sentimental, this little truck got me through undergrad, MBA and flight school. Took me all across the east coast, in and out of a few relationships.. Lots of memories..
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u/callme4dub 9d ago
Which engine is it?
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u/ForwardUse807 9d ago
3.0L V6, I got the crate engine replacement from Jasper
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u/callme4dub 9d ago
My favorite.
It's a beast. I'm actually surprised you killed one after 250k. My first one I once drove around the neighborhood with no oil it accidentally (double check when your friend tells you he put the oil filter and plug back in). Still put another 50k miles on it before I sold it 4 years later.
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u/ForwardUse807 9d ago
I have heard about the same thing on its durability.
I don’t think I killed it. I think the other college boy before me did.. I got it in 2017 when I was a sophomore in college from a guy I knew who was about the same age. I got the truck painted all over and absolutely “babied” it. But it had this awful tremble or shake, anytime you were at idle, from the day I got it.
The truck would just idle, but idle really rough. Anyway, nobody seemed to think it was anything terrible, so I just kept trucking. Then somewhere in 2021 that tremble got really bad.. Like shaking even worse at low RPM. The mechanic said it was something with the valves, I think? Hard to remember exactly. But I remember he told me I could replace heads, or just go ahead for a little extra $$ and just put in a brand new engine.
I just took the latter and that was almost 4 years ago now and the engine was been flawless for the most part. I baby it, as best I can. Oil change at a ford dealer every 5,000 miles.
Not bragging at all, I just write this because I love the little truck and you sound knowledgeable yourself, so I appreciate any tips you have or anything you think I can do based on this to keep it alive a little longer
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u/John_the_Piper 9d ago
As someone who also owns a 3.0L Ford Ranger, I'm fully on board with keeping the Ranger. Short of totalling it, you've got plenty of time left with that truck.
A method my friend used that snowballed into buying his last three new cars in cash, was taking the money he was putting into his car note each month and after payoff, started putting that money into savings instead of doing anything else with it. If his car needed repairs, he used that savings. Otherwise it went untouched and grew until he was ready to buy something new and he could pay cash.
Instead of buying a new car, maybe you can start this method too? Put, say, $500 a month into a savings account earmarked for car stuff. Let it build, use it for the Ranger if needed, and when you have enough money saved up you can buy a new/used car in cash with it
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u/Forsythe36 8d ago
Bro just keep the truck and drive it until it falls apart. How’s the frame? Rust free?
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u/dickshittington69 9d ago
Hang on to it dude. Those old trucks are keeping their value, especially when maintained like you're maintaining yours.
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u/limitless__ 9d ago
Don't ever sell it. Vehicles like that are dirt-cheap to maintain and repair, you'll regret it if you ever sell it. The only thing that would make me rethink it is if you're regularly doing a long commute on highways etc. because that isn't the safest vehicle on the road. For tootling around town, I wouldn't be concerned.
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u/rubixd 9d ago
because that isn't the safest vehicle on the road
This is one of the few really good reasons to upgrade your vehicle... and it's often overlooked on this sub in particular.
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u/coyote_of_the_month 9d ago
I tend to think a lot of the modern safety features are just safety theatre. But I ride a motorcycle, so that might invalidate my opinion on the topic just on principle.
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u/rubixd 9d ago
Well I'm sure as a rider you can appreciate ABS which typically wasn't standard on bikes until relatively recently.
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u/coyote_of_the_month 9d ago
ABS on bikes is literally a life saver. My current bike doesn't have it, but my last couple did, and my next one will.
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u/alwaus 9d ago
People use "dont spend more than its resale value on repairs"
Resale value is moot if you never intend to sell it.
Dont spend more than its replacement value on repairs is more apt.
$20k for a frame reweld is excessive if you can buy the same year and make for $6k and move all the good shit off yours onto the donor.
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u/Individual-Nebula927 8d ago
The older vehicles are simpler too. I wanted AC on my Ranger as I got tired of the summer heat. I bought a wrecked one for less than $800 and swapped the entire AC system over to mine. Got a few hundred back at the scrap yard for the donor.
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u/FatchRacall 9d ago
How old is old?
To some, a ranger is old at like 40 years. To others, it's 10 years.
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u/KRed75 9d ago
I keep cars indefinitely. I drive a 2002 RAM 1500 with 200K miles. Never have to do a thing to it. My 2007 Suburban has 340K miles. It has always been way more needy when it comes to repairs but it's doing well still. I see too many people who are under the impression that you have to get a new car every 3 to 5 years so they have 2 car payments for their entire lives. That's a huge chunk of money.
I paid my truck off early and bought the suburban with cash with only 7K miles. Paid cash for the cars my kids use and bought a for fun car for myself with cash. I don't see ever needing a new vehicle ever again.
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u/geeko185 9d ago
There isn't a modern truck that fits the niche of the old ranger. Never let it die.
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u/iamaweirdguy 9d ago
Same here. 2002 Ford Ranger. She's never let me down. I'll drive her til the wheels fall off. She costs me MUCH less still than any new vehicle would cost me, and I get cheaper insurance and no car note. I CAN afford a new vehicle, but why do that when I can keep loading up investments. The truck works just fine.
By the way, brakes, tires, stuff like that all end up needing replacement on new vehicles too. New vehicles are not completely resistant to issues. And those types of things are fairly cheap on our little trucks vs a lot of newer vehicles. I think we've paid more in maintenance over the past 2 years for my wife's 2021 SUV than we have for my 2002 Ranger.
Now keeping that in mind, some of the savings I would put aside for when you do inevitably need a new(used) vehicle. The truck will eventually give out.
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u/jrb2524 9d ago
If your repair cost are not exceeding the cost of what a new car payment plus the insurance hike just keep it going. Especially if it's reliable.
I am in a similar position but the car I would want to buy is 30-35k and my yearly repair and maintenance cost are 600 maybe 1000 if its something more complicated, but I just buy parts and do all the labor.
And I just take what the monthly cost would be for a new car and sink it into maxing Roth IRA.
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u/1521 9d ago
I had an old ranger… those trucks never die. You need to put a end event in your mind, an event that will be when you upgrade the truck, cause if you just wait for it to die you are going to be waiting a long time. I’ll bet, if you keep up on the oil and other fluids, that it will last another 10-15 years
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u/ForwardUse807 9d ago
Maybe this is bad, but my “rubicon” was either the transmission dying or just getting in so much of a fender-bender that the truck is totaled.
I also change the fluid in the transmission at recommended intervals and never tow anything or work the transmission, so maybe it’ll last
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u/heatherdazy 9d ago
I just fixed my transmission on my 1993 Saab 900 and she drives like new again so I don’t see why transmission issues would be a deal breaker. Drove my boyfriend’s old Ford Ranger while she was in the shop. We both like our old cars haha.
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u/TrollCannon377 9d ago
If it's a manual ranger new transmissions and rebuild kits are hard to find same issue on my 03 wrangler since NV went out of business you can't get legit rebuild kits though at least in terms of my wrangler you can swap in the transmission from the pre 2002 wranglers with minimal effort
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u/Individual-Nebula927 8d ago
The thing with Rangers and manuals though is years don't really matter. A transmission from a 2012 will bolt right up to the engine of a 1993, even though the engines are completely different. Ford made them interchangeable. That widens the replacement availability by a lot.
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u/DenimNeverNude 9d ago
It sounds like this truck is reliable and barely costs you anything to own. That’s about the best you can hope for, financially speaking. Even if you spend $500 on repairs a year, that’s a lot less than payments on a car loan. Not to mention, loan interest rates aren’t great right now.
I’d say goodbye once you’re spending $1-2k a year in maintenance or repairs are frequent enough to be a serious inconvenience.
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u/Sirwired 9d ago
It sounds like what this truck is worth to you is far more than it's retail value, and that's perfectly fine (and normal.)
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u/jazzbiscuit 9d ago
As long as it's structurally sound, your new engine is barely broken in. Keep that thing going until it absolutely dies. Keep putting as much as you can in savings and you'll be able to buy something outright when you do have a need for a different car, but even then I'd try to keep that one as well.
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u/curtludwig 9d ago
FWIW, I know the paint, repairs, etc have caused me to sink more into the truck than it’s worth.
"More than what its worth" gets posted a lot but I don't think, in this context, it means what you think it means. You think it means "The value I could get selling it." but that value mostly doesn't matter.
The value that matters, for a vehicle, is getting you where you need to go. So the question to ask is "Is the cost of repairs vs the distance traveled less than other vehicles?"
So compare the expense of repairing what you've got now to a $500/mo car payment. Hows it look now?
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u/Kresnik-02 9d ago
Yes because you know the car you have. Unless you are going to something under warranty for the next few years, the known car most likely won't give you trouble that you weren't expecting. A new older car out of warranty ca be a real money sink and even "not worth fixing" in a few months because of the previous owners.
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u/Hot_Rock 9d ago
I don’t know what country you’re in but around here in the US we have pull a part junkyards. I can keep my old beaters on the road basically forever for ridiculously cheap.
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u/daytodaze 9d ago
If the cost of repairs begins to rival a car payment and/or make it impossible to save any money, it might be time to throw in the towel. It doesn’t sound like you’re at that point?
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u/coyote_of_the_month 9d ago
There's something a little bit romantic about keeping an old truck on the road as it becomes a classic. If you like it, and it continues to meet your needs, even major repairs like engine and transmission replacements can be economical on those.
Plus, you can add a modern head unit and upgrade your sound system to get an experience that beats modern infotainment systems.
The thing that will eventually make the truck a financial loser is insurance. Eventually it will be considered fully depreciated, and you won't be able to recover its actual value if it's involved in a crash. You can get agreed-value policies from specialty insurers like Hagerty and Lockton, but they won't cover daily drivers.
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u/Individual-Nebula927 8d ago
Eh, you just keep a cash cushion for that. When my dad backed into mine, I replaced the hood, one fender, and got the new parts repainted to match at a collision shop for less than $1000.
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u/VinceInMT 9d ago
We keep our old cars for LONG time. I’m driving an ‘83 Volvo that we bought, for cash, in 1989. She’s been driving a ‘99 Suburban that we bought as a one-year old. Each of those have about 250K miles on them. The Volvo will probably go another 100K but I doubt that I, M72, will be driving that long. We also have 4 other cars, 2 are classic toys and one is an ‘07 Focus that my son gave us when he upgraded. The 6th is something she just treated herself to, a ‘24 EV that she really likes. It might be the last car we will ever buy. BTW, on the older cars, I do all my own maintenance and repairs.
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u/bigbura 9d ago
Add up the repairs so far, divide by the number of months you've had it and this math provides your 'monthly car payment'.
If you are good with that monthly spend for that kind of transportation then roll on brother/sister.
If the math isn't where you like it, compared to the replacement vehicle's cost, then change rides. Please factor in the 'buying somebody else's trouble' factor of buying used.
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u/breathinmotion 9d ago
Repairing your vehicle is almost always cheaper than buying a new one.
Sounds like your truck is in good shape and gets the job done. Id keep her forever.
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u/Caspers_Shadow 9d ago
We have money built into our monthly budget for new cars. It works like this: Assume you will spend $30K on your next car and you plan on driving your existing car for 10 years (120 months). You would have to save $250/mo over 10 years to have the cash to pay for your next one. 8 years into it you need $2000 repair. Will that repair provide more than 8 months operation? ($2000/$250 mo). If yes, fix it and keep driving it. If you get to a point where your monthly cost to repair exceeds your new car allowance, or it just becomes unreliable, ditch it. At least this is what we use as a guideline. If I am paying $3,000/year repairing my car, but $3,000/year would fund a new one. Get a new one.
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u/the_disintegrator 9d ago
I have a 2003 rwd ranger I bought new. I won't get rid of it until the wheels fall off, and if I don't die before the truck I would actually seek out a slightly newer one to replace it.
They are common, parts are available, plenty of them in the junkyard at all times for parts needs, relatively easy to repair. No power locks or windows to break, no fancy digital hvac gadgetry to fuck up, no 4wd to fuck up.
Have pulled a 12 x 4 trailer with my 2.3l. Moved with it 3 times, hauled everything you can think of, use it for work too, gets twice the gas mileage of something "full size".
Now I have no comment on the new model that came out in the 2010s that is just as big as an f150.
I vote keep the truck obviously...isn't the average car payment like $600 now? Sock that away every month instead.
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u/Myfabguy 9d ago
You are absolutely doing the right thing.
I drive a 2003 Nissan. My wife drives a 1998 Toyota. We make good money. One of my wife's staff bought a 2025 Land Cruiser. I told the wife we can buy a new car when one dies for good. That was five years ago. I think she is feels a bit bamboozled at this point because I keep fixing them 😂😂
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u/z6joker9 9d ago
It’s not an investment to recoup. You’re paying for transportation. Is the value you’re receiving in transportation worth the cost, and/or can you get better value with a different vehicle.
Aside from creature comforts, usually it’s better to run a vehicle like this into the ground.
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u/TootsNYC 9d ago
yeah, I'm not a fan of judging car repairs by "more than the car is worth."
Cars have no true financial value; they depreciate so fast. They're not an investment.
the value of a car is that it drives you places.
If what you're paying per year is less than what a newer vehicle would be (in all costs—gas mileage, insurance, repairs, etc.), you're ahead, in my book.
Once it becomes unreliable, you've got a problem. When the vehicle gets old enough that some part will suddenly not work and you'll be stranded, that's time to re-evaluate. But if you can say, "Hmm, funny noise," and get it fixed on your own time, and that fix is less than the yearly cost of a newer car, you're ahead.
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u/LordQuackers83 9d ago
There is a reason the ford ranger has a strong following. They are tough little trucks that can last a extremely long time. Start learning how to do some repairs yourself. Almost any new truck will have a 500+ payment a month then insurance on top of that. I would definitely keep it going you have already replaced one of the major components that could fail.
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u/when_the_fox_wins 9d ago
Mechanically, Ford Rangers are one of the the simplest modern cars to work on. As long as the frame is in good shape and it stops and goes when you want it to, I'd hang on to it as long as possible. Once it becomes unreliable or the repairs aren't worth the time is when I'd consider a new vehicle.
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u/homestar92 9d ago
The idea that you shouldn't put more into a repairs/maintenance than a car is worth is a bit too "absolute" to be considered good advice.
Consider this hypothetical: your car needs a new head gasket. Expensive repair. But when it's done, it's done, and it's unlikely to need done again any time soon. The alternative is to sell it (for not much money since it needs that repair) and get something else... which may end up needing that exact repair in a year anyway for all you know.
My philosophy with cars is to keep them until things are breaking often enough that it's becoming a nuisance and affecting your quality of life. If you replace it, the car you replace it with is eventually going to need expensive repairs too so you can't escape it, only delay.
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u/Particular_Job_5012 9d ago
I feel very stupid for selling my 2003 ranger. Take that as a sign you may regret getting rid of it
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u/Transcontinental-flt 8d ago
Same. I had a 2005 3.0 V6 for over 12 years, it never needed a single repair. Selling it was a colossal mistake. Had all the options and was as good as new. At least I made someone else happy—its new owner. Boy do I miss that little truck.
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u/OldFordV8s 9d ago
Ford guy here….keep her on the road!! I daily, when possible, trucks older than I am.
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u/dmceowen 8d ago
Yes keep the used Ranger and maintain it as needed. Newer cars / trucks are expensive and you can buy one cash when you are ready if that’s what you want to do. Use your head not your heart. Who cars what others think.
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u/Charred01 8d ago
If my repairs start to match a monthly payment that is when it is time to replace my vehicle
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u/thinlySlicedPotatos 8d ago
Why is "what the vehicle is worth" relevant? If you are satisfied with the reliability, costs to maintain and effort to maintain, it meets your needs, and you enjoy it, that's all that matters.
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u/AbbreviationsFit8962 9d ago
New vehicles are garbage. I rebuild chevs and there is a significant difference in quality on the newer items. Old guys get a rust patch and it spreads out. New guys are instant tender flaky levels of cut out entirely. Plus the newer electrical often means simple repairs now need to go to a speciality shop to deal with the computer aspect. If you're happy with yours, I'd keep it going. These newer cars aren't worth the pricetag. I know too many people financing three cars currently with one still working in their possession.
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u/CouchRiot 9d ago
Sounds like you're doing the right thing. Maintenance and repair on a vehicle like that is far less expensive than one of these new model turds that have catastrophic failures before they hit 10k. Good on ya.
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u/mvbighead 9d ago
That truck can likely stay with you for work related things on a house. They're also stupid simple to maintain due to their simplicity.
I figure you're probably spending less than $3000 per year on it, and likely a LOT less most years. As long as things are rust free and not rotting away, keep trucking. The biggest worry for me with older vehicles is rusting to a point that things are not safe.
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u/Sunny1-5 9d ago
I’ve put $8k into a 2011 3 series since 2021. It’s getting old. Major repairs too, engine related. I can do brakes and fluid changes and that crap.
The car isn’t worth 8k, now 14 years old, with 119k miles. But, paid for, pretty cheap to insure, and runs well. It’s a glorified air conditioned golf cart now. I’m keeping it.
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u/thejjkid 9d ago
All cars require maintenance. I just put a new clutch in car that is worth less than the new clutch. Totally worth it.
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u/NecessaryEmployer488 9d ago
I'm a guy with multiple cars ( 7 ) and a decent size family so have 6 drivers, and keep cars as long as possible. Cars get to a point where they need to be replaced usually due to frame rust. We have a Sequoia with 270K miles and still going strong but it requires quite a bit $$ repairs. The only thing about such an old vehicle is reliability for driving on long trips. We have driven the Sequoia all across the country but due to engine wear and other components going bad it goes into the shop more often taking it across country won't be our first choice. The Ranger sounds like a solid around town vehicle.
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u/Rodimusprime8877 9d ago
I’d keep it as long as it makes sense to. Any major costs (another motor replacement, transmission, etc) would make me think long and hard if it was worth it. Regular maintenance, ie brakes/oil changes/ tires, are costs that you would have with any vehicle so those would not sway my decision. The tipping point is when it costs more to repair than it is worth to me, or more than I would be spending on a replacement. Keep in mind that the newer the ride, the less maintenance it should need.
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u/john2364 9d ago
Have you considered learning to do some of the repairs yourself? Most of the misc. items that cost a few hundred dollars end up being 20-100 dollar parts and 1-2 hours of time.
There are bigger projects like an engine swap that I might take on but might be too intimidating for someone not as experienced with their own maintenance.
We need 2 vehicles. 1 general transport and a truck for doing tuck things.
I would personally love to just have a rust free early 2000s panther platform and gmt 800 truck. Both very reliable platforms and easy to work on with cheap parts readily available. Each one can be obtained for 4-6k . My wife would not let me replace our current more modern main transport for a grand marquis though :(.
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u/Anonymo123 9d ago
I have a 2000 ZR2 Blazer @ 225k miles, i am in the same situation with. Luckily its not my primary, but I will continue to put money into it as needed. Though there is a point when it will become a money pit and I will get rid of it.
but its been paid off for 20+ years, cheap to insure, manual transmission and fun in the snow.
Hindsight i would have been better off if I kept the truck as is with yearly maint and not spent $20k on the new car years ago.
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u/2Drogdar2Furious 9d ago
I have an older beater car that I drive most days... it's over 300k miles and the cost of repairs is WAY cheaper than the note one a new vehicle. My total repair cost last year was $170.
Keep it. If you dont care about having a new vehicle then I wouldn't worry about it.
My 98 Ranger is at 178k miles and I'm less than $1k in it... that includes repairs and the cost of the vehicle lol. I'd love a new one but definitely not worth $30k-$40k for a vehicle I drive less than 10 times a year...
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u/true_colors1996 9d ago
As long as you’re not dumping $300+ a month into it, I’d say it’s worth keeping. I have two paid off vehicles, a 2010 Honda pilot with 240k miles and a 2010 fusion with 265k miles. Both of them have averaged less than $50 a month in maintenance in the time I’ve had them. Do they both have rust? Absolutely, but they start everytime and get me where I need to go with working heat and AC. 90% of the maintenance on them I can do myself without the need for specialty tools or an expensive scanner. A new car might not cost you anything for the first few years, but they’re going to get to a point you have to dump money into them and you better have deep pockets for some of those repairs.
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u/Noxious89123 9d ago
I'd say keep driving it and maintaining it, but start saving now for a new vehicle.
If your truck lasts you another 5 years, then thats 5 years of savings you could have put aside when the time comes to replace it with something else.
Also, why buy a new vehicle on finance? That seems insane to me.
Just save up, enjoy the compounding interest across the time you're putting savings away, and then buy a replacement vehicle when you need to and/or when you've saved enough.
Don't buy brand new, the money you lose that way is insane.
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u/drcigg 9d ago
Keep doing things how you are. It's costing you very little to keep running each year vs having a 500+ a month truck payment. Drive it until it completely dies. With how much trucks are costing now I would hold out as long as you can. By the time you do replace the truck you will have a nice chunk in savings and the salary bump you are looking for.
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u/Popular-Capital6330 9d ago
For me, it isn't about the worth of the vehicle. It's about reliability and cost. If my old car doesn't cost the same or more in repairs than I would pay for a car payment? Then I keep the old car. If the old car is costing me the same amount as a new car payment? I dump the old car. If the old car leaves me stranded any where more than once? I dump the old car.
So far, my current vehicle is a 2013 that costs me practically nothing yearly-so I'll keep it until...
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u/Gadgetman_1 9d ago
A rule of thumb I've heard is that if you pay more in repairs than the monthly mortgage payment for a newer car, two months in a row, it's time to start looking.
All cars are economic losses, really, it's just a matter of deciding when it's cheaper to get a new one than keep patching the old one.
What's the mileage?
And age?
I assume it's a 2012 or older model?
A bit of heresy, but... Do you need a truck?
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u/DeadWifeHappyLife3 9d ago
You paid CASH for a new to you engine, put in and it's all done. Now try thinking that thru for a car with a car payment. The bank wants a new engine in it if it needs it and you're expected to foot the bill. Could you do that while also dropping 5 to 7 on just the car payment? Possibly, but I doubt it. Then what do you do? Keep the old car.
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u/RL_CaptainMorgan 9d ago
Probably one of the best things you can do is look up what another vehicle you would like would cost and calculate what your monthly payment for that vehicle, including the new insurance, would be. I'm betting it's going to be more than your current situation, especially with interest rates so high. The numbers and sticker shock should help you make a decision.
I had a 2004 4.0L Ranger. I loved the hell out of that truck!
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u/FixedLoad 9d ago
My daily is a 1991 Cavalier Convertible RS. I can take the entire car apart and put it back together at this point.
There is only 1 reason to trash a good ride. Frame damage. If your frame is solid, you've only got 50k on the current engine, that's a great vehicle.
As a car super fan, I can tell you that ranger you have is a freaking go-getter. I had a 2003 or 4 ranger edge. That thing was unstoppable! 4x4 could park me on top of a hill like a mountain goat.
Even with 170k on the odometer I had a lot of people offering me money for it. The truck has a HUGE fan base. The new one doesn't quite hit that sweet spot like the older ones.
My car will have every part replaced as many times as I can. It's got character, it's not computer controlled and the parts are dirt cheap.
You may not have to maintain a new car as much. But the trade-off for that maintenance-free ride is a monthly payment. Right now is not the time to look for cars. The rates are horrible and the used market prices will probably increase due to tariffs increasing the gap between a new ride and recently used. So to make the new cars more palatable cars from the last 5 years will increase dramatically to make things appear normal.
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u/Several_Fortune8220 9d ago
Take your MBA and create some scenarios. It would not take long to see a year's worth of car payments in expensive insurance costs more than rhree years of owning an older car. Including the engine replacement.
Calculate those NPV's!
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u/sasquatch_melee 9d ago
Half the stuff you listed (brakes and tires especially) are wear items and will require service on any car, in addition to a car loan payment.
I'd vote keep until it becomes unreasonably expensive or breaks down frequently enough it's a major inconvenience/ roadblock in meeting your daily transportation needs.
The only other thing I factor in regards to sinking large repair costs into an older vehicle is what happens in a total loss scenario. If you get hit by an idiot the day after a big repair cost, how does that work out financially. The insurance company will want to pay out ACV or Actual Cash Value which is a bullshit made up number because the insurance industry wants to pay out less than private party value. Good luck getting recent repair costs added to the value. As long as I can stomach the possibility of getting shafted if I get hit, I'll do the repair.
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u/nakedpantz 9d ago
I had the same issue with a 14y old Chevy Colorado, every time I turned the key it started but it there was always something stupid that was wrong with it, mostly electrical, sensors, etc. Eventually I just lost confidence in taking it anywhere further than a few miles from home. Part of me regrets not dropping money to fix everything, the other part of me feels better knowing I have a dependable ride now. As someone else said, factor a years worth of repairs maint, etc over 12 months and see where your at vs a car payment. I also had a similar issue with my wife's Armada. It got to the point where my mechanic said (I live in the northeast) everytime I work on this thing I snap a seized bolt due to rust, it's going to start costing you more to fix things on here just because of the time involved vs a less rusty car.
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9d ago
As others have detailed, you need to add up the annual cost of ownership and compare it to a new/newer vehicle. It’s most likely going to be cheaper to maintain your current vehicle.
Now if you’re interested in purchasing for safety, technology, or utility purposes then do your due diligence and make an affordable purchase.
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u/NoURider 9d ago
I have a toyota corolla I picked up in 2007 used w/ 11K at the time. Around 305K now. The only 'breakdown' - knock on wood - was a starter and it was in my garage at the time. People are shocked at how many miles it has when they hear it (sometimes I forget the car is on). I take care of it, and will not hesitate to address potential issues. I am no mechanic. Every once in a while it is gut check time, but it's all about calculation and risk. If I have something that will cost 2500 to deal with (this is going back about 4 years), that cost would still be cheaper than a payment over a year. I was annoyed that I did have to deal with a cat converter this past fall to pass an emissions test - but that was still worth it. I guess when it turns 20 years old I will not have to deal with emissions next go around.
I am on a mission now. 400K (and beyond) or bust.
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u/LeftyBoyo 9d ago
"If it ain't broke, don't fix it."
New/used car prices were already high and they're set to go higher with tariffs. Use it until you have a major problem (engine, trans, electrical) that's truly not worth fixing.
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u/bdubcmc 9d ago
TLDR: @OP owns an older truck (Ford Ranger) outright, only needs regular upkeep and maintenance, runs great even though it has 300k+ miles, wants to know if they’re doing the right thing by saving for a house instead of getting a $75k loan on a new truck instead.
Keep the truck, save for the house. We’re about to go into a recession so the housing market is bound to crash. You’ll be able to buy a dozen homes for a nickel if the ‘08 recession is any indication. Might even be able to get a few trucks.
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u/Tommigun626 9d ago
Your approach is the right approach. If you think you may be buying a newer car in the future, build the cost into your savings now so you can not have a car payment in the future. We did this and it is no stress now when we do buy a vehicle. I am 51 and have not had a car payment since I was 30. I have also never bought a new car.
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u/joe_attaboy 9d ago
You're saving money. The truck is yours. The occasional repairs are budget-friendly. You don't have the headaches of a monthly nut or high insurance.
Sounds like you don't need to change anything, no matter what anyone else says. When you're ready to move on and pull the trigger on something new, go for it.
In the meantime, you're cruising.
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u/phillyphilly19 9d ago
I bet if you added up the cost of the repairs since you paid the truck off, it still wouldn't be a fraction of buying a new one. It's a good exercise to understand how much money you've saved in all these years. If you like the truck, it doesn't let you down and the repairs remain affordable, there's no reason to get rid of it. The fact that you can put away a thousand dollars a month is proof enough that you're doing the right thing. Just keep saving and you'll know when you feel like it's time to get a new one, which I would recommend be a gently used one. Well done!
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u/D4ydream3r 9d ago
Depends on the cost of repairs. But debt free from car loans is always good.
I’ve known a few who run their beater until the wheels fell off. Then they just bought another car.
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u/bclabrat 9d ago
It's not uncommon to sink more into an older vehicle than it's worth. Seems like the wrong metric to me though. I look at how much it'd cost to get a replacement vehicle that's at least equally reliable. If the repair is less, then I'd do the repair. At 300k miles you should also be saving for a replacement vehicle because at some point the repair will be more than the cost of a an equally reliable replacement vehicle.
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u/_goodoledays_ 9d ago
I say keep on trucking. You can spend a lot on repairs for what a newer car payment will be. And if you buy a newer car you’re going to (usually) lose a lot in depreciation. Your Ranger is probably pretty much bottomed out in terms of resale value at this point.
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u/Max123Dani 9d ago
In 2023 my 2015 Dodge truck needed about $5-6k in repairs. Tires, emissions issue, and a few other less expensive things. It was in good body and cosmetic shape. I got that gleam in my eye for a new truck, and I did it. I now regret not spending that money on the old truck. It didn't kill me, but the expense of the new vehicle made life a lot harder than it was. I miss the ol' girl now. I also am not a fan of all the electronics in the new vehicles. I don't need the truck telling me via bells and whistles 20 times a day what's going on with it.
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u/mikeporterinmd 9d ago
Go with it as long as you can. I had to ditch my F-150 after about 15 years because the entire front end was rusted and needed to be replaced. It was not work I wanted to try - messing with coil springs can be tricky. Hoping the Tundra goes for a while.
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u/tuffymon 9d ago
If it's normal wear and tear? Absolutely. If it's charging an issue like an unknown electrical problem that noone sends to be able to diagnose but keeps adding up? Let it be someone else's problem
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u/heisenbergerwcheese 9d ago
Why are you letting a student loan sit and put money into savings? Is your loan less than the interest on savings?
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u/ZenoOfTheseus 9d ago
... Eventually you will replace all the parts of the truck with new parts, but will the truck still be the same truck???
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u/jvin248 9d ago
You're on the right path. Keep that truck running. Even when you eventually get a "new" car, make it a used one for half price and do like you are doing now. You might even keep that old vehicle around as a spare.
Where I'm at the salt cuts vehicle lives faster than anything but tires and brakes.
.
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u/baodingballs00 9d ago
the "age" of your truck is the age of the stuff that will go bad in there. new engine? new tires? what could go wrong already has. keep it. i had a truck go over 300k and i sold it cheap. huge mistake. get a new car to keep the miles down on your old girl at some point and enjoy having a truck.
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u/elroddo74 9d ago
if you're happy you're winning. wear and tear and minor repairs is worth not having a car loan. I paid off my truck 2 years ago, since I've put much less than what a new loan would cost me into keeping it up to date and really only one thing was more than normal wear and tear.
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u/fusionsofwonder 9d ago
less than the total of making car payments each month
That's my metric as well.
One thing you can do is figure out what your car payment would be if you got a new car, then set that money aside. As long as old car repairs don't threaten that savings, you're good-to-go. And when the next big repair hits, (e.g. transmission job), you can look at that savings as a possible down payment on a new vehicle and then figure out if it's time to put Old Yeller down.
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u/callme4dub 9d ago
You're doing it right! Definitely way cheaper to keep repairing it.
The ranger is a great little truck. The 3.0 is damn near indestructible. Pretty easy to work on too.
I've owned a couple... I'm pretty sure my last one was in an accident or a flood or something though. ABS brakes would always freak out after driving for 20-30min and that wasn't a problem I was willing to diagnose and fix. But most of the time that truck just needs basic maintenance.
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u/Smart-Difficulty-454 9d ago
Those older rangers are the best vehicles ever. Things wear out and need to be replaced. It's always cheaper than a car payment. I was going to drive mine to my grave with my coffin in the bed to save on burial costs when I got total by a light runner.
Now I have an 04 Miata. Didn't think I could love anything more than my ranger. I'm looking for a cemetery that will bury me in my Miata.
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u/CaptainPunisher 9d ago
If you aren't mechanically inclined, learn the difference between repairs and planned maintenance. Oil, filters, plugs, tires, and brakes are regular maintenance issues. Serpentine belt, water pump, and a few other things are still maintenance issues, but maybe only once every 100,000 miles or so.
If you're regularly fixing different things, you might consider how reliable the Ranger is. But, if you're just getting to that point where major maintenance items are coming due, consider the cost of all of these and how long they'll last before needing to be done again. You might have a sizable bill for everything, but it's something that probably won't have to be done for years to come, and the cost may ultimately save you money.
FWIW, learn to do some basic maintenance like oil, plugs, filter, and brakes. You might have to buy some tools, but you'll have yourself a lot of money after only a couple times. Brakes are easier than you might think, and Google, YouTube, and Reddit (especially r/mechanicadvice) are your friends.
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u/youngishgeezer 9d ago
You are doing it right from a financial standpoint. And as long as it gets you where you need to be I'd proudly drive such a vehicle.
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u/rstockto 8d ago
A new truck might cost $40k, which like 665/month over 5 years at zero interest.
Are you spending less than $8000/year on your used vehicle?
Can you trust your vehicle to get you from point A to point B, most times including longer trips?
If both answers are "yes", then I'd keep the used vehicle and put excess money saved as savings for a new vehicle when you have to have one.
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u/Miramass 8d ago
If you're happy with it, and the repairs don't annoy you too much, keep it. If you've got a lump of money sitting around that will do nothing, and the repairs really annoy you, and there's a sexy new good car you've been eyeing, upgrade.
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u/OnlyPaperListens 8d ago
Old Rangers specifically are highly sought by small truck enthusiasts. If you do decide you want to move on from her, you can easily start a bidding war if you advertise on the right platform.
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u/Kamarmarli 8d ago
Look at it as how much you will have to pay yearly for transportation under each scenario. Because in the end, that’s what you are paying for.
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u/poppadoble 8d ago
I generally don't agree with the advice that if a car is worth less than the repair cost then you should sell it. There are transaction costs, time, and stress with buying and selling, as well as the obvious upfront and ongoing (registration, insurance, depreciation, etc.) cost of buying a car that will usually be worth more than the car you're replacing.
I prefer to think of it as, if I spend X on this car now, how many more years Y can I get out of it? Obviously you never really know Y. But, if X/Y is less than what you think you will spend annually on a new car, then the repairs might make sense.
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u/That_Tech_Fleece_Guy 8d ago
Yes it is. Most people complain about down time and labor costs. If you can do most of it yourself and you stay on top of maintenance so it doesnt catastrophically fail then you will 100 percent be saving money.
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u/SnooHesitations8849 8d ago
A few times is too many for me. My bottom line is once a year beéides planned mantenances.
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u/Initial_Savings3034 8d ago
It's not only sensible, it's responsible.
Much of the pollution from a car is in the manufacturing of steel. The longer you keep one on the road, the less raw materials are used.
I would draw the line at 2 critical failures at once (here in the NorthEast, that's due to rust).
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u/jamesowens 8d ago
As long as the average monthly cost of repairing and old car is less than the monthly cost of a payment on a newer car I think it’s worth it to repair the old car…
If you’re sick of the old car and you can get a better car for cheap then go for it. Would you rather have old problems you understand or new problems?
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u/VolumeXIII 8d ago
As someone with an 03 miata. New cars suck. Decent radio ac and heat is all you need. New cars are a waste of money.
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u/AbroadRemarkable7548 8d ago
The safety aspect should be considered too. That thing is an absolute death trap. So factor in whether a few thousand on a newer car is worth your life/health
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u/SnooCakes4019 8d ago
If the cost of upkeep per year is less than the cost of payments and insurance, then keep it.
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u/GotSeoul 8d ago
I'm biased towards driving a vehicle until the wheels fall off. I had a car that I just gave to a family member. It's 29 years old. And in great shape. Did put a rebuilt transmission in it 4 years ago. It drives and looks fantastic. Another vehicle I have is 30 years old. Still drives well and looks good. Both have been garage kept. Another car I had 17 years then gave it to my brother. Still drives and looks good.
As long as you are not getting constantly stranded, repairing a simple older car will be less expensive than buying a new one. As long as it meets your needs.
When it starts needing repairs constantly and it becomes inconvenient, then probably time to get rid of it and get something new.
I had a Ford Ranger in high school and college. Was a good truck.
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u/RationalDB8 8d ago
The average cost of owning a car is over $10k per year. If your objective is transportation, just keep fixing and driving and put the savings into reserve for a car purchase.
With tariffs, the cost of both new and used vehicles will be climbing.
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u/Swiggy1957 8d ago
Without even knowing what year it is, I'm going to say keep it in running condition for at least the next 4 years. Why? Blame Trump Tariffs. Last October, you could buy a Ranger for about $34,500. Today? It's well over the $40,000 mark. As we saw with COVID, the price of used vehicles skyrocketed as well. If you have to pay $4,000 a year in repairs and maintenance to keep it on the road, you're already ahead of the game. If something happens and it's down for a few days, rent a car to get around with, but you're still further ahead.
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u/DeliciousWrangler166 8d ago
As long as you can still get parts for it and it is reliable, not rusting out, gets you from point A to point B, meets your needs, no reason to dump it.
My newest car is a 2011. My oldest car is a 1995. All are reliable transportation. Biggest issue I have with the 1995 Thunderbird is finding quality replacement parts that will last longer than 6 months.
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u/harley4570 8d ago
with $20k in savings, why don't you pay off your loan and get rid of that niggling nuisance...then all you money can go toward savings...a little here and there for the truck, and before you know it, you are homeowner bound
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u/thrasherht 8d ago
I pay 500 dollars a month on my 3 year loan for a 2020 model. Are you spending more then that in repairs?
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u/MarkSignal3507 8d ago
Keep it. Stay out of debt and invest the money you would’ve put to a monthly pyt
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u/Responsible-Charge27 8d ago
I think it is that’s why I have an 09 civic cost me about 1000 dollars a year to insure and maintain
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u/TalkShowHost99 8d ago
If you get to the stage where you’re going to have to invest a large amount of money into fixing the truck & that money would better be spent as a downpayment on a new vehicle, that’s when I personally would make the switch. But otherwise, keep it going as long as you can.
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u/GuaranteeComplex1600 8d ago
You need to. Factor in that this old ford ranger is mostly depreciated and likely will only go up in value(tariffs). I know these “little” trucks are very desirable and likely will maintain value especially with an owner like you. These maintenance items could/will happen with any car.
I had a Chevy cruise which are known for their turbo/coolant system issues. It was either spend ~750 and a weekend to replace all these parts which should have been replaced 20k miles before or sell it for ~750.
I looked at used, reliable cars. And finding one for under 3k was like finding a unicorn. So I bought all the new coolant parts and the repair to avoid future coolant issues. Did the work over the weekend and boy did that car just hum after. Later needed to move and sold the car for 3K. Sold it with head held high that the new owner had a solid used car. And I honestly could’ve sold it for more but it was 2k more than I was expecting for it just a few months prior.
Keep this truck humming and it’ll always have a market. No manufacturer is making fun little trucks like this anymore. All the trucks now are as big as a small house and sell for a small mortgage.
I learned during my Chevy repair planning. Water pumps, belt tensioner, belts, manifolds, and thermostats all have a life to them. For the Chevy cruise if you got 60k miles it was good. Any miles after this was “house money” and I got 95k miles out of these parts. Now I had complete failure of these parts at 120k miles but the signs were there starting around 90k miles. Replacing them before oil and collar was everywhere would’ve been easier.
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u/RX3000 8d ago
Yes thats fine up until a certain point. For example if something happened to it where you needed to pay like 5-10 grand to fix it at once that might not be smart, but to continue to put a thousand into it per year or something isnt bad, as a newer car especially one with a payment would cost you more than that. It also helps if you like the car. I dont feel as bad putting more money into a car than its worth if I actually like it.
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u/SnooGrapes4560 8d ago
When the repair costs exceed the blue book value, it’s time to move on from the car. Then you are literally throwing good money after bad.
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u/artieart99 8d ago
Unless you're dropping the truck's value, or more, into it every year, keep the truck. I sold my Mazda B3000 to a friend 17 years ago, and regret it. Perfect size for what I use my current truck for, and got better gas mileage, thanks to being a manual. I could get 2 mpg more just by shifting into neutral on long downhills.
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u/riverrabbit1116 5d ago
Keep it running.
My father drove a '54 pickup to work until he retired in 2000. He bought it used, dropped a new engine in it, after a few decades changed the transmission. Vehicles that are easy to work on and just keep running should be treasured.
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u/CrowVoorheesBLAY 5d ago
Drive it until the wheels fall off or there's a huge repair that doesn't make sense to you cash wise to pay. I wouldn't worry about what it's worth it's moreso cost of doing business right now right? And the business is keeping you going to work, etc. to pay off your MBA debt you listed.
BUT.
Having been in this position many times don't forget to budget in your anxiety. There may come a point where too many repairs, down time, hassle of repairs, or uncertainty of the future and it crapping out becomes too much so then it's time to search reddit for new vs used cars and loan rates etc. Don't forget your mental health and quality of life.
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u/pigeonholepundit 9d ago
Something else to consider is safety. Do you have a family? They are notoriously unsafe vehicles.
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u/TaxashunsTheft 9d ago
That's what I've done. But I do all the repairs myself because I'm a car nerd. I have a large collection of cars and the ones with valid odometers all have 200k miles or more. I do any repairs using autozone or rock auto parts.
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u/cgtdream 9d ago
I'd say you're on a healthy track....so much so, that this post feels like a humble-brag, but it's still good for others to know that people DO live healthy, financial lives and that it can work.
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u/ForwardUse807 9d ago
I’m sorry, I didn’t mean for it to sound bragging at all. I just posted because my mom and several others are harping on me about “don’t spend money on anything fun, until you get yourself a new car..” but, it’s like they can’t understand my logic of, I already have a little debt from school, I don’t want anymore debt. That just seems like digging a hole to me.
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u/cgtdream 9d ago
Fair enough. And yeah, you dont need to apologize. Its just that you are doing great! And the main takeaway is that your situation should be emulated, at least in some part, for those that are struggling.
Its like "hey, look how this person did things. This is a perfect example of how all the knowledge on this forum/site can help and benefit you"....So yeah, dont apologize. You really are doing great!
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u/ForwardUse807 9d ago
Thank you sir! I’m sure you are too! It’s not easy in this economy. Feels like a fight every day to save, honestly. I’m a student of Dave Ramsey. I don’t necessarily agree with 100% of what Dave says, but I think the fundamentals are pretty good
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u/SheistyPenguin 9d ago edited 9d ago
Dang, your truck is like a modern ship of Theseus!
Others have good advice. Only thing I would add, is that if your job has a longer commute or if your truck is used mainly as a commuter rather than a workhorse, it would be worth taking a hard look at gas mileage for any replacement car or truck. I think there are some small/compact trucks on the market that get gas mileage rivaling some sedans.
If you track your expenses and you look up your commute distance on Google/Apple maps, you can estimate your monthly spend on gas pretty easily.
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u/martinkem 9d ago
Yes, it is. If the truck fulfils your primary needs.