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Wasting Money on an Old Car

So it looks like our 1994 Oldsmobile Regency Elite may need to be repaired again. We originally purchased the car in March of 2006 for $900, but since that time we’ve spent over $4000 on a series of repairs that range in price from $500 to nearly $1200. While I hate the idea of laying out a wad of money for a new car, (even if that new car is a used car), I hate the idea of spending $1000 – $2000 a year on repairs even more.

The route of the problem is that we purchased the car with just over 100,000 miles on it. Apparently, a lot of equipment tanks at the 100,000 mile mark, so as soon as we purchased the car we were hit with bills for a whole host of repairs.

So when does it make sense to throw in the towel on an old car? I asked this same question back in December of 2006. At that time I was convinced it made sense to keep the old car going, but now with rising gas prices I’m not sure if it makes sense to keep an old gas guzzling car running. Plus my health has improved, so although I still need a comfortable car, I’m not certain that I need such a large one.

One Frugal Girl

Friday 12th of September 2008

It looks like we won't be fixing the car after all. The bill rang in over $500. I think we'll be saying goodbye to the beloved Oldsmobile in the very near future.

Anonymous

Friday 12th of September 2008

I'd replace it. It'd be a different story, I think, if it were an Accord or Camry from the same year.