Hey everyone! Just curious, how long do people usually keep their cars? I’ve always been someone who leases, but back in 2021 I ended up buying a Ford Escape PHEV instead since leasing wasn’t making sense at the time. We love the car—it’s super fuel-efficient, with only about $600 per year spent between gas and charging. We drive under 10k miles a year.
But lately, I’ve been thinking about upgrading. I’ve looked at a few options:
The RAV4 Prime, but I don’t think it’s worth the $20k premium.
The Ioniq 5 is nice, but I wasn’t a fan of the design and non-Tesla charging network.
Tesla Model Y—hated how it drives, but I love the Model 3, though it’s too small for my family, plus the insurance is an extra $700 a year.
I haven’t seen any new cars that I’m super excited about, but maybe the refreshed Tesla Y could be interesting if they fix the issues. Still, insurance and Tesla’s build quality are concerns.
I’ve been thinking about getting an extended bumper-to-bumper warranty from Ford. Here are the options:
6 years/60k miles for $885
7 years/75k miles for $1500
8 years/85k miles for $1875
We still have the powertrain warranty for 5 years/60k miles, but I’m wondering what others do and how long you typically keep your cars.
I’m in the camp of keeping cars as long as possible. My last car, a Taco, had 240k miles before I crashed it. My current one, a Civic, is at 180k miles. I just dropped $3k into it, so it better last a while longer!
@Connie
I feel you on that! I’m also leaning towards keeping my car for as long as possible. With new cars costing $60k, it just doesn’t make sense to upgrade unless it’s something really special. But I do worry a bit since my wife is getting her license soon.
@izael
Unless you’ve got plenty of cash lying around, I’d say aim for at least 10 years with your car. Once it’s paid off, enjoy some time without a car payment!
Imani said: @izael
Unless you’ve got plenty of cash lying around, I’d say aim for at least 10 years with your car. Once it’s paid off, enjoy some time without a car payment!
Totally agree! Once you’re free of car payments, it’s great. I write myself a ‘car payment’ each month, but it goes into an investment account instead. My daily driver is a 2009, bought for $10k cash, and I’ve already saved way more by not upgrading.
Imani said: @izael
Unless you’ve got plenty of cash lying around, I’d say aim for at least 10 years with your car. Once it’s paid off, enjoy some time without a car payment!
Same here, I’ve got a 2019 Honda Insight with 55k miles, and I’m aiming for 300-400k miles!
Imani said: @izael
Unless you’ve got plenty of cash lying around, I’d say aim for at least 10 years with your car. Once it’s paid off, enjoy some time without a car payment!
I’ve had my car for 12 years now. Haven’t had a car payment since like 2014 or 2015, and it’s been awesome.
@izael
Most people keep their cars for about 6 years, from what I’ve heard. Cars are a huge expense, and with all the ads for new ones, it’s easy to get tempted. But if you think of them as just a way to get from A to B, you realize you don’t need to upgrade often.
@izael
A new car won’t necessarily make you happier unless your current one doesn’t fit your lifestyle or has constant issues. I’d suggest keeping yours for a few more years, especially since hybrids and EVs will continue to get cheaper. Plus, all those giant tablet screens in new cars are just headaches waiting to happen.
@izael
You don’t have to spend $60k on a new car—there are plenty of options below that. The $20k premium on the RAV4 Prime is just how depreciation works. If you had bought the Prime initially, the difference wouldn’t have been as big.
@Connie
My philosophy is to keep a car until it can’t be driven anymore. We’ve got two Hondas, a 2002 Civic with 260k miles and a 2010 Accord with 220k. My husband puts in a lot of work on them, but they still run strong!
@Connie
I recently bought a 2007 Honda Civic LX with 183k miles. It’s been reliable, but the AC doesn’t cool well, and it gets poor fuel economy despite doing a bunch of maintenance. I’m wondering if I should fix it or just save for a new car, maybe a Miata.
We had our MDX for 12 years before it got T-boned. It only had 127k miles, and we would’ve kept it for at least 3 more years. Don’t get caught up in the upgrade game—it’s a money pit.
Christopher said:
We had our MDX for 12 years before it got T-boned. It only had 127k miles, and we would’ve kept it for at least 3 more years. Don’t get caught up in the upgrade game—it’s a money pit.
@izael
That’s the way to go! Most people drive their cars until it doesn’t make sense to fix them anymore, which could be 10-20 years. You get the best value by driving them as long as possible. If you want an upgrade, maybe lease a fun car just for the weekends.
@Amelia
I agree. It’s more fun to have two older cars than one new one. I daily drive a Honda and have a Jeep Wrangler for weekend fun. There are tons of older cars out there that are a blast to drive occasionally.
@Ronald
Exactly! I’ve had a bunch of older cars, and it’s always fun to swap them out. Right now, I’ve got a Mazda3 hatch, but I’m keeping an eye out for an older Miata to play with. Prices are crazy, though. OP should definitely look into this if they’re into cars.