Piston Slap: Maximus Balance Sheetus
Mike from Rhode Island writes:
I have a ’99 Nissan Maxima purchased new with 124,000 miles which runs like new. I have had to recently replace the starter/battery and it has had several electrical issues in the past such as starter coils. Engine oil is changed at 5,000 miles with synthetic and book is used on all other fluid changes.
The total repair costs have been averaging app. $1,000 per year for at least 2-3 years now. Since major parts are original such as transmission, water pump/radiator, etc., I feel it is only a matter of time that a big item will require a major repair bill.
At what dollar price point is it reasonable to keep spending money on repairs for a 10 yr old car, per year? I am not mechanically handy.
Sajeev responds:
That sounds like a good car to me. As the owner of a 14-year-old car that recently needed a $1200 transmission, I’d keep it. But I drive a Lincoln Mark VIII that looks new(ish) to many people: a guard at the Houston Auto Show thought it was a concept car headed for the show’s loading dock. So, yes, I like the old hooptie.
Question is, does the Maxima push your buttons? If not, consider your wallet.
Rust issues notwithstanding, a well-maintained car on a well-engineered platform always beats a monthly payment on a comparable new car. Take the new Maxima: currently leasing for $299/month for 39 months with $2,999 down. Screw that: the down payment alone buys a low mile engine and transmission. Installed. With a 6-12 month warranty.
And forget about buying a different used car, as you will inherit other people’s problems. Problems that you worked hard to avoid with your vigilant maintenance schedule.
Keep it. There’s no need to be mechanically handy. In my experience, just learning from websites like Maxima.org and looking for a trustworthy, non-franchise mechanic (that runs a clean shop and won’t freak out if you provide him the parts) will get the job done. Plus, with the money saved over monthly payments, you can treat yourself to a flashy rental car when the Maxima goes into the shop.
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"At what dollar price point is it reasonable to keep spending money on repairs for a 10 yr old car, per year? I am not mechanically handy." I agree with what some others said that once you are spending as much a month on it as a car note, it's time for it to go. I had a 1997 T-100, fantantic truck, ran it to 275K miles, but finally started getting nervous that something major was going to go on it and Toyota parts are not cheap, so I cut it loose. Currently I have two GM B-bodies, a Caprice and a Roadmaster, for which the parts are ridiculously cheap for and since I am somewhat mechanically inclined, I plan on keeping them around for awhile. I will say age starts to play a significant factor for a daily driver. I've noticed the last few months replacing a lot of "age" relevant items on my 125k mile 1992 Caprice, radiator, gaskets, etc, and the Houston sun is working over the interior, but I also can't replace it with another one. So far this year it has been running me about $100 dollar a month in repairs on "little stuff". But liability only for it runs about $20 bucks a month, and I don't have to sweat about the bank coming to get it if I lose my job in this economy. Also, instead of having two new(er) cars in my driveway with notes owed on them, this allows me to have four used cars in the driveway that are all paid for instead. And if the aforementioned job ever goes south, I have my own "bailouts" sitting in the driveway waiting to go on Craigslist if worse comes to worse. I have friends who all drive new cars all the time and tire of the notes and want to get a cash car. But I always advise them if you are going to own a cash car, expect it to be in the shop a couple of times a year and plan accordingly. There are also those souls who do not know how a screwdriver works, and have no interest in learning. For those, I advise a trip to your favorite new car dealer and ask about their extended warranty.
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