Hello all.

I am analyzing the ownership of a vehicle over the depreciation of value on the market and the appreciation on your side. How long do you keep your car ? and why ?

IMO, buying a brand new car is better than just leasing it. If you trade in the vehicle you own, you will lose out almost as much as you would lease, or a bit less.

The longer you keep, the more depreciation the car is, and the longer you are with an Old Vehicle, but the less you will lose out each year.

Please tell me your insight. Thank you

 

I buy a new car every 2.5 to 3 years. Some of that is based on changing needs (family, home), but the bulk of it is, quite simply, that's how long I can make it before I start getting the itch for something new. And therefore I lease...

 

My Dad likes to keep his vehicles for a minimum of 10 years....you could say i'm the same. We drive Land Cruiser's though, they get better as they age.
My current vehicle is 8 years old, only time i might sell it is when the next gen LC is released...i'm thinking of getting another older Cruiser/LX to swap back and forth. It is an addiction that has no cure. One is not enough.

 

These 2 answers just shows why this is a very personal question. The answer doesn't come from a pre-determined formula. What are your needs, and what are your wants?

 

Between 5 to 7 years.

 

For functionality: until it runs to the ground.

For frivolity: every 3 years or so until the newer, better thing comes.

 

Absolutely agreed.

My in laws keep a car until it's basically falling apart. In ways, I wish I could be more like that, as they can go for years without a car payment, but it's just not me.

When I got married, my best man (and best friend from college) told my wife-to-be "in marrying him, you know you'll always be taken care of. You also know you'll always have a car payment."

 

My family keeps cars for a long time...sometimes we just park the ones we don't drive anymore

My dad bought his 67 Firebird in 1976. Still has it.

The newest car they own is an 06 Chrysler 300. Everything else is 90's(plus the Firebird).

I guess the saying 'drive it till the wheels fall off' applies here, as my dad has had a wheel come off on the freeway in his Firebird at one point.

 

...until you run out of warranty coverage, so 3-years (comprehensive / bumper-to-bumper) to 5-years (powertrain).

 

Also agree with tex's comment re personal decision. We generally keep our daily drivers 5-8 yrs. I have typically bought used for me and new for my wife, although my current MDX was purchased new due to cheap financing. For my next vehicle I am leaning toward a Cayenne, in which case I would probably lease as I don't want to sign on for the long term maintenance of a Porsche (which is a discussion for another thread).

I have a buddy who can go no longer than 3 years without a new car and recently leased a GS selling his 2011 ES to a coworker (who sold to my son the Infinity G35 he had previously purchased from my buddy).

 

In the past, I'm usually in a new car every 10 months to 18 months. But since, I've owned Lexus, I'm keeping them longer. By my calculation for what it cost to "USE" a car per year based on my needs. Every year costs so much for a certain car (without going too deep into Calculations) Based on my own lifestyle, Keeping a car 10 years you will break even for me financially if I bought a car Brand new. (Meaning the 2nd half of the 10 year (5yrs) You will make back by lack of buying a new car to replace your 5-year old car.)

But, most cars start to deteriorate after 4-5 years. I had an Infiniti bought brand new and after 2 years it was already losing its Luster. From my experience Lexus cars seem to hold together much better. I seen 10 year old Lexus in much better condition than those with half the age or miles. So buying a Lexus, you can actually keep 10+ years.

So, it depends on the car. If its a Lexus I would do 10 or more years. Other brands, 1-3 years or when they start to lose it shiny appeal..

 

This..
It's complicated

 

probably going to get some people thinking i'm crazy, but I'm on my 4th car in 2 years (first car of the 4 was totaled 3 months in, so that doesn't count). Why? cause I keep wanting something new and I have nothing else to spend my money on. I make good money, i'm single and no kids and no debt. I see something I want, I eat my loses and get it.

 

Lots of variables like those above such as buy/lease, job, location, need/want of a new car, family etc..

 

One of my automotive goals is to own at least one Land Cruiser and Lexus LX from each generation....someday....someday.