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Keep it
Posted by Ari (more from Ari) on Mon, 11 Apr 2005 05:55:51
In Reply to: What to do? 2002 9-5 Linear, 45,000 miles keep or sell?, wjsVT, Sun, 10 Apr 2005 20:35:56
If you sell the car, I'll make the wild assumption that you will buy another one. If it is new, you'll incur all sorts of costs - sales tax or conveyance fee, depreciation hit, etc. That's quite a few thousand dollars. Yes, you'll have a new car, but it seems like you're most concerned about controlling repair costs. You'll have paid an awful lot of money for a 'new' warranty. Now, if you really want a new 2006 Fantastic-Mobile, then go for it. But getting rid of your present car and buying new for the warranty makes no finacial sense.

OK, so say you buy used. All that means is that you'll be trading your known car for a set of unknowns. That's no deal. Yes, you might get a warranty with that, but again, after transaction costs, it'll be a net loss. AND you're getting someone else's problems.

An extended warranty is like insurance. All you're doing is cost control. You trade a known cost to offset the risk of an unknown cost. Fire insurance is an good example - you don't expect your house to burn, but the downside is pretty major. So you spend a few hundred dollars a year to offset the risk of losing a few hundred thousand dollar loss. With a car extended warranty, you're basically saying that your next 4 years of repairs will be $2400. That's a ton of major work. For that to pay off, you'd have to assume that you have some major engine or transmission failure, or a bunch of things suddenly go south, like the A/C compressor, alternator, and a few other pricey boxes fail.

You've changed the oil every 3K, so you should be pretty immune to sludge. 50K is barely broken in. Maintenance is maintenance, and not covered by a warranty.

If you like the car, I'd keep it. What are you worried will happen? And how much do you think it would cost?

posted by 192.249....
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