[USER]

When is it okay to buy a newer car? Mine needs maintenance and I’m debating on buying something newer now but I’m not sure how much is to much or if I’m jumping the gun financially.

Any advice?

[Beau]

Well, does maintenance mean simply a new battery, brakes and tires on a 2018 model?

Or a new transmission or timing belt on a 2012? (Hopefully paid off)

[Brian]

My personal rule is once investment assets reach 2 million not including housing.

Figure only out less than one year of early retirement that way, and a milestone celebration.

I won’t be buying another new car until it doubles in at least 7 years at which point I’ll also be considering taking my early retirement.

[David]

Good that you are looking at an older Tacoma. My 2012 has been mostly trouble-free. I would try to avoid financing (altogether, but especially) on a the 2016 you mentioned.

If you can swing it, pay cash.
I saw some comments that apparently are answering when people would buy a “new new” vehicle as opposed to a new-to-you replacement vehicle.

I agree with having north of $2M in net worth before buying new new.

Personally, I’d want to be much higher than that before treating myself to new new, but going cheap on cars has really helped me on my path to FI/RE.

[Scott]

Unless you are closing in on 1 million nw… cash only, the sweet spot is 2-3 years old less than 40k miles.

Will probably cost you 15-25k. It won’t be a truck

[Ben]

Really depends on the age of your vehicle and the cost of repairs and your current financial situation and what gives you peace of mind.

[Glenn]

As you said above you have a Chrysler/Ram/Jeep product past its prime. Time to say Good bye to it. It will nickle and dime you to death.

You said above you are looking at a Tacoma one of the best for reliability trucks on the market.

If you no longer need a full size then go for it.

[Emmanuel]

It really depends on the age of your vehicle and the cost of repairs.

[Rob]

If you need to haul plywood and lumber and want fuel economy and reliability – enjoy your new 10 year old Sienna.

[Author]

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