Thoughts and opinions-at what point do you restore a vehicle or let it die?

[backcountry1pr]

So I have a '97 Toyota T100 with 175K on it. Love the truck, its the right size for what I need, and it was my dads before it was mine.

But its starting to get to that vintage where its showing its age. I have taken great care of it, so its by no means a beater, but I often catch myself lusting after something newer, bigger, and shiny-er. And being a mid 20's guy in a mountain town, I am in no position to go out and buy a new Tundra. I'm wondering more what made people decide to keep a vehicle forever and maintain it, or let it go until it wont go any further.

In the back of my mind, I can see this truck being in my garage forever, taking it to car shows when I'm 60, etc. T100's weren't made for very long, and maybe someday it might even have classic care value or appeal (who knows/cares). But with no mechanical experience, anything I do is going to be parts +.

If I were to keep it, eventually its going to need a full restore. But am I going to spend just as much money to restore it as I would on a new truck, with better tech? This vehicle is going to be a daily driver for me for a long time, so I'm worried that even with a restoration I'll still be lusting after other vehicles for their newer and more sophisticated ride.

Where did you draw the line between sentimental value and dollars and cents?

[Hott Butt Mud]

The point where you start seeking advice on the internet is a good point to let it die.

[astralboy15]

Does it still run well? If yes, keep it.

[backcountry1pr]

The point where you start seeking advice on the internet is a good point to let it die.

To much good experience and knowledge in here to ignore HBM. I'm sure someone older and wiser than me has been through this before, and looking back might have some advice to share.

Does it still run well? If yes, keep it.

I'll be keeping it until it no longer makes financial sense to do so. I'm wondering more if people have been happy, or have regretted continuing to put money into a vehicle to keep it running and looking as nice as possible, for as long as possible. (ala- to repaint a vehicle or not, etc)

[TBS]

I'm the original owner of a '95 6 cyl Grand Cherokee with 198K. It's paid for, runs great, body and interior are excellent except for a few minor "adventure marks". Gas mileage is nothing to write home about but Insurance is cheap because value is low. Because it's old and usually really dirty, other drivers back off when I change lanes and don't crowd me in parking spaces

I plan on keeping it until a year's worth of repairs costs me a six months worth of car payments.

[sidewall]

T100's are cool. As long is it's in decent cosmetic shape I'd run it as long as you can. There's something cool about a well taken care of older car IMO.

[SterlingSpikeDancer]

I just went through this with my '97 Tahoe. Lots of "character" type problems with the little stuff like doors, interior trim and the paint job sucks ass badly. BUT, the motor has been great. I bought it off my dad in '01 with 94,000 miles (he bought it new in '97) and it is currently at 253,893 miles. It eats brakes like tic tacs, and it currently needs the master cylinder replaced (which will be the 2nd time, but the only major mechanical repair to the drivetrain/engine in it's life).

I had been using it for a work vehicle, but didn't feel like it was going to last forever, so I just ponied up for it's replacement. I will miss it, and I wish I could afford to keep it for a 3rd vehicle (camping/hunting/skiing) but the mpg are not good, and it's replacement has a bigger engine with about 20% improvement on mpg (which is still not good, but an improvement). SO, if you can afford to keep it (trade in value may be poor?) and the cost, per mile, to keep it running isn't bad, there are benefits, but keep your eyes peeled for it's replacement. I knew that I would spend about another $1000 to keep mine going, and it's trade-in value was less than that = find the replacement.

[systemoverblow'd]

How I feel is when the amount of total repairs done in the past become more than the value. Say you have put $3K into past repairs and then something that will cost $500 breaks. You look at real resale value and it is $2500, time to dump it. Sell it for $1800-2000, tell them it needs this $500 repair to get them to the value of the car. Then find a new ride.

My $.02

[sirbumpsalot]

I plan on keeping it until a year's worth of repairs costs me a six months worth of car payments.

^^^^^^ - This.

If its costing you $500 every 6-12 months to keep it running, keep it.

If you are single and chicks cringe when you pull up....get a new one.

[OldLarry]

I usually just drive mine until the engine seizes from not enough oil, then chisel the vin number off and leave it where it lies.

[Poop~Ghost]

I usually just drive mine until the engine seizes from not enough oil, then set it on fire and report it as stolen.

Fixed that for you.

[mnflyfish]

My daily is a 94 land Cruiser with 208K on the clock. I don't see replacing it, hell if I had to drop a new engine in it's still cheaper than getting a newer truck. I get shit mileage but I LOVE my truck so I don't see a day where she gets replaced. That said, I'm 43, married, and have no need to impress anyone. Sounds like your truck has a ton of life left, figure out what you'd spend on a car payment for a new one, take that money and stick it in savings each month. A year or so from now you can either do a semi-restore on your T100 or you'll have a hell of a down payment on a new ride.

[El Chupacabra]

The only things that truly destroy a vehicle are large accident (irreparable frame or unibody damage), fire (torch the electrical/ computer system and it's generally too much $ and hassle to fix), flooding (same issues as with fire), or rust. All parts can be repaired or replaced, just depends on how much $ you want to throw at it.

[MakersTeleMark]

A lot of people ditch vehicles when faced with repairs. The problem most have is that a majority of the time it's just maintenance items that wear out. Take care of it, and when something major happens, have a good long look at the truck, and your bank account, and then make the decision. The T100 was one of the best vehicles Toyota ever made and they still have a ridiculously high re-sale value - for a reason.

[Hugh Conway]

The only things that truly destroy a vehicle are large accident (irreparable frame or unibody damage), fire (torch the electrical/ computer system and it's generally too much $ and hassle to fix), flooding (same issues as with fire), or rust. All parts can be repaired or replaced, just depends on how much $ you want to throw at it.

And if the vehicle's worth enough, even that doesn't matter. See:
http://bringatrailer.com/2012/05/02/...i-5300-strada/

[AdironRider]

I wouldnt bother for a T100.

Noone is going to give a shit about a little known (aka not the Tacoma) import pickup when you are 60 besides yourself.

To be frank though, 175k or so on that truck is nowhere near the end of its useful life. The rule I use is that if its costing you more in repairs than a reasonable monthly payment on a newer rig its time to ditch it.

All that matters is what you want. I believe strongly in vehicles need to bring a smile to ones face, one spends to much time of their life in a vehicle to just put up with basic transportation. (Read somewhere that the average adult spend something like 5 years behind the wheel). You mentioned you find yourself wanting something different. Id decide if thats really what you want then commit.

[PNWbrit]

http://bringatrailer.com/2012/05/02/...i-5300-strada/

That's very sad.... such a pretty car.

[doughboyshredder]

I have an 07 Tundra with 140K miles on it. My goal is to get to 300K.

I think Telebobski is pretty much right on. If a years worth of repairs are more than 6 months of payments, it's time to replace. That gives me about 5k a year to put in to repairs, so I see no reason I shouldn't be able to get to 300K. Might cost me 15K to get there, but that's still cheaper than a new truck. I have a great mechanic, and I stay on top of maintenance. Still, my fingers are crossed. 4 months away from paying it off free and clear. I highly doubt I will ever buy a brand new truck ever again.

[PNWbrit]

I have an 07 Tundra with 140K miles on it. My goal is to get to 300K.

At the speed you drive that'll be like what... early Octoberish?

[OSECS]

^^^^^^ - This.

If its costing you $500 every 6-12 months to keep it running, keep it.

If you are single and chicks cringe when you pull up....get a new one.

This .......

[systemoverblow'd]

I have an 07 Tundra with 140K miles on it. My goal is to get to 300K.

I think Telebobski is pretty much right on. If a years worth of repairs are more than 6 months of payments, it's time to replace. That gives me about 5k a year to put in to repairs, so I see no reason I shouldn't be able to get to 300K. Might cost me 15K to get there, but that's still cheaper than a new truck. I have a great mechanic, and I stay on top of maintenance. Still, my fingers are crossed. 4 months away from paying it off free and clear. I highly doubt I will ever buy a brand new truck ever again.

But say it is a $30K truck (I have no clue). Plus payment interest. Plus your $15K to get there. That's $50K at least. Doesn't make sense to pay $50K to keep a vehicle that is reducing in value exponentially all the time. At least that's the way I see it. Wouldn't it make more sense to sell it before it starts getting crazy reduced value and put that money towards something else therefor reducing your overall payments (with a bigger down payment), decreasing your interest payments and reducing maintenance cost?

[MakersTeleMark]

I say you follow the Dao of Lebowski.

[doughboyshredder]

But say it is a $30K truck (I have no clue). Plus payment interest. Plus your $15K to get there. That's $50K at least. Doesn't make sense to pay $50K to keep a vehicle that is reducing in value exponentially all the time. At least that's the way I see it. Wouldn't it make more sense to sell it before it starts getting crazy reduced value and put that money towards something else therefor reducing your overall payments (with a bigger down payment), decreasing your interest payments and reducing maintenance cost?

0% interest on the loan.
You really nailed the thought process though. I could probably get my loan paid off and 10k towards a new truck right now. I recently priced out what I need in a truck and after a 10k trade in I would be borrowing about 35K. My credit kind of took a beating during the downturn so the best I could get would be maybe 4% interest. So I figure it would cost me about 20k plus interest to replace my truck. Then assuming a trade in value after 4-5 years, which is close to equal the interest expense, it would only end up costing me about 5k more to get a new truck! That is, of course, assuming 15k in repairs over the next 5 years if I keep it. Then I have to factor in potential lost revenue if my truck breaks down. Really, it ends up being a gamble. If I don't end up with many repair costs, then staying in the truck was the right thing to do. If repairs start adding up, and at the same time, I completely lose my trade in value, then it was a bad decision.

Shit, after typing it all out, I kind of want to go get a new truck! LOL.

I have been thinking about buying a car that gets great gas mileage, and only using the truck when I absolutely have to, which would hopefully extend the life of the truck quite a bit, and be almost a break even financially thanks to the high cost of gas.

[MakersTeleMark]

If I don't end up with many repair costs, then staying in the truck was the right thing to do.

That's why people buy Toyotas and why you still see so many old ones on the road.

[ski_adk]

I had an 01 honda civic that blew an engine. If I had the tools and patience to do it myself, it would have been worth changing the engine. But it would've cost just as much as the car was worth to pay someone to do it for me. So, I sold it for $350 and walked away satisfied enough (though i miss that damn POS). I say when you have to put in what the car is worth to keep it on the road, well, then it's time to put it down.