Car Ownership is Finally Catching Up With Me

A few years ago I paid off the loan on my sporty Toyota Tacoma. I thought I had hit the jackpot - I finally owned something outright - and it was a BIG something. OK, it's not a house, and it does depreciate in value, but it's still more than a nice leather purse. No more monthly payments, no more wondering how much the dealership was ripping me off on those tune-up specials. Plus, I felt a sense of pride about this sexy vehicle being mine, all mine.

Three years later, I am embarking on the second round of major repairs in as many years, and thinking "Can't I just trade it in?" This thing is starting to feel like a noose around my neck. Albeit, a noose that has character and attitude--a noose that has come in darn handy on those weekend organizing jobs--a noose that I am loathe to give up because, gosh darnnit I OWN IT!!!

Well, this is where we adults have to really know the economics of car ownership, and when your investment in repairs is a story of diminishing returns. I logged onto Kelly Blue Book and found out that my truck, in pris-TINE condition, is worth about $7,000. (BTW, it's far from pristine.) The current repairs are estimated at about 37% of that value estimation. I'm sure there's some financial advisor out there who knows where the cut-off point is - maybe s/he is screaming at their computer screen right now. But what is s/he saying?? I can't hear you!! Tell me....should I invest another wad of money I don't have into a vehicle that is almost 10 years old, only gets 22 mpg and has 120,000 miles on it? Well???

So my other, less attractive option, is to trade it in for a brand new, smaller, more efficient vehicle that comes with it's own health care plan and lengthy lease agreement. I'd have to go back to the days of monthly car payments. Of course, this option has its own inherent sexiness. But I just can't bear the thought of having monthly car payments again, even if it does mean driving a shiny new car off the lot. And I certainly couldn't call it "mine, all mine!"

This leaves me with the very familiar conclusion that I will leave this decision until faced with a future major repair necessity, at which point I will attempt this uninformed calculation of cost-benefit analysis all over again and probably come to the same conclusion...that I should invest in a really good bicycle.