When is it time to say goodbye?

Mozambique

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Just doing my 2021 taxes. My 2010 V8, 100k miles cost $CAD 5k in repairs in 2021. You can add in another $CAD575 for tools.
A friend leases a RAV4 for $CAD4,800 a year. Only maintenance is oil changes :(

The cost-benefit of ownership is naturally on a declining curve. No major breakages in 2021, just water pump (garage did), crossover pipes (I did), LCA bushings (I did with some assistance from garage).
We love the car, but from day one it was not the logical choice i.e. don't need 7 seats, rarely use off-road capabilities, but 4wd handy for Canadian winters.
Currently pondering when to pull the plug. Problem is, can't think of anything else I really want to replace it with :(
Overriding this is the growing feeling that 5L V8's should be going the way of the dodo and EV ownership looms at some point!

Just airing some thoughts. Interested in others experiences with cost of ownership and thoughts on ownership rationale.
 

ktm525

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My 2010 has long been depreciated to $0 in my mind so I will keep it in the fleet until it goes Boom! At it's age it is not a logical choice to be a daily driver, mostly the kids drive it at this point. The Rav is much more economical but you can't compare the two..

I bought the 2010 used in 2013 for a very good price ($40k cdn). Since that time it has cost me (using an estimated used sale price of $14k cdn:

$250/month in depreciation
$111/month in maintenance (everything ever bought or serviced for this rig)
so all in $361/month.

By mileage it has cost:

$0.22/km in depreciation
$0.098/km in maintenance
$0.318/km total

From here on out the depreciation has flattened so it is mostly the cost of upkeep. Bad years are $1800, good years are around $300. Will keep until it blows up and then will likely part it out..

You want to get real sad? Figure out the amount of premium gasoline you have put through it...lol
 

Mozambique

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Don't get me going on gas $!
Our maintenance costs are comparable i.e. 10cents/km for yours vs. 11 cents/km for mine.
Agree a RAV 4 is a more logical choice, but cannot bring myself to even consider one.
With two dogs a Tesla model Y would keep my wife and son happy, but not keen on leasing and ~$800/month lease payments better spent elsewhere.
At least my vehicle costs are partly tax deductible :)
 

CaliLee

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Keeping mine until it blows up pretty much. The maintenance has been ridiculous, I've spent more on this one vehicle than every other car I've owned over 30 years combined. At 140,000 miles now we have switched over to driving it only for fun trips rather than day to day, we still like driving it more than any of our other vehicles though. That turning radius makes it the only vehicle that can get our boat out of our crazy mountain driveway easily (120 degree uphill turn at full lock).
 

ktm525

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Yeah they have their charms and as an occasional vehicle they are great. Logical choice? Not so much. Life isn't always logical.
 

Mozambique

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Sir if you want a RAV4 in your life I think you have bigger questions to ask.
I shudder at the thought!
However at some point the cost of leasing a brand new, albeit mediocre vehicle vs. Spending the same money to keep the LR4 running does enter the fray
 

ryanjl

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The money isn't good on leases right now. Inventory is so low that there aren't any incentives. It's one of the rare times that a lease payment isn't enough less than a car payment on the same car.
 

jlach993

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I’m about to give you the raw answer here. Its a Land Rover. We all own one knowing it costs a lot to fill up at the tank. We know it costs a lot to maintain. It’s really a vehicle that makes the owner happy driving it no matter what. Even the owners that has hell with these vehicles will always say its a dream to drive, just research on the forum. If you kept it this long to even ask your initial question then it’s too late to get rid of it, unless money is REALLY* tight. It’s not a vehicle for the faint of heart. Owning a Land Rover is like being a parent to a child you give unconditional love to, even if they’ve strayed the path you’ve intended for them. Only a true land rover lover should own these vehicle after their warranties. My grandfather was born in Guyana. It’s a small country in South America which was under british rule. He drove the old series rovers and currently owns a classic defender here in the states. Land rover has been a name in the family we identified with. It just makes me happy owning it and continuing the tradition. I hope to pass the love on to my kids. It’s really a loyalty thing in my opinion. I have a 2011 and other than gas and insurance it has been pretty cheap to maintain. Control arms, batteries, 3 air shocks, compressor, and a failing gear link lever later, it’s still worth it. Any vehicle owned after warranty will cost you honestly.
 
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wallyyfm

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I have a 2013 that I paid $48k for as a CPO in 2015. Carvana last year wanted to give me $29k for it! Not that bad as far as value is concerned.
 

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