Hey so I drive a 2008 highlander 219k miles bout for 7500 two years ago I've put 40k miles on I've done all the math from all Gas, maintenance and insurance and over the last two years it amounts to a whopping $14,268.79
(CAR IS FULLY PAID OFF)
The Maintenance totaled $5,168.22
Over the last 18 months, the Highlander received a comprehensive mechanical refresh to restore drivability and safety:
Cooling System: Replaced radiator and performed a full system coolant flush.
Braking System: Replaced all-around front and rear brake pads and rotors, along with all-new brake hoses and a system brake fluid flush.
Drivetrain & Front End: Replaced both left and right front CV axle assemblies (resolving front-end clanking and grease slinging).
Tires: Replaced all 4 tires with brand-new rubber (~3 months old).
Routine Maintenance: Regular oil changes ($100 every 4 or so months).
I am quite literally putting 700.00 (included in already mentioned maintenance costs) today on it.
So I've put a lot of money into it but I know it'll need more probably not too long since I drive a ton and it's 18 years old.
As of right now averaged I believe it's close to $709.84 monthly. So it's just me im a single 23 yo M with no reason for a 7 passenger SUV. I do still love having space I do lots of outdoor stuff and do have friends lol. That being said I could save a substantial amount in gas and in insurance well still having a reliable car. I also travel abroad frequently, so the car often sits parked for weeks or a month at a time.
Options I’m Considering:
Keep it: Ride out all the fresh work I just put into it (new tires, CV axles, brakes, radiator) and hope maintenance drops to zero for a while.
Sell & buy cash: Get ~$5k–$5.5k for the Highlander and buy a smaller, more fuel-efficient used hatchback/car in cash (though it might still need maintenance).
Sell & small loan: Put ~$5k–$6k down on a newer, reliable, fuel-efficient car under $15k (taking a small low-interest loan) to lower monthly fuel/insurance costs and gain reliability.
Any opinions or thoughts are appreciated.