Repair or Buy a New Car Debate - $2,000 repair is worth it on a 10 year old Toyota

Repairing a 10-Year-Old Car vs. Buying New: Why Major Repairs Can Still Be the Smarter Move

The Decision Point: Year 10

Many drivers hit the 10-year mark and assume it’s time to replace their car. Suspension wear, aging components, and the first wave of “big repairs” start showing up — and the instinct is to avoid the bills by buying something new.

But with today’s new-car prices, that old rule of thumb no longer makes sense. Often, what looks like a scary repair bill is actually the equivalent of one year of new-car payments — and that investment can extend the life of a reliable vehicle another 5–10 years, loan-free.

A Real Example: My $2,000 Control Arm Replacement

I recently replaced the front control arms on my 2016 Toyota Highlander. The job cost $2,000 at the dealership, alignment included. It’s not cheap — but it’s also not unexpected for a 9–10-year-old vehicle. Control arms, bushings, and suspension components naturally age, especially on a daily driver.

And I chose OEM parts and dealer service for a simple reason: I plan to keep this Highlander for the long haul.

Next up are struts and shocks, likely another $2,000–$3,000 depending on whether I stay with factory-spec KYB or upgrade to Bilstein B6 for better ride quality.

When You Do the Math, Repairs Win

Even budgeting generously — around $1,000 per year in maintenance over the next decade — the numbers are incredibly favorable. That’s roughly $83 per month, a fraction of what a new vehicle demands.

Meanwhile, today’s SUVs routinely cost $40,000–$60,000. That usually means:

• $600–$900/month in payments for 5–7 years

• Higher insurance

• Higher registration fees

• Depreciation from day one

So a couple thousand dollars in repairs isn’t a financial disaster — it’s often a bargain.

The Modern Reality: Keeping Your Car Makes More Sense

Cars built in the last decade are more durable than many people realize. A well-maintained 10-year-old vehicle has plenty of life left, and replacing worn suspension parts is part of normal aging, not a sign that the car is “done.”

Spending a year’s worth of new-car payments on repairs can buy you another 5–10 years of reliable service. And you get all the benefits of staying loan-free:

• No new debt

• Lower insurance

• Lower taxes and registration

• A car you already know and trust

Final Thoughts

The old rule — “sell before the big repairs hit” — doesn’t match today’s economics. With new-car prices soaring, keeping a solid older vehicle on the road is often the more financially prudent decision.

For me, investing in my Highlander is a no-brainer. I’d rather put a few thousand into a dependable, paid-off SUV than sign up for years of payments on a new one.