You’re about to be mad if you drive a 2005 Camry.
said in 2019. The number began climbing during the recession, which at the time I thought was because people were understandably broke—butexplains that cars are lasting a lot longer and in a lot better condition anyway. And after the large-scale application of both airbags and antilock brakes in the early 2000s, even entry-level cars have the baseline safety stuff for modern driving.
The car from the letter is a 2005 Toyota Camry, so I’ll compare it to a 2020 Toyota Camry to keep things fair. A 2005 is a little too old to look at CPO or CarMax but I found six for sale on eBay today, ranging from $2,250 for a salvage to $7,900 for what I assume must literally be a unicorn. Kelley Blue Book says a 2005 Camry is in about the, depending on condition. In Illinois, buying a car that age from a private seller has a sales tax of just $25.
The U.S. Environmental Protection Agency says the 2005 Toyota Camry with a four-liter engine gets 24 miles per gallon —or, it did in 2005 when it was tested. Gas mileage decreases over time just like horsepower. A buyer who saves up about $4,000 in cash could “buy it now” on eBay or scan the local classifieds until they find a Camry or similar, then they’d own the car outright. If they insure the car, it will cost less than it costs to insure the new car.
The EPA rates the 2020 base Camry at 34 mpg. Our same driver doing 1,000 miles per month will use about 30 gallons of gas, so just $120 a month in gas—but add $384 for the payment, for an overall cost of $500 plus insurance. A new car comes with a warranty, and that reduces the maintenance cost during the life of the warranty. It’s unlikely that even an elderly 2005 vehicle in good condition would require the equivalent of $300 a month in maintenance.
If you want to buy a new car and you can afford to, definitely do it! But the average car in the U.S. is 12 years old and still working fine, and nothing is wrong with that either. Keep your 2005 Camry for long enough and it will, technically, become a classic. Your hypothetical 25-year-old car can qualify for
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