When maintaining/repairing/upgrading our rigs, when/how do we know it's time to stop spending money on them and move on?
That is a question I've been asking myself over the last couple of days after I was told how much money my Tucson crossover would need in expenses to get it to pass the next inspection.
The deadline I have if I want to keep using it as a daily driver is October 31st this year, and I've had to spend over $5000 maintaining and repairing it from November 2018 to May this year.
So my question is this, when is enough really enough?
I could put it in storage for as long as I need if I decide to keep and fix/modify it, but at the same time I'm not 100% that is the right choice for me, the other option is to scrap it and I don't really want to do that either.
Help please!
Joey
In terms of "How do you know when it's time to stop spending money and move on", it will ALWAYS be cheaper in the long run to repair a vehicle than it is to buy new. Even a totally junk vehicle with zero maintenance can be overhauled by the shade-tree mechanic for less than a new replacement. So, when this conversation comes up in our world, we start with a different question: What are our needs? If your Tucson can meet 100% of your needs now and in the future, you are probably better off financially continuing to invest in overhauling it and keeping it, but as an adventure platform there are better options out there.
So, these are the questions I suggest you ask yourself:
1) Does your Tuscon meet your needs if everything is in good shape? As in, if your Tuscon was at 100% would it meet your needs to an adventure vehicle? If the answer to this is "No", then you have your overall answer -- get rid of it/plan to find a vehicle that DOES meet your needs in addition to the Tuscon. If the answer to this question is "Yes, the Tuscon meets all my needs as an adventure platoform", move on to question 2.
2) Are there comparable rigs that
also meet 100% of my needs, but that do not have the downfalls of my Tuscon or have advantages that make them better than my Tuscon? For instance, for $5k you can probably get WELL on your way to another used vehicle that is similarly capable to your Tuscon but is a bit newer, better aftermarket support, more robust for backcountry travel, etc. If the answer to this question is "no", then you know you can probably spend a bit of money on the Tuscon guilt-free. If the answer is yes, move onto question 3)
3) What can I afford? If the Tuscon doesn't meet your needs, or there are better vehicles that DO meet your needs, can you afford them? If you can, go for it. If you cannot, maybe you do need to keep the Tuscon OR buy a different used vehicle for now and aim for an adventure vehicle in the future.
In short, let your needs (daily driver, adventure vehicle, type of adventure, etc.) determine your vehicle; you likely will be unhappy if you keep/buy a vehicle and are limited in what you can do with it. It's the second most expensive thing you'll ever buy, so make sure you get one that meets your needs first and foremost.