Keep my current car or get a newer one?

Question

Ok I'm currently a college student. Currently I have a 1998 Dodge Durango that has about 250,000 miles on it. I love the car but unfortunately, it is a gas monster. I'm not sure the exact mpg right now, but I usually spend at least $50 per week on gas (that was with traveling about 115 miles per week). Mechanically, it's okay. We just replaced the alternator and the heat is lukewarm at best and I'm not a fan of the leather seats (they're freezing in MN winters and scalding in summer).

So I have been thinking about getting a used vehicle. I'm only working part-time right now so my budget is about $7000 - 9000. I only have maybe like $700 saved so depending on the final price and how much the monthly interest rate will be, my payments should be around $150 - $200 per month. I'm looking at an older Prius or Corolla (pretty much whatever will have the best mpg). My parents pay my insurance now as well.

But what I'm wondering is this: should I keep my Durango or get another one? Pricing-wise, it would be about the same ($50 in gas per week x 4 weeks = $200) and $200 monthly payments.

Though, the price of gas in my Durango might increase a lot because starting in February, I'll be driving to school more often, which will increase my weekly mileage. I've weighed the pros and cons of my Durango being a "short-term" contract (meaning it's not a long-term commitment) vs a newer car (where i'll have to pay it off every month -- which could be hard bc I'm gonna graduate in 2014 and idk what my finances will be then). But any advice would help!

Nomadd · Accepted Answer

A used Prius would be a terrible choice. Many older ones have failed battery pack and just run on the gas engine. 
 Your "pricewise" analysis doesn't make much sense. You won't save $200 a month unless you buy a car that doesn't use any gas. But you will save at least $100 a month, More if you drive more. 
 The Durango is probably nearing the end of it's life anyhow. Lukewarm heat could mean a clogged radiator core, which is a monster to replace. And lots of other things are going to start failing on that truck soon. You really don't want to start pouring large amounts of money into an old, high miles vehicle that was one of the lowest quality rides made.

D Roach · Answer

I would drive the Durango until it is junked And then buy another car.    The Math for another used car savings on gas is not there.   You know the Durango.   A used car is someone else's headache and takes a lot of cash to get sorted out.   .   My two cents.

JerryJ · Answer

Actually, a used Prius is a good choice. Get one that's 2004 or later because they have the new style batteries and many improvements. The Prius has been shown to be very reliable and low maintenance. The battery is no more of an issue than the automatic transmission is on an old fashioned car. 

http://bc.ctvnews.ca/hybrids-prove-very-reliable-1.599754

My 2004 has 140,000 trouble-free miles and still runs like new.

2004 Prius MPG from the logbook. (Complete years only):
2003-2004 -- 50.8 mpg 17,628 miles
2005 -- 52.6 mpg 14,688 miles
2006 -- 56.3 mpg 16,174 miles
2007 -- 57.3 mpg 18,384 miles
2008 -- 59.9 mpg 21,755 miles
2009 -- 61.4 mpg 16,177 miles
2010 -- 65.2 mpg 12,134 miles
2011 -- 66.9 mpg 11,272 miles
2012 -- 69.2 mpg 16,212 miles

Of course, just like any used car, you'll need to get it checked out mechanically and for accidents and clean title.

Anonymous · Answer

keep the durango while you're in school. Sure, the gas is higher, but you know its reliable, and getting some new car can be uncertain as far as reliability. you can not afford any repairs.

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Keep my current car or get a newer one?

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