Like every Dave Ramsey devotee I tend to buy 10 year old cars, I just wish I could afford to pay cash. So we are talking 100k miles but they still run, until they don’t. The cost of the parts that they build cars with now are staggering. Struts, plastic parts, and the million electronic assemblies. If you buy a car with a smaller turbocharged engine those are super expensive once things start to go wrong. Have we reached the point that the smarter money is to find a “forever car” and just restore it? I’m debating between a GMT400, or a Jeep Cherokee. They are actually appreciating in value now. For the cost of a turbo and cats in a newer car I can have a rebuilt engine and transmission installed.
a “forever car” and just restore it
There is no such thing as a forever car; anything mechanical can and will break at some point, some sooner and some later.
There are still reliable cars being built and people are buying them with no problem. Take a Camry for example or Rav4; well built reliable cars.
They are actually appreciating in value now.
Cars are depreciating assets; you don't buy a car for it to increase in value and sell it for profit unless it's a vert rare special car.
For the cost of a turbo and cats in a newer car I can have a rebuilt engine and transmission installed.
This means the cost of rebuilt engine and transmission and labor etc. Usually not worth it.
Buy a good brand new Toyota. Or buy a good clean Land Cruiser.
I’m debating between a GMT400, or a Jeep Cherokee. They are actually appreciating in value now.
I have a '99 Jeep Cherokee. They are solid vehicles, old enough to be easy to work on but the newer ones at least have fuel injection and OBD2 diagnostics. (Of course being sold from 1984-2001 there were changes in technology. The 1997+ models are probably most desirable from the standpoint of serviceability.)
Cherokees were sold by the millions so not too tough to find one, but many have been hacked up with questionable modifications. Prices on the them have gone up in recent years. I paid $2K for a decent Cherokee about 8 years ago but you're not likely to find anything good for that kind of money now.
The main downside for daily driver or commuter use is poor gas mileage, about 15-16 mpg with the 4.0 six and AW4 automatic trans which is the most common setup. (You'd need a 4 cylinder model with standard transmission to break 20 mpg.) Also, aftermarket support is good but some OEM parts have been discontinued by Chrysler.
If interested in one of these you'll probably want to check out a Jeep Cherokee forum for details on what to look for.
