What's the longest you've owned a car? How long do you plan to keep your Mirage?

[LilBlueNugget]

I owned a gorgeous Saab 92x, which is nothing more than a Subaru Impreza with Saab badges. That was my first car, owned for 4 years.
The Mirage is my first brand new car, still have 7 years left on the 8 year loan so at least that long! At that point assuming I match what I've done my first year of ownership, she will have well over 300,000 kms. Ill be driving the LilBlueNugget till shes scrap!!!

[Eggman]

The Mirage is my first brand new car, still have 7 years left on the 8 year loan so at least that long! At that point assuming I match what I've done my first year of ownership, she will have well over 300,000 kms. Ill be driving the LilBlueNugget till shes scrap!!!

Eight years? That's a lot of interest payments.

[Fummins]

I agree 8 years is a long time to pay for a car, especially one of the cheapest new cars money can buy. I don't even see 96 month as an option on the mitsu canada site. I'd hate to be making payments on a car that's out of warranty and needs major repairs exceeding the value of the thing.(I can't wait for wife's sorento to blow up just past warranty lol) But not everyone is in the position to pay off a car in 2-3 years.

[Eggman]

But not everyone is in the position to pay off a car in 2-3 years.

And neither was I for many, many years. While I was driving junkers and fixer-uppers, I built my savings.

One good part of having a long loan term is it gives some leeway in making payments. Payments are low and helps keep the car in hard times. When times are good, any extra cash can go toward paying down the principal and shortening the life of the loan.

[LilBlueNugget]

Eight years? That's a lot of interest payments.

Oh you got that right!! It was my only option at the time though, I had to move back in with my parents and was considering bankruptcy. I didn't want to buy another used vehicle as my last had cost me everything. So I burried another loan that was just under the value of the mirage. The only good thing is I can pay it off early without penalty, so when a few extra quid come that's where it goes.

[LilBlueNugget]

I agree 8 years is a long time to pay for a car, especially one of the cheapest new cars money can buy. I don't even see 96 month as an option on the mitsu canada site. I'd hate to be making payments on a car that's out of warranty and needs major repairs exceeding the value of the thing.(I can't wait for wife's sorento to blow up just past warranty lol) But not everyone is in the position to pay off a car in 2-3 years.

Like Eggman stated my plan is any extra cash goes to the loan. The loan I buried was close to 10 grand on a vehicle worth 15..... That's why I took such a long term.
I just hope that regular maintenance and repairs keep me from having anything too major happen once she falls outta warranty. Trust when I say I'm only 1 year in with zero worries or complaints so far but that still a creeping thought in the back of my head! My last vehicle was used no warranty and completely died a year after ownership. Spent everything I had till I caved, it was between the Micra or Mirage, I preferred the Mirage and Mitsubishi's warranty closed the deal. Least I'll get a couple years of warranty with the rate I drive.

[dspace9]

I just hope that regular maintenance and repairs keep me from having anything too major happen once she falls outta warranty. Trust when I say I'm only 1 year in with zero worries or complaints so far

I've been driving my Mirage since I bought it new in April 2014. I have an 84 month loan, at 2.9% interest, and I think I end up paying like $1500 over the course of the loan, to interest. So $200 a year to lend me the money seems fair.

I think long-term payments make sense when you're buying a new car, for the long haul. Just watch the interest rates. Some of those shady dealers charge extreme interest rates. Highway robbery.

Seems to me, the younger you are, the less money you have. And sinking all your money into an old car just doesn't make sense, when you can have near-trouble free driving with your Mirage. Happy motoring!

**consider Krown rust control. That will keep your Mirage's body in good shape, as well as your electrical. Worth the money to keep your car looking new after 6 years!

[Fummins]

At least these are cheap to fix if you are able to source used parts and know how to turn a wrench. It's sure nice having something that costs less than a case of beer to fill up with fuel and doesn't need some type of repair every other month.

[Mark]

Like Eggman stated my plan is any extra cash goes to the loan. The loan I buried was close to 10 grand on a vehicle worth 15..... That's why I took such a long term.
I just hope that regular maintenance and repairs keep me from having anything too major happen once she falls outta warranty. Trust when I say I'm only 1 year in with zero worries or complaints so far but that still a creeping thought in the back of my head! My last vehicle was used no warranty and completely died a year after ownership. Spent everything I had till I caved, it was between the Micra or Mirage, I preferred the Mirage and Mitsubishi's warranty closed the deal. Least I'll get a couple years of warranty with the rate I drive.

If someone can't afford to pay off a car early, the 5-year/60,000 mile bumper-to-bumper warranty is really a nice perk. Even if you drive more than 60,000 miles those first 5 years, you will still have the 10-year/100,000 powertrain warranty to fall back on. If someone is living pay check to pay check, it's nice to know more expensive/major repairs are covered during that payment period.

I don't see myself having a car payment for the next 10 years or so, & I can thank my cheap, dependable, paid-off Mirage for that!

[TJ18CVT]

My Mirage replaced the 2009 Accent I bought new.....so 10.5 or so years. I plan to do the same with the Mits.