AIBU to resist replacing our old cars despite my mother-in-law's comments?

[ISO3456]

To be honest, we’ve had some bad luck recently with our cars…

This week our car broke down this week on the motorway with a snapped belt (£400 fix)

Only 2 months ago an engine light came on the other car (our main car). Both cars are >10 years old & both just over >100k miles t

Both situations were stressful as they were on the motorway & 1 year old in the car. We had to sit at side of motorway for about an hour. Imo just unfortunate events & bad luck

Now my DHs mum (MIL) is pushing us to get a new car. It’s her comments which have annoyed me most & I think I need a AIBU check

We’re in our mid 30s & have ~100k between us in investment ISA but only <2k actual cash. Infact we do owe still for our main car 3.5k.

She’s mentioned it a few times since breakdown #1 but this week her comments were “what’s the point in having all that money in the bank & driving around in broken down cars”

My opinion is that our investments aren’t “money in the bank’, instead it’s our future income or early retirement
if we had decided to buy 2nd homes or pay off our mortgage instead, it wouldn’t have been seen the same so why should the stocks

Since she’s been going on about it, DH now talking about cars.

Maybe I’m just out of touch. So looking for opinions

AINBU - MIL keep her nose out (and talk to husband about NOT getting a new car)

AIBU - you need to buy a new car

You’re adults.

You don’t have to do anything your MIL tells or suggests you to do.

The end.

what’s the point in having all that money in the bank & driving around in broken down cars

Yeah, I think she’s right. They don’t have to be flash cars but reliable would be sensible.

New cars break down too. You could splash out and still spend just as much time in the garage.

I'd say a lot depends on whether your current cars are generally unreliable and fail a lot, or if they have isolated issues that, once repaired, are good as new.

New cars can break down as well - as well as having more new tech, so there's more to possibly go wrong! Yes, you may be covered financially under the warranty, so you don't end up out of pocket for it; but that still doesn't stop you from breaking down in the first place and having to wait for assistance.

I'd say to make sure that you get them serviced regularly; but other than that, they've probably still got plenty of life left in them. An engine light could be anything - including some relatively minor, cheap stuff; or even nothing at all and the on-board computer is just glitching.

You owe £3,500 on a 10 year old car with 100,000 miles on the clock - why.

No point in having £100,000 in savings when you are breaking down on a motorway.

Still owing money on a car with 100k on it seems odd to me especially as you’ve now discovered repair costs will start to become higher. While I agree your in-laws shouldn’t be pushy I can see why they are concerned you are driving around in an unreliable car with a baby

Unfortunately, cars contain thousands of moving parts and travel around regularly at 70mph - there's no such thing as a 100% guaranteed reliable car.

We bought it last year for 3.5k, my parents lent us money because i was on mat leave & bought a campervan around the same time. Due to pay them back soon, but they’re just in now rush for it

We just owe our parents the 3.5k, they lent us the money for the car but we owe them back

Sorry wouldn't be happening in our house, we have a new car which I use for kids and me and dh has an older one for getting to work etc and we have no savings other than what we save for next car. I find it really odd you owe on a 10yr old car and I wouldn't be taking mine in such an older car on motorways. Yous family are concerned about safety and more reliability nothing to be annoyed about

As far as we know they’re now sorted. Car #2 just come back from garage today with the £400 bill

We've always had older cars, I’d say we usually spend about £300 a year on maintenance on average when MOT comes around. but first time we’ve had a breakdown, although we then got 2 in 2 months on 2 different cars

First, she needs to shut her trap entirely about your finances. And you need to stop giving her personal information about your finances.

Second, I have now twice (in twenty years) bought a not as posh brand new car over posher older cars - because I am hopeless with mechanical stuff and I know I will be ripped off with a second hand car (as I was a couple of times before I instigated this rule). New cars are indeed much more reliable and they come with a nice long warranty period and give peace of mind, especially with a young family.

Third, it's up to you. Not her.

Your finances are nothing todo with your Mil.
However, there is no way I would be driving round with a one year old child in an unreliable car. Having to sit onthe edge of the motorway is incredibly dangerous.
Yes new cars can breakdown but it’s highly unlikely if you do your research.
Toyota are famous for having extremely reliable engines in cars which are maintained. Engines which can do 400,000 miles without breaking down

Its all well and good ‘saving for retirement ‘but not everyone makes it to retirement.
When DH used to get us a new car he would ask what I wanted - I always said I didn’t care as long as it had 5 star safety (European safety standard) which was the only thing I was concerned about when DD was little.
So on this -I’m with your MIL
Money in the bank is no comfort if you haven’t got anyone to spend it with -and accidents DO happen to motorists who have broken down.
i just would never risk it in order to keep money in the bank -how much is the life of any of you worth?

Stop telling her your business.
No one knows our finances, not family, not friends.
Nobodies business but ours.

The cars are fixed now, the belt was unlucky.
I think you should carry on with them.
I have plenty of money and have always driven older cars.
Not everyone cares about a new car.
Reliable from A to B, safely. Thats it for me.
Most of my friends like nice cars.
Different strokes.

I think she is right too. I don't now if I would have said anything in her position but would have wondered what you were thinking. Saving money is done after you've spent on what you need and it sounds as though you need new cars.

I agree with your MiL. You need to prioritise safety and the here and now over money for retirement long into the future. You need a reliable car on the motorway.

It is literally none of her business. Is she an acknowledged expert on cars?

Any car can break down. That's why you have recovery services. And engine warning lights are meant to come on. That's why they exist, and usually only indicate a maintenance issue.

If you were having different issues every month, then it might be time to look for a new vehicle but one problem in each is not a valid concern.

Have your cars serviced regularly. Ask your mechanic to watch out for a low km reliable second hand car, no more than three years old if you want to swap out one car for a more reliable one.

Speak to your accountant about what is the most profitable way to make use of your savings, if your objective is wealth creation.

I don't think driving new cars is more financially savvy than driving reliable, not too old second hand cars.

Stop telling your MIL about your car ordeals.

My Toyota corolla has 212000 km on it
It's 10 years old.
It broke down in January and cost me 300 euro.
After playing 300 euro I'm keeping it for another year at least.
It passed its national testing in May.

That 300 euro would bearly pay for a new car for a month.

Any car can break down.
Keep driving the cars until you get an expensive repair bill

Why does your MIL know about your finances?

What kind of cars do you have?
Toyotas just go on and on - they are workhorses! 100K is nothing on the clock for the cars. We got rid of a Toyota last year for a newer car. It was 12 years old and 130k on the clock. This was a mistake I now regret.

Garage owner here,we are finding that newer cars are braking down far more theses days,they have so many ridiculous electrical systems that aren’t really needed,plus the modern engines are rubbish compared to older cars.I advise my customers to buy cars 6 to 10 years old according to their budget that have proper service history ie with receipts not just random stamps in a book.Get it fully checked out at a local garage by a reputable mechanic who is old enough to know what they talking about(experience is vital) French and Italian cars are cheaper for a reason(electrical faults manly)Ask all family and friends if anyone is changing their car just because they want a newer one rather than because it’s playing up !. I would say 50% plus cars are being sold because of underlying issues (I see it all the time,i tell people what’s wrong with their car and they say oh ill trade it in then) Now it’s someone else’s problem ! So if you have a reliable order car get it serviced regularly and keep it as long as possible.Better the devil you know really.Good luck

You need to get that engine light looked at. YABU if you don't. We have had old cars. We airways keep them till they cost more than they're worth to fix.

I’ve always kept cars to well over 100,000 miles and never broken down. Diesel engines will go for a long way from decent brands. Sounds like you’ve been unlucky. The belt should have been replaced at a particular mileage though, mine needs to be done at 80,000 miles and my current car is on 65,000 miles so you should have kept an eye on that or your mechanic should have told you it needed doing. Unless it was just bad luck that a new one snapped?

Perhaps pause the investments for a couple of years and plan to replace your cars after saving up for them?

It's recommended that you keep a few months in accessible cash before investing so something else to look at?