is it better to run a car into the ground or trade it in and buy a new one while there's still life?

Assuming the SAAB is paid off, it would be better to run it into the ground. There isn't much value in it anyway. A dealership wouldn't give you more than $500 for it and even that amount would only be symbolic. It's a 16 year old 200,000 mile car. Yeah, the difference between 176K and 200K is NEGLIGIBLE. To get maximum value out of a car you should always sell it privately yourself anyway. On the open market, I don't see anyone giving you more than a $1000 for it, assuming it still runs. Like you have correctly surmised, anything minor or major could go wrong with it at any time.

Again, You are greatly over estimating the trade in value and private sale value of this car. If something big breaks before you finish school, then, and only then would I consider buying a new, or newer car. Otherwise, finish up in May, get a job and treat yourself to a new/newer car.

Lets just say you can get another 6 months out of it. Assuming your new car payment would be $350, you can save $2,100 over that time, and get something for the Saab. So, keep it as long as you can.

The car is worth very little to trade in, so if it's still running, keep driving. It's not like it's going to depreciate much more.

Pay for routine maintenance and any little things that go wrong, but when something serious happens, then just scrap it and buy something better with the money you would have been spending on car payments if you trade it now.

It has no trade in value. Just fake trade in value that would be added to the car you buy.

Why "run it into the ground"? Why not take care of it and drive it forever. Cars are machines. It will last as long as you want it to last.

As far as trade in value is concerned, You've already reached the low point. It wont depreciate any more than it already has. The value of the car is already as low as it will ever go unless you choose to ignore the maintenance and abuse it.

Your Saab will become a money pit. But drive it for as long as you can.

Just get your finances right in case it doesn't last much longer.

If its not already killing you with repairs & maintenance, you are doing well. Keep doing it.

But don't buy another saab.

You need to understand"trade in value". Go into a car lot and look a ta car and I guarantee that if you ask for a price the salesperson will FIRST ask if you have a trade in.

When someone drives, tows, or somehow arrives at a dealership with a trade in, the price of the car you want to buy immediately is modified so that they can (on paper) give you a huge trade in, but in actuality get your car for little or nothing. You are much better off walking in with cash (or a pre-approved line of credit from a lender) and talking cash price. NOT what the dealer tries to use, which is "monthly payments'. Do you know how a dealer lowers a purchase price under "monthly payments"? They extend the note so it is smaller, per month payments that last longer! Old trick that many fall for! IE: Can't afford $500/mo? No problem, we can lower that to only $350/mo. (of course the $500/mo was for 3 years and the $350/mo was for 5 years, which is probably 2 years beyond the life span of many new cars!)

Proven fact: Most people who finance end up paying actual sticker price (plus finance, delivery set up, ad nauseum costs) but "think" they got a good deal because it is "only" x number of dollars per month. BTW: The "sticker" on the window is NOT the real "sticker price". "Sticker price" is the price that the dealer actually charges for that vehicle in that part of the country and with those options. It is always less than "factory" price. (which is the one on the window sticker!)

Next time you want to buy a large appliance, look at the factory website and see the "recommended selling price". Then go out to the store and see how much less the store charges for that same item. That is the same principle as used by car lots.

Trade the car for a newer one === with 176K on the dash you will get more in trade-in than you would get at a junk yard after the car quits ... The car is already 16/17 years old and the longer you keep it the more likely that it will cost you some bif bucks ... trade it now .....

Economically, you should drive it as long as you can with the minimum spent on fixing it.

But economics might not tell the whole story. If you have saved the money for the new one, and it would bring you happiness, go for it. A friend bought a new car because he was afraid that he was going to drink himself to death with all the money he saved by keeping the old car.

IF YOU HAVE THE CASH,GO TRADE IT IN