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Originally Posted by anthonyb
Is the car paid off? Once a car is paid off, you have to spend way more than $2000/year before it financially starts making sense to get a new car. $2k/year works out to about $167/month - you're not going to find a comparable level of automobile for that amount in car payments.
If you WANT a new car, that's a totally different thing. Then it doesn't make sense to be putting money into a car you'd rather not keep.
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Well put.
To me, the main factors that go into this decision are reliability and safety, not cost per se since it will almost always be cheaper to maintain and repair a car you own than to buy a new vehicle.
Older vehicles MAY be somewhat more likely to leave you stranded (e.g., alternator or starter conks out on a road trip) compared to a brand-new, under-warranty car, and for some people that's enough to make them buy new. (Some people are more averse to risk than others.)
Safety is not likely to be a factor with a W210 vehicle as you already have airbags, etc. (Just don't forget to have your front spring perches inspected!)