Have you, or have you known anyone, to keep their high-mileage vehicle, but put a new or rebuilt engine into it? We've had our 2005 Dodge Durango SLT since December 2005, when we bought it used. It was originally sold in March 2005 as new. It now has almost 172,000 miles on the engine. Have replaced a number of things on the engine, including valve covers and fuel injectors. We know that someday, IOW, sooner or later, the engine will either quit or be too expensive to have repaired. So, what comes into view is, getting/buying either a new, or rebuilt engine, to put in it. We have looked at older Durango's, but their mileage was just that, "old/high". We can't afford a new Durango, that is definitely for sure. Thoughts, please.
When my son was in college we had a rebuilt engine put in his old Chevy pickup truck because that was the most cost-effective way to keep him with transportation. The engine came with a warranty and ran very well for a few more years until he wrecked it. I think a rebuilt engine is fine because they have been... rebuilt.
Yesterday, we checked with the auto service we've had our Durango at, to check about a new/rebuilt engine. The total cost to us would be $8,000, which includes buying the engine and installing it. He used our VIN to find the right engine. So, come along the end of August, will have it done. That way, we won't have to rent a car each time we need to take a weekend or week of vacation.
What comes to mind is your old Durango and $8000 would by a pretty darn good vehicle, with low miles and a lot newer too. And if you should ever need to sell the Durango it's value is that of a 2005 model.
Also, you can rent a lot of vacation cars with $8,000 Cody. Back when we got the rebuilt motor for my son's truck it was much cheaper. I think just over $2,000 but that was a while ago.
What does your mechanic say regarding the condition of the rest of the vehicle? What does he say about that engine? Does your mechanic agree that expensive repairs are likely to be on the horizon? How much could you get for your Durango NOW before all those bad things happen? As Beth said, if your Durango is getting you around town OK, the occasional vacation rental cost is no big deal. I recently got rid of my 1990 Volvo and bought a new car. But I don't have a rental car company anywhere near me. No one's gonna "pick me up." If I had rentals closer to me, I might have kept the beater and just rented a car for trips.
@Cody Fousnaugh EIGHT GRAND for an engine? My first-year Mustang, ordered in August, 1964 with High Performance Option, cost $3150. Base price for the new Mustang was just a bit over $2000! How times have changed! Frank
First of all, our Durango fits me fine. I have to push either the drivers seat or passenger seat all the way back to sit comfortable, but that's fine. Love how high up the Durango is, compared to how low a VW Jetta, that we have rented before was. I felt like I was sitting on the street and driving! The Durango has taken us to both levels (upper and lower) of Yellowstone National Park, into Rocky Mountain National Park for the elk "rut" (breeding), all the way down to Jacksonville, Florida from our old house south of Denver, CO, to Orlando and Tampa Bay and back to Colorado from Jacksonville, Florida. It has AWD and 4-Wheel Lock, which is great for snow/winter driving here. It has All-Terrain tires on it. Great A/C for the summer. Pulls our boat, that has a 5.7L I/O V-8 350 Chevy engine in it, very, very good. IOW, it's been an excellent vehicle for us! And, on top of all of that, during the summer season, rentals vehicles are rented out fast here. Unbelievably fast. And, the rental cost for summer rentals isn't cheap.
As for the $8,000 for engine and install, the old saying goes with that "cheaper doesn't always mean better". We want a top-quality rebuilt engine and great install. We know the auto service that would install it and they have worked on our Durango engine before. And, we found out last night, that my BIL (wife's brother) is thinking about doing the same thing to his car engine that has 182,000 on it.........replacing the engine. We were really surprised that he was thinking about the same thing we had in mind.
Interesting that an inflation calculator says that $3,150 in 1964 is worth about $21,000 today. Good luck buying the equivalent of that 'stang for $21k. ps: My older brother bought a new Camaro 350SS 3 years later.
There are no right answers for everyone, and if spending the $8,000 for a new engine in an old vehicle is what works for you and makes you happy, then that is what is important. The rest of us can only look at this from an outside viewpoint. You asked for our thoughts, and that is what we have been giving you. Personally, it does not make sense to me to spend twice what the vehicle is worth to put a new engine in it, and there are SO many things that can go wrong on older vehicles, that even if the engine is new, there is a greater likelihood of the vehicle breaking down on a long trip. With almost 200,000 miles on the whole vehicle, you could have transmission problems, and just regular things like brakes and wheel bearings , go out. I am in total agreement with @Sheldon Scott . With the money you get for selling the Durango plus the $8000+ you will be spending for the new engine, you can buy a lot newer vehicle. Since the price of gasoline is also going up at a frantic rate, large vehicles that use a lot of gas should be at a better value to purchase right now, too. People tend to buy more economical vehicles as fuel prices go up and the gas-guzzlers can go much cheaper when gasoline is high.
@Cody Fousnaugh -- Cody; it seems to me that you follow a pattern. You post something, ask for "thoughts", and then go about arguing with anyone who posts their suggestions. Seems to me you already had your mind made up and are just wanting to justify it somehow. As you like to say... "IOW"... just do what you want and be comfortable with it. I hope the new engine works out well; be sure to get a warranty in writing.
Edmunds lists average value for the different trims of 2005 Durangos here. 2005 SLT values at your mileage for private party sale (higher than dealer trade-in value) range from $1,300 to $2,400 depending on condition and 2WD/4WD. But there's more moving parts than just this, like what your affordable options might be. Here are all the Durangos Carmax has for sale, nationwide. There are 74 of them. The oldest is 2009.
As of currently, we are still going to change the engine and keep the Durango, but now do wonder the percentage of people that do that. We do know, from checking online, that we'd get very little-to-nothing at all for a trade-in or sell it privately. I mean, really, just who would want to buy a vehicle with an engine that has 172,000 miles on it? Just so we could sell our boat later, we had a whole new block put into it in 2012, along with new alternator, starter, spark plugs/wires and a new/rebuilt carb. Had the stern, around the outdrive, redone with new fiberglass. The outdrive has been redone inside. Cuddy cabin floor redone. In the last few years, we've found a few soft spots on the main deck, but it's just not bad enough to replace. And, btw, the new block was due to a bent rod. We've put quite a chuck of money into the boat, but most entertainment cost money and sometimes plenty of it. And, whether it's the Durango or the boat, we've got all invoices showing what we've had done to each. IOW, we know both and how they run. Yes, we know the transmission could go out, sooner or later......brakes, new tires, whatever, but that's just part of owning/driving a vehicle.
And, if a person goes thru a Dealer, even with a trade-in, they will want to know your yearly income. Today sure isn't like it was in 2005, when we were both working and bring in a descent yearly salary. My wife's job isn't permanent and, after that job stops, we will be back to yearly income of SS only. To me, I think Dealers want a major income, as in a nice Pension and SS.