Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-16-2007, 05:34 PM   #21
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
CFB has a point.

if this is your car then you probably need a new one. I'll venture out on a limb and say that if your car looks like this then start shopping...

__________________

__________________
MasterBlaster is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-16-2007, 05:55 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,160
Safety is another factor too. Newer cars have quite a few more safety features. I was just reminded of this when I saw that the president of JanSport (backpack company) died when the 70 Charger he was driving hit a telephone pole. I'm speculating that an air bag would've saved his life, especially since his two passengers had minor injuries.
__________________

__________________
RunningBum is offline   Reply With Quote
Old 07-16-2007, 07:54 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Quote:
Originally Posted by Webzter View Post
they started the burn with a bag of poo on the front porch.
YES!!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 07-16-2007, 08:47 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
I've done a spreadsheet on it, and I figured out I'd never justify a new car based on new car costs being less than used car repair costs.

Just think about $20,000 at 5% opportunity cost = $1000/yr

Plus depreciation of $1500-$2000/yr.

That buys a lot of repairs on an old car.
__________________
justin is offline   Reply With Quote
Old 07-17-2007, 10:19 AM   #25
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Quote:
Originally Posted by justin View Post
I've done a spreadsheet on it, and I figured out I'd never justify a new car based on new car costs being less than used car repair costs.

Just think about $20,000 at 5% opportunity cost = $1000/yr

Plus depreciation of $1500-$2000/yr.

That buys a lot of repairs on an old car.
I got rid of an 18 year old car because they stopped making parts for it 10 years ago.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Car Talk
Old 07-17-2007, 10:31 AM   #26
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
Car Talk

On National Public Radio there is a show by two brothers from Boston called Car Talk. One brother points out that if you buy a new car and set aside $600 (this is some time back so I would go with $1K) a year for repairs you should be able to go forever. This means fixing things as they arise. Sometimes people defer some work until the car is not worth fixing. You need to build up the fund while the new(er) car is running well, when you need a repair, even a $1k transmission some years on you have the funds already. And this has worked pretty well for me. Older Honda Civic kept running 11 years, replaced engine & gearbox with rebuilts , gave it to older son who ran it for 4 more years and finally died when a tree fell on it. Another car (Ford Taurus SHO) I had from new for 11 years & 150K miles and it saved me in an accident, only needed clutches.
Now the other brother says a new car every 3 to 5 years for reliability & safety.
There you have it, the testimony of two experts.
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Old 07-17-2007, 10:41 AM   #27
Full time employment: Posting here.
bow-tie's Avatar
 
Join Date: Mar 2004
Posts: 687
Quote:
Originally Posted by Khan View Post
I got rid of an 18 year old car because they stopped making parts for it 10 years ago.
C'mon... that's a defeatist attitude. This is precisely why we have junkyards.
__________________
Diggin' my way to financial freedom, one buck-at-a-time
bow-tie is offline   Reply With Quote
Old 07-17-2007, 11:03 AM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,251
Very interesting.... to me that is...

I took my car in because I smelled coolant... and I had all the 'stuff' done at 60K, new hoses, water pump etc etc...

The verdict... it is leaking at the heater core.. about $800 of work...

THEN they said the heater sensor was fried and it would not tell me the temp of the water... another $350 (I declined)...

THEN there is a air sensor (some idle problems when cold)... another $350... (also declined)...

Plus shop supplies etc....

SO... verdict would have been over $1500 for a car with trade in value of $1600...

I have to do the leak.. but will keep driving for another year or so and then probably get a new one...
__________________
Texas Proud is offline   Reply With Quote
Old 07-17-2007, 11:10 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
I have a 2003 Accord and a 2006 Odyssey, and I will drive them until the wheels fall off, or 300,000 miles each, whichever is first.

I think they are up to date enough safety wise that I don't have to worry...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-17-2007, 12:57 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,431
One of my old work buddies drives a 1990 Pontiac Grand Prix. Believe it or not, the car has almost 500k miles on it. He put a refurbished engine in it 2 years ago for $1000 and has had plenty of other maintenance over the years but it still gets keeps on perking.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-17-2007, 03:26 PM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Dawg52 View Post
One of my old work buddies drives a 1990 Pontiac Grand Prix. Believe it or not, the car has almost 500k miles on it. He put a refurbished engine in it 2 years ago for $1000 and has had plenty of other maintenance over the years but it still gets keeps on perking.
GM needs to buy the car from him, take it apart, and see how they made such a big mistake. I'm sure it was an error in Quality Control to have a GM car last that long..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-17-2007, 04:51 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,251
Quote:
Originally Posted by FinanceDude View Post
GM needs to buy the car from him, take it apart, and see how they made such a big mistake. I'm sure it was an error in Quality Control to have a GM car last that long..........
Probably nothing original on the car except the body... and maybe not even that....

But I do have to admit, my 95 Monte Carlo has been very good to me until now.. but only has 82K miles as I was away for a few years and also have two cars...
__________________
Texas Proud is offline   Reply With Quote
Old 07-17-2007, 08:31 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,431
Quote:
Originally Posted by Texas Proud View Post
Probably nothing original on the car except the body... and maybe not even that....
Oh it's the original body. Let's put it this way, his family won't be seen in it.
Wish I had a pic to post.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-18-2007, 02:23 AM   #34
Recycles dryer sheets
 
Join Date: Apr 2007
Posts: 113
Quote:
Originally Posted by FinanceDude View Post
GM needs to buy the car from him, take it apart, and see how they made such a big mistake. I'm sure it was an error in Quality Control to have a GM car last that long..........
Some of the GM engines (and transmissions) had incredibly long lifetimes. In particular, look at the number of full-size Buicks, Oldsmobiles, Pontiacs with a 3.1, 3.3, or 3.8 liter engine that have more than 200k or even 300k miles.

I had 200k on a 3.3l - it still ran perfectly smooth and had never burned a drop of oil. The car is still puttering around with another owner and a lot more miles 5 years later (the clutch converter torque solenoid did go out at about 180k miles, though). Very similar situation with a 3.8 - close to 200k miles when I sold it with zero mechanical issues.
__________________
cho oyu is offline   Reply With Quote
Old 07-18-2007, 02:36 AM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Quote:
Originally Posted by cho oyu View Post
Some of the GM engines (and transmissions) had incredibly long lifetimes. In particular, look at the number of full-size Buicks, Oldsmobiles, Pontiacs with a 3.1, 3.3, or 3.8 liter engine that have more than 200k or even 300k miles.

I had 200k on a 3.3l - it still ran perfectly smooth and had never burned a drop of oil. The car is still puttering around with another owner and a lot more miles 5 years later (the clutch converter torque solenoid did go out at about 180k miles, though). Very similar situation with a 3.8 - close to 200k miles when I sold it with zero mechanical issues.
I have a car with one of those engines. I think the transmission is reliable also.

I think someone else commented on this issue... I am not having major problems in terms of the basic engine or transmission... but every time I take the car in for some repairs, it seems like I am spending $500. Int the last 12 months, I have spent about $2k. I am not sure what I will spend in the next 12 months. On a simple cost comparison (my repair cost vs car payment) that excludes fuels and other considerations (which may make a difference), the 2k is less than a car payment would be less than if I were to get a loan and had a monthly payment.


I guess what I was looking for was a financial model (I wanted to cheat and not think to develop my own) that would give me a monthly expense plus depreciation of the car over say 10-12 years. I could compare the cost impact. There is some line or threshold where is makes sense money wise to buy a new car. Obviously, there are other considerations like reliability that need to be considered also. I am not concerned about absolute accuracy... just something to help me confirm the decision.
__________________
chinaco is offline   Reply With Quote
Old 07-18-2007, 08:44 AM   #36
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Quote:
Originally Posted by chinaco View Post
II guess what I was looking for was a financial model (I wanted to cheat and not think to develop my own) that would give me a monthly expense plus depreciation of the car over say 10-12 years. I could compare the cost impact. There is some line or threshold where is makes sense money wise to buy a new car.
Well someone could come up with an average cost to own a car. But that's not what matters... What matters is the cost to keep your car running. The variance around the average cost model is tremendous. If you are lucky you'll get a car that only needs regular maintenance plus the occasional repair. If you are unlucky you'll get a car with recurring problems or worse a problem that cannot be diagnosed properly. Those kinds of cars will cost you a bundle.

So you plunk your money down on something that seems reasonable, and you take your chances. That's kind of the way life goes.
__________________
MasterBlaster is offline   Reply With Quote
Old 07-18-2007, 09:37 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by cho oyu View Post
Some of the GM engines (and transmissions) had incredibly long lifetimes. In particular, look at the number of full-size Buicks, Oldsmobiles, Pontiacs with a 3.1, 3.3, or 3.8 liter engine that have more than 200k or even 300k miles.

I had 200k on a 3.3l - it still ran perfectly smooth and had never burned a drop of oil. The car is still puttering around with another owner and a lot more miles 5 years later (the clutch converter torque solenoid did go out at about 180k miles, though). Very similar situation with a 3.8 - close to 200k miles when I sold it with zero mechanical issues.
I'm with you on the 3.1 and the 3800. Actually, I had a 3100 motor in my 96 Grand Prix that is still being driven with 160K on it.........

3.3? Not so good.........and ANYONE with a 3.4 GM engine, your mechanic will be sending you gifts on the holidays...........

The 350 GM V-8 motors they put in Tahoes and Suburbans are pretty good too......too bad their base 4cyl engines are crap, with all the Japanese and Korean carmakers eating their lunch..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-18-2007, 09:59 AM   #38
Full time employment: Posting here.
 
Join Date: Jun 2007
Posts: 567
This is sort of off-topic, but I think it's handy to tie-in with the actual car purchase.

I read about this tip in one of the Motley Fool books and have since used it to help my FIL get a motorcycle and friends with their cars...

Basically, sit down and figure out what model and options you want. Come up color options that appeal to you. Then, fax every dealer for that car in your area and outline what year and model you're looking for, what options are necessary and which ones are desired, tell them something to the effect that you're accepting bids for your business and will decide on where to purchase within the week. Also, just tell them that you'll determine how you will pay to purchase the vehicle after you've chosen a dealer.

To make the comparison easy, ask for a quote that includes all costs such as tax, title, licensing and anything else. After you have that price, you can expand your search range (say you looked everywhere within 50 miles, maybe go 200 miles out). With those people, tell them the lowest price you've been quoted so far and then ask them if they can beat it.

Word the letter nicely, follow up and thank people you haven't chosen. Walk into the winning dealership with the faxed quote and buy your car. No emotions, no bartering, no haggling, and you'll save a ton.

When my FIL was here, they were thinking about a 2006 HD Sportster for his girlfriend... the 2007's were out so they thought they'd be able to get a decent deal. Prices in one place they looked were only down $500. We went to a dealership here and they had them marked down $1500 but they'd need to pay to get it railed to Arizona (FIL was in the middle of moving there).

I faxed every dealership in the area, every dealer around where they were going to be in Michigan to get his stuff, and where they were going to be in Arizona when he moved in with her. I told them I wanted a 2006 Sportser (I forget the exact model) and preferred color x or y, that we'd determine financing after we selected a dealer, and my current lowest price was $6000.

The feedback we got was awesome. Some dealers told us there was no way they could match that price and that it was a great deal. Some offered a similar price but would discount the rail shipping. some offered gear. I think we ended up with a dealership in Michigan that came down another $500 and threw in two helments.

all told, not bad for 10 minutes work.
__________________
Webzter is offline   Reply With Quote
Old 07-18-2007, 10:04 AM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,251
Quote:
Originally Posted by FinanceDude View Post

3.3? Not so good.........and ANYONE with a 3.4 GM engine, your mechanic will be sending you gifts on the holidays...........

That is what I have... the mechanic told me it was worse than the Yugo engine....

but truth be told... I have not had any problem with the basic engine at all.... this is the first time and it is an air sensor for cold idle... when warm it runs great.... and it is the cooling system that has gone crap on me..
__________________
Texas Proud is offline   Reply With Quote
Old 07-18-2007, 10:12 AM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Quote:
Originally Posted by Texas Proud View Post
worse than the Yugo engine....
Worse than two three legged squirrels?
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Attn savy car buyers, help me out wildcat Other topics 64 06-06-2007 01:40 PM
the compromise car - pictures added lazygood4nothinbum Other topics 23 04-09-2007 11:47 AM
$300/mo car loan to save $100/mo gas? green1 Young Dreamers 16 06-20-2006 11:48 AM
Helping a friend with car purchase fiasco WanderALot FIRE and Money 32 08-02-2005 03:33 PM
Used Car Purchase ferco FIRE and Money 5 02-25-2005 03:27 AM

 

 
All times are GMT -6. The time now is 05:35 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.