Car Expenses

[theoldwizard]

Interesting ! No one mentioned lease. Good ! I know you were all smart ! The only advantage a lease has is "new car smell" every couple of years !

The other smart thing folks are doing here is long term ownership. If you add in paying cash (or getting some kind of hugely discounted loan for multiple years) you are on your way to maximizing your Total Cost of Ownership.

Last report I saw, the best re-sale value on a 2-3 year old car as the Mini Cooper ! Toyota and Honda models were next. I have not seen any reports on 5+ year old re-sale, but I think you really need to keep a car at least that long !

Being a Ford Retiree, you can guess what brand I have been driving (But perhaps not the next one !). My 10 year old E-150 didn't even need tires for the first 5 or 6 years. Finally did ball joints, shocks and springs when it was 8, with only 1 other major repair in its life time.

BTW, for those who just can't justify a "new" car, the biggest depreciations is in the first 2 - 4 years. Buy after the drop. Calculate buying new tires, brakes, etc. either soon or within the first few years of your ownership.

P.S. I do all of my own maintenance, because I like to, I can and it saves me a couple of bucks !

[Sam]

Quote:

Originally Posted by Want2retire You would expect a beautiful finish on a $3500 car? Whew, you must drive a hard bargain!

Yes, I do A cosmetically well kept vehicle is usually an indication of a mechanically well kept vehicle as well.

[cute fuzzy bunny]

Quote:

Originally Posted by walkinwood Try this site True Cost to Own ratings at Edmunds

Sort of okay. I wish it let you tweak some more of the parameters and I have no idea where they get the 'maintenance' numbers.

For example, it quotes $746 in year one maintenance for my pilot. Actual year one maintenance was $50.

[Jay_Gatsby]

Quote:

Originally Posted by theoldwizard Interesting ! No one mentioned lease. Good ! I know you were all smart ! The only advantage a lease has is "new car smell" every couple of years !

I was in the auto parts store the other day and came across an air freshener that had the "new car smell". It cost 99 cents. Sounds a whole lot cheaper than a car lease.

[Nords]

Quote:

Originally Posted by Jay_Gatsby an air freshener that had the "new car smell".

Mmmmm... outgassing formaldehydes & resins... mmmm....

[TromboneAl]

I have to admit that I like that new car smell. I tried one of those air fresheners, but it was nothing like real new car smell. If there was one thing that you'd think they could duplicate with chemicals, it would be that.

Maybe I'll just stop by the dumpster by the carpet store and throw some scraps in the back seat.

[CuppaJoe]

Thanks so much for your kind replies. Now I see why I’m not retired yet, I over-estimate costs. I’m still working on my guesstimates and besides purchase (or lease) price, gas and insurance, would include the cost of:

toys for the car, like antenna ball
maintenance supplies like anti-freeze, touch
up paint, oil and filters
parking sticker from City for residents
rental space in a nearby parking garage
($350/mo, optional)
occasional meter and garage parking
parking tickets
speed trap tickets
vandalism: replacement or repair of
whatever was stolen, slashed or ruined
retrieving stolen car from impound lot:
police fee, exorbitant storage fees
occasional car wash
cost of pounding out dents from "guy in van"
occasional replacement of batteries,
tires, etc.
a couple of refresher driving lessons
a couple of new car manuals to learn what
has changed in 37 years since last car
was built (download for free?)
driver’s license fee (is this the only
cost that continues without car ownership?)

It’s no wonder that car-share companies are springing up near the $350/mo. parking garages. I’m wary that they might be like fly-by-night gyms that require one-year pre-paid memberships before disappearing mid-membership. On the up-side the car-share option might be good after R as there would be less demand on weekdays.

Thanks again, your posts make me want to get in a car and
drive cross county again
CuppaJoe (AKA Rip Van Winkle)

[theoldwizard]

Quote:

Originally Posted by Nords Mmmmm... outgassing formaldehydes & resins... mmmm....

Sounds like an ex-auto industry guy !

What most folks don't know is that in addition to passing a "tailpipe test" new cars must a "shed test".

The car "soaked" at about 78 degrees for 24 hours and then placed in a sealed box ("shed") and the "emissions" of the non-running car are measured. The test was originally designed to see how much gasoline vapor was leaking from the tank and fuel system.

What was discovered in the 70's was that the outgasing of vinyls in the interior (and don't forget those cool vinyl roofs back then ) actually release more hydrocarbons then the gasoline vapor seeping from the tank !