gamboolman
Recycles dryer sheets
#1
We maintain our vehicles and drive them for a long time.
We maintain our vehicles and drive them for a long time.
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For me, my cost over past 5 years has been just under $20k. For 7 years my cost will be about $27k. Cars I drive are between $40-50k. My current car had $46k MSRP, my lease payment is $300/mo. That's no money down which is only way anyone should lease a car. I don't pay for maintenance as dealer covers the scheduled maintenance. I'm always under warranty, so any repairs are covered. I also get a free loaner when car is due for maintenance or warranty work, they bring the car to me. I don't drive massive miles, 12k/yr is sufficient for my driving needs, more so for past year due to Covid. So my out of pocket costs truly is just my payment, I'm ok with $3,600/yr (18 more months). Plus a new car with new tech and safety.
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If you don't mind sharing, what's your all in cost for 5 year period for owning your car; loan payments, maintenance and repairs, less what you reasonably think your equity is today? How much you expect you'll spend on repairs and maintenance for the next 2 years when you enjoy the freedom of no payments?
I'm impressed, and if you would ever want to share how you do this, I'd be happy to learn.
I will spend close to your $36,000 (10 yr period) on my van which is now 6 yrs old.
Paid $31,744 including tax for the van.
Oil changes for 4 yrs have been $400
Engine and cabin filters I changed: 40
Expecting new tires will be $700
Patched 2 tires for $50
Total so far is: $32,934
I have 1 more year warranty on the van.
Future oil changes: $400
Future Engine and cabin filters I change: 40
So known cost is $33,374 for 10 yrs.
However, my van even now is not $46K MSRP , so you are driving a nicer vehicle.
I'm impressed, and if you would ever want to share how you do this, I'd be happy to learn.
I will spend close to your $36,000 (10 yr period) on my van which is now 6 yrs old.
Paid $31,744 including tax for the van.
Oil changes for 4 yrs have been $400
Engine and cabin filters I changed: 40
Expecting new tires will be $700
Patched 2 tires for $50
Total so far is: $32,934
I have 1 more year warranty on the van.
Future oil changes: $400
Future Engine and cabin filters I change: 40
So known cost is $33,374 for 10 yrs.
However, my van even now is not $46K MSRP , so you are driving a nicer vehicle.
I don't have a 5 year period, and the data below include the actual "sold for" price, not an estimate of value.If you don't mind sharing, what's your all in cost for 5 year period for owning your car; loan payments, maintenance and repairs, less what you reasonably think your equity is today? How much you expect you'll spend on repairs and maintenance for the next 2 years when you enjoy the freedom of no payments?
1997 Lexus GS300, sticker price $41,963.
Last 5 years all in costs $14,270.13. Quicken report attached. (Miscellaneous category is basically registration and emissions tests plus one speeding ticket.) If you leave out fuel costs, which I think you might, the total drops to $9,219.44, or $153.66 per month.
I carry the vehicle in Quicken at $2,500 and don't really think it's depreciating or appreciating at this point. Zero loan payments, obviously.
It *is* old, I'll grant you. But it has everything I need (reliable, good MPG, cruise control, A/C, sound system, airbags, power everything) and a few things I like (heated seats, leather and wood interior).
And anyway, I think a lot of the newer fancier things are more likely to break down in expensive ways. I had a friend with a newer Jeep Grand Cherokee that he had to leave at the shop for several weeks because the DTE calculator broke, he wanted it fixed, and the DTE was integrated with the odometer so they had to keep it in the shop and replace the entire CPU for like $700.