4 ms·

$10,000 per year?? That sounds... incredibly high. Insurance is maybe $1k? (I pay ~$650/yr). Fuel maybe another grand? (I've paid ~$750 year-to-date). Repairs c

$10,000 per year?? That sounds... incredibly high. Insurance is maybe $1k? (I pay ~$650/yr). Fuel maybe another grand? (I've paid ~$750 year-to-date). Repairs can add up, but I don't think I've spent more than $1k in a year on repairs for my 23 year old car, which I bought for $2.5k three years ago. 10k a year only sounds reasonable if you're making payments, and I suspect the amortized cost once you (eventually) sell the vehicle will be much lower. Granted, this is only my own experience, but considering it's so far off from 10k makes me wonder how accurate that statement is for the general population.

ska 10y ago
Buying a 23 year old car puts you in the outliers already. Typically with that age you'll have trouble keeping the yearly repairs averaged at below $1000, but you might. Lots of people are eating a few grand in depreciation each year, plus higher fuel costs, plus higher insurance rates. And don't forget financing costs, licencing, taxes. Many people are clearly eating more on depreciation than you are spending, all in. 10k may be a little on the high side, but 5 or 6k isn't at all (you're already at, what 3 to 3.5 on the cheap end).
- alexc05 10y ago
  in fairness to you an hawaiianbrah I'll admit that the $10k is pretty close to an upper limit on that one... any maybe rounded up as well. So my napkin calculation was roughly $30k for the base auto, financed at $500/month for 5 years. $1000/year on insurance and $50/week on gas. $500 * 12 = $6000 $50 * 52 = $2600 +$1000 total = $9600 In the above calculation there's $0 spent on service & $0 on financing interest. The theory is that as age goes up, the annual repair cost increases as well. I think there's also a bit of a confound in the fact that I'm operating in Canadian dollars where my numbers might be inflated... as well, I haven't owned a car myself since somewhere around 2005. My payment at the time was $450 on a Mazda 5. All said and done though $5k to $10k is not a wildly unreasonable range. Which I think we were generally agreeing on.
  - ska 10y ago
    Yes, we agree. Plenty of people are paying more - the depreciation and finance cost on a nice new german sedan is already getting you up there.

ska 10y ago

Buying a 23 year old car puts you in the outliers already. Typically with that age you'll have trouble keeping the yearly repairs averaged at below $1000, but you might. Lots of people are eating a few grand in depreciation each year, plus higher fuel costs, plus higher insurance rates. And don't forget financing costs, licencing, taxes. Many people are clearly eating more on depreciation than you are spending, all in. 10k may be a little on the high side, but 5 or 6k isn't at all (you're already at, what 3 to 3.5 on the cheap end).

alexc05 10y ago
in fairness to you an hawaiianbrah I'll admit that the $10k is pretty close to an upper limit on that one... any maybe rounded up as well. So my napkin calculation was roughly $30k for the base auto, financed at $500/month for 5 years. $1000/year on insurance and $50/week on gas. $500 * 12 = $6000 $50 * 52 = $2600 +$1000 total = $9600 In the above calculation there's $0 spent on service & $0 on financing interest. The theory is that as age goes up, the annual repair cost increases as well. I think there's also a bit of a confound in the fact that I'm operating in Canadian dollars where my numbers might be inflated... as well, I haven't owned a car myself since somewhere around 2005. My payment at the time was $450 on a Mazda 5. All said and done though $5k to $10k is not a wildly unreasonable range. Which I think we were generally agreeing on.
- ska 10y ago
  Yes, we agree. Plenty of people are paying more - the depreciation and finance cost on a nice new german sedan is already getting you up there.