4 ms·

My car is old but reliable. KBB says it's worth about $2,500 with 140k miles on it. It's made by Toyota and the total cost of repairs in the 60k miles I've owne

by gibybo 9y ago

My car is old but reliable. KBB says it's worth about $2,500 with 140k miles on it. It's made by Toyota and the total cost of repairs in the 60k miles I've owned it is has been less than $300 (alternator, battery, a belt, and some fluids), so I think it's reasonable to assume I'll get at least another 60k miles out of it with less than $1k in repairs. If we assume the worst case scenario where the car is worthless after the next 60k miles and I have to spend $1k repairing it, that's a total cost of 5.8 cents a mile. At 10k miles/year, that comes out to $48/month. I don't pay interest on a loan for it, but even if I did it would only be another $8/month at 4% APR. It gets 25 MPG, at 10k miles/year and $2.50/gallon, that's another $83/month. My insurance is $30/month. $48 + $8 + $83 + $30 = $169/month, well below $300-400. FWIW, I actually only drive about 6k miles a year, so my actual cost is only $29 + $8 (opportunity cost) + $50 + $30 = $117/month.

TulliusCicero 9y ago
Assuming less than 1k in repairs/maintenance on a car with over 140k miles over the course of 60k miles on it is incredibly optimistic. Just oil changes + brake pads + tire replacements would eat a good chunk of that, let alone something actually going wrong. I also had a car that was reliable, a 2002 CRV...well, it was reliable until we got past the 150k mark or so, then it started costing us big time to replace shit.
BartBoch 9y ago
What if your car will completely break down? You need to add the cost of the car to your valuations for this to be viable.
- gibybo 9y ago
  The full value of the car ($2.5k) + $1k is included.
  - BartBoch 9y ago
    This is not the value of the car. This is the value of YOUR car. A car you know and the car you have driven. In case of buying a new car, you cannot be sure that the car will just die a month after buying.
treis 9y ago
You have probably the cheapest insurance in the US. Realistically, that number is going to be double and that's for state minimum coverage for a low risk driver. At that point, you're self insuring quite a bit and you should add that in. As others have noted, your repairs probably don't even cover basic maintenance like battery, oil changes, or fluids. You don't have registration/sales tax in your value of the car. Do you ever pay for parking or a car wash? You should probably also add in any taxi or Uber/Lyft rides you already take to get a total transportation cost.
- gibybo 9y ago
  >You have probably the cheapest insurance in the US. I don't think so, it's just a cheap car. It is well above state minimums (I think minimums are 25k/50k and it's 100k/300k). It includes comprehensive coverage but with a $2k deductible (mostly just useful for rental cars since $2k deductible is most of the value of the car). It has been as low as $20/month in the past. >As others have noted, your repairs probably don't even cover basic maintenance like battery, oil changes, or fluids. I specifically mentioned that they did. >You don't have registration/sales tax in your value of the car. Ah that's true, that adds about $20/month with emissions testing too. >Do you ever pay for parking or a car wash? Fair point, but that's less than $2/month on average.
  - treis 9y ago
    >I don't think so, it's just a cheap car. It is well above state minimums (I think minimums are 25k/50k and it's 100k/300k). It includes comprehensive coverage but with a $2k deductible (mostly just useful for rental cars since $2k deductible is most of the value of the car). It has been as low as $20/month in the past. That's crazy cheap. The cheapest I could find for state minimum in Georgia was $60 and that was answering the questions as a perfect driver. >I specifically mentioned that they did. But the numbers don't add up. There's no way you spent just $300 in 60,000 miles on maintenance. Oil changes alone would be $300ish. It should also be a brake job, new tires, and things like new wipers. On top of that you replaced an alternator, battery, and a belt change?
    - 9y ago

by gibybo 9y ago

TulliusCicero 9y ago

Assuming less than 1k in repairs/maintenance on a car with over 140k miles over the course of 60k miles on it is incredibly optimistic. Just oil changes + brake pads + tire replacements would eat a good chunk of that, let alone something actually going wrong. I also had a car that was reliable, a 2002 CRV...well, it was reliable until we got past the 150k mark or so, then it started costing us big time to replace shit.

BartBoch 9y ago

What if your car will completely break down? You need to add the cost of the car to your valuations for this to be viable.

gibybo 9y ago
The full value of the car ($2.5k) + $1k is included.
- BartBoch 9y ago
  This is not the value of the car. This is the value of YOUR car. A car you know and the car you have driven. In case of buying a new car, you cannot be sure that the car will just die a month after buying.

treis 9y ago

You have probably the cheapest insurance in the US. Realistically, that number is going to be double and that's for state minimum coverage for a low risk driver. At that point, you're self insuring quite a bit and you should add that in. As others have noted, your repairs probably don't even cover basic maintenance like battery, oil changes, or fluids. You don't have registration/sales tax in your value of the car. Do you ever pay for parking or a car wash? You should probably also add in any taxi or Uber/Lyft rides you already take to get a total transportation cost.

gibybo 9y ago
>You have probably the cheapest insurance in the US. I don't think so, it's just a cheap car. It is well above state minimums (I think minimums are 25k/50k and it's 100k/300k). It includes comprehensive coverage but with a $2k deductible (mostly just useful for rental cars since $2k deductible is most of the value of the car). It has been as low as $20/month in the past. >As others have noted, your repairs probably don't even cover basic maintenance like battery, oil changes, or fluids. I specifically mentioned that they did. >You don't have registration/sales tax in your value of the car. Ah that's true, that adds about $20/month with emissions testing too. >Do you ever pay for parking or a car wash? Fair point, but that's less than $2/month on average.
- treis 9y ago
  >I don't think so, it's just a cheap car. It is well above state minimums (I think minimums are 25k/50k and it's 100k/300k). It includes comprehensive coverage but with a $2k deductible (mostly just useful for rental cars since $2k deductible is most of the value of the car). It has been as low as $20/month in the past. That's crazy cheap. The cheapest I could find for state minimum in Georgia was $60 and that was answering the questions as a perfect driver. >I specifically mentioned that they did. But the numbers don't add up. There's no way you spent just $300 in 60,000 miles on maintenance. Oil changes alone would be $300ish. It should also be a brake job, new tires, and things like new wipers. On top of that you replaced an alternator, battery, and a belt change?
  - 9y ago