Re: To sell or not to sell? 03 Aero - Saab 9-5 Bulletin Board - Saabnet.com
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Re: To sell or not to sell? 03 Aero
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Posted by jeff in MD really (more from jeff in MD really) on Fri, 31 Oct 2014 08:29:49 Share Post by Email
In Reply to: To sell or not to sell? 03 Aero, Blake, Fri, 31 Oct 2014 07:26:00
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When it comes to financing your cars the best way to look at it is in the long run. Assume each car is good for 10 years and that you replace them alternately, 1 every 5 years. How much do you want to spend per car? Let's say $25,000. That means you need $25k ready every 5th year. That means you should be saving (ie, making "car payments" to your savings account) $416 per month whether you have an actual loan or not. If you get more than 10 years out of a car, or spend less than $25k on it, you'll be ahead. If a car doesn't last as long or costs more, at least you'll have a huge down payment ready. We also use that car fund to cover the cost of substantial repairs or maintenance on our existing cars, though there hasn't been much. That's general advice.

I'm in a similar situation as yours. My '03 Aero has 198k miles and my wife has an '06 Accord with ~94k. Both are paid off. We are targeting replacing the 9-5 with an Odyssey/Sienna next summer and have most of what we need to pay cash for a 2 year old CPO model. Her Accord is probably good for another 7-8 years at which point we'll be ready to pay cash for its replacement too. Repeat ad infinitum.

My specific advise in your situation is to hold on to the Aero and start saving aggressively. Since mine passed 140k (4 years ago) I've spent a grand total of $6,400 in maintenance, $1,330 of which was tires. That's only $0.11/mile or $1,600 per year, way less than the cost of a new car.

jeff




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