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I'm with Noel.
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Posted by PGAero [Email] (#1143) [Profile/Gallery] (more from PGAero) on Wed, 23 Jan 2008 09:30:18 Share Post by Email
In Reply to: But then you have lease payments forever..., Noel, Tue, 22 Jan 2008 15:49:25
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First, to get it out on the table, I don't care if my car is the newest, fanciest, has bluetooth, etc. I just don't care. I want it to be fun, reliable, relatively safe, and good looking (Totally subjective). I don't mind working on them, and I actually quite like it. I average about 10,000 miles per year.

I think that Noel's estimate of $1,000 - $1,500 per year on maintenance is reasonable. (Although my records indicate it's a bit high, but, as he said, sometimes the stars align.)

I've owned three cars in my life:
Car 1:
1985 BMW 325e
Purchased for $4,200 in 1996.
Totaled in an accident in 1999. (Someone ran a stop sign... not me.)
Insurance paid me $5,000 for it. (I had put a lot of time and some money into improving it's condition... amazing what a regular wax job will do to appearance... and value, huh?)
Depreciation: -800
Maintenance: $4,500 (I could find my records, but I don't have them with me)
Total "Expense": $3,700
=<$110/month

Car 2:
1989 BMW 325iS
Purchased (with above Ins. money) for $5,000 in 1999
Sold in 2004 for $4,200
Depreciation: $800
Maintenance: $7,500 (I can check but I think this is a very high estimate for that car...)
Total "Expense": $8,300
=<$140/month

Car 3:
1993 Saab 9000 Aero
Purchased for $7,400 in fall 2004 (with 44K)
Currently own. (Probably worth about $5000)
Maintenance: $4,500
Total "Expense": $5,900
=<$125/month.

This doesn't take in to account that insurance for an "old" car is surely less than for a new one.

So, while Noel spends his extra money on a cabin on the lake, I could, theoretically, buy a motorcycle. Mike, you surely can't disagree with that!

Cheers!

~Peter
'93 9000 Aero
'94 R1100RS

posted by 75.26.186... 

_______________________________________
Past:
'06 9-5 Combi, AT, Polar/Black
'04 9-5 Aero Wagon, AT, Nocturne/Granite
'03 9-5 Aero Wagon, 5spd, Polar/Black
'03 9-5 Aero Wagon, AT, Steel/Charcoal
'00 9-3 Viggen, 5D, Silver/Black
'93 9000 Aero, 5MT, Cirrus/Black (Owned this one twice... my favorite)
'86 900 SPG, Edwardian/Buffalo Grey
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