Skip to comments.Drive your car to death, save $31,000
Posted on 08/31/2007 10:27:15 PM PDT by 2ndDivisionVet
By keeping your car for 15 years, or 225,000 miles of driving, you could save nearly $31,000, according to Consumer Reports magazine. That's compared to the cost of buying an identical model every five years, which is roughly the rate at which most car owners trade in their vehicles.
In its annual national auto survey, the magazine found 6,769 readers who had logged more than 200,000 miles on their cars. Their cars included a 1990 Lexus LS400 with 332,000 miles and a 1994 Ford Ranger pick-up that had gone 488,000 miles.
Consumer Reports calls the Honda Civic a "Good bet" to make it to 200,000 miles.
Calculating the costs involved in buying a new Honda Civic EX every five years for 15 years - including depreciation, taxes, fees and insurance - the magazine estimated it would cost $20,500 more than it would have cost to simply maintain one car for the same period.
Added to that, the magazine factored in $10,300 in interest that could have been earned on that money, assuming a five percent interest rate and a three percent inflation rate, over that time.
The magazine found similar savings with other models.
To have much hope of making it to 200,000 miles, a car has to be well maintained, of course. The magazine recommends several steps to help your car see it through.
Follow the maintenance guide in your owner's manual and make needed repairs promptly.
Use only the recommended types of fluids, including oil and transmission fluids.
Check under the hood regularly. Listen for strange sounds, sniff for odd smells and look for fraying or bulges in pipes or belts. Also, get a vehicle service manual. They're available at most auto parts stores or your dealership.
(Excerpt) Read more at money.cnn.com ...
my 1998 saturn cost me 5,000.00 in 2003. paid for and still going strong.
2002 mustang still going strong, approaching 200K.
I buy 3 year old luxury cars wholesale, drive em for a year, and usually break even.
For you guys that can afford it, replace your cars frequently, the growth in technology is so rapid, that unless you have to (like me) don’t live with an outdated car.
I drive a 2000 car and it is fine for me, but if I wasn’t concerned about the money why would I skip seven years of modernity?
I got a 1966 Mustang for sale anyone want to buy it and try to kill it?
Than I must have saved a lot of money. I always keep my cars for 10 years or more. My 1998 Mercury Grand Marqui is really nice. Palomino leather seats, white with tan half top. All tricked out; but half the cost of the Lincoln Town Car. Had a Grand Prix for 10 years.
Our 1987 Plymouth Reliant (new when I bought it) has 280,000 miles on it! We brought our son home from the hospital in it when he was born.
Last year he got his driver’s license in it.
This year he was driving the car up to the day he went to boot camp MCRD San Diego.
Yes, but you need a car that will last that long in the first place. Case in point:
'78 VW Scirocco - 225,000+ miles (the odometer broke around 185,000). Every month it didn't need a repair, it was like saving a car payment. I literally drove it until the driver's seat welds broke loose from the floor, and it became unsafe to be behind the wheel during a turn :D
'95 Plymouth Voyager minivan - needed to replace the transmission at 65,000 miles, and again at 115,000 miles. I refused to replace it the second time, and dumped the vehicle.
Here in Alaska, no one cares about looks or style, since your car is either covered with snow, frost, mud, or insects for most of the year, the roads (in our town, at least) are all gravel, and there’s no way you can haul a moose leg, 40 salmon, or a yard of gravel in a new Prius. So there are many of us with cars that are at least 15 years old, and we tend to drive them until they die, at which time someone else comes along and resurrects them like Dracula in an old Christopher Lee movie. You do save a lot of money when substance trumps style.
Or, buy a new car/pre owned every five years and enjoy your car to the maximum.... 31,000 after 15 years? BFD
Works for me. Still driving my 1990 Dakota 4 x 4, paid off in 1993. Ugly dog, boring to drive, but...cheap cheap cheap. I’m afraid it won’t last 5 more years, then I will be forced to buy another...boring old dog.
1984 Toyota Supra. 270,000 miles. Paid $1500 for it in 1998. Runs like an absolute top. I think I’ve gotten my money’s worth.
Purchased a new Ford ZX2 in 98 and still going strong at 65k miles (I don’t drive long distances very often). Paid off in 2002 and about $5k on maintenance and repairs so far.
I think I picked the wrong car to go the long haul with though.
This article makes me want to buy a new civic.
As for me, the twins have 379,000 between them...
1986 745i, 1984 733is
The 1984 733 above has 214K on the original drive train...
And I own and have restored both for less than a base model Accord.
This isn't a photo of mine, but this is the car.
215,000 miles in one of these. It'll still go fast enough to put me in jail. Nothing quite like it being built today, either.
Subaru SRX, right?