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Tim Frazier

Old vehicles as a "value"

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Dogwood
3 hours ago, E.Young said:

 but not entirely sure what the break-over point will be. 

 

Let me know how and when you figure that out because I've been wrestling with that my entire adult life LOL!  

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Tim Frazier

I will say that IMHO buying a car with 100,000 miles on it with the plans to drive it another 100-200,000 miles takes a little research.  Pretty easy to do with some Honda/Toyota/Nissan vehicles but trickier with Ford/Chevy/Dodge (not impossible though)   I also think it's hard to do with luxury  vehicles though I work with a guy who buys high millage Lexus vehicles from the south and often sells them because he get good offers for them.  

 

I suppose not much different than buying old guns!  Ha!

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max2

I think that the mileage does not matter as much as how it was treated by the prior owner in the case of purchasing used. Some folks are just hard on vehicles. 

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E.Young
7 hours ago, Dogwood said:

 

Let me know how and when you figure that out because I've been wrestling with that my entire adult life LOL!  

 

Here's the plan: I'm going to take my best, soonest guest and cross my fingers.

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Randy S

With hunting related posts over for the year, it's getting much more difficult for me to find topics for comment.🙂  My last two vehicles I bought at a year old and drove each 200,000 and junked at 17 yrs. Just bought an '11 E-150 van for a hunting rig and only hope that I'll outlast this one. I have a 560SL that I'm breaking out as a daily driver, instead of buying a newer car. Old luxury cars seem to be losing their appeal so I figure I might as well use this one up.     

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max2
42 minutes ago, Randy S said:

With hunting related posts over for the year, it's getting much more difficult for me to find topics for comment.🙂  My last two vehicles I bought at a year old and drove each 200,000 and junked at 17 yrs. Just bought an '11 E-150 van for a hunting rig and only hope that I'll outlast this one. I have a 560SL that I'm breaking out as a daily driver, instead of buying a newer car. Old luxury cars seem to be losing their appeal so I figure I might as well use this one up.     

For me - I always had something you could sleep in  comfortably back in the day .This started pre-hunting days when trout fishing was it ! Living in NJ and heading to upstate NY locations for the most part to chase my quarry a lot miles were covered so being able to have something comfortable to spend a night worked well.  A van sounds nice again ! But...

 

Fast forward and living in central NY I can be to most corners of NYS in a couple hours for the most part so I am really considering getting an old cruiser Cadillac . A big ole boat !!  70's -80's nothing pretty unless price was good.   

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stephen brown

Best deal I made on a car was horrible. They're all money pits. 

I'm addicted to driving. Gotta have a ride. Question is how to drive without spending a lot of money. 

Bought used and drove to grave many cars. As my fortunes increased I'm purchasing new and driving to grave.  Bought my last new vehicle and will go back to used. It's an age thing.

Save more cash with used but get more years with new. New has more dependable years. 

Commuter is costing $2300/year or .14/mile. Gas, tire and oil are excluded!

 

A 6k purchase for base truck and 1k yearly maintenance looks to be a less horrible deal than most.

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E.Young
11 minutes ago, stephen brown said:

 

 

A 6k purchase for base truck and 1k yearly maintenance looks to be a less horrible deal than most.

 

If you get 10 years out of it, that's a GREAT deal. 

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rideold

Some great info here. I seem to buy what I can afford and then drive it as long as I can.  No conscious plan to it. The current ride I bought 11 years old with 197,000 on the odo. It's 18 years old now and almost turning 270,000.  I'm hoping I can get 5 more years out of it. Trying to decide if the $1,000 for a new steering rack is worth it when I'm also due for a timing belt in 20,000 miles.... I'm starting to chew through front tires. 

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Bluegill68

I have had 2 toyotas go over 300K my current is sitting at 272K. 

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Dakota Dogman

Let's see... I have $50 in the '76 IH Scout. Been running it for the better part of 20 years now I guess... Quick look around seems like it is now in rough shape a $5k rig. Think I am winning on that one. Last real maintenance was a carb job 5 years ago.  Does need a new master cylinder now I think...

 

Granted it doesn't get the majority of the miles... that is what I just bought a 02 Blazer with 110K on it for ($2650 PTL!)  That should nudge the .03 mark if you don't count tires, gas, routine maintenance.

 

But our "new" vehicle is a 12 year old Chevy retired school van with 55k on it.  I paid a lot of cash for that... but expect it to last 10 years / 155k at least... if runs as expected it should run to about 7c per mile in depreciation. but like I said, that is my wife's nice car. 😉

 

God Bless,

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Don Steese
On 5/5/2020 at 6:38 AM, Tim Frazier said:

I didn't want to hijack Chilly's Jeep thread but he mentioned that old cars seldom are a good value finacially. (my words not his exact words)

 

I don't really agree with this but have had a recent experience that kind of supports with this sentiment.  I have a 2003 F150 I picked up from a guy who brought it back from Florida about 4 summers ago.  It was cleaner underneath than many new cars in Ohio are if they have to sit out a winter before they sell.  I mean, it had zero rust.  It was a regular cab with an anemic 4.2 V6 but it was 4wd (manual transfer case shifter) and had a limited slip and tow package.  It had 108,000 miles on it. $6000, even tax/title OTD.

 

Right off the bat I put new tires on it, $500, and a couple hundred more in new plugs/wires/filters and such.  Each year I've put some money into it, the biggest being $800 for a heater core.  I do a lot of the work myself and have never put more than $1000 a year in it and much of that was my choice (tire/rim upgrade, cap and such)  I keep it undercoated with a yearly product and it's solid as a rock.

 

However I have just recently had some resistance from a local mechanic that I use when I don't want to do something myself about putting money in it and was shocked when he did a sort of half ass repair to "save me some money".  I don't look at this truck as a beater and wanted it done right.  I think he was trying to honestly save me some money as he was worried he would snap a bolt on the intake and the labor charge would significantly higher to fix it.

 

Anyway, I still see it as worth doing things right on because the cost to buy a new truck would be insane and this one will go places many new trucks wouldn't without even more money being put in them.

 

So is my $6000 truck a money pit...maybe...but compared to $35,000-45,000 for a new truck, I don't see how.

 

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Great minds run in the same direction? 05 hemi 75,000 when I bought it for $9k. That was three years ago. 95,000 now. So far I've replaced tires, battery, serpentine belt, brakes and rotors. Probably $1500 so far. Love it!! 

The motor home's also an 05 with 95k and it's also paid for. Not a fan of payments!!

IMG_0478.JPG

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Alaskan Swamp Collie

For 30 plus years I was subcontractor. My vehicles always had duct tape on them somewhere, windshields were more cracks than glass and there was always at least one dent somewhere. The upside was that the general contractors usually didn't beat my bids down since they figured that I was barely making a living. No one ever saw my 6 figure boat or heard about my flyout hunts. Just got to have your priorities straight.

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Kansas Big Dog

My personal experience , I have owned three used vehicles in the last 16 years.I spent $30K cash for all 3 vehicles (obviously not at the same time). Not including regular maintenance and repairs, that would be around $2000 a year,. or less than $200 per month. 

 

Since I paid cash, I did not have to have full coverage insurance on any of my vehicles. I justify that because I would be insuring a much smaller amount than I would have if I had a new vehicle that had a loan attached to it, which would require full coverage. Plus, I have never had a accident, no tickets since I was 16. So, the probability that I would be at fault in an accident is very small.that is a big savings to me.

 

Property taxes are also much less because the value of a beater is much less than a newer vehicle.

 

The regular maintenance costs are determined by how many miles you drive, not how old the car is. In other words, you'll wear your tires out, need oil changes on both new and old vehicles.

 

The biggest cost of a vehicle is depreciation. Vehicles are considered highly depreciable, in other words the value of a vehicle drops fast. Much faster for new vehicles than older vehicles. So if you buy a new car for $30K and it will be completely depreciated in 7 years would be around $4,500 a year. That is your actual cost if you decide to keep it. If you buy an older vehicle for $6000 and hope to get 3 years out of it, that would be $2,000 per year. If you hope to get 7 years out of your beater, than your cost would be less than $1,000 a year.

 

 

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caleb
6 hours ago, stephen brown said:

Best deal I made on a car was horrible. They're all money pits. 

I'm addicted to driving. Gotta have a ride. Question is how to drive without spending a lot of money. 

Bought used and drove to grave many cars. As my fortunes increased I'm purchasing new and driving to grave.  Bought my last new vehicle and will go back to used. It's an age thing.

Save more cash with used but get more years with new. New has more dependable years. 

Commuter is costing $2300/year or .14/mile. Gas, tire and oil are excluded!

 

A 6k purchase for base truck and 1k yearly maintenance looks to be a less horrible deal than most.

 

I saw an article recently that said the average cost of owning and operating a passenger vehicle in the US is about $9k/year.  That seems incredible to me, but might not be far off when you consider the price of new vehicles and the number of miles people put on them.

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