Drive Your Car to Death, Save $31,000
Saturday, September 1, 2007provided byCNNMoney.com
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.
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.
* Clean the car carefully inside and out. This not only helps the car's appearance but can prevent premature rust. Vacuuming the inside also prevents premature carpet wear from sand and grit.
* Buy a safe, reliable car. Buying a car with the latest safety equipment makes it more likely you'll feel as safe in your aging car as a newer model.
The magazine recommends several cars that have the best shot at reaching the 200,000 mile mark and a few that, according to its data, aren't likely to make it.
All the cars in the magazine's "Good bets" list are manufactured by Honda and Toyota. (One extreme example was not enough to get the Ford Ranger onto the list.) The "Bad bets" are a mixture of European models and two Nissans.
Consumer Reports' "Good bets" for making 200,000 miles: Honda Civic, Honda CR-V, Honda Element, Lexus ES, Lexus LS, Toyota 4Runner, Toyota Highlander, Toyota Land Cruiser, Toyota Prius, Toyota RAV4
Consumer Reports' "Bad bets" for making 200,000 miles: BMW 7-series, Infiniti QX56, Jaguar X-type, V8-powered Mercedes-Benz M-class, Mercedes-Benz SL, Nissan Armada, Nissan Titan, Volkswagen Touareg, V6-powered Volvo XC90.
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I'll be happy if my Ranger makes it to 150,000 miles.
Thats what my plan is, I'm going to drive the Ranger til the wheels fall off and just save up for a new car during that time. I bet buy the time the Ranger dies I can have a good chunk of change saved up.
my rangers nearing it's 7th year (bought new nov of 2000) and it only has 60,450 miles on it. so to get to 200,000 miles+ will take a long time (as i now put on a whopping 6,000 miles a year on the truck!
Same here,I'll be lucky to get 5-6,000 miles during my first year..... so let's say 6,000 x 10 years = 60,000 plus the 33,500 it has on it now, = it'll be a 15 year old truck with 93,500 miles on it. So to get to 150,000 miles I'd have to keep it almost 18-19 years .....hopefully I'll be able to buy something newer, we'll see how the money situation is at that time. :)
A friend of mine has a 2000 Ranger with 130,000 miles on and it looks and runs great, with very little signs of age. He takes good care of it, and has fixed a few rust spots, but it looks great, and it was paid off a long time ago. He's says it's still running strong too.
I've been thinking along those lines lately. Three of my 4 rangers are now paid off (2002- 2003 models). Thats about $900 a month saved in payments. I can blow a tranny every 3 months and be better off over starting the payments again.
I can even drain and not fill my transfer case and still come out ahead. lol.
Wow, some of you people need to drive more or something. I've got just under 50K in less than 2 years. Either way, I'm planning on keeping mine until it dies as well. That's actually the whole reason I bought new, it would last me at least 10 years and be paid off long before that.
"Consumer Reports' "Good bets" for making 200,000 miles: Honda Civic, Honda CR-V, Honda Element, Lexus ES, Lexus LS, Toyota 4Runner, Toyota Highlander, Toyota Land Cruiser, Toyota Prius, Toyota RAV4"
No wonder why I no longer believe half the **** they print. So long as its not ' made here ', they praise it.
The THEORY behind the article is correct. I've applied/adheared to it for a while.
I had 36,000$ when I left the military. I bought a new 2001 ranger and sold my 99 to someone locally for 5grand. From Feburary of 2001 when I picked up my ( then ) ' new ' truck, I put 300$ into a savings account. Over a 2 year period, with the 5 grand from my old truck, I had just over 12,000$ for my 03. Since 03, I have been putting 250$/month into that savings account for my next vehical.
Why pay a loan company YOUR money, when you can pay yourself instead?
If a vehical has a maintenance bill of 2000$ a year, Most would call it a ' piece of junk '. Figure 12 months of 200$ ( lowballing it ) payments for a loan.. Thats 2400$ into someone elses pocket and having to pay a premium for a leased or financed vehical on your insurance as well.
Pay off what you now have and pay ' yourself ' for a while. I see no reason why a Ranger truck cannot go 10 years ( How many members were in that poll ZaBeard started? ) had 1997 and older trucks? Parts aren't that expensive when compared to what those ' comsumer reports babies ' cost ( price brakes, starters, normal wear items.. ). I just did 4 discs and Pads on an 03 Land Rover. The dealer wanted 1200$ to do it, The parts were 600$ for 4 discs and the pads.. I can do a Rangers front and rear converting it to discs for less!
The other bonus is I save at least $30 a week driving the saturn to killeen and back every day. Even subtracting the quart of oil it burns a week I come out ahead. 32 mpg. Took it through some jobsite mud in Waco today. She performed brilliantly.