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What kind of gas mileage do you get?

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patrickl:
Well my income is paid per month so that's usually what I relate my expenses too. But sure you could do it over the whole run too.


--- Quote from: danny_galaga on April 30, 2008, 04:19:11 am ---the toyota yaris would have used roughly $20 per week fuel if i were driving it. so lets say $80/month. you should have full insurance for a new car. using the same company i used (AAMI) it is 43.75/month (cheaper per year, but you like these monthly figures  ;)) the car itself $312.50/month (and as you say, no extra costs in four years if still in warranty), registration $43/month so total is $419.50/month.
--- End quote ---

How do you get that a Yaris "itself" costs $312 a month? Is that depreciation? Depreciation on a 15,000 yaris would be roughly $150 a month. If you correct for that in your calculation then the new Yaris would cost roughly $250 a month.

Your monthly car costs are:
- $120 for fuel,
- $12.50 for insurance
- $40 on repairs
- $26 in depreciation ($2500 car worth half after 4 years = $1250/48)
=$198.50

With the Yaris coming out at $250 a month, the difference in cost is just over $50 a month (a 20% saving on the cost of driving a new Yaris).


--- Quote ---anyway, I think really the question is what you consider 'considerably more expensive' :dunno
--- End quote ---
True and it will depend on the cost (or cost difference) in relation to the income too.

Wade:
I'd like to know how dannygalaga gets insurance for $150/yr.  Do you actually have the minimum liability coverage required by law?  Or are you piggybacking on your parents insurance?

Danny says that the money he saves driving a beater for 10 years (good luck with that, BTW) would save him enough money to buy a new car.  Well, my position is, why not just buy the new car??

I've spent more on my used cars and repairs for the past 10 years than it takes to buy a new car.  That's why I finally got smart and bought a cheap, new car.  The cost difference is minimal, and I'd have the benefit of better reliability, better mileage (than what I had), better safety (airbags), comfort (my beaters had non-working A/C, as many do), and predictable expense.

With an old used car it's simply a big gamble.  A few of you have been extremely lucky, most people have not, or breakdowns are not a problem for your lifestyle, family, or job.  Two of my breakdowns left me quite a distance from home.  There's no dirt cheap or quick way to recover from that.  Taking a day off work, if necessary, is another several hundred dollars.  It only takes one or two of these incidents before it's to your benefit to have a new car. 

For me, it was a no brainer.  I'm planning to take the "middle road" and drive this new car for as long as it is reliable, which will likely be 5-10 years.

People should be doubling their income and wealth about every 10 years as well, so that already $100/month price difference will get even smaller relative to income, as time goes on.

Wade

paigeoliver:
I don't use taxis myself, but I do work behind a hotel counter and thus have called more of them than most people can ever imagine, I am well aware of the highly variable response time they come with.

danny_galaga:

--- Quote from: patrickl on April 30, 2008, 09:21:07 am ---

How do you get that a Yaris "itself" costs $312 a month? Is that depreciation? Depreciation on a 15,000 yaris would be roughly $150 a month. If you correct for that in your calculation then the new Yaris would cost roughly $250 a month.

Your monthly car costs are:
- $120 for fuel,
- $12.50 for insurance
- $40 on repairs
- $26 in depreciation ($2500 car worth half after 4 years = $1250/48)
=$198.50

With the Yaris coming out at $250 a month, the difference in cost is just over $50 a month (a 20% saving on the cost of driving a new Yaris).


--- Quote ---anyway, I think really the question is what you consider 'considerably more expensive' :dunno
--- End quote ---
True and it will depend on the cost (or cost difference) in relation to the income too.

--- End quote ---

yeah, i realised today i left out the depreciation value for the yaris. where i calculated for ten years i actually ADDED the amount saved! however depreciation for my car (being a special example) will be essentially zero since right now i could sell it for more than i paid, and down the track probably at least the same. the yaris (times 2, years 5-10 being the second car) only works out to about $291/month with depreciation over ten years, not $311/month like i first calculated. and if you only own a car four years and never drive again, then the yaris has only cost about $323/month with depreciation. which is only about 10% more than my car over the same period! youve almost convinced me to buy a new car now (",)

except- im not willing to hand over that much cash. therefore a loan really puts the cost of a new car vs old in a different light. where someone gets a loan for a car (new OR old) there is no debate. you will pay through the nose. also, after 4 years i wont be giving up driving. so in a ten year period its still 50% more over that period.

but i concede that in the special case of owning a new toyota yaris for 4 years and never driving again, i would buy the new yaris! 


yes, about the relative value of 'considerable'. i guess that does colour our views since i am working class, as are many of my friends while obviously earn a nice salary. in relation to our earnings, that canmake quite a difference.

danny_galaga:

--- Quote from: Wade on April 30, 2008, 10:22:03 am ---I'd like to know how dannygalaga gets insurance for $150/yr.  Do you actually have the minimum liability coverage required by law?  Or are you piggybacking on your parents insurance?

Danny says that the money he saves driving a beater for 10 years (good luck with that, BTW) would save him enough money to buy a new car.  Well, my position is, why not just buy the new car??


--- End quote ---

i drive a beater, i only really need to have third party (i lashed out and had fire and theft tacked onto it for an extra 50) for it. if its totalled in an accident thats my fault, i can buy another beater with some of that cash ive saved. if the accident isnt my fault, no sweat...

if i save $15000 in ten years on TOP of my savings, ive got an extra 15 grand i would not have had if i had a new car. perhaps in ten years, i might buy a new car with some of the money ive saved (and the capital gains and dividends it earned)...

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