Should I buy a gas saver car?
Posted 04-25-2008 at 01:43 PM by pokerDawg
My wife and I use to spend between $400 to $500 in gas a month. She recently got a job close to home so she rarely needs to get gas anymore. I on the other hand drive 34 miles a day and it cost roughly $9 to $10 a day with current gas prices. I calculated this manually and it was eventually confirmed using my new Scan Gauge II. With gas prices continuing to rise, I'm debating if I should get a gas saving vehicle.
Based on current factors, it cost me $220 a month to drive either of our vehicles. We have 2 SUVs
After more calculations, I think I can reduce that to $100 a month if I get a vehicle that averages 30+ MPG. Taking on a new car will include new monthly expenses.
I can afford to buy a used car in cash and avoid monthly payments. I had a '89 Honda Accord about 3 years ago. I should have kept it
but I remember why I sold it. It was nickel and diming me. So do I buy a used car and face used car problems? I can buy a certified used cars but those aren't always cheaper than new.
If I buy a new car, I'll have to pay full coverage insurance and pay monthly on a new loan. Although I don't want to increase our expenses, a new car would reduce the miles driven on the other two cars.
Sometimes my calculations show me that I'm debating to save $100 a month or not. I can save $100 in other ways.
The debate continues
Based on current factors, it cost me $220 a month to drive either of our vehicles. We have 2 SUVs
After more calculations, I think I can reduce that to $100 a month if I get a vehicle that averages 30+ MPG. Taking on a new car will include new monthly expenses.I can afford to buy a used car in cash and avoid monthly payments. I had a '89 Honda Accord about 3 years ago. I should have kept it
but I remember why I sold it. It was nickel and diming me. So do I buy a used car and face used car problems? I can buy a certified used cars but those aren't always cheaper than new.If I buy a new car, I'll have to pay full coverage insurance and pay monthly on a new loan. Although I don't want to increase our expenses, a new car would reduce the miles driven on the other two cars.
Sometimes my calculations show me that I'm debating to save $100 a month or not. I can save $100 in other ways.
The debate continues
Total Comments 3
Comments
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The real cost factor:
How much in financing charges will you be spending PER MONTH and then compare that to how much you might save in gas. For example: you are spending $220 a month in gas to drive now. You buy a nuevo vehicle and it costs you 300-400 a month in payments yet costs only $100-150 a month in gas. Now you're spending 300+150 for car and gas for a total of $450.00. (Or 550.00) You would be spending $230-330 more per month to save $70 in gas. Spidey |
Posted 05-18-2008 at 07:30 PM by Spidey
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Thanks for the comment Spidey. It's a coincidence that you should comment now while I've been discussing a 3rd car all day today. I even bought an Auto Trader just to look around.
You're right about financing. Depending on how much I spend, I can either buy a cheap car in full or I can make a down and finance $5k to $10k. Financing will roughly get me a $200 monthly and I'll have to get full coverage insurance. My wife seeeeems ok with a new Yaris. My young bro-in-law is tempting me to get a Honda and rice it out. I'm still not sure of what to do....but I'm sure gas will be $5+ a gallon in the near future. |
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Posted 05-19-2008 at 01:03 AM by pokerDawg
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Well I bought a '92 BMW 525i last week. Not a gas saver but gets better mileage than both my SUVs. It's paid in cash so not increase in monthly bills. It's a 5 speed so I'm really enjoying it. I've always had a thing for old bimmers.
I'll try not to mod it. I'll try not to mod it. I'll try not to mod it. I'll try not to mod it. It appears to be a solid used car....so far. Nobody wanted me to get it but when the wife said ok...that's all I needed  We took it to church last Sunday. We were fine until the hot leather burned my family's buns. I'm nuts. |
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Posted 06-02-2008 at 12:40 PM by pokerDawg
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