While I can afford a newer car, I can’t bring myself to spend 700usd just to drive a new car when my old car is still running. Even if my entire engine explodes, a new engine replacement is like 5k, it’s still worth it. Maybe one day my engine won’t be available but for now, I’m happy with not paying a car payment.
Let’s say you drive 10k miles per year and you’re getting 20mpg that’s 500gal of fuel per year. If gas is $5/ gal that’s $2500 per year. Let’s say I can get a car that gets 40 miles per gallon. Over ten years I’m saving $12k so I’d need to spend less than $12k on a car in order to save money. Idk what the cost of electric is over the cost of gas but I know that I can’t get an electric car for less than $12k that isn’t going to need an expensive battery replacement in the near future.
You’re gonna save so much money not buying new cars, that your idea won’t be crazy. I like it.
Spending a lot of money on gas isn’t saving money.
While I can afford a newer car, I can’t bring myself to spend 700usd just to drive a new car when my old car is still running. Even if my entire engine explodes, a new engine replacement is like 5k, it’s still worth it. Maybe one day my engine won’t be available but for now, I’m happy with not paying a car payment.
He’d still come out ahead by driving his old car and then electrifying it when he can afford it. It’d beat taking on a new car loan or lease.
Let’s say you drive 10k miles per year and you’re getting 20mpg that’s 500gal of fuel per year. If gas is $5/ gal that’s $2500 per year. Let’s say I can get a car that gets 40 miles per gallon. Over ten years I’m saving $12k so I’d need to spend less than $12k on a car in order to save money. Idk what the cost of electric is over the cost of gas but I know that I can’t get an electric car for less than $12k that isn’t going to need an expensive battery replacement in the near future.