I really hope that was a spec.B model or an exceptionally low mileage Legacy GT, otherwise I think you vastly overpaid. Fortunately your interest rate is very good so there's no need to rush to pay it off unless you want to switch to a more efficient vehicle. We owned a 2005 Legacy GT and it definitely loved fuel.
Your insurance cost seems high, we were paying less than that on two cars, including our Legacy GT.
I wouldn't be too worried about battery replacement costs on hybrids. You're spending over $2k on fuel every year already and the Legacy GT isn't exactly known for its stout reliability. Without knowing more of your financial picture though it's hard to make a recommendation. Both #1 or #3 should be reasonable.
Yeah, couldn't hurt to shop around on the insurance. I've never paid that much and I've owned sports cars since I was 18.
What percentage of your expenses is ~$1k/year (approximate fuel savings for switching to a hybrid)? Can you drive less to cut fuel costs? How much are you in love with the Legacy GT?
So cutting the fuel usage in half would reduce your expenses by about 5%, that's pretty significant. You could also achieve a similar expenses reduction by cutting the gym membership.
Cutting the car payment will only help you invest more if the replacement vehicle you purchase with cash is significantly cheaper. Otherwise you'll just be tying up capital that you wanted to invest.
My $.02:
1. Gym membership is high. You should be able to find a nice "premium" (i.e. not LA Fitness or the other cheap national ones that are dirty, crowded at peak times and poorly maintained) gym for about $60 per month.
2. You're spending quite a bit on gas. Yes, get a used hybrid, such as a prius. There's no big hurry, take your time and research heavily. Pay cash for all vehicles.
My $.02:
1. Gym membership is high. You should be able to find a nice "premium" (i.e. not LA Fitness or the other cheap national ones that are dirty, crowded at peak times and poorly maintained) gym for about $60 per month.
2. You're spending quite a bit on gas. Yes, get a used hybrid, such as a prius. There's no big hurry, take your time and research heavily. Pay cash for all vehicles.
Thanks frugalknowitall! I know that the gym membership is high, it’s actually a club. I’m sure I could find something cheaper, though I use it so much I suppose that I justify the cost based on my usage. I have been considering going with some less expensive, though. I’d have to check my area for something you are speaking aboutt, as I believe the other gyms in my area are the national chains.
As far as gas goes, I typically average around 19-22 mpg. I do use premium because the car has a turbo charged engine. I also fill up at Costco so I typically get the least expensive quality gasoline available. But I do wish I were paying much less. One thing I did not mention is that I am 6’8, so figment In a vehicle is important for me. I barely fit comfortably in my legacy, so I will need to shop hybrids and see what works for me if I decide to go that route.
You may find a Ford C-Max to be very roomy. In the Energi setup it’s a plug-in Hybrid and on short trips uses no gas at all if you can plug it in.
I don't do full coverage. By my logic, if the other driver is at fault, their insurance covers it. If I'm at fault, if it doesn't total the car I'll either live with it or fix it myself - parts are incredibly cheap on many old cars. If it's totalled, I'll part it out for half of what it's worth and sell the rest to a scrap yard, then go out and buy a similar car in cash within the next couple of days. In the fuel savings alone it buys itself almost every year.
I don't do full coverage. By my logic, if the other driver is at fault, their insurance covers it. If I'm at fault, if it doesn't total the car I'll either live with it or fix it myself - parts are incredibly cheap on many old cars. If it's totalled, I'll part it out for half of what it's worth and sell the rest to a scrap yard, then go out and buy a similar car in cash within the next couple of days. In the fuel savings alone it buys itself almost every year.
Vermont's minimum requirements for car insurance are:
Bodily Injury Liability Coverage: $25,000 per person and $50,000 per accident
Property Damage Liability Coverage: $10,000
Uninsured Motorist Bodily Injury Coverage: $50,000 per person and $100,000 per accident
Uninsured Motorist Property Damage Coverage: $10,000 with a $150 deductible (In some cases the deductible does not apply)
I am a car enthusiast but I am also very practical person and I drive an appliance. I drive it everyday and save money because that's what I'm doing. But everyday I look at cars. It drives me crazy not having a car that I care about. I'm willing to spend a little extra on fuel to drive what I want because it's what I want to spend money on.
I am sorry but I have to diverge from your initial question because of the route this thread has taken.
I have to assume this LGT is an automatic because that gas mileage is absolutely horrible for a manual. This based on the fact that I owned an 08 LGT from new in a manual transmission and would get 28 mpg on summer gas and 27 mpg on winter gas. My wife had an 08 outback and it got the horrible 21/22 that you're seeing.
Vehicle | Front leg room | Fuel economy |
2008 Subaru Legacy GT | 44.1 inches | 18/24 mpg |
2009 Honda Fit | 41.3 inches | 28/35 mpg |
2007 Toyota Camry Hybrid | 41.7 inches | 33/34 mpg |
2007 Toyota Prius | 41.9 inches | 48/45 mpg |
2013 Toyota Avalon Hybrid | 42.1 inches | 40/39 mpg |
2007 Honda Civic Hybrid | 42.2 inches | 40/45 mpg |
2010 Honda Insight | 42.3 inches | 40/43 mpg |
2010 Toyota Prius | 42.5 inches | 51/48 mpg |
2010 Lexus HS 250h | 42.6 inches | 35/34 mpg |
2007 Honda Accord Hybrid | 42.6 inches | 24/32 mpg |
2011 Honda CR-Z | 42.7 inches | 34/38 mpg |
2012 Infiniti M35h | 44.4 inches | 27/31 mpg |
2011 Hyundai Sonata Hybrid/Kia Optima Hybrid | 45.5 inches | 34/39 mpg |
Would you fit in a Honda Fit? (sorry for the pun) :)
Seems they have a higher roof than many other hatchbacks so it could work if the seat goes far enough back.
Any way to reduce the number of miles driven? Bike or bus to work?
Front leg room comparison. Note, measuring metrics may vary by manufacturer. This is not an exhaustive list.
Vehicle Front leg room Fuel economy 2008 Subaru Legacy GT 44.1 inches 18/24 mpg 2009 Honda Fit 41.3 inches 28/35 mpg 2007 Toyota Camry Hybrid 41.7 inches 33/34 mpg 2007 Toyota Prius 41.9 inches 48/45 mpg 2013 Toyota Avalon Hybrid 42.1 inches 40/39 mpg 2007 Honda Civic Hybrid 42.2 inches 40/45 mpg 2010 Honda Insight 42.3 inches 40/43 mpg 2010 Toyota Prius 42.5 inches 51/48 mpg 2010 Lexus HS 250h 42.6 inches 35/34 mpg 2007 Honda Accord Hybrid 42.6 inches 24/32 mpg 2011 Honda CR-Z 42.7 inches 34/38 mpg 2012 Infiniti M35h 44.4 inches 27/31 mpg 2011 Hyundai Sonata Hybrid/Kia Optima Hybrid 45.5 inches 34/39 mpg
The Hyundai Sonata Hybrid / Kia Optima Hybrid might be worth taking a look at.
That's an awesome list, thank you or that. I have basically been trying to find a list like that!
I did read somewhere that the Sonata has really good legroom. I didn't know that about the optima. I will give both of those a look. I also know that the Nissan Altima has good legroom. When I was in college playing basketball, I had a coach that was 6'10 and he drove an Altima and said it was pretty spacious for him. I will be looking into these this weekend. Even if it means finding some that aren't a hybrid just to sit in them and see if they are comfortable.
Vehicle | Front leg room | Fuel economy |
2008 Subaru Legacy GT | 44.1 inches | 18/24 mpg |
2009 Honda Fit | 41.3 inches | 28/35 mpg |
2007 Toyota Camry Hybrid | 41.7 inches | 33/34 mpg |
2007 Toyota Prius | 41.9 inches | 48/45 mpg |
2013 Toyota Avalon Hybrid | 42.1 inches | 40/39 mpg |
2007 Honda Civic Hybrid | 42.2 inches | 40/45 mpg |
2010 Honda Insight | 42.3 inches | 40/43 mpg |
2010 Toyota Prius | 42.5 inches | 51/48 mpg |
2010 Lexus HS 250h | 42.6 inches | 35/34 mpg |
2007 Honda Accord Hybrid | 42.6 inches | 24/32 mpg |
2011 Honda CR-Z | 42.7 inches | 34/38 mpg |
2009 Nissan Altima Hybrid | 44.1 inches | 35/33 mpg |
2012 Infiniti M35h | 44.4 inches | 27/31 mpg |
2011 Hyundai Sonata Hybrid/Kia Optima Hybrid | 45.5 inches | 34/39 mpg |
Insurance is dirt cheap - around $25 per month for a single male in his late 20's.O_O $25 a month for insurance? What state do you live in and how is that possible?
Insurance is dirt cheap - around $25 per month for a single male in his late 20's.O_O $25 a month for insurance? What state do you live in and how is that possible?
I pay $155 per month for two cars and two named drivers in their high 30s with no claims or records, although my limits are way above the minimum required by law because, well, Texas. I have comprehensive and collision on the newer car (2017 Soul) and only comprehensive on the older (2006 Sedona) plus underinsured motorist on both because, again, Texas. The lowest I could possibly go is around $40 per vehicle per month meeting the bare minimum legal liability requirements of $30,000 per injured person, $60,000 per incident, and $25,000 property damage. In case of an accident that would barely cover the basics. If somebody actually got hurt I'd be in a lot of financial trouble and most likely be sued for tens of thousands of dollars.
I am a car enthusiast but I am also very practical person and I drive an appliance. I drive it everyday and save money because that's what I'm doing. But everyday I look at cars. It drives me crazy not having a car that I care about. I'm willing to spend a little extra on fuel to drive what I want because it's what I want to spend money on.
1997-1998 BMW Z3 Roadster. 20/29 mpg. Classic styling. $4k.
2000-2005 Toyota MR2 Spyder. 23/30 mpg. Cheapest mid-engine, not very practical. $5k.
2006-2013 Mazda Miata. 22/28 mpg. Miata Is Always The Answer. $7k.
2013 Subaru BRZ/Scion FR-S. 22/30 mpg. Surprisingly practical. $11k.
2009 Porsche Cayman/Boxster. 19/27 mpg. The perfect car. $20k.
2007 Lotus Elise. 21/27 mpg. Will never depreciate. $30k.
Just wondering, I got the impression that you were looking at selling the LGT, paying the loan off and buying a car with what's left? Or are you keeping the loan or paying it off with savings and buying a car with the proceeds of the sale?