The 2002 Car Swap

[skeeder]

I'm pretty impressed with myself.  I needed to replace a car (we do need two cars just for the name of economy) we do about 20,000 miles a year.  We're pretty busy and have 3 kiddos.

My 2002 Saturn SL2 Reached 196,000 on it and it was time to either put in the coin to do some maintenance or purchase another ride.  After looking around we decided to get another car, I picked up a 2002 Camry with 134,000 on it.  Final Price? $3,300. 

I then sold my Saturn for $1,100.

Final Net "Loss" $2,200.

For my 6' 3" frame the Camry is a much nicer car, its a four cylinder so it gets 31mpg on the freeway and has a chain instead of the pesky belts of the V6 models (until 2007 at least).  I miss my manual transmission, but they don't seem to be for sale near me.  The used market is pretty much "here it is, take it or leave it!"  I wanted something I knew would start up in the morning. 

Based on my experience with Honda and Toyota, I think she'll last well into 200,000 or 250,000 miles.

[Phish]

Sounds good.  How long did you have the Saturn and what did you pay for it originally?   

One of the things I used to always leave out of my monthly budget (and I think a lot of people do) was auto depreciation.  I bought my Nissan Altima as a 1 year old car 6 yrs ago for $13k (+$1,300 in sales tax ouch!! = $14,300 total) and it's now worth probably $7k.  So for me over 6 yrs that is $7,300 lost in depreciation of the car (including the sales tax).  So that works out to $101/mo in depreciation over 6 yrs.  So now these days I add into my monthly my average auto budget depreciation (+ sales tax at purchase) of  $101/mo in auto depreciation. 

And that depreciation of $101/mo is pretty low.  It can be a lot steeper if you buy brand new or pay too much used, or sell too early in the cars life cycle. 

Add to that monthly depreciation gas, insurance, repairs and maintenance (I pay cash so no loan interest) and these suckers are expensive even if you buy for all cash and buy good used deals!  Even a well bought used car with all cash no loan....$100/mo depreciation + $150 average gas + $50 average insurance + $50 average per mo. repairs over life of car = $350 a month!
 
Of course if you are OK with older high mileage cars your depreciation cost can be better (and much lower sales tax).  But then your repair/maint cost could go way up and the hassles that go with that.







 

[skeeder]

Very true, the Saturn I purchased from my dad when I was 18 (12 years ago).  He offered it at the amount he owed.  $5,000. 

I don't mind the miles on cars as long as they are tried and true.  The Camry has the 2.4L block that they are still putting in today's Camry. 

[alsoknownasDean]

Not bad, but with that amount of miles driven per year, did you consider a Prius?

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[skeeder]

 

Not bad, but with that amount of miles driven per year, did you consider a Prius?

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I'm a car guy.  So no. :P

But in all seriousness, I like cars that I can work on without asking an electrical engineer to take a look.  I'd rather sacrifice a little miles per gallon for a car that is pure car.  Under the bonnet of the camry, its a pretty simple motor setup.  Should be easy to work on. 

That, and on principle I don't believe electric cars are the future.  I'd rather buy a diesel than a prius.

[ketchup]

Not bad, but with that amount of miles driven per year, did you consider a Prius?

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I'm a car guy.  So no. :P

But in all seriousness, I like cars that I can work on without asking an electrical engineer to take a look.  I'd rather sacrifice a little miles per gallon for a car that is pure car.  Under the bonnet of the camry, its a pretty simple motor setup.  Should be easy to work on. 

That, and on principle I don't believe electric cars are the future.  I'd rather buy a diesel than a prius.

I've found that unless we're comparing new cars, it's often hard for a Prius to come out ahead cost-wise.  The used market is pretty inflated for them, at least near me.  I can find an '08 Hyundai Accent with 100k on it for $2k, or I can find an '08 Prius with 200k for $3500.  50MPG vs 35MPG just doesn't pencil out for that kind of premium.

Anyway, good for you on the 2002 swap!  That's got to be satisfying.