NEW car is less than runnin a 10 year old

[black kro]

seens loads a posts about cant afford to run car, need cash, want newer car etc.

I am running a new car for LESS than an old one:

I calculated my total running cost over 5 years 80K (including finance) as LESS than running an L reg!

these are REAL costs based on what I was spending (averaged over 5 years) AND what I have spent in the first year of ownership

Reno 19 RSi TD L Clio Dynamique 03 (dCi 80 With Air)

£1500 £10100 including air & finance

Loan (none) Loan (£6600 offset by virt. zero running costs)

Service 5K = £800pa Service 18K = 200pa (£3000 saved)

Tax = 165 pa Tax = £80 pa (£425 saved)

Insurance = £450pa Insurance = £350pa (£500 saved)

Diesel = £1150pa Diesel = £800pa (£1750 saved)

Misc (breakdown) = £300pa Misc. = £100pa (£1000 saved)

Residual Value = £100! Resid. Value £3500



Thats £6675 saved over 5 years (or EXACTLY my car loan amount) and Ill still have a 5 year old car car worth about £3500 OR

or A TOTAL SPEND of £15 per year LESS than running a 10 year old car with no air con, no airbags, no abs and no CD player!!

 

[Djw John]

Yep thats why I spent all my savings for uni on a newer car that would get me through the 3 years without breaking down every 2 weeks, cant run a car for much less than I am just now, (unless I got a lighter right foot!)

 

[Guilbert]

Nice post,



this is exactly why i waited 3 years after passing my test to buy a new car instead of a hunk of junk old car!

 

[Enid]

Quote: Originally posted by Guilbert on 06 September 2004


Nice post,



this is exactly why i waited 3 years after passing my test to buy a new car instead of a hunk of junk old car!

Hmmm hunk of junk old car, might have to disagree there!

 

[Guilbert]

Ok, some of the older cars are nice, but for what i would have been able to afford, it would have been a hunk of junk!

 

[black kro]

Id luv a Willy, but I wouldnt want to do up to 700 miles a week in it, not garage it and park it anywhere during week whilst out on business!

 

[u33db]

Fair points but you still have the finance hanging over you during those 5 years and its not totally your car until paid in full...

 

[b0redtodeath]

Nice, informative & very well laid out mate. Im sh*t at maths, but I have a good idea that my current brand new motor is also costing me less than previous cars.

 

[Viv172]

I agree, my 1992 XR2i was costing up to £400 per month on repairs alone, even the RAC said that they were gonna have to charge me extra for all the call outs.

 

[black kro]

u33db "finance hanging over head.....

tis my car!

once youve paid 33% on Reno, technically cannot repossess

put down max deposit 35% and paid over 2 years anyway!

 

[JAF 182]

Nice but you forgot the three and a half k you put in up front. Where did that come from!? And what else might you have done with it?

 

[black kro]

oops ive been shafted!

1500 from sale of old car and 2K savings

so to be fair should have compared to a 3500 car!

might have made a grand difference, but 75mpg and 18K servicing will beat anything for running costs (even an electric hybrid cos I worked it out) !!!

 

[u33db]

Quote: Originally posted by black kro on 06 September 2004


u33db "finance hanging over head.....

tis my car!

once youve paid 33% on Reno, technically cannot repossess

put down max deposit 35% and paid over 2 years anyway!

wasnt aware of that - thats heaps better than the mob who did my megane a few years back! A good deal but youve always got the knowledge that you need to make each monthly payment and if youre not too secure job-wise that may be a problem. With an old car its the luck of the draw whether there is frequent bills but beyond that youre fine...

Slightly off topic, but what happens if you can not meet the monthly payments and youre past the 33% mark?

 

[black kro]

I just read the small print - cant repossess, but can take legal proceedings to reclaim money....

but DD wouldnt stop until overdraft empty!

 

[u33db]

Quote: Originally posted by black kro on 06 September 2004

but DD wouldnt stop until overdraft empty!

Im already there m8!

 

[black kro]

Nice but you forgot the three and a half k you put in up front. Where did that come from!? And what else might you have done with it? JAF

just looked at figures again:

even if I had bought say a Clio Diesel for £3500 (perhaps an S plate last June), the running costs would still have been similar to Ren 19 cos of 50mpg instead of 70+, 5K servicing instead of 18K and would have lost £2500 in depreciation over 5 years, so still, no aircon, no CD, no ABS etc. and ........

...... NEW dCi BEATS OLDER MOTOR!