Author Topic: Putting fuel mileage, cost of ownership in perspective  (Read 5959 times)

Offline chriswalkoe

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Putting fuel mileage, cost of ownership in perspective
« on: November 30, 2012, 10:41:55 AM »
As someone who recently decided to NOT replace my daily driver (I miss you 99' Crown Vic PI, rest in peace) and instead drive my 82' K10 Silverado full time, the elephant in the room is clearly gas mileage.  I am getting roughly 14 mpg combined on good days.  Friends,  family and tree huggers alike are SHOCKED that I would drive such a vehicle and feel that I need to find more suitable transportation.  Many days I feel they are right, but when I look into it further it comes down to simple economics.  Do I want to spend my hard earned money on a new (or used) vehicle to gain a few mpg?

Here is how I justify not buying a new car, or even a used car at this point in time so I can get better gas mileage.

First and foremost, I love everything about my truck.  If there is a problem, I can more than likely fix it myself.  If I can't, my brother can fix it.  If it's over his head there is a great shop down the street that has reasonable rates.  The whole design of the truck is right up my alley.  Simple and straight forward.  It's a bad ass looking 4x4 and it sounds nice.  I'm happy.

Secondly, the cost of ownership of my truck isn't really that bad when you look at the big picture:

$2,500 purchase price
$   800 clutch and tranny work
$   500 exhaust work

Yes, I will continue to spend money on my truck, but that's the point.  This is as much a hobby as a form of transportation.  My truck gets better every day, whereas your average vehicle just gets older, and more worn out until it dies. 

Insurance:  It costs $1,200 per year to insure my truck and my 16 year old daughter's car.  So realistically I am paying $50.00 a month to keep me out of financial ruin if God forbid I get into an accident.

Gas mileage?  The average person drives 15,000 miles per year.  The cost of fuel today is $3.39 per gallon @ 14 mpg is an annual fuel cost of $3,632.00 or $302.00 per month.  Ouch!  Seems like a lot, but if you look at my alternatives it's not so bad.

For instance check out this truck:  2012 Dodge Ram 1500 regular cab 4x4.  $26,195.00 price, $995.00 destination charge, $4,070.00 down payment, 72 month at 3.34% interest.  My payment would be $304.00 per month.

$304.00 payment
$  65.00 insurance
$250.00 monthly fuel cost (combined 17mpg)

My basic cost of ownership for my 82' Silverado is $352.00 (gas and insurance).  Yes, I will constantly be maintaining/improving the truck but that's another conversation.  The basic cost of ownership for a new truck is $619.00 per month (not including the $4,070 downpayment).

So there are two ways to look at this.  Yes, a new truck would be awesome and I can forget the nickle and dime restoration costs of my current truck.  On the other hand I would be paying an extra $267.00 per month which is actually $323.00 because I had to borrow the $4,070 down payment ($4,070 over 72 months is $56.00)

So with that being said I guess this exercise in cost of ownership comes down to values.  What is important, makes me happy, and what can I afford or want to afford?  There was a time when it was very important that I drove a nice, new car.  Values change though.  I can't tell you how nice it is to NOT have a car payment.  I also can't tell you how nice it is to have a vintage truck as my daily driver.  A truck that I can fix myself for the most part.  A vehicle that is as much a hobby as it is a necessity. 

Discuss

Offline zieg85

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #1 on: November 30, 2012, 11:11:08 AM »
Agree 100%  In Indiana we also have to consider the cost of the license plate which is tied into the age of the vehicle and the cost when new.  It is not uncommon for a new truck to cost over $300 excise tax on top of the $30.05 plate fee while my classics have an excise tax of $12 for a whopping total of $42.05 per year.  While none of mine are daily drivers it still makes sense to stay with the classics.  My wife's '06 Buick Lucerne runs $86.05 this year and goes down every year until it is 10 years old when it hits its lowest cost.
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Offline fitz

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #2 on: November 30, 2012, 11:39:28 AM »
Don't forget about sales tax.
In Mass we pay 6.25%..
That new Dodge would cost $1700 in sales tax.

Offline Captkaos

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #3 on: November 30, 2012, 11:50:22 AM »
Once you put some miles on the "new" truck (they are only new when not owned) it will be in the same exact category as your current truck, EXCEPT insurance will still be high, and in addition to you monthly payments you also will have regular maintenance payments also.

Offline thirsty

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #4 on: November 30, 2012, 11:58:15 AM »
Here is a different perspective. I have never had a new vehicle. Actually never had one that's even close. If I could afford a new daily driver with a warranty that I just had to change the oil in and wash I would own one.
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Offline chriswalkoe

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #5 on: November 30, 2012, 12:17:14 PM »
I also realized that the older I got, the less I cared what other people thought.  My last 4 vehicles, including my daughters car, have all cost well under 5 grand. They have all needed repairs, but what car doesn't?  Because I have driven cars that are paid for, I have had a lot more money for vacations, home improvement etc.  I have always loved the following statement:  "There are two ways to get rich.  One way is to make more money and the other is to require less".  The fact that I get to drive a classic is a blessing if you ask me.  So cool.  And relatively inexpensive.  I will buy a new car for my future x wife, if that ever happens :)

Offline bake74

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #6 on: November 30, 2012, 07:10:14 PM »
     The only way you would make it out on top with a different vehicle is to get a older 4 banger pickup that gets 25 plus mpg, there are not too many newer cars that get great mpg ( 30 + )that are cost effective in your situation.  Then you have to ask if it is worth it for you to drive it, wether you like it or not.
     The other alternative is to give up your truck, start kissing and hugging trees and drive a prius.  And that does not sound like you are that person.
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Offline werewolfx13

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #7 on: December 02, 2012, 01:47:14 AM »
IMO, if a person is worried about the fuel costs of driving a vehicle, then they must have everything else easy. I'm more concerned with home cooling costs, house payments, rising taxes, and dealing with city government bureaucrats, and another two dozen issues than I am with how much it costs me to drive my truck to and from work every day.
Chris
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'76 Chevy k20 LWB 6.5'x8' Flatbed
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Offline VileZambonie

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #8 on: December 02, 2012, 11:25:45 AM »
The next time someone asks you why you drive your truck just run over their Prius.

Too many people think like Obama. If you compare the monthly expenses you're probably way ahead of the game.
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Offline slammed79

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Re: Putting fuel mileage, cost of ownership in perspective
« Reply #9 on: December 02, 2012, 11:36:44 AM »
All said and done, after three years of owning and driving my truck, I've got roughly 4k into it, including cost of the vehicle. More like 2500 if you don't factor in insurance and registration.

After the rebuilt carb, I was getting 15 or so in town, 17 ish on the freeway. I dropped down to about 13.5 in town and 15.5 on the freeway when I added the 20" steelies.

I am definitely money ahead with this truck over a newer truck. I could really do a full restore and lsx swap and still be money ahead over a new or newer truck.
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Praise the lowered