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re: I own a truck, should I buy a commuter car?
Posted on 5/1/21 at 8:19 pm to LSUtigerME
Posted on 5/1/21 at 8:19 pm to LSUtigerME
That math is a savings of 225 gallons a year using those number. At $3 gallon that’s $56.25/mo.
20k miles/ 20 mpg = 1,000 gallons @ $3 = $3k
8k miles/20 mpg = 400 gallons @ $3 = $1.2k
12k miles/ 32 mpg = 375 gallons @ $3 = $1.125k
Savings of $675/ 12 = $56.25/mo
The only savings is going to be tires/maintenance. The fuel won’t offset the insurance.
My truck tires are $1,700 vs say $500 in a car assuming no crazy wheel size. Oil change in my truck is $119 vs no idea but assume $50 in a car.
20k miles/ 20 mpg = 1,000 gallons @ $3 = $3k
8k miles/20 mpg = 400 gallons @ $3 = $1.2k
12k miles/ 32 mpg = 375 gallons @ $3 = $1.125k
Savings of $675/ 12 = $56.25/mo
The only savings is going to be tires/maintenance. The fuel won’t offset the insurance.
My truck tires are $1,700 vs say $500 in a car assuming no crazy wheel size. Oil change in my truck is $119 vs no idea but assume $50 in a car.
This post was edited on 5/1/21 at 8:25 pm
1
Posted on 5/1/21 at 9:50 pm to jwn0002
Yeah realized I flubbed it all up, but didn’t want to delete it.
Looking at KBB, a 5 year old truck with 100k miles vs one with 40k miles is worth about a $10k difference.
While the fuel savings is not a lot, $600/year is not “nothing”. For a typical married male > 25 and a 3rd vehicle, that’s probably close to the cost of insurance. I pay a little less than that for my primary vehicle.
If you want to save that depreciation, you’d just transfer it to your commuter vehicle. While it is actual money out of pocket/cash flow, it could be justified. A brand new Honda Accord (LX) would lose about $12k in depreciation over the first 5 years. Obviously, if you go smaller, or older/used the depreciation would be even less. In the same way, if you extend the timeline of the truck, the depreciation loss gap also closes, although not very rapidly (for example the gap between a 2016 or a 2013 was still $10k). The cost of maintenance also starts to climb after those first 5 years/100k miles.
ETA: Revised new Accord depreciation to $12k and clarified LX/bottom tier.
Looking at KBB, a 5 year old truck with 100k miles vs one with 40k miles is worth about a $10k difference.
While the fuel savings is not a lot, $600/year is not “nothing”. For a typical married male > 25 and a 3rd vehicle, that’s probably close to the cost of insurance. I pay a little less than that for my primary vehicle.
If you want to save that depreciation, you’d just transfer it to your commuter vehicle. While it is actual money out of pocket/cash flow, it could be justified. A brand new Honda Accord (LX) would lose about $12k in depreciation over the first 5 years. Obviously, if you go smaller, or older/used the depreciation would be even less. In the same way, if you extend the timeline of the truck, the depreciation loss gap also closes, although not very rapidly (for example the gap between a 2016 or a 2013 was still $10k). The cost of maintenance also starts to climb after those first 5 years/100k miles.
ETA: Revised new Accord depreciation to $12k and clarified LX/bottom tier.
This post was edited on 5/1/21 at 9:59 pm
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