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The part about not wasting time makes sense, but most people who perform DIY repairs do so to save money.
Everybody is different with different priorities and skills.
I for one can use my time in a more productive way (to make a lot more money) than what I'd save by fixing my car (to save money). But I own a business, so sky is the limit on how much more I can do.
Hence the reason that I'd only work on a car as a hobby, but also know that does not apply to everybody.
A lot of people seem to forget this, or they have so much free time on their hands it doesn't register. The reality is unless you're a mechanic or car repair is your main hobby, it's a HUGE time investment.
Im going to disagree. Sure taking out an engine isn't a 2 hour thing....it might take 2 hours just to get the thing out! Now changing brakes, struts, oil change, replacing the alternator (depending on position). Stuff like that isn't that hard if you have done any mechanical work. Plus the more you do it the easier it gets.
My GF's PT Crusier needed some struts and other minor things fixed (at least that's what they told her) and it was $1900 to fix it all. My dad looked at the paper explaining what was needed and laughed. Maybe a few hundred in parts at best and the rest was labor. He was working a lot of OT at the time so my gf's parents friend fixed it for $800 at their place. That $1900 would have wiped our emergency fund and our savings completely out. We don't make much.
I have plenty of time, but not so much money. At even $75 an hour in labor (which it can be up to $150 I've heard) and I make $13.20 an hour. It make sense to save that money and fix my own repairs if I possibly can. I work 40 hours or so a week.....plenty of time left to fix a car. My dad has saved probably tens of thousands of dollars by now.
Everybody is different with different priorities and skills.
I for one can use my time in a more productive way (to make a lot more money) than what I'd save by fixing my car (to save money). But I own a business, so sky is the limit on how much more I can do.
Hence the reason that I'd only work on a car as a hobby, but also know that does not apply to everybody.
If you can make more than the $75 labor rate (minimum) and don't have the skills or time then it makes sense to pay the mechanic. If you don't make anywhere near that labor rate and posess the skills and have the time you can save quite a hefty penny doing your own repairs.
If you had $35k to spend which would you rather have, a 2011 higher class pre-owned car with low miles (< 30k) costing $45-50k new or a brand new lower model car.
When you say "higher class", if you mean, for example, a Volvo, Mercedes, Audi, or BMW, then I would probably go with the pre-owned vehicle depending on three things:
1. Is it a certified pre-owned vehicle?,
2. Can you buy an extended warranty on the vehicle?, and
3. Does it come with a Carfax or similar vehicle report?
If those three things all checked out, then I would probably go with the pre-owned vehicle.
NEW:
If it's your only car and you need it daily for transportation needs.
If you are "all thumbs" and prefer to let a mechanic deal with ALL repairs.
If you drive quite often alone and at night.
If you plan on buying another car once the warranty has expired.
USED:
If it's an alternate vehicle and you have other means of transportation if needed.
If you are relatively handy with fixing mechanical troubles.
If you value your dollar more than your conveniences.
If you need transportation but money is more importantly used elsewhere in your budget.
Also, remember if a used car is for sale there is probably a reason related to the operation or use of the vehicle. Most people don't sell a vehicle because they are tired of the color, the ashtray is full or their Mother-in-law wants more room in the back seat.
I think that once upon a time (like back in the 80s and before) that was true but not so much now. It is so easy to get financing today that, in most cases, the only determining factor is how much negative equity the buyer is willing to absorb. So, many people are willing to part with their perfectly functioning, older vehicle for something newer.
I think that once upon a time (like back in the 80s and before) that was true but not so much now. It is so easy to get financing today that, in most cases, the only determining factor is how much negative equity the buyer is willing to absorb. So, many people are willing to part with their perfectly functioning, older vehicle for something newer.
I bet this is especially true in premium brands. Lots of off lease cars, and cars bought and traded in by people who are fairly financially secure and prefer to drive newer, lower mile vehicles.
Im going to disagree. Sure taking out an engine isn't a 2 hour thing....it might take 2 hours just to get the thing out! Now changing brakes, struts, oil change, replacing the alternator (depending on position). Stuff like that isn't that hard if you have done any mechanical work. Plus the more you do it the easier it gets.
My GF's PT Crusier needed some struts and other minor things fixed (at least that's what they told her) and it was $1900 to fix it all. My dad looked at the paper explaining what was needed and laughed. Maybe a few hundred in parts at best and the rest was labor. He was working a lot of OT at the time so my gf's parents friend fixed it for $800 at their place. That $1900 would have wiped our emergency fund and our savings completely out. We don't make much.
I have plenty of time, but not so much money. At even $75 an hour in labor (which it can be up to $150 I've heard) and I make $13.20 an hour. It make sense to save that money and fix my own repairs if I possibly can. I work 40 hours or so a week.....plenty of time left to fix a car. My dad has saved probably tens of thousands of dollars by now.
That's exactly what I'm talking about. It makes sense to DIY if you have a low opportunity cost, but let's say you had the chance to work for $50/hr in your free time. The difference between mechanic costs and your opportunity cost would change considerably. At that point it's a hobby not something you do to save money. You wouldn't really be saving anything when you take into account the tool cost, diagnosis time, parts research and procurement along with the unexpected - broken or stripped bolts that add hours to the job.
That's exactly what I'm talking about. It makes sense to DIY if you have a low opportunity cost, but let's say you had the chance to work for $50/hr in your free time. The difference between mechanic costs and your opportunity cost would change considerably. At that point it's a hobby not something you do to save money. You wouldn't really be saving anything when you take into account the tool cost, diagnosis time, parts research and procurement along with the unexpected - broken or stripped bolts that add hours to the job.
The 2011 most definitely! It should be a reliable car. We've had nothing but luck in my family with used cars. In fact, my next car (coming home tomorrow!) is a 2011 Honda Accord EX-L V6 with navigation! It cost about $33k new, it was $22k used with 41,000 miles on it. For a Honda, that's nothing in miles.
I have an old car and a bike. Insurance for both is about $800 a year, full coverage on both.
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