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The EPA says the average car gets 25.7 mpg, and gas q4 last year was $3.33/g. So $0.1285 of that $0.55/mi is just gas.
Bankrate says the average American spends $148/mo on insurance.
The federal highway admin says we drive 14,263 miles per year. 1188.5/mo. So insurance is $0.1245/mile
$0.1285/mi gas
$0.1248/mi insurance $0.297/mi maintenance =
$0.55/mile
Good point about insurance, as that will also increase with replacement. It's another thing to factor in.
This is exactly my concern, and why I get the doubts now even though nothing bad's happened...because nothing bad's happened yet. It's a ticking clock, and I don't know when to pull the ripcord and bail.
I have done most of my own repairs on my 2010 BMW 535. The big projects like replacing the seals and oil pan were done by professionals. I enjoy not having a car payment and I added up all my receipts to date and I haven't spent over $7100 over the course of 12 years. The car runs great with just 124K on the odometer and is garage kept so no issues with the leather or plastic parts. The day I don't feel confident taking it on a long road trip will be the day I consider trading.
For me personally, I drive a beater and am fine throwing some money into it to keep it
running fairly safely and reliably.
But, if the transmission or engine was to bite-it, and needed to be
replaced or have expensive work done, it is probably taking a trip to the junkyard.
I will just know when the time is to stop throwing money at my vehicle, it will be when
an expensive repair is needed.
When to trade-in/scrap an older car? When it's outlived it's usefulness.
My 1998 Buick with 28,800 miles on it still has a long life left in it.
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