Question:
i found a 92 passeo it is a nic elokin car for its money i need it as a side car gas is high i dont want to drive my new dodge ram alot so it had 110k miles and has been wrecked but fixed is it a good investment or not or should i pay gas and drive my ram?
Answers:
No vehicle is a really good investment. They all lose value, unless you are talking about a rare classic!
That being a fact, having an older car as a commuter vehicle often makes sense. You may actually save on insurance, seeing as you will take your truck out of the daily commuter category and move it in to the pleasure use only level.
The thing to do is sit down and do the math. How much will the car cost you to purchase? How far do you drive to work?
What are the other costs associated with having a second car? Do you have to pay to park at your residence? Do not forget the cost of vehicle registration.
Let's say that you have to pay $2000 for the car. Let's also assume that you drive 60 miles a day round trip to work. A good rule of thumb for mileage reducing a new vehicles value is you lose about 12 cents in value for every mile you drive on a newer vehicle. On an older one this is not nearly as much of a factor.
Lets also assume that the truck gets 15 MPG, and the car will give you double that, or 30 MPG. Every day you drive the truck to work you burn 4 gallons of fuel. If you were to take the car you would only burn 2 gallons. The savings in a normal week would be 10 gallons of fuel. Using $3.00 / gallon you can figure that is a $30 savings per week. You would also save about another $30 in value of your truck.
In about 34 weeks you would have saved enough to pay the $2000 for the vehicle.
You need to plug in the numbers that fit your situation. It could be a very good idea, or it could not be. You want to be able to recoup your investment in the second car within about a year, or it is not worth it!
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Answers:
No vehicle is a really good investment. They all lose value, unless you are talking about a rare classic!
That being a fact, having an older car as a commuter vehicle often makes sense. You may actually save on insurance, seeing as you will take your truck out of the daily commuter category and move it in to the pleasure use only level.
The thing to do is sit down and do the math. How much will the car cost you to purchase? How far do you drive to work?
What are the other costs associated with having a second car? Do you have to pay to park at your residence? Do not forget the cost of vehicle registration.
Let's say that you have to pay $2000 for the car. Let's also assume that you drive 60 miles a day round trip to work. A good rule of thumb for mileage reducing a new vehicles value is you lose about 12 cents in value for every mile you drive on a newer vehicle. On an older one this is not nearly as much of a factor.
Lets also assume that the truck gets 15 MPG, and the car will give you double that, or 30 MPG. Every day you drive the truck to work you burn 4 gallons of fuel. If you were to take the car you would only burn 2 gallons. The savings in a normal week would be 10 gallons of fuel. Using $3.00 / gallon you can figure that is a $30 savings per week. You would also save about another $30 in value of your truck.
In about 34 weeks you would have saved enough to pay the $2000 for the vehicle.
You need to plug in the numbers that fit your situation. It could be a very good idea, or it could not be. You want to be able to recoup your investment in the second car within about a year, or it is not worth it!