How much does your car cost per month?
Discussion
VW Golf
£250 a month HP
£2.50 a month tax
£100 a month fuel
£40 a month insurance
Old Mondeo to compare
£150 a month fuel
£25 a month tax (approx)
£50 a month insurance
£250 a month on repairs (£1,500 worth in six months!)
Brought it for £1,400 in October 2018. Sold (part ex) for £600 in April 2019.
£250 a month HP
£2.50 a month tax
£100 a month fuel
£40 a month insurance
Old Mondeo to compare
£150 a month fuel
£25 a month tax (approx)
£50 a month insurance
£250 a month on repairs (£1,500 worth in six months!)
Brought it for £1,400 in October 2018. Sold (part ex) for £600 in April 2019.
jonspectre said:
2017 Volvo V40 T3 with nearly every option ticked
Lease: £330.64 amortised including the initial 'deposit' and over mileage charges
Insurance: £30.83 per month including business use, etc.
Tax: Nil
MOT: Nil
Service: £17.63 per month (two services in 3 years; one minor, one major)
Fuel: £166 per month based on 14k miles per year
Maintenance: £15 per month (one set of tyres per year)
Total: £560.10 per month, or 48ppm. Ouch. Luckily I claim just over half the total cost back on business miles.
My third, and probably last, lease vehicle.
Oh yeah - that's quite pricy per mile on 14k - I wonder if adding lots of options pushed it up Lease: £330.64 amortised including the initial 'deposit' and over mileage charges
Insurance: £30.83 per month including business use, etc.
Tax: Nil
MOT: Nil
Service: £17.63 per month (two services in 3 years; one minor, one major)
Fuel: £166 per month based on 14k miles per year
Maintenance: £15 per month (one set of tyres per year)
Total: £560.10 per month, or 48ppm. Ouch. Luckily I claim just over half the total cost back on business miles.
My third, and probably last, lease vehicle.
Fuel is the majority of the cost for most cars so incredible that it's omitted so often.
IT's the reason EVs are increasingly attractive. Even with zero deprecation most old cars can work out 45p which is about the same as buying a brand new tesla. (albeit with less uncertainty in the figures.
For instance I'm budgeting £400 a month for a Tesla model 3 over 4 years. Which may prove to be massively incorrect. But here are my amortised sums for scrutiny.
Private purchase
years 4
RRp 39000
50% sale after 4 years 19500
deprecation 4875
Fuel 400
tax 255
service 100
sum 5630
millage 11000
cost per mile 0.51
cost per month 469
Ltd business purchase
years 4
RRp 39000
50% sale after 4 years 19500
deprecation 4875
Fuel 400
tax 255
service 100
Tax write off 19% -1852.5
CGT 15% 731.25
BIK 270
sum 4778.75
millage 11000
cost per mile 0.43
cost per month 398
IT's the reason EVs are increasingly attractive. Even with zero deprecation most old cars can work out 45p which is about the same as buying a brand new tesla. (albeit with less uncertainty in the figures.
For instance I'm budgeting £400 a month for a Tesla model 3 over 4 years. Which may prove to be massively incorrect. But here are my amortised sums for scrutiny.
Private purchase
years 4
RRp 39000
50% sale after 4 years 19500
deprecation 4875
Fuel 400
tax 255
service 100
sum 5630
millage 11000
cost per mile 0.51
cost per month 469
Ltd business purchase
years 4
RRp 39000
50% sale after 4 years 19500
deprecation 4875
Fuel 400
tax 255
service 100
Tax write off 19% -1852.5
CGT 15% 731.25
BIK 270
sum 4778.75
millage 11000
cost per mile 0.43
cost per month 398
This is what I had to explain to my Mrs when we got the i3 - because the monthly payment is £399 vs £275 (amortised) on our previous car, it seems to the unknowing eye that it's a shedload more expensive.
But factor everything in, and its actually at least a few pence per mile cheaper, and for a car with OTR Price which is (rightly or wrongly) about £7.5k higher.
But factor everything in, and its actually at least a few pence per mile cheaper, and for a car with OTR Price which is (rightly or wrongly) about £7.5k higher.
Clio 172
Purchased outright - £1,200
Insurance: £24.66 per month including business use, etc.
Tax: £25
MOT: £0
Service: £86.91 per month (belts, wiper linkages and front brakes)
Fuel: £47 per month based on 2.5k miles per year
Maintenance: £0 per month
Total: £183.57 per month, plus purchase costs. My current cost per mile is £1.58.
Yes it's cheaper to get a taxi nearly everywhere I've been for the last 13 months. Do I care? No.
Costs from when I had a Golf Estate R
Lease: £266.80 amortised including the initial 'deposit'
Insurance: £44.98 per month including GAP
Tax: Nil
MOT: Nil
Service: £6.84 per month (one service in 2 years)
Fuel: £94 per month based on 8.5k miles per year
Maintenance: £20.17 per month (one set of tyres over 2 years, plus some oil etc)
Total: £432.79 per month, total cost per mile was £0.5746.
I pay for everything in one go, so it was literally just the monthlies.
Purchased outright - £1,200
Insurance: £24.66 per month including business use, etc.
Tax: £25
MOT: £0
Service: £86.91 per month (belts, wiper linkages and front brakes)
Fuel: £47 per month based on 2.5k miles per year
Maintenance: £0 per month
Total: £183.57 per month, plus purchase costs. My current cost per mile is £1.58.
Yes it's cheaper to get a taxi nearly everywhere I've been for the last 13 months. Do I care? No.
Costs from when I had a Golf Estate R
Lease: £266.80 amortised including the initial 'deposit'
Insurance: £44.98 per month including GAP
Tax: Nil
MOT: Nil
Service: £6.84 per month (one service in 2 years)
Fuel: £94 per month based on 8.5k miles per year
Maintenance: £20.17 per month (one set of tyres over 2 years, plus some oil etc)
Total: £432.79 per month, total cost per mile was £0.5746.
I pay for everything in one go, so it was literally just the monthlies.
2005 Mondeo 2.2 Ghia X
Bought in May 2010 for £4800 on 108000 miles
Now on 262000 miles.
Costs over the last 9 years:
Insurance: £2600 approx
Tax: £1600 approx
Diesel: 58 mpg average over the 9 years = 2655 gallons @ £5.80/gallon approx = £15,400
Servicing, repairs, tyres, MOT's: £9974.31 (actual - 13 services + other repairs, refreshed suspension, clutch + DMF etc)
Total: £29,574.31!
19p a mile over the life of the car, plus depreciation (2.4p a mile)
Final cost: 21.4p a mile including fuel, 9.2p a mile without. That works out an average of £305 a month inc fuel, £131 a month without.
Volvo V90 T5 Crosscountry lease (18 months, 12k miles total)
Total costs if I use all my miles will be approx:
Lease: £4896
Insurance: £450ish for 18 months
45p a mile plus fuel and one service (£250)
Approx £2100 in petrol if I do all the miles
64p a mile inc fuel and service
Final cost per month: £310.88 fixed costs, £427 a month with fuel and service
Bought in May 2010 for £4800 on 108000 miles
Now on 262000 miles.
Costs over the last 9 years:
Insurance: £2600 approx
Tax: £1600 approx
Diesel: 58 mpg average over the 9 years = 2655 gallons @ £5.80/gallon approx = £15,400
Servicing, repairs, tyres, MOT's: £9974.31 (actual - 13 services + other repairs, refreshed suspension, clutch + DMF etc)
Total: £29,574.31!
19p a mile over the life of the car, plus depreciation (2.4p a mile)
Final cost: 21.4p a mile including fuel, 9.2p a mile without. That works out an average of £305 a month inc fuel, £131 a month without.
Volvo V90 T5 Crosscountry lease (18 months, 12k miles total)
Total costs if I use all my miles will be approx:
Lease: £4896
Insurance: £450ish for 18 months
45p a mile plus fuel and one service (£250)
Approx £2100 in petrol if I do all the miles
64p a mile inc fuel and service
Final cost per month: £310.88 fixed costs, £427 a month with fuel and service
Edited by Camelot1971 on Wednesday 26th June 19:41
2014 BMW 120d brought in January 2018
Brought for: £10,700 (at 37,650 miles)
Insurance: £32.58 per month
Tax: £2.50 per month
Service & Maintenance: £460.20 / 18 = £31.12 per month - this covers everything from new wipers to services.
Fuel over 21,357miles at 53.59 MPG = 2,444.68 / 18 = £135.81 per month
£200.90 per month without depreciation or 16.9ppm.
Including depreciation and assuming a value of £8,500 now (£2,200) = £122.22 per month
£323.12 per month without depreciation or ppm or 27.23ppm.
Edit to add, looking at my car history and running costs of my old 2005 120d, over almost 50,000 miles the ppm running cost was 26ppm so, almost the same. The old 120d had some big bills towards the end of its time with me.
Brought for: £10,700 (at 37,650 miles)
Insurance: £32.58 per month
Tax: £2.50 per month
Service & Maintenance: £460.20 / 18 = £31.12 per month - this covers everything from new wipers to services.
Fuel over 21,357miles at 53.59 MPG = 2,444.68 / 18 = £135.81 per month
£200.90 per month without depreciation or 16.9ppm.
Including depreciation and assuming a value of £8,500 now (£2,200) = £122.22 per month
£323.12 per month without depreciation or ppm or 27.23ppm.
Edit to add, looking at my car history and running costs of my old 2005 120d, over almost 50,000 miles the ppm running cost was 26ppm so, almost the same. The old 120d had some big bills towards the end of its time with me.
Edited by bracken78 on Thursday 27th June 13:30
LosingGrip said:
VW Golf
£250 a month HP
£2.50 a month tax
£100 a month fuel
£40 a month insurance
Old Mondeo to compare
£150 a month fuel
£25 a month tax (approx)
£50 a month insurance
£250 a month on repairs (£1,500 worth in six months!)
Brought it for £1,400 in October 2018. Sold (part ex) for £600 in April 2019.
But the repairs on the older car unless they continue at that level will clearly reduce month on month as it averages down £250 a month HP
£2.50 a month tax
£100 a month fuel
£40 a month insurance
Old Mondeo to compare
£150 a month fuel
£25 a month tax (approx)
£50 a month insurance
£250 a month on repairs (£1,500 worth in six months!)
Brought it for £1,400 in October 2018. Sold (part ex) for £600 in April 2019.
Insurance approx. €250/year
Parking permit about €50/year
Fuel about €120/year (really not using the car much at the moment)
Maintenance, maybe €200 for a service every other year?
Car allowance from work €110/month
So assuming my depreciation is below €800/year (it's bound to be on a 10 year old Skoda) I'm making a profit
Parking permit about €50/year
Fuel about €120/year (really not using the car much at the moment)
Maintenance, maybe €200 for a service every other year?
Car allowance from work €110/month
So assuming my depreciation is below €800/year (it's bound to be on a 10 year old Skoda) I'm making a profit
BMW M140....
Finance - £412 per month (no deposit to factor in)
Insurance - £56 (deposit plus nine payments. £616 for the year)
Servicing - £6.22 (service pack for the two services it’ll need was £299)
Tyres etc - £30 a month into savings
VED - nothing at the mo as I’ve only just got it and have paid for the full year. £12 per month after.
Fuel - not sure yet as I’m only 1 week in. I’m banking on £200 per month (tank a week).
Current total per month is £674.
This works out cheaper than my vRS company car and about the same if I’d taken another car (A180 AMG Line auto, Focus 180bhp etc).
Finance - £412 per month (no deposit to factor in)
Insurance - £56 (deposit plus nine payments. £616 for the year)
Servicing - £6.22 (service pack for the two services it’ll need was £299)
Tyres etc - £30 a month into savings
VED - nothing at the mo as I’ve only just got it and have paid for the full year. £12 per month after.
Fuel - not sure yet as I’m only 1 week in. I’m banking on £200 per month (tank a week).
Current total per month is £674.
This works out cheaper than my vRS company car and about the same if I’d taken another car (A180 AMG Line auto, Focus 180bhp etc).
2005 BMW 645, bought 4 years ago as a stopgap that I've ended up keeping.
Brought for: £10k
Worth about £7k (ish) now so depreciation is £62.50 a month
Insurance: £20 per month
Tax: £19 per month
Service & Maintenance: Umm, probably about £3k. I tend not to keep records in case my wife ever sees them. This should now go down significantly as I've fixed a lot of the bigger items already. £62.50 a month
Fuel over 10k miles at an average of 18MPG = £3.4k / 48 = £70 per month. That's going up significantly, as I now have a commute.
All up I'm spending £234 a month for the gas guzzler.
I can easily add another £90+ if it needs more than 1 tank of fuel to do the month and my short commute of 12 miles a day is doing bad things to fuel consumption.
Brought for: £10k
Worth about £7k (ish) now so depreciation is £62.50 a month
Insurance: £20 per month
Tax: £19 per month
Service & Maintenance: Umm, probably about £3k. I tend not to keep records in case my wife ever sees them. This should now go down significantly as I've fixed a lot of the bigger items already. £62.50 a month
Fuel over 10k miles at an average of 18MPG = £3.4k / 48 = £70 per month. That's going up significantly, as I now have a commute.
All up I'm spending £234 a month for the gas guzzler.
I can easily add another £90+ if it needs more than 1 tank of fuel to do the month and my short commute of 12 miles a day is doing bad things to fuel consumption.
There should be an extra row called 'opportunity cost', which could add a huge amount to to anyone who is simultaneously trying to save for a loan such as a mortgage.
Finger in the air example:
36 months leasing a Golf R = up to £20k more than a shed car.
average first home price = £200k.
Shed owner = 85% mortgage, 1.8%, 25yr = £211k repaid of which £11k interest.
Golf R owner = 95% mortgage, 2.6%, 25yr = £258k repaid of which £58k interest.
Golf R opportunity cost = (58k-11k)/36mo = £1305 per month (£47k total).
Obviously, there are ways to bring this down, but you get the gist - hundreds or even thousands of pounds of opportunity cost.
(Edit: the online calculator I first used gave way-off values)
Finger in the air example:
36 months leasing a Golf R = up to £20k more than a shed car.
average first home price = £200k.
Shed owner = 85% mortgage, 1.8%, 25yr = £211k repaid of which £11k interest.
Golf R owner = 95% mortgage, 2.6%, 25yr = £258k repaid of which £58k interest.
Golf R opportunity cost = (58k-11k)/36mo = £1305 per month (£47k total).
Obviously, there are ways to bring this down, but you get the gist - hundreds or even thousands of pounds of opportunity cost.
(Edit: the online calculator I first used gave way-off values)
Edited by Grrbang on Thursday 27th June 16:21
bracken78 said:
2014 BMW 120d brought in January 2018
Brought for: £10,700 (at 37,650 miles)
Insurance: £32.58 per month
Tax: £2.50 per month
Service & Maintenance: £460.20 / 18 = £31.12 per month - this covers everything from new wipers to services.
Fuel over 21,357miles at 53.59 MPG = 2,444.68 / 18 = £135.81 per month
£200.90 per month without depreciation or 16.9ppm.
Including depreciation and assuming a value of £8,500 now (£2,200) = £122.22 per month
£323.12 per month without depreciation or ppm or 27.23ppm.
Edit to add, looking at my car history and running costs of my old 2005 120d, over almost 50,000 miles the ppm running cost was 26ppm so, almost the same. The old 120d had some big bills towards the end of its time with me.
This seems to be pretty good going. Only thing I wonder is, I suppose if a car is being purchased outright another cost that maybe ought to be factored in is the 'cost' of that cash being tied up in the car rather than it being invested or used to make additional mortgage payments etc - just a thought.Brought for: £10,700 (at 37,650 miles)
Insurance: £32.58 per month
Tax: £2.50 per month
Service & Maintenance: £460.20 / 18 = £31.12 per month - this covers everything from new wipers to services.
Fuel over 21,357miles at 53.59 MPG = 2,444.68 / 18 = £135.81 per month
£200.90 per month without depreciation or 16.9ppm.
Including depreciation and assuming a value of £8,500 now (£2,200) = £122.22 per month
£323.12 per month without depreciation or ppm or 27.23ppm.
Edit to add, looking at my car history and running costs of my old 2005 120d, over almost 50,000 miles the ppm running cost was 26ppm so, almost the same. The old 120d had some big bills towards the end of its time with me.
Edited by bracken78 on Thursday 27th June 13:30
Mini Cooper S
MPG 30 / 5500 10 months - (6600) pa
Tax £29 pm
Cost £2500
Sold £1100
Repairs £450
Insurance £450 pa / £38 pm appx
Cost to own for 10 (!) months until it died £3000 or about £300 per month for a 2005 90k mini
Alfa 166
MPG 30 / 6600 pa (completed 500 miles)
Tax £29
Cost £1750 (worth the same appx)
Insurance £450 pa
Cost to own for 1 month £180 (exc purchase cost)
V8V - since Dec 16
MPG 15 - 4000 miles completed
Tax £45 (6 - 8 months of the year)
Cost £42
Worth £32
Insurance £900 pa
Servicing, etc - £4000 appx (due a service next month so an additional £600 plus new tyres, £1000) - so £5600
Total £18,875 / £612 per month or around £4.50 per mile !!!! Need to do more miles now to bring that down.
MPG 30 / 5500 10 months - (6600) pa
Tax £29 pm
Cost £2500
Sold £1100
Repairs £450
Insurance £450 pa / £38 pm appx
Cost to own for 10 (!) months until it died £3000 or about £300 per month for a 2005 90k mini
Alfa 166
MPG 30 / 6600 pa (completed 500 miles)
Tax £29
Cost £1750 (worth the same appx)
Insurance £450 pa
Cost to own for 1 month £180 (exc purchase cost)
V8V - since Dec 16
MPG 15 - 4000 miles completed
Tax £45 (6 - 8 months of the year)
Cost £42
Worth £32
Insurance £900 pa
Servicing, etc - £4000 appx (due a service next month so an additional £600 plus new tyres, £1000) - so £5600
Total £18,875 / £612 per month or around £4.50 per mile !!!! Need to do more miles now to bring that down.
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