Bangernomics or bust
Discussion
Why is it one gets so attached to a hunk of metal?
Help me with my dilema.
I have a 21 year old van/camper - owned for 10 years. Pretty high mileage, have spent a lot over the years replacing fairly big chunks of the engine to keep it going. Generally it drives fine - few electrical gremlins but manageable. The van is scruffy which actually suits me because I tend to go down narrow lanes..... a shiny new paint job would make my teeth itch.
Now it could really do with the injectors being pulled and possible some or all of them being replaced along with some gaskets and an exhaust downpipe. I guess worst case we're looking at £3k for this... Plus whatever else needs replacing when things are taken apart. There is also the start of corrosion on the rear sills that would need repairing....Say another £1k.
So I recon spending £4-5K to polish things up would get me another 5-6 years of use before the corrosion becomes an issue. The caveat here is that there is no knowing what else might break in that time...maybe nothing, maybe everything.
Van is worth probably £3k as it is.
To get the same van but new enough to not instantly have to spend a fortune repairing it you'd be looking at £15-20k. Plus £3k fitting it out to be similar to the old one.
That new van will probably depreciate at around 1k a year give or take.... So the cost of 5 years of ownership of either van will be similar(ish)... depreciation vs renovation cost.
New van would be Euro6 so perhaps lower road tax and ULEZ friendly...but also because of that would have EGR/DPF nonsense which could be costly to repair.
I thought I was ready to part with the old van so I bought a newer one.....but now they are both sat on the drive I can't decide which one to part with....The new one is very very nice, drives so smooth and has "new toys" but essentially its exactly the same van as the old one...just 20ishK more expensive
I am stuck in indecision ....... fix what I have or keep the new and shiny thing that will only become less valuble the more I use it.
Anyone had a similar dilema? What was your logic and solution?
Help me with my dilema.
I have a 21 year old van/camper - owned for 10 years. Pretty high mileage, have spent a lot over the years replacing fairly big chunks of the engine to keep it going. Generally it drives fine - few electrical gremlins but manageable. The van is scruffy which actually suits me because I tend to go down narrow lanes..... a shiny new paint job would make my teeth itch.
Now it could really do with the injectors being pulled and possible some or all of them being replaced along with some gaskets and an exhaust downpipe. I guess worst case we're looking at £3k for this... Plus whatever else needs replacing when things are taken apart. There is also the start of corrosion on the rear sills that would need repairing....Say another £1k.
So I recon spending £4-5K to polish things up would get me another 5-6 years of use before the corrosion becomes an issue. The caveat here is that there is no knowing what else might break in that time...maybe nothing, maybe everything.
Van is worth probably £3k as it is.
To get the same van but new enough to not instantly have to spend a fortune repairing it you'd be looking at £15-20k. Plus £3k fitting it out to be similar to the old one.
That new van will probably depreciate at around 1k a year give or take.... So the cost of 5 years of ownership of either van will be similar(ish)... depreciation vs renovation cost.
New van would be Euro6 so perhaps lower road tax and ULEZ friendly...but also because of that would have EGR/DPF nonsense which could be costly to repair.
I thought I was ready to part with the old van so I bought a newer one.....but now they are both sat on the drive I can't decide which one to part with....The new one is very very nice, drives so smooth and has "new toys" but essentially its exactly the same van as the old one...just 20ishK more expensive
I am stuck in indecision ....... fix what I have or keep the new and shiny thing that will only become less valuble the more I use it.
Anyone had a similar dilema? What was your logic and solution?
Edited by tegwin on Friday 13th February 10:37
I've done Bangernomics on several cars and vans. I've won and lost the game several times.
To get 5 years more out of the van, you're looking at 5k spend on items you do know need replacing + £100 per month -I would estimate- in unknown maintenance. Therefore possibly £11,000. Plus the value of the van right now. £3,000
You're potentially using £14,000 of your in hand money to keep it running for 5 years. Roughly £233 per month (including loss in value, assuming as you say corrosion writes it off)
To get 5 years more out of the van, you're looking at 5k spend on items you do know need replacing + £100 per month -I would estimate- in unknown maintenance. Therefore possibly £11,000. Plus the value of the van right now. £3,000
You're potentially using £14,000 of your in hand money to keep it running for 5 years. Roughly £233 per month (including loss in value, assuming as you say corrosion writes it off)
Edited by smallpaul on Friday 13th February 11:20
If you've already got the new van and it drives great and you enjoy it, just get rid of the old van and run the new one for a long time.
It's not always about the cheapest solution, there's a value to not worrying about stuff breaking down all the time (not saying the newer one will never go wrong, but probability of the older one constantly needing stuff doing is higher) and the downtime/effort of all the repairs. And just being in a nicer/newer one is worth something too.
If however you're not enjoying the new van or feel like it's not worth it, then sell it and keep running the old one with regular maintenance.
It's not always about the cheapest solution, there's a value to not worrying about stuff breaking down all the time (not saying the newer one will never go wrong, but probability of the older one constantly needing stuff doing is higher) and the downtime/effort of all the repairs. And just being in a nicer/newer one is worth something too.
If however you're not enjoying the new van or feel like it's not worth it, then sell it and keep running the old one with regular maintenance.
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