Old v New Comparisons after 2 years and £10k
Discussion
So I have always owned used cars, in fact, I have never owned a car newer than ten years old, which is okay with me. However, this means that I don't know if the investment that I have made in maintenance and renovation means that my money could have been spent on a newer, shinier, look-how-well-I'm-doing-everyone kind of car (nothing that drinks from the Devil's pump!).
I own a 2004 S211 E500 (estate) which is a great car. I love the power, V8 relaxed motorway driving, the air suspension, space, build quality and the gradual improvement of the car.
Doing some calculations, I figure that it has cost me £10k including purchase over 23 months. During that period of time, I have covered 32,000 miles which I would estimate cost around £9,500 at 20 mpg.
So let's say that I have spent around £20k in total over 24 months, for ease of calculation. Let's for argument's sake say that the vehicle is worth £4k used, depending on whether a prospective owner values all the work done to the vehicle meaning less bork factor.
I think that the bulk of mechanical costs have been undertaken now (so less costly over the next twenty four months) and we're looking at a handful of perished bushes and then bodywork to get the car looking nicer ££££ and some interior fettling for a refresh.
Monthly figures (which might be useful for comparison):
Miles: 1,333
Cost (inc purchase): £416
Fuel: £416
How would this compare to buying/leasing a new or close to new car of a similar spec? I have never tried to buy a new or close-to-new car, so I simply don't have a gauge on what an equivalent vehicle is available for the outlay.
PH insight and contributions welcome!
I own a 2004 S211 E500 (estate) which is a great car. I love the power, V8 relaxed motorway driving, the air suspension, space, build quality and the gradual improvement of the car.
Doing some calculations, I figure that it has cost me £10k including purchase over 23 months. During that period of time, I have covered 32,000 miles which I would estimate cost around £9,500 at 20 mpg.
So let's say that I have spent around £20k in total over 24 months, for ease of calculation. Let's for argument's sake say that the vehicle is worth £4k used, depending on whether a prospective owner values all the work done to the vehicle meaning less bork factor.
I think that the bulk of mechanical costs have been undertaken now (so less costly over the next twenty four months) and we're looking at a handful of perished bushes and then bodywork to get the car looking nicer ££££ and some interior fettling for a refresh.
Monthly figures (which might be useful for comparison):
Miles: 1,333
Cost (inc purchase): £416
Fuel: £416
How would this compare to buying/leasing a new or close to new car of a similar spec? I have never tried to buy a new or close-to-new car, so I simply don't have a gauge on what an equivalent vehicle is available for the outlay.
PH insight and contributions welcome!
It's all well and good doing this comparison I have done the same many a time, but..
You'll be comparing the most reliable new cars against in your own words a borkmaster4000.
If you had a more reliable mainstream older car it would be way cheaper.
I've just gone in between - 13 plate 70k C220 coupe for roughly 9k , that's the sweet spot for me. It works out the same cost as a 3 year lease on something lesser and should still be worth a decent amount in 3 years time.
You'll be comparing the most reliable new cars against in your own words a borkmaster4000.
If you had a more reliable mainstream older car it would be way cheaper.
I've just gone in between - 13 plate 70k C220 coupe for roughly 9k , that's the sweet spot for me. It works out the same cost as a 3 year lease on something lesser and should still be worth a decent amount in 3 years time.
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