if you want cost savings, the best option is to buy cheap pre-owned small cars that are 15-20 years old, drive them till they die, then buy another for $2k. thats what i've been doing for the last 15 years. each year i spend a combined total of less than $3000 on transport (excluding the occasional long distance trip), and thats a high estimate, the real number is probably closer to $2000.
buying a $40-50-60k car to save money doesn't make much sense, because you're either paying 5-10% interest on a loan, or losing out on 5-10% capital gains from investing the money you would have spent on the car, and unless you do more than 200km each week that 5-10% will be more than the fuel costs of running a cheap pre-owned small car.
add in the cost of the actual vehicle, and the "ROI payoff time" on me buying an outlander PHEV would be 30-40 years. i don't want one for cost savings, i'm strongly considering buying one because my situation makes it an attractive option. my current $2k car only has a year or two left due to accumulated wear and tear that will cost $4k+ to fix.
my options are "buy another cheap pre-owned ICE vehicle", as it makes zero sense to me to spend more than $5k on one...
OR "buy an EV" which despite being cheap to run, will be massively inconvenient as it'll take away my ability to do long trips easily and i'd have to invest in a home charger due to charging speed issues at home...
OR buy a plug in hybrid that can double as a small camper vehicle so i have access to electricity anywhere/anytime and sleeping space with airconditioning, which has the potential to save $100 per day of travel by eliminating the need for overnight accomodation. the battery can charge in under 8 hours (240v AC is standard in my country). i'm planning to do a degree in electrical engineering, so i'll eventually be able to fix/modify the vehicle.
cars are almost always a money pit, an expense and never an investment. "improving your financial situation" is best acheived by figuring out how to reduce your tax bill or improve the return on your investments.
as for a "reason to keep the car for a long time", i'd say "because you've already bought it and you're gonna take a loss on the sale", outlander PHEVs are in short supply in australia so pre-owned outlander PHEVs have excellent value retention, dealers are selling old demo models at a markup from MRSP, but i know that in the US they're a bit overstocked so trade-in-value might not be good.
My posting was between r
onnieracoon and me. He is lucky guy since his car has option of 1500w 120v outlet, which is a huge option cost of $6,000 value in US.
In addition to that, I described about fuel efficiency on the cars under the car category point of view. I neither do not want cheap car to save money nor mention to recommend to buy cheap car to the others in my post. I don't know why you think I am looking for cheap car, to save money.
Please do not have prejudice 40k-50k-60k car buyer are spending money unreasonably. They have their own background why they buy such priced car and disregarding the money on the car, most of the people try to save a dollar while they maintain the car. Where to spend money and where to save money is as diversity as each finger print. I just add my professional opinion how the car has its own categories and how the history of the ICE to EV progressed.
On the world, what could be not belongs to money pit. Where to live, how to decorate, how to eat, how to maintain health, how to move, how to wear, everything you name it, are related with money. The difference is that who puts its value to what, where, how, by their Philosophy of the way of thinking. I just provide some background of each different categories of the cars and technical background for their decision to be successful in choosing the car.
I respect social reputation. I can't buy 2k car because I have prejudice that if I drive such a cheap car, I feel shame by myself that people think I am a loser in the life. I sometimes buy a goods at the flee market, but I don't feel shame when I buy used stuff with cheap price. I own 4 monitor for 2 desktops to enjoy media, but I don't think I waste my money for nothing, only because I have 2 desktops and 4 monitor. I have 2 phones, one is active and another is for extra searching. I have Drawing table to enjoy learning drawing at my old days.
You see the cars for the money saving point of view. But every cars provide more than money. That's why I showed each cars characteristic how we select the car upon their specific needs. You can save money by repairing car by yourself. but 90% of the car owner cannot do that. if your skill is only your choice how to save the money, you have to check carefully which cars can be repaired by simple tools and your skill. If you do not careful to choose under this point of view, you might face the difficult to get a electronic components. Or without special tools, you cannot get to disassembling itself.
If you achieve electrical degree, that would be great. What kind of electrical degree is it? Car repair is not one field of repair. First, we have to have skill of diagnosis. This will not belongs to electrical knowledge. Diagnoses may be sometimes simple but sometimes maze. It may belongs to mechanical failure, or structure failure, or, weakness of design, electric components failure, or electronic components failure, or maintenance defects. Or, multiple combined reasons.
When we see the market of individual garage, they are specialized on a certain category. There is no General Hospital Garage. Like Autobody, Engine, Transmission, Used part car junction, etc. and when we repair our own car, there are so many exceptions from you knowledge.
What about tools. Sometimes, single tool is more expensive than repair cost. Even flushing brake oil, good tools are expensive than brake oil flushing at the garage. Hydro pressure press, hydro pressure jack, Lifter, Pressure tank system, welding machine and more. All these are essential if you want to fix the car by yourself. But these are only limited to mechanical field. When we goes to electrical repair, we need special Oscilloscope, DC generator, Volt meter, watt meter, Amp meter, high temp heater, ETC. If you are planning to be special repair guy, you can invest money to setup repair system, otherwise, all tool cost will be way over you budget. Even though you have basic tool, we cannot guarantee that those tools are enough to repair your car.
If you have enough electrical knowledge to diagnose the failure, it will not be ended to finish repair automatically.
Repair concept comes out from owning an old ICE car spending 5K under. Your idea is good to use old car by repairing by yourself.
When we once the convenience of modern technology, it is difficult to go back to old tech. Nobody buys Cathode Tube monitor or TV in these days. ICE engine fuel efficiency is 12-30% officially from government org. Old ICE maybe lower than 12%. If you spend $100 for gas, $12 is used for moving. In EV, if you spend $100 for electric, $80 - $99 will be use for car moving. 5K ICE car needs more often oil change, transaxle oil change, bushing replace, shock replace, spring replace, old engine part, alternator, battery, relays and fuses, etc will requires more money than skill to repair. 5k cars faces the difficult to get oem part, too.
As advancing from Cathode tube tv to QOLED tv, CDMA to 5G LTE, car industry is also moving forward from ICE, Diesel to EV. I just provide simple description how it advanced. Some may stay in ICE and some may go forward to EV. It is merely depend to each person's Philosophy, how they build up their ways of thinking. I just show them how the car is moving forward, by its technical background. Just check where you are in. Buying cheap old car or buy 2-4 years of used car or buy brand new car is not important, I say. The important thing is what is your needs and favorites, based on financial power. Personal curiosity and pioneer sprit sometimes may be added to each selection. Remember we spend at least 2 hours a day, everyday. Remember we spend whole weekend with family in camping cars. Remember we spend a few hours for vacation journey. Remember we build up relationship in the car. Sometimes the car is our business partner, sometimes I have to use my car for transporting used appliance or furniture which I bought from flee market. Sometimes it can change to mobile power supply when our town flooded. So personal need is the most important to choose the car.
