19th Jul 2006, 22:07
An initially cheap old car that requires dollars and time to repair is no bargain.
20th Jul 2006, 15:21
Yes, an initially cheap car that requires time and repairs is a bargain. I've kept spreadsheets of my old cars for years, and have the proof of that statement. For example, an '85 Dodge truck, purchased when 11 years old for $2,500. I drove it 40,000 miles and never had to spend a dime on it. Since purchase, I've put 81,000 miles on it and had it for 10 years, with total repair costs of $5,000. Most of that cost was in years 6-8, with no repairs required since then. $7,500/120 months = $62.50/month. Try to find a car payment that low.
22nd Jul 2006, 17:27
I have a Chrysler Laser that I paid $800 for and spent an extra $400 on repairs and parts up to date. Even though it needs a new transmission, it still only has cost me $3000 (w/transmission) for a car that I really like, for super low insurance rate, and NO CAR PAYMENT!!! It also has left me with a lot of cash available for house repairs an other stuff.
$800 Car
$400 Parts, maintenance
$1800 Transmission.
$3000/36 months = $83 month or $1200/36 months = $33/month as of now.
Insurance = $30 month
Total = $113 month or $63 a month.
Besides, I can get this car sold for another $800 if I really need to, so it has been a really wise financial move for me because I do not suffer much from depreciation.
The last time I finanaced, it was a Mercury Cougar (piece o crap), that cost me close to $400 a month, and I took $2000 of depreciation in the first month I owned it.
23rd Jun 2007, 04:30
I have an 89 GTC. 2.2 Turbo II (intercooled) 5 speed trans. There's not a stock 5.0 MOOstang that can catch me... Check out Turbos Unleashed (google it) for lots of performance parts. I bought a clutch from them and it's great! I twisted the center out of a cheap generic 'auto parts' (Taiwan) clutch disc very quickly.
Build these cars up, they are unbeatable. I have 200K miles on mine. Plus, they have all the great features you would expect in a Chrysler... Infinity stereo, digital climate control, power everything...
These cars can be a Honda owner's worst nightmare! Check out http://www.thedodgegarage.com, and be sure to see the one that ran on the Bonneville salt flat at 215 MPH.
Have fun!
19th Jul 2006, 21:55
Whether they were racing or not, I still beat em. I really doubt that the Lime Green Civic with the Aero body kit had 250K on it, and I even doubt more that he wasn't racing. His poor car was at 8000 rpms most of the time. But of course, my car ain't no super car either. If you have an Evo, or Sti, you'll beat me. But I welcome a challenging Civic anyday.