Would you fix 10 year old car, or start saving for new one?
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M$3 Answers
1. How much is your old car worth (variable A).
2. How much would you save on gas with your new car over the next three years (variable B).
3. How much do you spend a year on repairs for your old car (variable C)
3. How much is the cost of your new car (variable D).
If your old car is worth $5k and you're looking at buying the Honda Insight hybrid (which is around $20k) you might be in luck. If variable B--money saved on gas) was $200 a month, well, then you would have saved ~$7,000 over three years. If you're spending $1,000 on repairs a year for your old car, well, you'll be out $3,000 over the next three years.
This means you:
Make $5k selling the car
Save $7k on gas and $3k on repairs with the new car
That's essentially 2/3rds to 3/4 the price of the new car. If you get a $30k Prius, well, this screws up the model.
The good news is that over 10 years you can get a LOT more car for the money.
good luck with it!
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
Jason,
I like your math - it makes lots of sense!
too bad it's too late to pick your answer as the Best Answer, but I gave it my vote