How much does everyone spend on their cars each month? Car payments, insurance, gas, maintenance, parking, etc.
I've heard people casually throwing around some pretty crazy numbers lately.
My car - roughly $378 a month
Wife's Car - $198 (it's paid off)
Both of my vehicles are paid for. Probably around $400-500. That typically covers gas and maintenance for both.
Quote from: thelakelander on August 09, 2013, 12:02:00 PM
Both of my vehicles are paid for. Probably around $400-500. That typically covers gas and maintenance for both.
Samesies. I'm focused on wiping out my student loans and building up savings and am perfectly content to drive a mediocre car until I do. Though with interest rates what they are, I've been planning on selling my car, putting the proceeds towards student loan principal, and then getting a new car at a significantly lower rate than my loans.
one is paid for the other isn't. I spend around $600 a month. Maintenance spread out over 12 month average.
Quote from: CityLife on August 09, 2013, 12:10:58 PM
Quote from: thelakelander on August 09, 2013, 12:02:00 PM
Both of my vehicles are paid for. Probably around $400-500. That typically covers gas and maintenance for both.
Samesies. I'm focused on wiping out my student loans and building up savings and am perfectly content to drive a mediocre car until I do. Though with interest rates what they are, I've been planning on selling my car, putting the proceeds towards student loan principal, and then getting a new car at a significantly lower rate than my loans.
Pretty ridiculous that you can finance a car at a lower rate than you can get a student loan. A 10 year T-bill is at 2.58% today, yet the government see fit to charge higher rates than that to students, the rate for students earning their first degree is now at 3.9% but if you are a post-bac student or graduate student you pay 6.8%.
Its even more ridiculous that you can't refinance a student loan anywhere. I have a nice chunk of grad school loans at 6.8% and some undergrad at about 4.75. I've paid well over half of my grad school principal down in 4 years and have good credit, yet I can't refinance them down to something that is fair for my credit score and income. I'm paying the same rate as some clown that went to a bogus for-profit school, is unemployed, and will never pay their loans off. Despite the fact that I'm not a credit risk at all.
I know a lot of people are refinancing their loans off the books with friends and family, which is a win-win given the low yields of money markets, CD's, and bonds.
Does anyone else think this is an excessive amount of money to spend just to get around?
$600 per month is $72,000 every ten years!! You'd have to earn over $100,000 before taxes to pay for this!
for me, its more than $600...car loan is a tad under $500, insurance is a bit over $100, and gas is easily $200 a month (I drive a lot for work)....reality is it is probably close to $1000 a month including deferred maintenance expenses.
Quote from: CityLife on August 09, 2013, 12:10:58 PM
Samesies. I'm focused on wiping out my student loans and building up savings and am perfectly content to drive a mediocre car until I do. Though with interest rates what they are, I've been planning on selling my car, putting the proceeds towards student loan principal, and then getting a new car at a significantly lower rate than my loans.
I guess if staying in debt is the goal this makes sense??
Quote from: tufsu1 on August 09, 2013, 03:53:52 PM
for me, its more than $600...car loan is a tad under $500, insurance is a bit over $100, and gas is easily $200 a month (I drive a lot for work)....reality is it is probably close to $1000 a month including deferred maintenance expenses.
Crazy!
Paid off my 3 year loan a year early. $200/mo.
The cost of operating an automobile has increased greatly since the sixties. My 2003 automobile costs me at least $600 every time I take it to the dealership, no matter what the problem. And the last two visits resulted in no solutions. I researched the first problem, and fixed it myself. So much for expertise at that dealership. I now try to avoid taking it to the dealership. I purchased a hydraulic lift to allow me to work under my autos. The lift allowed easy replacement of the starter on my 2003 auto.
My 1934 Ford is another story. The Ford is very simple - no computers, emissions, fuel injections, burglar alarms, or the usual safety and instrument circuits. It is about the most reliable auto one can have, and the least expensive to maintain. For example, my Ford generator stopped working. I removed it and installed new brushes for $2.50. Its similarly cheap to repair the starter motor.
The only semi-complex items on the Ford are the "Coil", the "Points", and the "
Condenser". If you carry an extra coil and condenser in the Ford, its almost impossible to break down on the road. And you can reach "everything" on the old Ford.
The automobiles today are not made for ease of repair. Try reaching for the starter or the air-conditioner compressor or the plugs on most modern autos. I've always said that every auto engineer should be required to work as a mechanic for a minimum of two years "before" he is allowed to design anything in the "under-hood" environment.
If enough wisdom was used while designing the under-hood environment, auto repairs would not only be 50% less, but more individuals would be shade tree mechanics. I do not want to work on my 2003 auto simply because I do not want to remove six items to get to the part I want to fix. I give our under-hood auto designers an "F"..... and actually find myself wanting to call them idiots, because their designs assume that mechanics will work on the engine only when the engine is on the bench.
The industry designs costly repair scenarios into the automobiles. Its the American way. Someone could make lots of money by designing and selling an automobile that approaches the simplicity of the old Ford.
My wife and I share a car. $350-400 usually covers us for the car payment, insurance, gas and maintenance, split between us. However, this is only possible because we work in the same place. If/when that changes we'll have to get another one and it could near to double our costs. Not fun, but basically necessary in Florida.
Quote from: Lunican on August 09, 2013, 04:16:02 PM
Quote from: CityLife on August 09, 2013, 12:10:58 PM
Samesies. I'm focused on wiping out my student loans and building up savings and am perfectly content to drive a mediocre car until I do. Though with interest rates what they are, I've been planning on selling my car, putting the proceeds towards student loan principal, and then getting a new car at a significantly lower rate than my loans.
I guess if staying in debt is the goal this makes sense??
I have student loans at 6.8%. Instead of continuing to pay the high interest on those loans, I can sell my car (which I have no debt on) use the proceeds to pay down principal. Essentially its using my car to refinance my student loans from 6.8% to around 2%.
All of our vehicles are paid for. That said, we average about $300 per month in gas, $200 in maintenance and insurance per vehicle. All are also used daily for the company as well.
My 1990 Miata and the 1969 Datsun 2000 are cheap to own at the moment, except that both are in the shop being restored so maybe not so cheap after all!
And we won't talk about the Lincoln.... yes, we have too many cars.
I also put a lift at the house so that I could take 4 hours and $ 70.00 in parts for a repair the local guy wanted $1,200.00 to do. The lift was $1,600.00, installation was about $ 200.00 in parts and the lift paid for itself the first year.
Quote from: Lunican on August 09, 2013, 04:16:30 PM
Quote from: tufsu1 on August 09, 2013, 03:53:52 PM
for me, its more than $600...car loan is a tad under $500, insurance is a bit over $100, and gas is easily $200 a month (I drive a lot for work)....reality is it is probably close to $1000 a month including deferred maintenance expenses.
Crazy!
well consiodering that this week I drove to Miami for work on Tuesday....and am in Ft. Myers for a community meeting tomorrow, maybe not so crazy
Quote from: Lunican on August 09, 2013, 11:52:15 AM
How much does everyone spend on their cars each month? Car payments, insurance, gas, maintenance, parking, etc.
I've heard people casually throwing around some pretty crazy numbers lately.
I'm not touching this one with somebody else's 10 foot pole...
Wow! no wounder the city has practically mandated driving. Just look all of the money their buddies are making!
The insurance industry
The gas stations/oil industry
The car dealerships
The auto shops
The parking garages
The road pavers
All good ol boy connected and endorsed!
It's no wonder that the people that have to rely on JTA are regarded as shit in this town! They're not paying all of that money every month to keep those assholes pockets padded!
My car is paid for.
ins pip/liability $70
I do my own maint, $20-40 every 3-5k miles (I drive 60+ miles a day during the school year, so basically 4 changes/plugs a year, so about $144 yearly maint.)
We are also restoring the car ever so slowly, about $100 in parts every 2 months.
Repairs are done by my husband, about $100 a year to replace actual crap that breaks.
Which totals out to 914 dollars a year- gas not included. Though I will be finished with her restoration this year.(its taken about 4 years)
Totally Jelly of your at home lift Strider!!! That makes so many things SO much easier!!
Wish I knew how to repair cars myself. Something my dad didn't think a girl would need to know. My car is 15 years old, and I hate car payments enough not to mind driving a 15 year old car. It's been an excellent car, with most repairs being routine maintenance like tires, oil changes, brake jobs, a couple batteries, and a couple serpentine belts in 15 years.
Finally, the engine block cracked in April. I considered buying a new car, because at $2000 for a replacement engine, it was worth more than the car. Until I thought about it again. Hmmm....at LEAST $300 a month for even the cheapest car for 5 years. Or the equivalent $300 a month for 7 months for an engine, and after that I was home free. Since the body is in good shape (the car's, not so much mine :-) I went for the repair. Every day I drive it after November, I'm ahead of the game.
Monthly...about $150 in gas, $70 insurance, and the occasional repair.
Well my 83 Mercedes sl 380 is paid for, only drive it out for shows. My 2011 BMW 335I convertible has a few more years. Guess around 400 a month.
Sorry couldn't resist, felt like irritating gardenguy and urbaknight
Quote from: CityLife on August 09, 2013, 06:49:27 PM
I have student loans at 6.8%. Instead of continuing to pay the high interest on those loans, I can sell my car (which I have no debt on) use the proceeds to pay down principal. Essentially its using my car to refinance my student loans from 6.8% to around 2%.
You'd be better off just putting your money towards your loans and forget about taking on more debt for a new car. Unless the goal isn't to pay off the loans, but to hold onto them with a lower rate.
What everyone is spending to get around town is pretty shocking.
Maybe Jacksonville isn't such a cheap place to live afterall. Most big cities offer unlimited transit passes for about $100 per month.
Quote from: Lunican on August 12, 2013, 01:40:27 PM
Quote from: CityLife on August 09, 2013, 06:49:27 PM
I have student loans at 6.8%. Instead of continuing to pay the high interest on those loans, I can sell my car (which I have no debt on) use the proceeds to pay down principal. Essentially its using my car to refinance my student loans from 6.8% to around 2%.
You'd be better off just putting your money towards your loans and forget about taking on more debt for a new car. Unless the goal isn't to pay off the loans, but to hold onto them with a lower rate.
I'm not sure you're really following and I haven't explained my entire strategy, but it makes total sense. I've ran it by someone who knows finance very well and they gave me the thumbs up.
Quote from: carpnter on August 09, 2013, 01:57:28 PM
Pretty ridiculous that you can finance a car at a lower rate than you can get a student loan. .
Not really. Fail to repay a car loan and bank reposes the car. Fail to repay a student loan and there is nothing to back it up. More risk for the bank.
Quote from: Lunican on August 12, 2013, 01:45:06 PM
What everyone is spending to get around town is pretty shocking.
Maybe Jacksonville isn't such a cheap place to live afterall. Most big cities offer unlimited transit passes for about $100 per month.
Even that is $1200 per year. Do the passes include cab fare? Are you still in Chicago? How do you go to places outside the city? What do you do if you need to transport something that requires more than two hands? How do you grocery shop? I ask because while I would certainly take advantage of the $100 transport passes I can think of many instances where I would want a car.
$1200 per year is a bargain compared to $12,000!
I'm not in Chicago, but while there it was very rare to need a car. Groceries were right around the corner. We left the city by train, plane, or sometimes [rented] automobile.
I didn't need to carry many large items, but it was never an issue. Just grab a large cab and go. Or rent the size vehicle you need without paying for it year round. Or just order it online. Lots of options for every scenario.
Quote from: civil42806 on August 10, 2013, 02:52:02 PM
Well my 83 Mercedes sl 380 is paid for, only drive it out for shows. My 2011 BMW 335I convertible has a few more years. Guess around 400 a month.
Sorry couldn't resist, felt like irritating gardenguy and urbaknight
LOL, I'm not irritated, I don't blame people for choosing their own transportation. It's a no brainer in this town. If I could see well enough, I too would have a car.
Quote from: Lunican on August 12, 2013, 03:52:19 PM
$1200 per year is a bargain compared to $12,000!
I'm not in Chicago, but while there it was very rare to need a car. Groceries were right around the corner. We left the city by train, plane, or sometimes [rented] automobile.
I didn't need to carry many large items, but it was never an issue. Just grab a large cab and go. Or rent the size vehicle you need without paying for it year round. Or just order it online. Lots of options for every scenario.
Cool. I guess where I was going was... there are hidden costs involved with NOT owning a car and relying on public transport. Cabs are not cheap... delivery charges, car rentals/insurance. Planes and trains are great but not very flexible and if you are going to a not so big city... you will likely need a car. For the completely "immersed" urbanite I suppose life without a vehicle is no big deal... but... I want to go to the cabin... the beach... perhaps I have friends in the exurbs. The car provides convenience and freedom... the price one pays for that is certainly up to the buyer...
^I guess, the major benefit in a city with decent mass transit and an abundance of walkable mixed-use neighborhoods is that you could possibly operate with one car per household instead of two or three. That's convenience, freedom and disposal income right at your fingertips.
^Seriously, if you don't have to use a car for every single thing you do, you save a ton of money. As we've seen in this thread, people are spending a lot of money on this.
Funny you mention that. I was in DC having drinks with a friend a few weeks back. She lives in Adams Morgan and mentioned she's been trying to convince her husband to get rid of his car. From her viewpoint, it was a major hassle (they're only using it once a week or so) and they'd make a couple extra hundred a month (not counting money saved on insurance/maintenance, etc.), by renting their driveway to neighbors.
I don't think "big cities" are a good comparison as there are a lot of other costs (including transportation costs as BT says) as well as benefits that don't match up entirely. My friends in San Fran, Miami and Boston absolutely have a higher cost of living than I do even if they don't have cars (several do anyway).
I consider what we pay for our one car (@ $400 a month between 2 people) to be a reasonable cost for the convenience and autonomy of wheels when we want or need them. What I think this is Lunican's strongest point, is that this isnt workable for many people here, and if our situation changed even slightly, a second car would be all but necessary to get by. That's rough; I don't want to be totally car-independent, but I don't want to be totally car dependent. --~~~~
Quote from: Lunican on August 12, 2013, 04:19:36 PM
^Seriously, if you don't have to use a car for every single thing you do, you save a ton of money. As we've seen in this thread, people are spending a lot of money on this.
If "every single thing you do" happens to occur within the radius of a city with great public transport and walking then you undoubtedly will save a ton of money. So the answer is yes... personal transportation "car" costs monies that could be spent elseware if ones priorities are such. The same could be said I suppose for overpriced 1 bedroom lofts in the downtown of Chicago or NY...
I pay about $1000 per month to operate three vehicles on a normal month. Since I'm out of town add another $300-400 per month. Of course I don't drive all of them at the same time. A good chunk of that is reimbursed. I cannot use public transportation and do what I do. Sometimes there is no road before I get there. Most times public transportation won't make the schedule work or tow what needs towing. A lot of my miles could be discretionary and not done, but life would then be dull.
I just want to put this out there:
If my previous post wasn't plain, I am a car nut.
Even as a car nut, I would happily leave her at home in favor of public trans.
There is very little (other than visiting outlying family) that I do is outside the realistic coverage of public trans.
This is actually very relevant to me at the moment...
My car is currently down- and over the last week-I have had to get between my house (close to McDuff and 10) and my studio on Hogan st.
It was 7.80 for a cab to take me from my house to the convention center skyway. To get home, it is 11.00. (Its late by the time I leave) If I could get on a direct bus/trolley- I would use the bus- but I would have to go the whole way around the Edgewood loop to get DT- a 40 minute ride.
I have met people who have lost their jobs because of JTA's inefficiency, and its one of those things where you shake your head and say, it doesn't have to be that way!
But then, companies could be more flexible. I used to park at the Convention Center and ride the skyway to Central Station when I worked downtown. Another lady often arrived the same time I did in the morning, and we would chat. Twice (only twice!) in a couple of years, the skyway was down temporarily, and we had to ride a shuttle bus supplied by JTA. Consequently, we were maybe 10 minutes late to work. Twice. In two years. My supervisor was fine. Hers....told her she had better find another place to park or she could lose her job. Really?
I fill up once a month normally about 23 dollars to fill to full. Car insurance is 78 a month, tune up every 6 months 55 bucks, so id say 110 dollars a month. Its a Honda....what's maintenance??
Quote from: urbaknight on August 10, 2013, 11:05:22 AM
It's no wonder that the people that have to rely on JTA are regarded as shit in this town! They're not paying all of that money every month to keep those assholes pockets padded!
LOL
Hmm, car payment of $320, insurance $104 (because I have turbo), fill up 3 times a month so about $120.
All of that money is worth the shitty 5 months I had to deal with JTA buses. Left my house at 6:05 and got to work right at 8am. No thanks. It's a 15 min drive in my car.