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mikefrommaine
Guest
jebatty said:The concept of car loan payments or lease payments is as foreign to me as passing gas at the end of a meal. If $$$ economy is the only consideration, then a focus on the existing high mpg cars with excellent reliability records, 2-5 years old, bought used, driven conservatively, and kept until they fall apart, is the no-brainer way to go. These cars easily run 250,000+ miles without any major repairs, perhaps no repairs other than ordinary maintenance. Mpg's range well into the 30's. And buying this way puts enough money into the retirement account, unless a person is a consumption addict, to kick the job and actually have a retirement.
That's what wife and I have done since 1986, the last new car we purchased. Our current 2007 Camry 4-cyl, 6 speed auto tranny, is spacious, very energetic, and gets 35 mpg on the highway. This is the entry level Camry model, no frills, all car and all transportation, with reliability, comfort, guts, space and very light on the $$$. Out 2005 Camry is just about the same, a little smaller on the inside, 5-speed auto tranny, and 33 mpg on the highway.
The 2005, bought used with about 30,000 miles on it, and 145,000 now, has a minimum of 5 years yet to save us money at our current 20,000 miles/yr driving rate, and the 2007 now with 95,000 miles on it, also bought used, I may be driving as my last car, as another 10-15 years of driving starts to get me pretty close to looking at life from the other side.
For an all-electric car, we need a driving range of about 125 miles, as we live in a rural area about 50 miles from the nearest large city area (90,000 pop). That driving range would cover the majority of our driving.
+1
Our 'new' car is a 2001 civic, just over 100k miles.. Been getting 38 mpg. One time payment of 4200.
Leasing or buying new doesn't make any cents to me.