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I need a cost analysis for deciding how long to keep a car?
A couple of years ago I found one that took into consideration all of the factors of owning a car, depreciation, payments, repairs, etc. As I remember it concluded that as long as the car was costing less than $3,000 / year in repair costs you should keep it. I lost my bookmark to it and now I can't find it again. So now I'm looking for a dollars and sense analysis. I can find plenty of emotion based, sell it when it has a problem, sell it before it has a problem, etc, but I can't seem to find a fact based decision process.
3 Answers
- 1 decade agoFavorite Answer
I have never seen a calculator myself, but i look at it as though Do I need to be making a car payment over paying for occasional repairs?
Cars depreciated and should not be viewed as an asset, they are and expense.
If you need to spend $1000 on repairs so your car is good for another 100,000 km i think it is a good decision to hold on to it instead of making 5 years of $300/ an month car payments.
- starwings20Lv 51 decade ago
I used to have a bookmarked site with that info, but it must have been on my old computer.
I did find this site though, might be helpful.
- 1 decade ago
Go to bankrate.com and they have a calculator with all you need to do a cost analysis on your auto loan including amortization table.