Re: Cheaper to keep and maintain 2 very old cars (vs 1 newer one?)

John Yang, MD wrote:
> Hi folks,
> Something that I've been mulling over:
>
> Might it be cheaper to keep/maintain 2 very old cars versus 1 newer
> one, if you need to be sure that at least 1 will work every day?  Do
> any of you take this approach?
>
> Basically, I have an '89 Toyota Corolla with 129k miles that I bought
> for $1500 4 years ago.  It's still reliable but getting old.  I only
> put about $500 a year of repairs into it, b/c my dad and I do a lot of
> the repairs/maintenance ourselves.
>
> I may be moving onto a new job where I'll need to do a lot of
> commuting and where I can't afford to ever not be able to get there on
> account of car trouble.  The job assignment would be 3-4 years and
> could involve up to 20k miles of commuting per year.  I can't move
> much closer to work, since the Mrs. (not formally yet, but I am
> working on it), needs to take the train in the opposite direction to
> get downtown for her job.
>
> Right now I'm paying about $100/month for parking but I may move
> further out of the city, where parking might be free.
>
> I was thinking that if I buy another $1000-$2000 car to keep on hand,
> then at least one of my 2 cars would work on any given day.  The money
> saved on the 2nd car's purchase price could pay for a lot of
> repairs...
>
> My salary is and will be about $40k/year with $1k/month going to rent
> (300 sq foot studio in a less desirable part of Boston... argh!), so I
> could afford a modest new car lease, but this would be a good chunk of
> my income, and being the thriftiest guy I know, I'd rather not go this
> route.
>
> A 3rd alternative's to get rid of my current car and get like a
> $4000-$5000 car, but who knows if the newer used car would be THAT
> much more reliable and that much better than my 14-year-old Toyota?
>
> I'm tempted to gamble that the Toyota will continue to be reliable for
> years, but my job depends on being able to get there on time every
> day, so I'm a little antsy....
>
> Any thoughts/comments/advice greatly appreciated,
> John
> [EMAIL PROTECTED]

This is a no-brainer.  You make a spreadsheet for each scenario
and pick the one you like.  If you include ALL the costs of ownership,
it just falls out of the spreadsheet.
Your problem is putting a $ figure on all those "intangibles".
Only you can do that.
Are  you gonna lose your job if you're late one time?  If so, you
might want a NEW truck with a contingency motorcycle in the back.
If not, ultimate reliability may not REALLY be that big an issue.
Be realistic with your requirements.  The decision just falls out after
that.  Your old car isn't gonna fail any more or less because I have
an opinion.  My opinion, or anyone else's, doesn't really matter to the 
spreadsheet.  And the BEST solution may not be within your budget.
mike

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