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When should I get a new car?

by Mysterydave 11 February 2010 |

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Hi, I've just got a new job that would mean commuting to Liverpool by car from Manchester. 70Miles a day. I've got a car worth about 4k (still owe £800) but it's a 1.8ltr petrol and it guzzles fuel, other than that it's fine. Is it worth trading in to get a more efficient car now or should I pay the more expensive fuel costs and save more before I change my car. I think with a more efficient car I'd save around £70-£80 a month?

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SoftwareBear posted
You'd loose thousands on a new car putting that kind of mileage on it.
70 * 5 * 48 = 16800 miles per year.
divide that by your cars applicable MPG and multiply by 4 to get the total litres of fuel required to do that mileage.
then do it again for the efficient car ... the difference is what you'll save.
does that cover the depreciation on the new car ?
Posted on 11 February 2010 | Love 1 love Report
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Mysterydave posted
That makes sense. I knew there'd be a formula to work this out but I didn't know how to express it. Thanks for the advice.
Posted on 11 February 2010 | Love 0 loves Report
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MikeGG1 posted
Why not let the train take the strain and use you current vehicle for weekends?
It should be cheaper than either vehicle unless you can car-share with others.
Mike
Posted on 11 February 2010 | Love 0 loves Report
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Mysterydave posted
I've certainly thought about it. I think it would be slightly cheaper to get the train than drive my current car but only becasue of depreciation to the vehicle. The flexibility, speed and comfort of driving this journey beats the cost savings.
I'm hoping i can find someone to car share once I start but I'll have to see.
Posted on 11 February 2010 | Love 0 loves Report
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MikeGG1 posted
Don't forget that it is possible to do work on the train but you can't do it in a car. You shouldn't be using your phone in a car, even hands-free.
A newer car is going to have much more depreciation and will tie up your capital, which could go towards paying off your mortgage, for instance.
Car-sharing would make a big difference, though. Then it would be a straight comparison of the 2 vehicles.
It all depends on where the 2 ends of your journey are. If you live near the M62 and work will be handy for it, then that would be much quicker than going into and out of the city centres and the journey between.
Mike
Posted on 11 February 2010 | Love 1 love Report
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Mysterydave posted
I doubt I'd need the phone in my car much. To do work on a train is a possibility but I've heard these trains get really cramped and uncomfortable, fairly unlikely there'd be space for me to work quietly.
I live 5/10mins from the start of M602 and then my place of work is straight to the end of the M62. The train involves a change at Picadilly and a 15min walk at Liverpool.
I wouldn't buy a new car. I'm much keener on a 2nd hand reliable make either diesel or newer fuel options. I need to get working on SoftwareBear's formula to see if a) it's worth it now b) How much to spend c) Any benefits the new vehicle would have over my current model. Cheers for the advice.
Posted on 11 February 2010 | Love 0 loves Report
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Mysterydave posted
I think the fuel savings would be around £500-£700 a year switching to a more efficient car. I guess it might be very similar in the range i'm looking in for the depreciation. So I think I'll keep what I've got, keep the capital and try to save more to replace it in the future.
Posted on 11 February 2010 | Love 0 loves Report
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MikeGG1 posted
15minutes walk twice a day is less than the amount of exercise that you should be getting.
Try the train for one week and compare the cost and time with the second week when you take your car, but don't forget to allow for part of the next service and the fact that driving to your place of work costs more in insurance. Not as much as using it for work but more than Social, Domestic & Pleasure only.
Mike
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Mysterydave posted
Just checking train times. There's an annoying wait inbetween train trips. I think it'd be 45mins faster driving. I think that's a big issue for me. Extra time in bed is, almost, priceless. In terms of finance, you're right, the train would give significant cost savings.
Thanks for the health concerns too - driving I may get back in time to play 5 a-side with my old workplace, or carry gym stuff though. I'm going to see how the car goes and save for a economical replacement in about a year hopefully.
Posted on 11 February 2010 | Love 0 loves Report

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