Could you rent one? The cost in insurance and maintence would eat you up for a car to sit for 300 days per year.
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Could you rent one? The cost in insurance and maintence would eat you up for a car to sit for 300 days per year.
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I've rented several times a year over the last three years and I think the math comes out in favor of purchasing. There's also the extra perks of owning as I don't care about tree/brush limbs scratching paint, hunting "messes" in the back, etc.
A rental of this size (big SUV or truck) has consistently been about $100 a day with all taxes, fees, etc. 60 days at $100 is $6,000. I haven't called about specific insurance rates, but I'm guessing $1,200 a year. And $2,400 a year in maintenance seems reasonable. That still leaves $2,400 a year before I hit the rental figure.
I suppose depreciation could be another one, but I'm looking at vehicles that have been pretty well depreciated up to this point and the depreciation hit is also pretty minimal when you don't plan on selling the vehicle for 10+ years. Let's say I buy a 2001 diesl truck with 150,000 miles in 2018 for $10,000. In 12 years (2030) the truck would be 29 years old and have 210,000 miles. 29 year old diesel trucks today with 210,000 miles go for ~$5,000-10k depending on condition. For example, a 29 year old vehicle today is 1989. 1989 Chevy Blazers with the diesel, 1989 Dodge Cummins, 1989 Ford diesel, these all come in at that price. If you take the $10,000 purchase price and subtract the worst case of $5,000 price after 12 years, that's $5,000 of depreciation in 12 years. That's $600 a year.
Rental for 60 days is $6,000.
Owning is $4,200 ($1,200 for insurance, $2,400 for maintenance, and $600 for depreciation).
What am I missing?
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I definitely would buy a car, just a super cheap one. I'm not really knowledgeable on trucks, but here are some articles that could help.
Best Diesel Trucks
Best Diesel Trucks
Best Diesel Trucks
It looks like the GM diesel engines were never really competitive or reliable. The 7.3L Ford is supposed to be very durable. The Fords seem to be have the best engines in the early 2000s. If I were you, I'd get a Diesel Jetta Wagon unless you need to tow. They are more comfotable than all the trucks. The Toyota Pickup Diesel from the 80s are the most reliable and fuel efficient, but I doubt you would find or buy one.
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Excellent, thanks for the links to those articles. I appreciate it.
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