I am trying to factor in time in my head, it is hard to figure out though because I don't keep track. The rear window repair alone probably would have ran $3k if I didn't do it myself. If all of this stuff was done at a shop I bet the total would be close to $25k+. Some things didn't cost me anything really they just took time, like replacing the little plastic slide on the window regulators.

Edit how much do you think it is worth? I have two sets of wheels with perfect tires and a new spare tire. Two sets of floor mats. (summer/winter) The paint is very nice, their are a few dents.(not to bad) I will fix the front bumper, and I have a new chrome grill shell. Also a pickup truck full of spare parts, doors, glass, trunk lid, seats ect. (parted 420EL)

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Ahh............the proverbial question.

Here is the fundamental problem:

When a person buys such a vehicle, he expects to receive functioning accessories such as water pumps, shocks, brakes, tires, etc. If all these items are functioning properly, say the vehicle is worth $4.5K with 250K on the clock. Now, how much of a premium will the person pay because it has a good maintenance history with many replaced parts? That is the question. Most people will not pay $7K for this vehicle because they could find one with lower mileage on the engine and transmission.

The key would be to wait for the person who wants the color and wheel combination and appreciates the fact that just about every major component has been replaced. Then, the value should be somewhere near $6K. But, that is the absolute limit, IMHO.

I would hope to get $6k for it, anything less and I might as well keep it.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Folks,

I bought the low end ( 87 SDL, 200K, $3.5K). Great body with an 8.5 repaint, no rust FL car, good interior ( the front seat leather on both sides needs replaced). I was not sure I could live with a diesel but wanted to try an inexpensive experiment to find out. I got lucky with a basically solid car needing a little attention.

I immediately sunk about $2000 into it with A/C compressor and vent repairs, some suspension work, belt tensioner, muffler, radio and more recently a brake overhaul. So all together I have around $6-7K into the car. I have driven it 65K miles in 3 years and had a lot fun learning about it.

For me if it is running acceptably, tinkering is my hobby - therapy - and learning experience. So I am on a more leisurely schedule than Hatterasguy, but the same quest - to have a really nice car. I've done a seat spring, a replacement door panel, fixed a window or two, rear sway bar links, refilled the fan clutch, driveshaft center bearing, cleaned the ABS sensors and a number of other small things. It is a much better car now at 274K than it was at 200K.

I have an overall arbitrary target of having a vehicle cost me $ .10 per mile in cost, depreciation, and repairs. This would not include what I term maintenance that is mileage dependent ( brake pads, oil changes, tires..). So I'm close to success on my car, another 5000 miles and I'm "even" - even if I get $0 for it. It has been a great learning experience, great to meet the folks here, and fun to drive. I look at my neighboors with their $40K SUV's that must be paying $.20 a mile in just depreciation. For the 50-60,000 miles a year my wife and I drive that would be a fortune. Loving the diesel, but always looking for the next upgrade as well. 8)

Chuck

If those neighbors drive 20K miles per year, there is no way that they can keep the depreciation down to $.20 per mile. It's closer to $.33.

Now take a look at the fuel. If it is one of the big $hitboxes, they are looking at another $.16 per mile.

Now take a look at the insurance for one of them. Another $.08!!!!

Brian is spot on. Run the numbers:

Take a 2005 Explorer at $30K, finance it over 5 years and drive it 12,000 miles per year.

According to KBB it will be worth $9,300 as a private party sale after 5 years, so that's $0.34 per mile depreciation.

Now let's assume you got 17 mpg, that's 3,530 gallons at $2.00 per gallon, or another $0.11 per mile fuel.

You financed it at 5%, if you were lucky, and so paid about $4,000 in interest over the life of the loan, or another $0.06 per mile.

OK, so that's $0.51 per mile for a Ford Explorer.

Instead you buy an old MD diesel for $5,000 and pay cash. After 5 years let's say that it's worth only $2,000, you've lost $3,000 or $0.05 per mile.

Perhaps you'll get 26 mpg, which I do, so you'll buy 2,300 gallons of diesel - and we'll have you pay more for it than gas, say $2.20. That's $0.08 per mile in fuel.

OK, now your MB has cost you $0.13 per mile. You're $0.38 per mile ahead of the Explorer, which is $22,800 over 60,000 miles. $4,560 every year less than an Explorer.

Think your MB will cost you that much more than the Explorer in repairs? Both vehicles will need oil changes, tires, brakes so I don't include those in the comparison.

No 2 ways about it, keeping an essentially sturdy older car going is a much better bet financially.

Kevin

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'85 300SD

My numbers have always been within 1 cent in each category over the past five years (Fuel has increased 2 cents):

Depreciation: $.05
Fuel: $.08
Repairs: $.06
Insurance: $.05

It costs about $.24 per mile to drive an older M/B 15K miles per year.
You can go below this figure if you purchase a $2K vehicle and defer all major repairs. But, you probably would not be confident in taking such a vehicle on a 600 mile road trip at a moment's notice.


BTW, Kevin, your numbers will get really ugly if you use one of the $40K $hitboxes such as a loaded Ford Expedition or Chevy Suburban. They are lucky if they can get 13 mpg overall. I cannot see how anyone can afford them.