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How much $ would you spend on a daily driver?
Question: How much would you spend on a daily driver?
Or, in other words, at what price point / vehicle condition would you go from the thinking of, "This will be my daily driver" or, "This is a weekend cruiser / collection car"? For instance, I bought my 1987 300TD for $2000, but I rebuilt the rear suspension, entire cooling system, and a few other expensive things probably totaling to $4k-$6k worth of parts & labor. A while ago someone was selling a beautiful black 87' 300TD for $10k on craigslist/ebay. I thought that would be an excellent vehicle as a daily driver and that's when it got me thinking. Another for instance, I love this 1992 500E, but for $42,000 I don't know if I could justify driving it daily! This is a question that is subjective, everybody is going to have their own answer; It should be fun to hear every bodies answer though so let's see. |
My daughters 82 cost $2k and I put about $1500 more in it since purchasing.
She drives the bejeezus out of everyday back and forth to school and everywhere else. About 10k a year for a HS student! She seems to be the "designated driver" for her carless or out of gas money friends. This car sees a lot of gravel roads and I have concerns for its long term rust life as they salt the heck out of our winter roads. The car ain't pretty but she gets a lot of dependable use out of the old girl. It will never be a show or collector car so I try to keep expenses low and the car on the road. |
I bought my 93 300D as a daily driver for $6K. So far I have spent about $700 in parts (2 tires included) doing pm type stuff. Probably another $500 or $600 and it will be up to date.
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panzer wagon for hire
@fruitcakesa - Some really good points there; I have some rust on my panzer wagon and although it saddens me a little I don't mind it because I know it's not a collector. =) I remember when I got my license I drove my VW everywhere and then some; I still drive just to drive and I am 99% of the time the designated driver for my less responsible friends. ;')
Would you spend $10k on a used Mercedes diesel in great condition (but not show condition) for a daily driver? Sounds like you wouldn't, that is 5x more than you spent on your daughters daily driver! I am waiting for some people to join the discussion that drive $40-$90k cars as daily drivers. =P @Oldwolf - You are satisfied then with a sub $10k daily driver? Would $10k+ for a daily be worth it to you? |
My DD (2 of them averaged together) was $1050 and I have about $400 in reparis at this point. But I put 60-100 miles per day on the car. I can not see bearing out an expensive car for commuting. One of them I would like to fix up really nice. but that will be a while in comming.
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i bought mine, a daily driver, for $4,700 plus shipping. i felt okay with that because of the low miles, color combination, and the fact that it needed NO work, and really hasn't in the year i've had it. i've been able to spend my money on cosmetic stuff. some people here might think i'm crazy, but i'm learning to become mechnically inclined as i go, and wouldn't have been able to tackle a project car. a $1,000 car that needed a ton of work wouldn't have been right for me because i still don't know what i'm doing with even the little things.
a $42,000 is NOT a daily driver! at least not to someone with my budget and income. and, if i was going to spend that kind of money, i'd get something that AMG got their hands on first. actually, i know that if i had that kind of money, i'd be on the phone right now with POS who, i think, is selling his black on black 500SL AMG! |
@Squabble - If you don't mind me asking, how much was shipping and for how many miles (distance)? I would consider a Texas/Cali car with no rust as a daily but always wondered about cost of shipping vs. flying out and driving it back. P.S. I love how headlights can take 10 years off the age of older MBs. =D
P.S. Your not crazy, I am learning as I go too! X__X |
That's a question you have to answer for yourself. In general I would recommend buying something that you can easily write a check for (never, every borrow money for a depreciating asset). If I was talking to my kids, I would recommend something that costs no more than about 20% of their annual income (i.e., a $10k used car on a $50k income). I know that's a very conservative recommendation, but they can drive nicer cars when they can actually afford them. I don't know anyone who's accumulated wealth by buying toys they couldn't afford.
When I was younger and dumber I bought cars, bikes, vacations, toys, etc. that I couldn't really afford; it isn't worth the stress. Just my $0.02. |
ive never paid more then 800$ for any of the 13 benzes ive owned in the last 3 years, afterwards i would put up to $1500 or less in them to make them perfect for me
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Good for you...
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I paid 1k for my 89 300e. about 2k in deferred maintenance. Best car I ever had..
( and I did own a 36k daily driver..) |
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We did pay $17k for the used Jetta TDI that is wifeys DD, but thats a whole nother thing. |
Fawlty Towers
@blackestate - I hear ya! Good deals! =)
@Craig - Interesting how you mention 10% of yearly income so $10k when most of the people replying have barely spent $5k (half). Yes it is a subjective thing as everybody has different ideas, hence the thread! =D @Oldwolf - Beautiful car, I agree under $10k seems fine to me. I remember buying VW's for under $2k but I am not mechanically inclined as much as you or Necrosavant so they were a PITA to keep running (CIS-E). @lorainfurniture - That's what I'm talking about! I think if I owned a $36k car it would sit in a garage. @fruitcakesa - Interesting. Funny you should mention about the Jetta, my girlfriend won't even drive my 300TD because she thinks it's slow (thankfully I have a OM603 with no ALDA and it's not slow) but then again she is paying $330/month on a brand new car. I'd rather put that into a savings account and into a daily driver or another car to be garaged for a lovely sprint/fall day! I am sure our income makes a difference too; I was trying to justify buying a 2009 or 2010 Jetta TDI Sportwagon but I realized that $20-$30k is rediculous and if I put $10k on another mint 1987 300TD I would be golden. There are some owners out there who have spared no expense on their W123, W124, etc. Mercedes cars that are getting rid of them while they are still in their prime. =) |
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We also have to remember that we are only talking about purchase price. In my experience it costs about $0.30/mile to operate one of these cars without letting it degrade. Running them into the ground is significantly cheaper.
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My wife's car was supposed to not be a DD, but is at 37k. The Benz' I've owned, I haven't paid more than 1200 for any of them. I like to buy the non runners and fix them, that's how I have learned them. Example is the last one I bought for $325. Needs front end work and other things, but I'm driving it to work daily.
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Plus, my kids are in college so that limited the money I had to spend.
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The picture below is one of my daily drivers. Top of the line 300SDL with reclining back seat at 328K. I use Walmart stuffs to maintain it in tip-top conditions. The other DD has 275K is for my wife. It has the same color, smoke silver, but different interior color. We paid peanut for the cars and we only insure them for liability so the running costs is cheap, not to mention we are running on alternative fuel. If you notice there is another white 300SDL project car behind it. It has the #22 head. It is a spare car but is road worthy, with minor dings and surface rusts. http://i1016.photobucket.com/albums/...d/CIMG3159.jpg |
@ah-kay - Care to share how much the 3x 300SDL's cost? Since I don't know my exact net worth but go by what I have in the bank $3k is the magic number I should be spending on a car, but I didn't ask you what books said I asked what you would spend! =P (Just joking, I've read a few financial books and Wise Bread among others daily)
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The most I've spent to purchase a vehicle was $1600 for an '86 Lincoln Town Car in '01. At the time I was making E-3 pay and had a negative net worth (student loans). I proceeded to drive it daily for five years and 60,000 miles. Most economical car I've owned to date.
However, the most I've spent as much as $2000 at a time on major repairs. Between purchase and major repairs that significantly improve the condition of the car, I've been $3000 into a car twice, once with a '63 Dodge Dart that ended up being very fast but not reliable, and once with my 300D, which is getting to be a really nice car except for a few (not cheap) issues. I'm about to be in the same boat with the '71. It would be cheaper to continue to buy sub $1000 cars and just run them into the ground, but I made the mistake of buying cars that I like too much to do that. |
$0.02
What I can say is that the 3k in your bank covers a big chunk of the price for the 300SDL shown in the picture.
I paid $800 for the white 300SDL with #22 head in the background. It was meant to be a donor car but I have since rehabitated it slowly. I harvested the battery and 3 good tires from the donor already so I would say I get my money worth. It has been in no-op state for the last year with DMV. I normally try to buy cars with BAD cosmetics, the more is broken the better, but with good engine and tranny. Bad A/C is OK also. I am stumped with engine or tranny. There is a 2001 Town & Country in the corner. We hardly drive it now and that is a money pit. We bought it new for $25K and I would be lucky to get $4K from it. An old diesel MBZ, if well kept, is money well spent. It will not depreciate in a conventional sense. It keeps its value and in some cases may actually go up. my $0.02 |
I had a 36k ford f150 back in 04. Dont ask me what I was thinking...... Drove it for about 8 months until I got bored of it, just to realize I had 4 years, 4 months still to go! 2 years later, I came in to some cash and paid it off.. Then gave it to my father after the dealer told me "7 thousand trade in".
My 300e is so boringly reliable I bought 2 more just to have a hobby... We all got to hoard something right? |
I spent $1800 for my 82 240D w/236K at the time . . .put about $200 into PM . . .I would not hesitated to drive it anywhere there are roads!
The hood has a bit of fade on it, but runs good! http://i153.photobucket.com/albums/s.../82240D020.jpg http://i153.photobucket.com/albums/s.../82240D016.jpg My wife is gonna sell her 02 Volvo S60 AWD and get a coupe! (probably spend more on hers than mine!) |
I thought I was cheap until
reading how cheap you guys are. I consider my vehicles toys with each bringing different joys. The 78 Datsun Z probably has about 5 or $6K in it and is awaiting a turbo transplant from an 83 along with a modern engine management system. The diesel ram was $10K used & has another 2K in it fixing the incredibly p poor fuel system and front end. It is a perfect example of a 500,000 engine inside a 50,000 mi vehicle. The 85SD was a gift and will soon get a paint job. None have less than 145,000 mi on the clock & all receive whatever they need to keep moving and all have plans for improvements.
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Speaking of cheap, my cheapest runner was a '72 Mercury Montego that I paid $420 out the door for in 1995. More recently, I paid $480 for my 240D in 2006. I more than got my money's worth in both cases.
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It all depends on my intended usage. Does daily driver mean a 100 mile round trip commute each day? Or a 5 mile commute?
Back when I was driving 25k miles per year as a traveling consultant, I drove a 1996 Passat TDI. I bought it in 2004 with 80k miles on it for $7800. Sold it this year with 200k miles on it for $4800. Got about 50 MPG's the whole time, and zero mechanical problems. It made a very nice, roomy, comfortable, and economical daily driver. My situation has changed and now work is less than 1 mile from home. So I sold the Passat and bought a late model Porsche 911. Your usage pattern, not price, should dictate which vehicle is a good daily driver for YOU. Also factors like where you live. Do you live in southern Texas where good cold A/C is an absolute must? Or do you live in northern Canada where summer time means 70 F max? |
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For myself, I prefer old cars but there is no way my daughters would be able to keep one on the road without spending a small fortune on maintenance/repairs. |
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My 300CD was $1k in 2006. Around $800 in general maintenance, all parts. The labor has been my own with the one exception being some machining help I got from LuckyEddie on this forum. 30k miles later, I'm happy with my (29-30mpg, cheaply insured) investment.
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lupin..the..3rd: That's a very good point, my idea of a dailly driver is something that will routinely drive cross country without problems (I've driven over 40k miles so far this year in my 300D). I only spent about $7k for that car, but I have probably put $20k into it over the last 350k miles. As an alternative, I could buy a new CDI for $60k every 5 or 6 years, or I could buy a used ($15-20k) car every 3 or 4 years. I certainly couldn't get away with a $2 car.
However, a DIYer who commutes 10 miles to work may be able to get away with a few $1000 car for years without any real problems. |
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I'd spend as much as necessary so that I wouldn't have to spend a lot of time and money off the bat to get it looking good and driving well. I spent about 4k, in this high priced Seattle region, for my car. But, the previous owner had a folder full of receipts and the main components had proved themselves reliable for them during the 4 years and 100k miles they owned it. Also, it's my only car, so I don't want something I can't depend on when I need it.
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The downside is the unexpected expenses of an old car. Mine is with my Indy for some nits (replace injectors, valve adjustment, tranny service, etc.) and I asked him to track down a slight suspension clunk (which was just a worn UCA bushing that he's replacing). However, he found the begining of some rust on one trailing arm and a degraded shock mount. When he pulled of the trailing arm to replace it, the left coil spring is also broken (at the very bottom). So, now I'm replacing the trailing arm, both rear shocks, and both rear springs. The point is that few $100 of repairs can easily turn into few $1000 of repairs when you start digging into 25 year old cars. Well, that's the price of driving one of these. |
$5000 and still rolling
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Well I picked up my 86 300sdl for a 1k. before i could drive it safely I put about $2500 into it:eek:. Timing chain, 5 new tires, Brakes,rotors and bearings all the way around. Ran it all summer and then dropped another $1k into the front end replaced all the bushings ball joints etc. that included the labor. So I am up to $4500 total.
PS. the po put new radiator and transmission into it in the previous year. :D I cant complain so far. Scott |
I can barely keep up with this thread!
Wow, we have had a great response to this thread. This is great, most of you guys get that there are a lot of variables that make up how something is justified. I am having trouble keeping up so bare with me!
@Skippy - "It would be cheaper to continue to buy sub $1000 cars and just run them into the ground, but I made the mistake of buying cars that I like too much to do that." - YEP! Me too haha! - 2nd thread response, wow do you still have the 240D you bought in 2006? If so how much have you put into it for repairs? @ah-kay - Sorry to hear about your Town & Country; am I to understand you say that you get cosmetically bad cars with good engine and transmissions just for the donar parts? That makes sense but I am not mechanically inclined enough to do those kind of swaps. =) @lorainfurniture - My jaw dropped reading about your truck but I realized that this happens all the time and car dealerships (mostly car dealer salesman) are only interested in selling you a car not educating you on resale value etc. @Shawn T. W. - Your 240D is beautiful and that price is right! @Junkman - You have some interesting car investments, I thought I was cheap too but reading most of these experiences here it seems like even $2k was well more than what most people are spending on daily drivers! @lupin..the..3rd - It is whatever 'daily driver' means to you. I drive 30 miles to a from work (60 all together), that is roughly my daily uses besides driving to friends, family etc. I will respond back to the rest of you guys when I get a chance, my gf is loosing her patience with me hehe. <3 |
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I think there is a lot of good cars to be had for < $2K. My boy graduated this year and he has a 1999 Neon bought for $1800 3 years ago. It is his daily driver and he loves it. I put the money which would have gone towards a 'better' car to his brokerage account. |
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No price point, drive what you can afford. Just as long as you pay for it with cash, or 0% financing is OK, might as well use someone elses money if they are offering it to you for free!:D
When I can afford it, I'm going to get a Ferrari 575M and drive the living crap out of it. As long as I'm not working I'll drive it rain, snow or sun. Probably even take it fishing and do some light offroading down dirt roads with it.:D Cars are ment to be driven. |
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However, I did buy my box truck with only 2.9% finance.. 36mos. And I negotiated for HOURS on the purchase price. sometimes companies will break their necks to sell you a truck.. My payment on a 40k loan is 1200.00. I figured interest to be about 85 bucks a month.. |
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The Benz's are really low dollar cars thus far and so simple to keep running barring unforseen disaster..gulp. The VW is definitly more complex but again, steady routine maintainence keeps the $/mile lower with the high mpg's |
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I agree with you to a certain extend but it is not something I can keep. |
Assets are the only thing you should take on debt for. Ie real estate, businesses, etc.
A car is about as far away from an asset as you can get. Well except for a boat. |
Caught up!
@Craig
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@tbomachines - Reallllly? The guy has some awesome cars on there. I really wouldn't have expected that. @Joseph_Conrad - Good deal =) @winmutt - Word @buffa98 - Scott, that sounds about right for a $1k purchase judging by what most people say on these forums. @ah-kay Quote:
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