$1500 per year in maintenance is a bargain.

Compare that to depreciation on a newer car, and it is an insignificant sum. Consider both depreciation and cost of capital when calculating net operating costs.

People tend to get nervous putting repair money into an older car, but have no problem with the fat payments and steep depreciation on a new one. Strange psychology at work here.

The trick is not to look at repairs relative to residual value, but instead relative to use value.

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1986 300E 5-Speed 240k mi.