How much $ would you spend on a daily driver? - Page 2 - PeachParts Mercedes-Benz Forum

#16 10-16-2009, 10:53 AM

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.

ImBroke · #17 10-16-2009, 10:58 AM

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.

Oldwolf · #18 10-16-2009, 11:11 AM

Plus, my kids are in college so that limited the money I had to spend.

#19 10-16-2009, 11:18 AM

Quote:

Originally Posted by Oldwolf

Plus, my kids are in college so that limited the money I had to spend.

I hear that, I'm currently looking at secondary schools, scarry.

ah-kay · #20 10-16-2009, 12:05 PM

Quote:

Originally Posted by Craig

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).

This figure is NOT conservative enough. If you read most financial books, they only recommend you to spend about 5% of your NET WORTH on cars. That is you need to have $1M to buy a $50K MBZ. It would be bad news for the car companies as no one would be driving expensive cars.

. But very few people follow the recommendation.

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.

frankstallone · #21 10-16-2009, 12:11 PM

@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)

Skippy · #22 10-16-2009, 12:18 PM

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.

ah-kay · #23 10-16-2009, 12:36 PM

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

lorainfurniture · #24 10-16-2009, 01:20 PM

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?

Shawn T. W. · #25 10-16-2009, 01:33 PM

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!

My wife is gonna sell her 02 Volvo S60 AWD and get a coupe! (probably spend more on hers than mine!)

Junkman · #26 10-16-2009, 01:43 PM

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.

Skippy · #27 10-16-2009, 02:11 PM

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.

lupin..the..3rd · #28 10-16-2009, 02:30 PM

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?

#29 10-16-2009, 02:37 PM

Quote:

Originally Posted by ah-kay

This figure is NOT conservative enough. If you read most financial books, they only recommend you to spend about 5% of your NET WORTH on cars. That is you need to have $1M to buy a $50K MBZ. It would be bad news for the car companies as no one would be driving expensive cars.

. But very few people follow the recommendation.

I agree in principle, but many/most people (especially kids) don't really have any net worth and they do need some kind of transportation. In reallity a non-DIYer probably needs to spend at least $5k to get a decent late model car that doesn't need constant attention. I expect to spend about $10-15k on a first car for my kids so they have something reliable enough to last a few years until they can pay cash for a replacement.

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.

tbomachines · #30 10-16-2009, 02:38 PM

Quote:

Originally Posted by kaiz3n

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!

IIRC, That isn't a real 500E. There is a thread floating around OD somewhere bashing this car. There is also a huge thread on benzworld about this guy and his business practices, he's the same one who was trying to sell the 300CD with "correct" suspension for 15k. Just saying.