Keep Suburban Or Buy Smaller Car?
Can someone do the math to see how much I will save.
I have a 1990 Chevy R-1500 suburban with 5.7L/auto. I got 17 mpg on the last tank (40 gal) and gas is $3.699/gal. I drive about 30 mpd roundtrip 5 days/week. Insurance is $65/6 months, tag is $32.50/year and I do not owe anything on this vehicle.
Looking at a smaller car that gets 35 mpg, insurance would be about $200 / 6 months, tag is $87.50 / year, and monthly payments would be about $120 per month.
Is it cheaper to keep the paid for suburban or buy a smaller car and make monthly payments. Also, what price per gallon would fuel have to be for me to come out even or better?
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February 23rd, 2010 at 1:43 pm
That Suburban is 18 years old. If the car is in good condition (is not ridden with problems that needs constant repair), then I’d say keep it.
If it’s costing more to keep the car in good repair than it’s worth (a quick look at Kelley Blue Book http://www.kbb.com tells me that car is worth about $2000), then it’s time for a new car.
February 23rd, 2010 at 8:18 pm
You can do the math, but it’s usually cheaper to drive a paid-for guzzler than it is to buy an economy car.
If you buy the new car, and it actually gets 35mpg, you will save $67.14 a month in gas. You will also spend $120/mo on a payment, and $270/yr on insurance and $55/yr on a tag.
Drive the Suburban. Don’t listen to the eco-idiots.
February 23rd, 2010 at 9:34 pm
Let’s face reality here. The price of gasoline is going to continue to rise until it reaches the equal of fuel in Europe, about $6.50 a gallon.
That’s an increase of close to $3.00 for every gallon you burn.
However on the ROI on the new fuel efficient car is going to be quite a while coming. Just realize that in buying the smaller car, you are helping wean America off oil which will allow us less dependence on foreign oil and the political issues that come with this dependency.
February 24th, 2010 at 3:01 am
A 1990 suburban will end up having more problems down the road than a new car, and since gas continues to rise then it would be much better to invest your money in a economical car. It also depends on the mileage of the suburban.
February 24th, 2010 at 6:21 am
Initially you won’t save anything by buying a new car. You will be spending more because you now have to make car payments and pay higher insurance. The only time you will save is when you pay off the car.
February 24th, 2010 at 1:19 pm
Without doing the math, I suggest the smaller car. If there’s no necessity for an SUV, it’s wasting energy and space.
February 24th, 2010 at 4:29 pm
Well,
Look at it this way too;
Do you haul hay on a weakly baises? People steal it around here so we can not see getting a ton in just to have it ripped off.
Do you have livestock to haul around?
What about wood, kids, other types of critters, things that take a suburban? Do you go more places (then work) or a homebody?
Otherwise just the gas alone will be worth a smaller car. I cringe when mr tells me how much it costs to fill our suburban up!!
We just can not see us having a smaller car, hauling hay how? Hauling other stuff how? We are hauling stuff regularly. So for this we have to have a big vehicle……but if you do not have too….
Buy American, give someone a job…..