Cost of ownership of old vs. new

[Farmall]

Interesting thread.

For starters, my first car was a 70 Maverick, 4 door, straight six with three on the tree.
Loved that car. It would go anywhere (and I tried).

Anyhow, I get reimbursed for driving my personal vehicle for work. As of this year, it is "out of compliance" with the group that handles the details.
This means it is over 4 years old in my case.
Reimbursement amount has not changed, it's just subject to tax as income now.

I can drive anything I want (as long as my boss approves). Making sure the appearance is that of a new truck (fit and finish).
This leads me to look at a new truck at 40k plus. One of the requirements is it needs to be 4WD due to our line of work.

I can buy a very nice to frame off restored 1968 to 1979 truck for 16 to 25k.
Not loose the value driving it off the lot and up the cool factor big time.

I drive about 3k mile a month and would need to have updated things like headrests, front disc brakes and a three point seat belt.

My cost comparison is a little different as I'd be borrowing some of the money to buy the truck but in the end it would be cheaper.

Anyone interested in a turbocharged 2010 Silverado?

[elgemcdlf]

Not that it would change things much but in fairness you paid something for the older truck. You would want to amortize that amount at the same rate and time to make it a fair comparison.

If you paid cash for the 2015 that slot would show $0 (you paid cash for the bump and showed $0) which would make them about even.

You also did not list plates. In most states a newer vehicle has higher plate cost.

[jg09]

This is true. I believe Ford's website that quoted me the monthly payments had quoted them with a $3700 down payment. If you count the original cost of my truck to me, plus the 3 day trip pass I had to buy to legally drive it home, and the cost of licensing, plates, and tabs, it comes to $942 (I only paid $800 for my F-250)

[jg09]

I figure my initial cost is similar to a "down payment" of sorts as far as the financial aspect goes.

[eggman918]

In the 25 years I've owned my '68 the total cost to me has been just over $1,000 a year that includes the CrewCab swap and the Cummins swap which included a totally new drive train,but that is only the cost of parts I have thousands of hours in it as I've done ALL the work myself now for me the labor doesn't really count in the cost as building/wrenching is the funnest thing I can do clothed but if I added up the cost of my time even at minimum wage it would screw up my "savings" and finding a shop that is even willing to work on a 45+ year old rig is getting harder all the time....so if you don't have the skills AND the enthusiasm to turn your own wrenches you might think long and hard about the cost effectiveness of what is damn near an antique
That being said I will be driving my Bump until the pry my keys and my gun from my cold dead fingers

[abyars111]

Neat comparison. Thanks for posting. Every time I fix something on our truck and tell my wife what it cost, she says "that's better than a truck payment". I'm thankful she loves it as much as I do.

[jg09]

Neat comparison. Thanks for posting. Every time I fix something on our truck and tell my wife what it cost, she says "that's better than a truck payment". I'm thankful she loves it as much as I do.

Sounds like you've got yourself a keeper!