I saw an article talking about the cheapest way to drive a car being get a 10 year old car, drive it for 5, then sell it and buy another 10 year old car. I think it also recommended stick with Toyota and Honda.
Here has been my experience. In June 2019 I bought a 07 Toyota Camry with 146k miles for $5k. I was driving a 2017 Corolla which I didn’t like and hated the payments. The Camry on the other hand I love. So far I’ve spent $500 on the car. Half of that has been oil changes. From a depreciation stand point (which a lot of people forget) the car is worth $4500. So basically over the course of 19 months between depreciation and maintenance I’ve spent $1000 on the car.
I’ll probably drive it another 3-5 years. As I build up investments and income I’ll start buying better and newer cars and just be ok with depreciation, but for being young and broke its hard to beat this.
January 01, 2021 at 06:05PM
