I also posted this in my "
Mullet's Metro Project" thread, but I think I want to toot my horn here for those who have not read it yet. I also still cannot get over how much money you can save by buying a derelict fuel economy car and do major repairs to it and still make out.
I totaled all costs I have invested in this 1998 Metro including the purchase price.............
Total cost of car and repair/upgrade parts/supplies = $829.50
Total labor time involved for repairs/upgrades = 38 hours
Amount saved by doing own work with estimated $60.00 per hour rate = $2280
Miles driven since purchase in April = 6800
6800 divided by average of 57MPG = 120 gallons of fuel
Average price of fuel would be about $3.50 x 120 gallons = $420.00 estimated
If I were to use my truck as primary vehicle (it used to be).
6800 miles divided by average of 15 MPG = 453 gallons of fuel
453 gallons at $3.50 average = $1585.50 estimated
Amount saved in fuel by driving Metro 4 months = $1165.50
Amount saved when driven 1 full year = $3495.00
Fuel savings subtracted by purchase/repairs/upgrades = $336.00 actual savings for four months, so basically, I still made out even after having to do a lot of unexpected repairs to the car after purchasing it.
Technically, the car is totally repaired and nothing more should go wrong so if I have no issues for the next 5 years, this car would save me a total of $17,475.00 in fuel savings alone. I truly believe I would not sell this car for what it could have been purchased for brand new back in 1998.
Even if I paid for all the labor and bought the car for $500.00 or more, I still would have made out by winter!
So for those of you out there who don't think replacing your Truck/SUV with an economy car is not worth the time or hassle, I would have to disagree!
Now if I was a stupid rich guy who thinks he is going to save money by purchasing a new Hybrid vehicle (like a Prius) to come out ahead, well it would take a very long time to make up the savings when you purchase a car for over $20,000 and expect it to pay you back unless you plan on keeping it for the next 7 years as your primary ride.
Just wanted to share.