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How many years of leasing would pay for a car? It would stop being new, but at some point you will stop paying the bank for it, and you should have at least 100-150,000 miles without significant repairs.
I think that my Civic had issues known to the previous owner, that the mechanics did not find during their inspection, but I have paid $1,437.37 in repairs over twenty-three months, which works out to $62.49 monthly, and how much am I saving in insurance, on a car yielding a lifetime average of 46 MPG?
The Fit, Fiesta SFE, and Scion IQ (A two-seater) are each rated more fuel efficient than my car. There are probably others, not counting the hybrids.
By the way, there are six members on here reporting fuel economy on 2005 Prii. Their average mileage is 46.79.
But you said new cars. The 2005 Prius was rated 46 MPG average. The 2015 is 50. If you figure they would get 1.7% over EPA like they do on the 2005s (the six owners actually report slightly lower numbers), then they would achieve 50.86 MPG! The EPA estimates that they would save $1,750 over five years.
That is actually less than half of what they would save on repairs at the current rate that my car needs them. $5,500 over six years sounds like a great deal of money, but $91.66 monthly is a fraction of a car payment and the additional insurance.
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