Can you help me with some BUY or KEEP type numbers please?

Bachelorplace

 

Dear More intelligent boffins. 

Can you help me with these KEEP or SELL figures? I suffer with mild dyscalculia

And sometimes interpret figures incorrectly.

My current car needs the following work in the next 6,000 miles or 6 months.

 

1.     Brake Pads Front in 2000 miles - £320.00

2.     Small Service in 6000 miles - £300.00

3.     Front tyres on 4.2mm - £600

4.     Rear tyres on 3.5mm - £600

5.     Wheel Alignment due

6.     Warranty extension exp 6/21 - £1316.00

 

Expenditure Items £3136.00

 

By spending £3136.00 the next 6-12 months of motoring will be covered plus perhaps VED at £175.00.

 

Car 740d X-Drive BMW 2016

 

Current min trade Value £20,000.

Retail / Private value £25-26,000.

Cost of purchase £35,600.

 

Total maximum loss - £15,600 across 30 months = £520.00 pm

Minimum loss £10,000 across 30 months = £353.00 pm.

 

Average loss total next 12 months - £400 pm

Average running costs next 12 months - £261.00 pm

Total costs - £661.00 pm including devaluation.

 

 

 

 

1.     Are the above numbers the best way to calculate this?

2.     Is it therefore cheaper / more cost efficient to change car or keep?

 

 

Grumpy_chap

Didn't we discuss this very recently?
https://forums.moneysavingexpert.com/discussion/6227063/bmw-x5-diesel-used-or-new-why-so-expensive-do-you-think-pessimistic-gfv/p1

Scrapit

Those tyres need replacing? How many mm tread did they come with?

Bachelorplace

We did and the thread got hijacked.
I don't know if they need replacing - BMW advisory by phone!

Scrapit

Bachelorplace said:

We did and the thread got hijacked.
I don't know if they need replacing - BMW advisory by phone!

Legal limit is 1.6mm and it will depend on miles covered and tyre wear-which you will know and we won't.

Bachelorplace

Well during this spell of death I suspect the tread will last 14 years. But realistically if we come out around Feb March - social trips then - maybe August at latest - Its quite a fast tyre burner, not sure why maybe XDrive or not sure. I drive like an old man.

Scrapit

How many miles would that be?

dipsomaniac

I think it's a good way to calculate the overall cost

I wouldn't want to spend more than 10% of my net salary on a car so if you are taking home >£6600 pm it isn't a problem. If not, that is a very expensive car (cost & maintenance) and I would get rid, stop the losses and buy something cheaper.

coffeehound

Bachelorplace said:
 Its quite a fast tyre burner, not sure why maybe XDrive or not sure. I drive like an old man.

Maybe the wheel alignment will help

AdrianC

Do you like the car?
Do you want to keep driving it?
Yes? Then keep it.
No? Then change it.

Sweating about a couple of grand of routine consumables on a £25k barge that's still shedding probably twice that in depreciation every year is more than mild discalculia.

As for a grand and a half of warranty... How long for? Do you really foresee claims that'll add up to more than that? Remember that any aftermarket warranty is a bet that YOUR car will be considerably less reliable and more expensive than the warranty company think. They make a profit out of what's left from premiums after paying claims AND their running costs, commission, tax, etc etc. If they didn't, they wouldn't sell the warranty.

Nobbie1967

I think you massively overstating the cost of running the car compared to buying a new one. It is almost always cheaper to maintain your current car than buy a new one since the depreciation is heaviest in the first few years. You have already incurred that and depreciation going forward will be much lower than you estimate. Look at your car on Autotrader to see how much they are worth when 4, 5 and 6 years old to get a better idea of depreciation. Also a lot of those maintenance items will last longer than one year, so the cost should be spread over a longer period. If the front brake pads are the originals, then they have lasted 30 months, so the new lot should also last 30 months, same with tyres. How long is the warranty extension for? Normally they are for two or three years. Try and work out the cost over the next three years to compare with a new car.