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Thread: M3's eleven years old today...
11-15-2012 10:49 AM #1
M3's eleven years old today...
I track my operating costs. It took a big depreciation hit in the last year, $2,822 (from $15,279 to $12,457, good condition, kbb.com). Repairs were high this year, too: $2,072. Depreciation and maintenance ended up being $0.585/mile.
The trend seems to be cars take big depreciation hits: when new, the year in which the warranty runs out, the year in which the model year is seven years old (hard to get a used car loan), and when the car goes over 100k miles (my situation this year, also hard to get a used car loan).
Since new, my depreciation costs have been $0.442/mile. Since new, maintenance costs have been $0.113. M&D since new: $0.555/mile. At the sixth anniversary, M&D since new was: $0.592/mile.
The tenth year (Nov 2010 - Nov2011) was a freeby and a fluke: depreciation of $246, $0.029/mile; and maintenance of $1,486, $0.173/mile.
The "opportunity cost" (interest I could have been earning on the money I have tied up in the car) is pretty much zero these days. My insurance is pretty much the same, regardless of what kind of car I drive. Florida doesn't have personal property tax.
In my world having an old car in great condition is a status symbol, a sign of dilligence and intelligence. I also get pleasure watching that sixth digit on the odometer go from 0 to 1, really cool on the old mechanical odometers. But I'm starting to think that replacing a BMW every six years might be cost effective, expecially when I consider the value of my time visiting the Service Department.
Right now, I'm holding on to my 15' long M3 because a 16' long 5-series will not fit in my cluttered garage. This problem will be solved in the new Casa de Goat next spring (24' deep, 25' wide, nothing but cars-no clutter, with a 15' ceiling on one side for a lift for the third car).
Last edited by goatboy; 11-15-2012 at 09:09 PM.
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