Keeping my car to 200,000 miles??

Sep 21, 2007 @ 11:10 am by EMS

After reading an article (sorry, couldn’t find the link) that stated the cost savings one can realize by keeping a car for several years, I decided to see calculate approxiametly how long it would take me to reach that with our 2001 Mercury Sable (purchased by us in 2005).

Sable 200,000 mile prediction

Since I have mileage records dating back to July 2005 from oil changes, etc…, I simply plugged those into Excel and created a trend line. Then I extended the trend line out until I hit 200,000 miles, which will probably happen in the summer of 2011.

Originally, I had planned to replace this car either in late 2007 or early 2008, but the more I think about it, the more I want to try for 200,000 miles. The vehicle is in pretty good condition (except for 1 cosmetic dent) and I take it in regularly for maintenance. Since this vehicle is primarily a commuter car, as long as it gets me to and from work, I’ll be happy. Our family has already outgrown it, but the thought of owning 2 minvans gives me the heebie-jeebies. Having 4 years to be able to save for a new vehicle (and therefore less debt) is very enticing, plus I’m hoping that by 2011, we will start seeing some improved fuel efficient cars beyond the 20-30 mile standards we have today. Another plus for keeping it this long is the low insurance rates I pay for this vehicle.

I’ve definitely decided to keep it through 2008.

August 2007 Net Worth Report (+5,124)

Sep 03, 2007 @ 09:24 am by EMS

August had some pretty impressive numbers. Our brokerage accounts benefited from some positive movement in the stock market, as well as moving a good chunk of cash out of our savings and into college savings for the kids (for the purpose of this site, I consider college savings in the brokerage category). Even though we spent a good $1,000 on unexpected expenses including a new treadmill, exercise bike, and chest freezer, we still gained over $5,000 for the month.

The only alarming part of this month’s report is the growth of credit card debt. This pattern will continue until May of 2008 as I take advantage of a 1-year 0% financing deal from one of our credit cards. As statements for this card come due, I’ll be paying the minimum balance and putting the rest into a high-yield savings account where it can sit and earn interest until I pay the balance off in May.

I continue moving money out of Prosper.com as it becomes available.   Two more loans have been marked as “One Month Late”, reinforcing the idea that getting out of peer-to-peer lending on prosper was a good idea.
September should be an interesting month, as we will start to pay for three kids in daycare.

August 2007 Net Worth



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