Johnny, I was thinking about this the other day, when I realised, while dawdling up the M74, that after twelve months, I will have spent almost 1.5 months of that time in my pickup. Almost 3 weeks of that on that particular road.
Using the figures given by flunky, and accepting that my depreciation is going to be pretty big on a twelve month, almost 30k car, the figure I got was almost £18 per hour after a years worth of travel. Bad, but not as bad as flunky, all be it that I do almost 8 times the miles, and take a huge (I used a minimum 45% figure for the sums, but appreciate it will likely be more) depreciation hit. Maybe the real cost of motoring doesn't have that much to do with what you drive, but more to do with the time you spend in the car? How do you put a price on the time away from home and family for the big commutes etc?
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My 5 old year A4 has cost, including depreciation, around 55p per mile. If we assume an average for all journies of 30mph this is £16.50 per hour.
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I'm guessing flunky has not needed tyres or an exhaust in the past year for £100 MOT and sundries.
Mine worked out at £8.97 per hour or 28p per mile on 12k miles and 2k depreciation on 3 year old car (maybe a little optimistic here).
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Over 2 years my bangernomics Omega did 60,000 miles @17p/mile. I reckon an average of 40 mph so 1500 hrs £10,200 = £7 per hour ish.
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Flunky - you could sell your car and spend the proceeds on beer and sausages and you could then get taxis everywhere and, at 68p a mile in your car, you would have cash to spare for even more beer and sausages! Way to go!
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Flunky - you could sell your car and spend the proceeds on beer and sausages and you could then get taxis everywhere and at 68p a mile in your car you would have cash to spare for even more beer and sausages! Way to go!
taxis cost more than 68p/mile though.
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taxis cost more than 68p/mile though. B*mmer! Another cunning plan bites the dust!
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4,000 miles.
tax £200 ish
ins £400
MOT/sundries £250
Depreciation £200
Resident's Parking £80
Congestion charge, say £50
Annual, pre-MOT wash £10
30p per mile, plus 12p for petrol = 42p per mile. And that's bangernomics. Inner London insurance is a killer.
If I manage 6000 miles, that's 32p per mile.
Wondering if car hire is the solution... the only problem is parking a hire car at £5 per hour on the street, plus havnig to pay the congestion charge when picking it up/dropping it off. Makes it a complete non-runner.
At 30mph average, that's £10-£12 per hour.
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Wondering if car hire is the solution... the only problem is parking a hire car at £5 per hour on the street plus havnig to pay the congestion charge when picking it up/dropping it off. Makes it a complete non-runner.
I reckon it's a lifestyle choice - I choose to pay ~£3k a year on running a car, purely for leisure trips.
I could make do with online shopping and car hire, but it would dramatically alter my lifestyle and especially the freedom to just go outside and get in the car.
Equally I could cancel the cable TV and internet, or move to a smaller house.
But I don't want to.....
So I just see £3k as a necessary cost.
I paid £7,300 for my 3.5 year old car. Oldest examples (1998) on autotrader/ebay are going for £2k+, so mine should be worth at least that in 5 years (with what will then be about 75,000 miles and more reliable than the earlier moels now on sale).
So I should be getting away with £1k/year depreciation, which is not bangernomics by any stretch of the imagination - my previous car was £1k and sold for £200 after 3 years, but it certainly beats leasing a new model which would be at least £3k/year, just to own the car.
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Here is an interesting per hour based question..
Imagine two cars the same - both 3 years old. One has 36k on it, so everyone loves it, its average mileage, wow, amazing great and worth loads. The other has 100k on it, so it's obviously going to fall to bits down the road and is worth nothing.
I wonder how many hours would be expected to be on each car... might tell a different story than the mileage, especially if the average mileage car spent its time in the city.
THEN which would you prefer to buy?
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I paid £7 300 for my 3.5 year old car. Oldest examples (1998) on autotrader/ebay are going for £2k+ so mine should be worth at least that in 5 years
Except it won't. The early 98 examples of whatever it is you drive are benefiting from the 'halo' effect of being the first in a long production life of car. Buy a 98, and it looks just like your neighbours 04 plate. Great! Keeps it nice and popular, keeps prices high. Everyone likes a recent or current shape car. Looks better than one discontinued two generations ago.
However, in 5 years time, your car won't be current, or anywhere near current, and as one of the last produced will be worth less and less 'more' than the earlier models in the range until eventually, there is little if any difference.
Case in point: E34 525i's. Now worth more or less the same, becuase people buy on condition not age.
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Definitely a lifestyle choice. If I didn't have a car, I would:
1. Not go out on a weekend leisure trip as it would add £50+ to the trip.
2. End up struggling on buses and walking with bulky shopping as taking a cab would add £15 (I suppose I could take up online shopping).
3. Spend my time scrounging lifts and using the train as it would be cheaper than hiring a car.
4. How would I bring back a couple of bags of cement from the builder's merchant? Or a few cases of wine?
5. I would hire a Corsa rather than a Vectra owing to the unpleasantness of paying an extra £20 per day, so motorway cruising would be uncomfortable.
6. Inevitably one loses £10 of petrol every time a car is hired as nobody else ever sends it back properly full. Or it is an empty-to-empty place and you know they siphon it out at the end of the hire.
7. Parking hire cars on the street is expensive. Very.
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OK, this is mine
my avg speed is 40mph.
15000 miles annually
= 375 hours
maintanance and MOT = £350
30mpg = 500 gallons = £2200
depreciation = £0 (14 year old car L reg so hardly any does that count?)
road tax = £180
insurance = £400
total = £3130/year
= £8.34/hour or 21p/mile.
Mine sounds OK
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Think mine works out somewhere between £12 and £15 for combined Mr & Mrs Johnny. For myself it;ll be much higher as I don't drive in the week - just take lengthy trip to France to claw back some time.
If you're buying a second hand aeroplane, it'd be priced according to flying hours wouldn't it? How about things like trucks or locomotives ( should I choose to buy one - anything to upstage Chris Eubank! )
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Average speed 40mph?
8000 miles annually
= 200 hours
Servicing = £450
23.5mpg = 340 gallons = £1545
Depreciation = £0
Road tax = £180
Insurance = £450
MOT, tyres etc = £300
Total = £2925/year
= £14.63/hour or 36p/mile.
Doesn't sound too bad really
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Didn't one of the motoring organisations estimate the average yearly cost of motoring at £5000/year (Ford Focus as I recall) a couple of years ago?
So £5000 at average 10000? miles a year
=£16/hour or 50p/mile.
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