Lets talk cars. No politics. As I have said for the past 16 months you need to look at the average of car ages in US and Europe.
So let me give you an example. My daughter has a vehicle that is 8 years old. I told her to sell it last year.
Well this year she had to put in $4,800 in repairs. A/C, brakes, wheels, alignment and bearings.
For this price she could have bought a new vehicle and paid 24 months worth of payments for the repairs she paid for this year.
The bottom line is that people who own old vehicles are at a disadvantage and will never be whole, and still have an old car.
As a Ford and GM stock holder I expect people will come to terms on what it is costing to own an old vehicle.
The F and GM cars will do very,very well in the next 6- 12 months. Bank on it.
My Grand Caravan was a gas guzzler and a money pit. Finally got rid of it because wifey totaled it. Got a CR-V. At least insurance priced it higher than what I expected to sell it for. My question is: Why the hell is Ford lowest in share price gain today of the big four?
If you can do your own repairs the costs are much, much lower. My daily driver work car is 14 years old. What I spend in repairs a year would only make 2 months of payments on a new car. Basically, I don't have to make 10 months worth of payments by keeping my old rust bucket, and I get 30 - 32 mpg.
Last year when I bought the car I put new tires and rear wheel bearings on it. This year I replaced the rear rusted brake lines, flexible brake lines, and wheel cylinders. I also replaced the timing belt this year.
However, because of my own pursuits, it would be better for me to have a newer, nicer car just for image when I meet with people in my pursuits. That is why I am looking to buy a new car next year.
Only 8-years and she had to sink $4800 in it? My 2000 Silverado 4x4 with the iron duke has over 150,000 on it and the most I've had to do is put brakes and tires on it. I think I might have put a battery in it. What make and model is it that it's gone to hell like that in just 8-years?