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Thread: Cheapest to own

  1. #11
    Moderator Eggman's Avatar
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    Quote Originally Posted by mainertodd View Post
    Yes, partially. And the Mirage's excellent fuel economy helps too. But then you get into a situation where, for example, a Fit Sport costs $4000 more but ends up being only $2000 more over ten years once fuel and insurance are factored in. That makes it tougher to justify NOT getting the more powerful, more refined car. (Not that I don't think the Mirage has plenty of virtues--reading this forum has made that clear!)
    So, your calculations show the Mirage is the better bargain over a Honda Fit over twenty year's of ownership? That sounds pretty good to me. Even longer if fuel prices go up. Thanks for pointing this out - I now feel even better about my purchase.

    How would one include potential service & repair costs - warranty coverage? I would expect the Mitsubishi new owner factory warranty would put this ahead of the Fit yet again. Do your calculations take into account the different equipment packages?

    Quote Originally Posted by mainertodd View Post
    There are definitely disadvantages to taking an overly analytical approach to car buying. I have a pretty extensive spreadsheet of all the different options...I keep waiting for an "obvious answer" to emerge, but alas. In the end, I'm sure I'll just test drive all the finalists and buy the one I like the most. ;-)
    In the end, this is what it's all about. Thankfully we are able to enjoy so many quality choices.



    Quote Originally Posted by remusrm View Post
    The mirage and lancer cost me 247/month.
    This figure sounds pretty darn high to me. I don't think it's just the car that makes insuring two cars cost nearly $3000/year. There must be other factors involved.

    I can't imagine paying $3000 each year for car insurance alone.


        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 49.6 mpg (US) ... 21.1 km/L ... 4.7 L/100 km ... 59.6 mpg (Imp)


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    Senior Member Cobrajet's Avatar
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    Quote Originally Posted by Eggman View Post
    This figure sounds pretty darn high to me. I don't think it's just the car that makes insuring two cars cost nearly $3000/year. There must be other factors involved.

    I can't imagine paying $3000 each year for car insurance alone.
    I read this as the two vehicles costing a combined $247/mo to insure.

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    If I had a Mirage I'd take collision insurance off it the day it was paid in full.
    I only have basic coverage and fire/theft/vandalism on my junk. If I crash and it's my fault I'll fix it or find another car, if someone hits me their insurance covers it. I'm not sure about other company's but mine covers damage from hitting animals without having collision. That was a relief to find out when I when I hit a moose once

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    Quote Originally Posted by Cobrajet View Post
    I read this as the two vehicles costing a combined $247/mo to insure.


    yeah: 25k/50k with uninsured motorist, 500 deductible and car rental!
    2017 Mirage G4 1.2 ES CVT
    2014 Mirage DE 1.2 Manual
    2000 Mirage DE 1.8 Auto

        __________________________________________

        click to view fuel log View my fuel log 2017 Mirage G4 ES CVT 1.2 automatic: 42.0 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.4 mpg (Imp)


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    Quote Originally Posted by remusrm View Post
    yeah: 25k/50k with uninsured motorist, 500 deductible and car rental!
    Those coverages are extremely small. What is the legal minimum in your area? That must be it.

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    Quote Originally Posted by Eggman View Post
    So, your calculations show the Mirage is the better bargain over a Honda Fit over twenty year's of ownership? That sounds pretty good to me. Even longer if fuel prices go up. Thanks for pointing this out - I now feel even better about my purchase.

    How would one include potential service & repair costs - warranty coverage? I would expect the Mitsubishi new owner factory warranty would put this ahead of the Fit yet again. Do your calculations take into account the different equipment packages?
    Cheaper, yes--it's currently the cheapest car on my spreadsheet, just ahead of the Versa. If I drove more miles, its lead would increase. And yes, if gas prices go up, the advantage tilts even more toward the Mitsubishi. Better bargain? That depends on what else you value. But regardless, it's clear that it's an economical car to purchase and own, insurance notwithstanding.

    I do actually have a separate calculation that ranks different cars by various qualities (specific features, suspension, cargo space, reliability, safety, etc.) and then comes up with a "dollars per feature" cost. It's entirely subjective, of course, but it at least helps me to get a rough idea of which cars produce value for money. In that calculation, the Corolla iM is the winner. The Mirage is a bit further down, but still qualifies as a good bargain, at least according to my needs.

    The real problem is that there are so many good cars out there now, and so few bad ones. I can make an argument for or against just about all of them! :-)

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    Quote Originally Posted by Pryme View Post
    Those coverages are extremely small. What is the legal minimum in your area? That must be it.
    small? CA is 15/30 min.
    2017 Mirage G4 1.2 ES CVT
    2014 Mirage DE 1.2 Manual
    2000 Mirage DE 1.8 Auto

        __________________________________________

        click to view fuel log View my fuel log 2017 Mirage G4 ES CVT 1.2 automatic: 42.0 mpg (US) ... 17.9 km/L ... 5.6 L/100 km ... 50.4 mpg (Imp)


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    Those are crazy low numbers and won't get you very far in a serious collision.

    WI min is 25/50/10 And MN where we are moving is 30/60/10
    We have a lot more coverage as it's not a whole lot more.

    I'm surprised CA allows such low coverages. Being it's such an overpopulated area with lots of drivers who drive very fast etc.

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    Quote Originally Posted by mainertodd View Post
    Cheaper, yes--it's currently the cheapest car on my spreadsheet, just ahead of the Versa. If I drove more miles, its lead would increase. And yes, if gas prices go up, the advantage tilts even more toward the Mitsubishi. Better bargain? That depends on what else you value. But regardless, it's clear that it's an economical car to purchase and own, insurance notwithstanding.

    I do actually have a separate calculation that ranks different cars by various qualities (specific features, suspension, cargo space, reliability, safety, etc.) and then comes up with a "dollars per feature" cost. It's entirely subjective, of course, but it at least helps me to get a rough idea of which cars produce value for money. In that calculation, the Corolla iM is the winner. The Mirage is a bit further down, but still qualifies as a good bargain, at least according to my needs.

    The real problem is that there are so many good cars out there now, and so few bad ones. I can make an argument for or against just about all of them! :-)
    The mirage as a fantastic amenities list for a 10-11k SE. They have tons more features than a lot of more expensive cars, the corolla im included.

    I looked at the im and like it's made in Japan but it didn't have many features for the cost. I do however feel it would be a great car long term. But at about 6k more than the mirage it's not really comparable

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    Senior Member Top_Fuel's Avatar
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    Quote Originally Posted by Pryme View Post
    Those are crazy low numbers and won't get you very far in a serious collision.
    No doubt. Guys...if you have any assets at all, pony-up for better coverage. When you t-bone a Tesla tomorrow and your $25K of coverage is paid out to cover $50K of damages, guess who's going to get sued for the difference? If you live in your parent's basement and your only asset is your iPhone, you may be OK. But if you've got equity in a house, savings, etc...then talk to your insurance agent about more substantial coverage.


        __________________________________________

        click to view fuel log View my fuel log 2015 Mirage ES 1.2 manual: 51.2 mpg (US) ... 21.8 km/L ... 4.6 L/100 km ... 61.5 mpg (Imp)


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    Pryme (04-18-2018)

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