True Cost to own - more than just fuel

You are one of those cases where an SUV is actually justified, since you do haul and tow stuff frequently it looks like.

Unless your Blazer is having a lot of problems, I would just keep the SUV. It's been paid for, might as well get as much use out of it as you can.

If it's costing you more to keep the Blazer in good repair than its Kelley Blue Book value (i.e. it's becoming a black hole sucking away all your money for repairs), then I'd get rid of it and get a new car.

 

This is the problem I find interesting as an observer. There are two separate problems really, and that is how I would look at it.

The current situation can be solved by a prudent used car purchase, even a used Honda Insight GASP! That would cut down on the gasoline cost, get rid of the blazer, keep the minivan, and fairly soon the investment would be recovered.

The downside to the first solution is a time factor. So purchasing a house closer might end up giving even better benefits. The interest rates are LOW, locked in for 30 years would be sweet. But now there is more debt. I don't know though how much the mortgage payments would go up, it might not be as bad as first thought. Then the focus on the cars shifts away from the large potential savings with a high MPG car. I would still say though, at the currentt moment with the blazer running, to get rid of it and get a used non-hybrid GASP civic or corolla, both which can essentially run forever.

But either way I wouldn't go for a new car.

 

You have quiet good plan.
If I can give you advise - I would try.

1) try to move home closer, rent for 6 to 24 months - you will get a fair idea of neighborhood, safe more for the deposit, (be aware Presidential elections are in Nov 2012- this will shake the market) - we won't know which way.


1) a) living closer to job will change your lifestyle - for good if you can manage your free time well.

b) buying home just and because of work is a hard decision

2) idea to keep current vehicles for a while may be a good one - house move is stressful enough and in a same time changing car may confuse you on such big decision as buying home (this is an important one) - snag list is a must. Check all possible banks and brokers (use the cheapest one)

3) mortgage interest will go up over time as also may go down from time to time (generally over life time will go up or barely balance)

4) if you find young corolla, I would recommend.
Civic is not your style- you are family guy and need normal car. Civic's are low and sporty (older ones anyway)

5) if you decide to stay in your current home cost of fuel is a factor, a newer corolla will take less fuel than your current blazer

6) if you decide to buy car you will need to weight your decision very carefully

7) the distance affect every vehicle - tires, oil changes, fuel + your TIME (tiredness)

8) closer distance (i.e. move your home closer to job if you can) will let you have comfort of being more time with your family - priceless, also it will lower the cost of 7)

---- you cannot buy the TIME ----

9) you are on priuschat, many of use use prius, I bought 6 year old vehicle with about 120k kilometers on the clock, 2 oil changes so far, 1 tires set, fuel cost, wipers. Nothing major

10) due to me living far from job and using prius and making shopping using it, after some time I was involved in crash - someone else fault (but my pain in the end)

- number 10) if you have long long distance to home, over lifetime you may be involved in car accident - this will affect your life.

Think carefully.

Agape

 

In either case, both a 11 year old car or a new car, there will still be the overall maintenance. But don't forget, while you will save some in gas, you will also have the monthly car payments if you aren't paying for the car flat out, and a higher insurance rate due to the car being not only financed, but newer as well. Insurance goes down on older cars.

The only draw back that forced me to get a new car after 15 years of driving my gas car, was the fact the trade in value of the car was about as much as it would be to repair the dead radiator fans and some dings in the windshield. But unlike your situation, I don't have a family or a house payment, I am not in the same situation as you are.

I would probably ask is how well cared for is the car and projecting how often you will be fueling your car with the shortened travel distance will cost you in the long run. While the Prius or any hybrid vehicle will also reduce your fueling cost, it may not be a major change depending on the kind of driving you will be doing in general over the next several years. If anything, I would see what it is now for your car and then do a minor projection of say... $600 a month for financing a new car or $300 for leasing, with a possible 360 mile range (I'm making a rough guestimate on what your MPG might be for a Prius v at say 85% highway, 15% city drive and maybe a bit heavier acceleration usage, based on a 36 MPG and 10 gal gas tank) and assuming that Gas is going to make you spend about $45 per fuelup. (4.50 per gal, 10 gals)

Also see about what your insurance will give you quote wise if you were considering getting a Prius car. (Note, most of my numbers are high ball, so it will be a bit lower, but this should give you perhaps worst case scenario for a car cost)

Hopefully, this will help you determine if it is worthwhile or not. Again, take into account that with your old car, your insurance will be lower overall, but your maintenance will probably be the dragging point as well as the fuel cost.

 

Edited, rethought.
I would look at all housing options , not just the one mentioned, less driving is a good thing. Generally houses don't depreciate-- see 100 year charts, the last couple years decrease should be an aberration (which makes house buying a good thing now), car's do depreciate, especially brand new ones.
Actually buying the house first makes the most sense to me. You won't have the car loan that could possibly effect the house loan , plus after the house purchase , you would know how far you would be driving to work, which directly determines the importance of the fuel efficiency.

 

Think about what would happen if you were out of work for three months. Do not add to your current debt. Do Not buy a new car. Do not borrow money to buy any car. Pack your lunch until you save up the full price of a clean used car.

 

I would take care of the house first personally. Can you find a carpool to help offset gas to work?

Keiichi, my 8 year old van worth maybe half of a v is within $40 of the new v to insure with full coverage. I am still trying to figure out why. It may be the damage it can do in an accident but I'm still trying to get facts on this. W

 

I read all posts in this thread. Here are my thoughts, and for what it's worth I consider my household finances above average. I cannot say whether you should move or not positively. It will cost more, but 2 hour commute sucks--this is really a subjective discussion for you and your wife. It seems like a decent idea, though.

1) Bring a packed lunch to work, saves a lot of money.
2) I get the impression you have no savings. I'd want to save some up before moving because unless your wife is in a job allowing her to quickly get employed if you lose your job (so you take care of kids for a while), you could be in a bad spot fast relying only on unemployment.
3) Even if you don't move you may want to consider keeping the Blazer. The Prius V saves $200/month in gas, but even a lease payment will cost more than that, not to mention money out of pocket. I don't know what repairs on the blazer are, but can't be terrible.
4) If you do move DEFINITELY keep the blazer. V saves $100/month in gas, but its payments will destroy the difference.
5) Replacing your Blazer isn't a bad idea (age but also terrible mileage), even if you move or not--just not with a new V. I'd strongly consider getting something just for you to commute with, e.g. a $13-14k Nissan Versa brand new, or get a used Kia or something with a 10 year powertrain for under $10k. You only need one large vehicle capable of taking the whole family.
6) Again, I don't see any good reason to buy a V for you in any scenario, it's just not worth the cost in payments

If I were in your scenario I would, in this order (I really believe this is the most responsible and hard to argue with):
1) Make sure I have enough money in case I lose my job, or some other backup to make ends meet (if you've not already)
2) Move closer to work, better house
3) (this one is distant to the first two) replace the Blazer with something small, efficient, cheap just to commute with

 

OP - just wondering why you are set on the v? While size wise it may be comperable to what you are driving the regular, good-old Prius seems like it might be a better fit. The original Prius is still a fairly roomy car and I have been on trips with 3 kids in the back and have not had an issue. You also have the minivan for longer trips or when you need a bit more room.

It sounds like you are looking to be financially prudent you want to maximize gas savings. The original Prius does both. Mileage is something like 8 mpg better overall. The starting price of the original Prius is a fair bit less, and with it there will be used options as well.

 

I think is better to get a nice used prius and save the money for the new house. I know it sucks driving over 100 miles to work everyday. I am too commute about 140 miles 4 days a week to work, just over 10 years now. the 2-3 hours you saved on the road means more family times and more times to do things around the house.

 

you're trying to make too many decisions at once. evaluate the condition of your present vehicle to decide if operating expenses will reasonable until you make a housing decision. then try to determine how long until you move. if you're moving that much closer, an expensive hybrid may not pay off for you gas savings wise, and it doesn't seem that your in a financial position to buy one for other reasons.

 

Great advice here.

I'd go for the house first. Cuts commuting time and distance and minimizes the need for a new car.

As for the house, buy a fixer-upper in a great neighborhood. One where you can do the paint and caulk and yard work needed to make it a great house. Just make sure the house has "good bones." This is where a good home inspection comes in handy.

I'd get a used car (Toyota) next, as you can afford it. We loved our 1998 Sienna XLE which we used to tow our motorcycles all over the Rocky Mountains. Got 19 mpg city/24 highway and never had one issue. Sold it for $5k and still miss it. Most comfortable car I've ever driven, too.

Best of luck.

 

Regret that I do not have all the answers for you but in our life 1/2-hr commute was the game plan. So I think new v is too expensive for you, but v (used?) is future plan to work towards...my wife was just asking me to get a v (OK the get a v was my idea) because she need a bigger car now that we are in the grandkids business. The regular Prius she feels is too small for 5 people with luggage toys etc. I said with roof rack is fine but she does not want to mess with it. We may ditch the minivan and give up the 4x8 plywood haul capability I wanted.

 

I believe he was possibly considering replacing his 2000 Blazer with the Prius v as a possible consideration and wanted to find out if that is worth while. I only put in what I knew as far as what it is costing me right now for a Prius v, but my numbers are higher due to it being a Trim 5 with ATP and a few extras compared to what he may consider.

Another consideration he might want to make is given his father works for an auto auction, consider seeing if you can get a used, functional Prius and use it as a commuter car and keep the blazer for the family moving. I doubt you need the blazer or whatever other car you might be using as an all family car.

 

Can't add much to what's already been suggested except to echo a couple thoughts. Unless the move is confined to a fairly distant time in the future for reasons not shared, the fuel savings of your current commute is a mute point. Move closer and you'll save the fuel without a new car expense. If there will be a long wait and you are thinking fuel savings will help save money in the interim, you have to remember that your fuel savings of $2500/yr will easily be swallowed up by car payments, Ins, etc. When it's time to replace the blazer, a regular Prius sounds like the best option to me. The reg prius will still save 8k over the life of the car compared to another 30mpg commuter car if your total annual driving drops to even 10k/yr (estimated based on 15 years and $4/gal). Plus you can still comfortably fit 5 people. You also have many used buying options, could buy used at the price of a new versa and enjoy greater longevity, fuel savings and space than the versa, for example.

The best advice, since only you and your wife know the total picture of your circumstances, and circumstances will continue to shift: keep doing the math and research hidden costs. For each scenario you consider (try and think outside the box, too), do the math and keep a log so you can go back and see it when you begin to question again.

Best wishes to you and your family.

 

Well... I may want to caution you on the idea of making the Prius a car for towing... Even the Prius v is using the same drive train as the Prius sedan. Hence why the MPG is 44/40. The Prius v has a higher drag coefficient and is a bit heavier compared to the Prius sedan. You might not see much of a cost benefit from it if you want to use it as a family tow vehicle as you might with say a gas van or with the blazer.

I recommend looking at a used Prius sedan as the commuter type car for your needs, maybe ditch the van if it can't tow and keep the blazer as the option. The Blazer is probably better car for towing things as it is designed to be a work horse and have any prius type vehicle be a commuter type car. If you really want to Prius v, I would recommend checking around to see if it will tow what you want, but don't forget, the Prius v has a 4 cylinder engine for its 'power' mode, so it may not be up to snuff, but I could be wrong being a new Prius owner myself.