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Old 03-24-2020, 02:32 AM   #1
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Should I get a Fuel Efficient Car

I currently am the owner of a 2013 Mercedes c300 with around 85,000 KM. The car is nice, although my commute is about to triple in distance and this car has crappy fuel economy.

Background:

New job a few cities over which is going to make my commute 90 KM per day. My income before bonus/commission is right around 45,000 (After bonus would be close to 55,000). I currently have very few expenses totalling around $600 per month. I have my registered investment accounts all maxed out and am continuing to invest in ETFS non registered.

I'm planning on staying at this job for a few years and also not planning on moving homes for atleast 3 years.

Question:

Would it be worth it to sell my car while it still holds value and purchase/lease a fuel efficient car? My thoughts are gas costs will be lower and also future repair costs will be out of the near future. If I were to get a new vehicle I would want something newer that looks half decent. (Considerations: mazda 3 hatch, Jetta, Rav4, civic... Just a thought for now since I haven't had any guidance on this yet.)

Any feedback/thoughts would be much appreciated.
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Old 03-24-2020, 04:46 AM   #2
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Is that 90 km round trip? If so, on that wage, and living in the US where fuel is cheaper than almost everything, I wouldn't worry one bit. I have a tiny commute that I could walk, so my cars prioritise driver enjoyment over anything else. I would consider changing to a more efficient car if I had that commute, but our fuel is triple the cost of yours give or take, and wages are lower too. Just my opinion.
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Old 03-24-2020, 05:18 AM   #3
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Quote:
Originally Posted by baiselmareo6 View Post
I currently am the owner of a 2013 Mercedes c300 with around 85,000 KM. The car is nice, although my commute is about to triple in distance and this car has crappy fuel economy.
Work out what your fuel costs would be for the Merc. Take half that figure and reckon on that be the best saving you are likely to make. Multiply it by three and then work out the loss you would make selling the Merc and buying something else. Unless the first figure is considerably more than the second I would stick with the Merc. (think I got that the right way round!)
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Old 03-24-2020, 06:14 AM   #4
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I agree with the above, keep your car; with some small calculation and with current gas prices you would be saving $387 a year by driving a 2020 Civic vs a 2013 C300.

23,400kms driven per year
Fuel price in US: $0.613/L (it will probably stay this low for a few years)
2020 Honda Civic gets 7L/100km
2013 Mercedes C300 gets 9.7L/100km
Fuel spent on Mercedes in a year: $1,391
Fuel spent on Civic in a year: $1,004
Difference: $387

I would be a lot more concerned about maintenance costs and depreciation. Mercedes cars tend to require major service around 80,000-150,000kms; if something major is going to brake then it will break in this range.

Regarding a Civic, Rav4 or any other cheaper car; these cars are not as quite and not as luxurious inside as the Mercedes. Lots of hard plastic in the interior and tire and wind noise and hard suspension. Also, new cars have a lot of technology in them, to replace a windshield on a new Civic will cost around $3,000 due to the sensors and other items attached to it. The Mercedes's windshield would probably run $600 if you have a crack it in to replace.

If the Mercedes is paid off and you like the car, keep it. The recession is just around the corner.
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Old 03-29-2020, 02:07 AM   #5
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Quote:
Originally Posted by baiselmareo6 View Post
I currently am the owner of a 2013 Mercedes c300 with around 85,000 KM. The car is nice, although my commute is about to triple in distance and this car has crappy fuel economy.

Background:

New job a few cities over which is going to make my commute 90 KM per day. My income before bonus/commission is right around 45,000 (After bonus would be close to 55,000). I currently have very few expenses totalling around $600 per month. I have my registered investment accounts all maxed out and am continuing to invest in ETFS non registered.

I'm planning on staying at this job for a few years and also not planning on moving homes for atleast 3 years.

Question:cbd products

Would it be worth it to sell my car while it still holds value and purchase/lease a fuel efficient car? My thoughts are gas costs will be lower and also future repair costs will be out of the near future. If I were to get a new vehicle I would want something newer that looks half decent. (Considerations: mazda 3 hatch, Jetta, Rav4, civic... Just a thought for now since I haven't had any guidance on this yet.)

Any feedback/thoughts would be much appreciated.
Would it be worth it to sell my car while it still holds value and purchase/lease a fuel efficient car? My thoughts are gas costs will be lower and also future repair costs will be out of the near future. If I were to get a new vehicle I would want something newer that looks half decent. (Considerations: mazda 3 hatch, Jetta, Rav4, civic... Just a thought for now since I haven't had any guidance on this yet.)
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Old 03-29-2020, 04:43 AM   #6
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No........
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Old 03-29-2020, 04:56 AM   #7
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You'd probably spend more for the first couple of months lease than the saving on gas. I don't know about the US, but in the UK the mileage is seriously limited on a leased vehicle. And if you exceed the agreed mileage the cost per mile is real nasty. It also costs an arm and a leg to get out of a lease early. As I said, that's in the UK but I imagine the US will be something similar. It's the same business model.
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Old 03-29-2020, 09:31 AM   #8
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Edmunds doesn't give a cost per mile figure on the 2013 C300. The 2014 C300 is 70 cents per mile. A 2020 Honda Civic LX is 41 cents per mile and a 2020 Toyota Corolla LE is 40 cents per mile. At 55 miles per day that's roughly a $16 per day savings if you had either of those cars, or $80 a week, $325 a month, and about $4000 per year.

You get a new car warranty and significant advances in safety devices and equipment with the new car. I have no idea how much equity you have in the C300 but even with zero equity the operating cost savings should pay the monthly payment on either of those cars. You could move up to higher trim levels with a small penalty in monthly savings, 3 cents per mile on a Civic EX vs the LX for example.

You also very possibly are about to have regular additional expenses for repairs and replacements of various parts on the C300 since it's 7 years old now and that's a time when such things begin happening. I'd probably go Civic EX if it were me. Good luck with your decision.
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