Free Ride Project Progress Report - End of Year 2013

This is the first progress report of the "Free Ride Project".  When we begun this experiment we had the following cars:

• Car A: Ramsey Rover - 2000 Ford Windstar Mini-Van with around 208,000 miles
• Car B: Green Machine - 1998 Jeep Cherokee with 230,000 miles
• Savings assigned to car: $4000

The following changes happened:

• Phase I car purchased: The Sportscar - 1994 Honda Accord with  168,570 miles (but with a new engine with only 10,000 miles) - Purchased for $3400
• The Ramsey Rover was deemed beyond economic repair - Sold for $700
• Insurance was changed to have better coverage and $100 less per month
•  $1400 was put into the car to improve the ride

The following results are:

• Cost of the car was $4142 (Initial Cost + Repairs/Upgrades - Sale of RamseyRover)
• Gas savings for first seven months $840 ($120 a month by using Accord and not Windstar)
• Gas savings for first seven months $700 ($100 a month by carpooling 2x a week with wife)
• Savings on insurance rate for first seven months $700 ($100 a month difference)

In seven months the complete savings by the changes is $2240 which means the car actually cost me $1902 out of pocket to buy. At this rate the car will be "paid" for from the initial investment within six months.

The mileage on the Sportscar went from 168,570 miles (10,000 mile engine) to 178,660 miles (20,420 miles on the engine) The Green Machine now has 241,000 miles on it.

So let me know with a comment of what you think.