Almost Sportscar 1994
The WAVE-B Free Ride Project hit a major milestone. The Almost Sports Car's service to my family has ended. It has 194000 miles on it and it has served it's purpose. Now it is going to serve a college student who has no car but, needs one due to a loss of a transmission in an older car. The recap of the car is as follows:
$ 3400 cash to purchase in June 2013. This is 18 months which is 8 months past the initial plan of 10 months. The car is 21 years old so it is a little bit past it's prime. We saved $120 per month in gas price for a total of $2160 over the previous car (Ramsey Rover) The time with the 1994 Accord wasn't wasn't all economically rosy. I had to replace the computer after we decided to keep it past the 10 months. This with a ball joint and some other minor parts added about $1600 to the price of the car. Most of the parts were over a period of time so the costs were not that hard to absorb economically (just emotionally). There were some upgrades like new tires that included a full size spare and rim included with the after purchase costs.
The bottom line costs of the car was a out of pocket $5000. If I subtract the gas savings of $2160 and the what I sold it for ($2500) the net cost is $340. I had a couple of offers for the car at the same price I bought it for but, decided to sell it to a college student at a discount on the term of she has to set a budget that included a $1000 emergency fund. If I had sold it for what I purchased it for I would have effectively been paid to drive the car $560 for 18 months compared to my previous vehicle.
