Roadwarrior
Member
Back (July '23) when making the deal to purchase our ‘21 lease buy-back auto the finance mgr was telling me about the add on for possible maintenance. The cost was my first concern then what it covered was second. I have worked in IT for over 50 years so I can relate to the chance of replacing a computer chip/part. I was investing just north of $21K for a 2 YO auto without maintenance insurance.
The maintenance cost which I’ve never purchased was close to $3.5K. I realized what a used auto goes for now & in the future with the recent round of strikes affecting the auto industry, let alone the losses incurred because of the weather emergencies. High wage demands will be met, some workers will be laid off to make up some of the extra cost. Most will be made up with price increases and resale value of newly used vehicles.
The cost comes more in line with my gamble and ROI. The cash down covered the high cost that I paid, but my thinking it gives me peace of mind. I had a 2016 auto that I could use for either trade in or gift to my g-daughter. After I decided to gift the g-daughter I looked up the value on nadaguides.com thinking it was worth a lot less than they quoted. She made out like a champ but I actually felt pretty good about the gift.
I plan on having the ‘21 paid off in Dec ‘24. But hope to keep it 10 years. That way I can recover almost all with free oil changes for life. @ 4 per year with an estimated savings of $75 per change. $300 per year x 10 years = $3,000. First one was today at the dealer’s. They thoroughly went through a checkup along with service. They checked the tire pressure, helps with MPG. Cost - $0.
The maintenance cost which I’ve never purchased was close to $3.5K. I realized what a used auto goes for now & in the future with the recent round of strikes affecting the auto industry, let alone the losses incurred because of the weather emergencies. High wage demands will be met, some workers will be laid off to make up some of the extra cost. Most will be made up with price increases and resale value of newly used vehicles.
The cost comes more in line with my gamble and ROI. The cash down covered the high cost that I paid, but my thinking it gives me peace of mind. I had a 2016 auto that I could use for either trade in or gift to my g-daughter. After I decided to gift the g-daughter I looked up the value on nadaguides.com thinking it was worth a lot less than they quoted. She made out like a champ but I actually felt pretty good about the gift.
I plan on having the ‘21 paid off in Dec ‘24. But hope to keep it 10 years. That way I can recover almost all with free oil changes for life. @ 4 per year with an estimated savings of $75 per change. $300 per year x 10 years = $3,000. First one was today at the dealer’s. They thoroughly went through a checkup along with service. They checked the tire pressure, helps with MPG. Cost - $0.
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