Car buying opinion wanted

[FireFox31]

I'm torn between doing the fun thing, owning two or three cars which I enjoy driving and repairing, and doing the responsible thing, owning one reliable car which I pay someone else to fix. If you can relate to this situation, I'll take any input that you have.

For the past 16 years, I've owned a 2000 V70 and a 2002 Mercedes E320 wagon. The V70 was a manual and fun to drive while the Benz was cushy and more powerful for cruising. When one was broken, I could drive the other until I fixed it. When my V70 got totaled, I made a plan to replace both cars with a newer pair: a P2 V70R 6-speed and a newer Mercedes wagon. The V70R would be fun to drive and maintain while the Benz would be new and reliable.

When a friend of mine heard that my V70 was totaled, he sold me his. I've spent thousands of dollars rehabilitating it and countless hours learning about the P80 platform. However, this car was only supposed to be temporary until I found a V70R. I'd like to keep the car because I like the P80 platform, have gained a lot of experience maintaining it, could use it as a beater, and have a ton of money in FCP Lifetime Warranty purchases which I could claim on.

In recent years, I've only had one car working at a time (currently my V70 since my Benz is waiting to be sold). I've been wasting money on insurance and registration for two with little downside to driving only one. I shouldn't spend as much time as I do repairing cars but it's something I enjoy and feel is fulfilling. It's also nice to not pay a dealership / mechanic and know I'm not being sold unnecessary work. But the time is a real cost.

I've spent the last year and a half watching for a V70R and Benz. A Benz which meets my exacting requirements has finally come up for sale. Yet, I'm not convinced that I need a second car, trusting my 2000 V70 (bad idea long term). And why pay the 2022 inflation price ($10k more than I feel it's worth) when the V70 needs a fraction of that for rehabilitation and maintenance.

There are a few options and I can't decide which is the best:
1. Keep only the V70 and spend the time to keep it running.
2. Buy the Benz and sell the V70, saving time but paying for maintenance.
3. Buy the new Benz and keep the V70 as a hobby / beater.
4. Buy the Benz and keep searching for a V70R to replace the V70, as planned.
5. Buy the Benz and a V70R but keep the V70 because I'm being dumb.
Maybe 6. Buy only the V70R. It is newer and fun but still requires maintenance.

I can't balance the variables:
Price for new car purchase vs. existing car rehab
Paying for maintenance of new car vs. my time to maintain existing car
Being responsible with my time vs. enjoying doing repairs
Benefit of two cars (any??) vs. savings of having one

Thanks for any input.

[matthew1]

Man you've got a lot of balls in the air here. Let me take a moment.

[volvolugnut]

My situation and ideas for you:
I have a fleet of cars. The list you see below is the Volvo portion of the fleet. I also have a Mercedes half of the fleet with a 2009 Smart and 2001 Mercedes E320 sedan. There are also older Mercedes in various conditions going back to 1960s.
Of course, not all of them are functional. Some are for parts only. Most have lots of miles, cosmetic issues, and rusting problems in various degrees.
I propose the intentional ownership of several (at least two) cars of moderate age. Ownership cost for tags and insurance (at least in my state) favor a car 15 to 20 years old. Purchase cost of cars of this age are sure to be less than a late model car if you avoid the best looking, highest performance, and most desirable models.
Yes, they will require repairs and may fail on the road at some point. However, with your backup car(s), you can drive another while making repairs.
This plan only works well if you have tools, place, skills, and time to make repairs. If have a long daily commute, health issues, a job that does not allow any late arrival, or other complications, this plan may not work for you.
If your financial situation does not allow for unplanned repairs, it may not work for you. If you get greatly worried (or a significant other worries) about a failure of your old cars, this may not work for you.
There is also flexibility in a fleet of various cars. Need to haul something big? Take the wagon (truck/ beater). Need to save fuel this year because of rising price of gas? Drive the smallest, fuel efficient car.
I personally disagree that owning a single, late model car is the responsible answer. It may be the most socially acceptable answer, but I think it is over rated.
volvolugnut

[abscate]

Bad time to be buying used. Wait one year

What’s the insurance nut in MA for 1,2,3 cars respectively?

What’s your daily commute or annual work mileage?

I’m running 8 cars across 5 people spread across 3 locations 100 miles apart. I’m one car too heavy

I easily save 300 a year in repairs by being able to loan the extra car and deal with it on my time and FCP parts

Very few mechanics will let you bring in parts, so you lose that advantage on the shop repair model

[abscate]

I shouldn't spend as much time as I do repairing cars but it's something I enjoy and feel is fulfilling. It's also nice to not pay a dealership / mechanic and know I'm not being sold unnecessary work. But the time is a real cost.

This is key. I put a figure of $25 an hour on self car work time. Even with that number deducted, my three 'extra cars' have easily saved me over 2000 in labor costs that pay my entire insurance bill of about 2000 per year for the fleet.

The other magical thing is depreciation of my cars is $0. They are all worth the same as they were last year, with the exception of the Kat, which is worth a lot more as a runner.

You could ease your burden my moving into P2 world at the 4-5k level and having one commuter and one fun car. A winter rat where we live , though, is a good thing to have.

[abscate]

There is a 1999 R for sale near me in the Classifieds for about $1k? needs work but with your maker space I think you can handle anything. Its driveable from me to you, too.

Freedom from crash and comp is huge financial win on the older car route. I don’t have collision on any car in the fleet. Any collision would total it and pay me at most 3 years of collision premium, so 9 years later , I’m way ahead on that.

[volvolugnut]

Another factor is appearances.
Compare your car to your clothes. Do you:
1. Wear clothes to look great and impress people?
2. Wear clothes to keep warm/cool and avoid arrest for indecency?

If you pick No 1 for clothes, older car fleet may not be right for you.

volvolugnut

[FireFox31]

Thanks, this helpful feedback includes some factors I hadn't considered or had forgotten. There are huge benefits to no depreciation, no comp/collision insurance, buying parts at FCP instead of the dealership, and having a spare/beater car. Yes, it takes my time to do repairs, but I enjoy it so will call it a hobby.

The inflated prices really complicate the purchase decision. In late 2020, I had planned $30k for a Benz and $15k for a V70R. In 18 months, prices are up 30% to $40k Benz and $20k V70R! Meanwhile, my V70 cost $500 to buy and maybe $4000 to rehab and it's doing just fine.

Waiting a year will make a car with my exact specifications (color, options, mileage) even harder to find. And will prices really drop? The one I'd like is available now, though with higher mileage and price than I'd like. Maybe I make them the offer I think is fair and buy only if they accept.

I wish I weren't so attached to this old, slow, simple P80. It feels so good to have the Haynes manual, this community, and my experience when working on it.

Another interesting consideration: The high pressure turbo P2 V70R has the same horsepower as the current, naturally aspirated Benz wagon. Makes the R seem less special except for the 6-speed. And comparing the Benz to my slow V70 might make me annoyed with the old Volvo.

I really liked the plan of V70R and new Benz, but I'm annoyed by these high prices, attachment to my V70, and admitting that I should spend less time working on cars.

[abscate]

I got a little beaten up this year with some tough diagnoses, some wrong diagnoses, and then the recent timing belt.

No code tone ring on the E83 thst shut off the ECU after 15cminutes highway
Intermittent BCM on the P2
T5 ate valve
Shaggkira charging system. Weak alternator, marginal alternator, finally wonky battery
T4 brakes

Still , I ripped off front brakes on Caitlin’s V70 in 90 minutes for a solid win, and almost have the workhorse T4 back on the road fixing a rusted out brake line.