Why I still drive my 2003 truck

Since I bought my 2003 Ford Ranger new in May of 2003, I’ve meticulously maintained it. I did this because I prefer to keep each vehicle I buy for a long time. In my opinion, a well maintained older vehicle is better than a new vehicle. It is as reliable and is considerably less expensive to operate.

Operating costs (excluding fuel)

Maintenance and repairs of my 2003 Ford Ranger cost me $3,010.64 from May of 2003 to October of 2008. Over that 64 month period, I drove it for 110,296 miles. Per year, my maintenance and repair costs averaged $555.47. Per mile, my costs averaged less than 3 cents. It is likely that my truck will continue to operate reliably until it is at least 9 years old (approximately 185,000 miles). I’m expecting that I may have to replace the clutch in the interim, so I predict that my average annual maintenance costs will be approximately double the current rate.

As an alternative to properly maintaining my vehicle, I could have replaced it frequently. If I replaced my vehicle at 3 year intervals it is unlikely that I would have incurred any repair costs, even if I performed little or no maintenance. The depreciation of 1.5 additional vehicles equivalent to mine over 6 years would be approximately $13,000 (according to Edmunds TCO calculator). Comprehensive and collision insurance coverage for 6 additional years would cost me approximately $1,200 more than I would otherwise have paid (according to Geico).

Keeping my vehicle for 9 years, instead of replacing it at 3 year intervals, will save me more than $10,000.

Fuel costs

My truck gets approximately 16 mpg. As may be evident from my pictures page, I actually use the offroad capabilities of my truck. I’ve been asked repeatedly why I refuse to buy a second vehicle to drive when I do not need the capabilities of my truck.

Over 6 years, depreciation on an additional vehicle would cost me approximately $8,600 and additional insurance would cost me approximately $700. I would save approximately $4,500 by driving a vehicle that gets 27 mpg for 15,000 per year instead of driving my truck (assuming a fuel cost of $2 / gallon).

It could cost me approximately $4,800 to add a more fuel efficient vehicle to replace my truck for much of my driving.