New tires or new car?

[cbrunny]

TL;DR

- Canada
- Currently driving 2008 Pontiac G6 w 180,000 km (~110,000 miles)
- Yearly driving ~52,000 km (~32000 miles)
- New not-winter/all-season tires needed, approx cost $850
- New vehicle saves between 30% and 40% in fuel cost
- Cost to buy new vehicle btwn $100 and $200 per month due to fuel savings
- New car or new tires? Would buy new winter tires for the new car in fall/winter.

_____

I'm not sure what to do here, could use some advice. My Pontiac G6 needs new spring/summer tires. I have a set of Winter tires currently installed. My existing spring/summer tires are in need of replacing, but I'm not sure if the cost of new tires makes it smarter for me to buy a new car instead.

I worked out the math based on current gas prices and a new vehicle could save me between 30% and 40% in fuel costs - this is a primary driver for me buying a new car (aside from my existing car aging). This savings offsets the cost of a new car significantly, such that the cost of the new car is somewhere between $100 and $200 per month depending on what kind of car I would buy. For many models I've looked at, its closer to $100 than $200. In my mind, with a set of tires costing ~$850 installed, that's equivalent to 4+ months of payments on a new car. If I went with a new car, I would be buying winter tires in the fall/winter season as well.

The G6 is going strong and is in fairly good condition. I drive primarily moving highway with cruise-control on (awesome commute to work). Reasonably speaking, I could drive this car for a number of years into the future but at some point repair bills will come into the picture.

Any advice?

 

[monkeydelmagico]

Can't tell if serious.....

Not sure I've ever seen someone use tire wear as an indicator of when to get rid of a vehicle. i think there are some other costs that your math might not be looking at like tax, title, tags. Looking at just the monthly payment is a debt sucker way of doing your finances. How much longer will you have to pay?

IMHO if the current car is good get some tires.

 

[draknon]

Tires are a wear item. Your covering the cost with either the old or the new car. There isn't any savings there. At 32000 miles a year, you are basically destroying cars quickly. That would lean away from new cars and towards something a few years old that you would then drive until it wasn't reliable again. While a new car could certainly save you on fuel which might make up the difference, I would get something fuel efficient but still comfy that's a few years old. Or, just put some tires on the G6. I'm not familiar with tires in Canada but that seems very expensive.

 

[Midwayman]

You car is way too new to get rid of over a set of tires. You're falling for the dealer trap of only looking at monthly payments.

 

[Mermaidman]

Find cheaper tires.

I think you have new car fever and are trying to justify the purchase. That's OK - Many people get suffer from it, especially after winter. If your finances are rock solid, then I don't see why you can't indulge in a new car, but buying a new car to save money seldom works out mathematically.

 

[cbrunny]

Very interesting. I am serious, btw. legit question.

Fwiw, I haven't even stepped foot on any dealer lots or spoken to one. I've included as many of the associated costs as I can in my calculations as well (e.g. tax, licensing, etc..).

 

[OILFIELDTRASH]

If it's strictly about dollars and cents then it's always cheaper to keep her. Unless of course you were driving a F350 dually as a daily driver.
And one foot on a dealers lot would show you they are usually scam artists and by the time they are done with you you'll be much poorer than when you walked in.

 

[Midwayman]

Very interesting. I am serious, btw. legit question.

Fwiw, I haven't even stepped foot on any dealer lots or spoken to one. I've included as many of the associated costs as I can in my calculations as well (e.g. tax, licensing, etc..).

Depreciation? That's one of the biggest of a new car. For someone who drives as much as you do it would seem to make sense to drive them until they get too unreliable to take on what must be regular long trips.

Costs-
Depreciation
Gas
Tax
Title/reg/stickers
Maintenance
Repairs
Insurance

Anything I forgot? Might figure it out in yearly increments to see what costs you're really looking at.

 

[Midwayman]

FWIW
http://www.edmunds.com/pontiac/g6/2008/tco.html?style=100903187
Not sure what you're looking at, but it'll give you a ballpark idea of real costs.

 

[z1ggy]

You didn't even say what new car...? How can we give any advice if we don't know what to compare tires v X is, if we don't know X. Although I suspect the answer would probably be spend for new tires, as long as you aren't currently making payments on the car you've got now.

Depending what new car you got, the $850 you'd spend for tires could be equiv. to any where from 2-4 payments on something new (assuming here you aren't getting crazy expensive new car).

 

[Throckmorton]

What MPG do you get? I have a hard time believing you can improve much by switching to a compact car, because your driving is all highway

 

[Scarpozzi]

If you have it paid off, I'd keep driving it... Good tires can be had for $500... That's less than tax on a new car.

 

[Yuriman]

What MPG do you get? I have a hard time believing you can improve much by switching to a compact car, because your driving is all highway

At least not without major compromises. If he has a V6 model he can easily double his mileage by giving up power and/or interior space.

 

[killster1]

If you have it paid off, I'd keep driving it... Good tires can be had for $500... That's less than tax on a new car.

shiet i used to buy new tires for about 500 for the 4 .. low profile 20".. but now i just get used ones for like 30 bux each.. picked up pirellies for one car and Michelin on my other (looked like they off a corvette they so big for 35.. was 10 bux to mount each one and better quality then the 500$ tires i bought to begin with.. i eat tires tho.. i smash around turns peel out etc ;P usually like to ride them till i see radials coming out..

takes some shopping around and returning or calling the tire shop to see if any are in stock in your size etc.. (harder to find 20" low pro's than what you riding im sure) but they are all better then the new 140$ tires i been getting.. (was getting NEXEN before)

 

[TridenT]

Is this Naer's alt account?

 

[kitatech]

shiet i used to buy new tires for about 500 for the 4 .. low profile 20".. but now i just get used ones for like 30 bux each.. picked up pirellies for one car and Michelin on my other (looked like they off a corvette they so big for 35.. was 10 bux to mount each one and better quality then the 500$ tires i bought to begin with.. i eat tires tho.. i smash around turns peel out etc ;P usually like to ride them till i see radials coming out..

takes some shopping around and returning or calling the tire shop to see if any are in stock in your size etc.. (harder to find 20" low pro's than what you riding im sure) but they are all better then the new 140$ tires i been getting.. (was getting NEXEN before)

Same here....got $150 (incl mt/bal/tax) Hankook Ventus 17s for $75 mt/bal/tax...used from Craigslist and Ebay...one thing though...I always ask if there's been any repairs...and I get tires with no less than 7/32.

 

[twinrider1]

Tires are a non issue. As you mentioned, you'll be buying a set either way. It comes down to gas mileage. Simple enough to calculate. Just don't forget to include any increase in insurance cost for a newer vehicle.

 

[Mermaidman]

Tires are a non issue. As you mentioned, you'll be buying a set either way. It comes down to gas mileage. Simple enough to calculate. Just don't forget to include any increase in insurance cost for a newer vehicle.

Good point. Insurance is a major difference for the OP. With his G6, the OP should have liability coverage only. If he finances a new car, he will need comprehensive coverage.