I got my truck in June of 2013 with 95,000 miles on her. It seems like ever since, I am throwing more and more money just keeping her running. I keep impeccable maintenance records - I have a binder with all of the truck info (VIN #, copy of door jamb label, towing capacity, etc) as well as a running list of repairs. The list includes the work done, mileage, date, and cost. I also save every receipt for every part I bought. So far, I have done all of the work myself except for the rebuilding of the transmission.
It is now 42 months and 75,000 miles later. I have changed the oil/filter 18 times, replaced front bearings twice, 2 sets of tires, new shocks all around, front springs, replaced slave cylinder/clutch/clutch plate/pilot bearing, rebuilt trans, flush/filled AC system, replaced serpentine belt, replaced rear diff/transmission/transfer case fluid, brake pads twice, drive shaft U-joints, battery, front fuel tank, master cylinder, rebuilt rear drum brake system and park. brake, upper/lower ball joints both sides, and muffler/tailpipe twice, front axle u-joints, and finally, the manual hubs. I think that's it!
After all of the work, I thought I would crunch some numbers. Not counting routine maintenance (Basically oil changes and tires), I have spent a total of $4325 on repairs. This translates to a cost of 5.7cents/mile, or $102.90/mth.
Fuel costs: She gets 18.5 mpg, so I have purchased 4054 gallons of gas. Using todays local price (in Detroit, it is $1.95/gal today), I've spent $7905.30 on fuel, or 10.4 cents/mile.
Original cost: I paid $2000 for her, which translates to 2.6 cents/mile
Oil/tires cost: $2050, or 2.7 cents/mile.
Cost of truck, repairs, fuel, and all routine mtnce is a grand total of:
$16,280.30, or 21.7 cents/mile.

 

BTW, 90% of the mileage on my truck is for work, and I get 40 cents/mile reimbursement, so I'm actually making 18.3 cents/mile!!!

 

So you paid $2K for a 20 yr old truck and only spent $4K in repairs in 4 yrs? Not bad.

Consider buying a NEW truck at $30K+(depending on how much truck you want). That's $500/month payment over 6-7 yrs?

You spent $102/month on a 20 yr old truck. I think you are ahead of the game. Plus the fact YOU can fix your truck. You don't have to pay $100/hr at a stealership to fix every stupid thing that breaks after the 3rd year(when warranty expires).

I too keep a running log book on maintenance(mileage and date). I don't do cost as I don't really want to know how much I wasted LOL!! I used to keep fuel receipts years ago, but quit that.

 

Yeah, the fact that I do my own repairs is what saves me. If I had to pay a mechanic for everything - forget it. I can't work on my wifes and sons cars because they are too new. I purposely bought an older truck so that I could work on it myself. I actually wanted an older one - like early 70s, but this one popped up and was too good to pass up.

 

I meticulously keep track of what I've done......but not cost......don't wanna know....LOL.....still......driving older stuff is way cheaper than payments on a new one......and unless you keep trading every couple of years and continually have a BIG truck payment......you are driving a used truck anyway.......besides that.....there is NOTHING that even interests me with the new stuff........and I mean NOTHING.....I remember when I used to drive by the dealerships and check out what was on the lot.......I don't even turn my head anymore.......I like to be able to fix my stuff when it breaks........cant do that with a new $60,000-$70,000 truck anymore.....the manufacturers and the Govt. have fixed that!!!!

 

I don't keep records quite that detailed, but I'm somewhere around $75 / month for maintenance (not counting purchase price, gas, oil changes or insurance, but pretty much everything else).

I do most of my own work, but I will take it in when I don't have the time or interest for a particular project. I've always had project vehicles, but I don't like deadlines on my projects, so I never thought I'd want on old truck as my daily driver. But after having a brand new '08 F-250 CCSB that I hated, and replacing it with an '02 F-350 CCSB diesel that I didn't dislike much less, I realized that I'm stuck driving '97 or older truck for the rest of my life (unless something very unexpected happens). So I guess I'm daily driving a project vehicle now!

 

I couldn't imagine putting the gas in a 70's pickup on a daily basis. Even if someone was paying for most of it. 10 mpg on a good day just don't cut it anymore. I did that about 10 yrs ago, but gas went to $4/gal and I was putting $100/wk in for gas!! Ya, the ended quickly.


I actually liked my '99 and '00 SD, CC, DRW, F350's. Even for daily drivers, back at that time, I enjoyed driving the wheels off them.

I have no love loss for anything newer then that 2000. Nothing interests me at all either. Can't even fathom having a $650/mo truck payment! I stay in the 90's(best looking F150 besides my '69).

 

I bought my truck in 04' with 79452miles for $7800. It now has 251,100 miles, 12.5years later. Most of my friends have gone through 3 or 4 or 5 vehicles in this time frame. The amount they lose to depreciation is realized (financially hurts them) for each vehicle swap. That alone is a lot of money I have not spent by holding onto the same truck; very likely as much as the truck's purchase price. I have rebuilt or replaced every system except the front differential and transmission. Some systems twice. This truck is built to suit my needs & wants. I estimate I've spent under $10k keeping this truck on the road and improving it. The only work not done by me has been the cruise control fuse recall & tire mounting/balancing, saving a lot of coin. I don't want to know what I've spent on fuel though. I towed a heavy boat a good number of miles when fuel was $4/gallon.

180,000miles, ~$18,000 = $0.10/mile, plus fuel & oil changes. Hard to beat that.

Since I've had it since I was 16, it has done more than an "old" truck does for many people. It has taught me to approach problems methodically, do my due diligence to prevent problems, research how to solve them, and get it done. This skill set has been honed in other aspects of life as well, but it is essentially how I make a living. The salary difference between skilled labor & unskilled labor will again recoup anything I've "wasted" on this old truck.

Different ways to look at just about anything in life. My truck is cheap (in my head). My snowmobile on the other hand...well let's not go there. Over $1/mile for sure though, and not nearly as many lessons! Fun though.

 

Joe, that sounds like you're getting a great deal considering you probably paid a big chunk for transmission rebuild. I've put close to $2,000 (includes $400 for new stereo and speakers) in mine and it's in the shop now for at least another $1,200. I've done a lot of my work too with the exception of 2 AC charges.

 

Ok the question I have is I think 2 of you guys said you've replaced or recharged a/c twice or other parts that should be done only once. Why was some of the work done more than once. I know ford had problems with their front ends but that's when people overload them or poor maintenance but this is not one of those cases.

 

My 1992 F250 xlt extended cab has needed maybe $6,600 in maintenance ($3200 f'n trans, ps lines, rebuilt front & rear brakes, rear diff, all fluids, a/t tires, custom exhaust & more) to make it fully up to par... and I still deal with a very small oil pan leak. Got it from a one owner old timer up in Lake Tahoe for a low price and brought it up to par for my towing adventures (8,500lb 5th wheel and it required a lot of $$. I've nearly replaced / maintained everything and everything works. Still cheaper than a new tow rig.

 

My 92 bought ten years ago for 400 bucks has had to have all ball joints, an exhaust, 2 freeze plugs, couple sets of tires,shocks and brake pads and shoes. Pulls a race car 100 miles every weekend in the summer and drives back and forth to work daily.But if it keeps needing all these parts replaced every 240,000 miles I think I will get rid of it,lol.