How do you "value" your vehicles?

[CharlesInCharge]

I keep spreadsheets on my vehicles to observe costs/value, purchase price, maintenance logs, insurance costs, etc.

Some methods are price per mile, price per year, etc. based on cost versus time/miles used. Others might value a utility vehicle, like a van or truck based on credits per load or job utilized. For instance, a work van that allows one to do a $1000 job might be credited against the cost of the vechile/maintenance in your logs.
Others might just be toys so this isn't really applicable, or are they long-term investments or hobbies cheaper than coke and gambling?

Do you do something like this?

 

[Skippy722]

Nope. But I place more emotional value on my vehicles… so far my truck is the first vehicle I’ve owned and didn’t want to trade in after 18 months of owning it.

 

[Motu]

Never, ever. Use it, throw it away when finished.

 

[Creekside]

I am attached to each of my vehicles. My daily driver is an 86 Chevy K20 that was my grandfather’s truck. Doesn’t matter the cost when something comes up it gets fixed. I bought my 94 Tercel just before college and that little car never failed me. The hottest days or nastiest winter weather it always got me to work and school with a trunk full of tools. (I was already in industrial maintenance at that time and had enough stuff in the trunk to repair skid steers and forklifts including R&R engines and hydraulic cylinder rebuilds. I also maintained a fleet of 50+ horsepower rotary screw air compressors) That little car is still alive and well and not going anywhere soon. If it needs a repair I will do it. I make good money but have no interest in a steady car payment. I would rather fix little stuff here and there and keep my old ones alive.

 

[Falcon_LS]

In in interest of having a documented service history for each vehicle, I keep separate spreadsheets that log what's been done at what mileage; complete with brand, part number and country of origin of the component installed. I also keep electronic receipts in PDF form, as well as keeping the original receipts in a separate folder for each vehicle.

Costs are all "documented" on the receipts, but I never really go deep into them or attempt to calculate expenses; I may use them to compare what I paid for an item x years ago for giggles, but that's as far as that goes. That's one aspect I have no interest in. There's more sentimental value than monetary value basically.

 

[Lubener]

It's a machine. Take care of it but when it can no longer reliably serve, get rid of it.

 

[tshephard]

I'm reading, not how do you love you vehicle, but how do you depreciate your vehicle.
Since that is really, ultimately a tax exercise for the midlife of an asset, it really doesn't matter, except for fun.
(For fun, I use 200K and 2000 hours converted back to miles. Both tend to be around a dime for things I buy.)
For personal use, the two endpoints (purchase, sale) are all that really matter.
I concentrate ferociously on the purchase price, and as we have learned, the ultimate sales price is totally market driven.
For cars, the fun/personality factor should not be overridden by the ultimate re sale price (former Fiero owner...).

 

[Andrew1972]

Pay cash , do enough maintenance to make it last 5-7 years in my ownership and don’t fret. Life is pretty short to me to put that much thinking into a depreciating asset.

 

[Zaedock]

I keep a maintenance log for my vehicles but that's it. I don't see the point of keeping track of purchase price or insurance costs for non-business use. The excise tax bill just came in for our new Stinger. Just going to pay it and forget it.
We value our vehicles on the fun/cool factor per mile.

 

[supton]

Not sure if there are two questions here: value and record keeping seem to be two different things, no?

I keep an Excel sheet for each vehicle. Actually I keep a paper log in each vehicle and transfer at my leisure into Excel. So I know more or less the running cost. I don’t track yearly cost like ins&reg but the rest can easily be determined on a per mile basis.

As far as value? I’ve been assuming that over a 10 year ownership the value will go to naught at the end of it. I try to be realistic and only expect 10yr/200k out of a vehicle. After that, it can have repairs or be written off; it ”owes” me nothing, and I can’t be allowed to get upset if it delivers a big bill. [At the same time it makes me reluctant to spend much money, since it no longer has any value to me.]

 

[aquariuscsm]

My 300ZX has a folder with every single receipt for everything I've bought for it and spent on it, down to the penny.

 

[atikovi]

I keep spreadsheets on my vehicles to observe costs/value, purchase price, maintenance logs, insurance costs, etc.

No spreadsheets, just paper and pen. Date, mileage, part or service, cost. A folder for each car with those pages first, followed by receipts, bill of sale, title and other relevant paperwork. Have over 700 folders now going back to the first car I had over 40 years ago.

 

[khittner1]

A file for each vehicle’s receipts, but no spreadsheet or data analysis. I pay little attention to my vehicles’ (I have five) market value, unless I’m deciding whether to continue buying collision damage coverage for them. Four of the five vehicles are more than ten years old, and those four all have more than 130K miles on them (130K, 182K, 245K, & 306K miles). All are daily drivers for my family members, and are kept in nice-looking, safe, and structurally-sound operating condition. To me, a vehicle isn’t done until it’s design no longer meets a transportation need of my family, or it becomes functionally obsolete from the OEM’s and aftermarket’s discontinuation of replacement parts—and that’s a long time. So those vehicles are 11, 10, 26, and 19years old. One other decision rule: If a vehicle needs major internal engine or transmission work, its days with me are done. Other repair costs aren’t viewed from a “that’s more than the car is worth” perspective—instead, I ask myself “how many monthly car payments does that repair avoid, and will I continue to drive it for that long?” That approach to amortization nearly always results in a “fix it” decision. Cars aren’t investments or substantive assets for me—they’re just cost centers for transportation. I like a nice-looking, well-running car more than most folks, but I don’t care about having the latest gimcrackery features.

 

[Wrenchturner44]

I use a spreadsheet to keep track of maintenance and necessary repairs for each of my vehicles.....kind of like a log if you will.

I also use the NADA website to check the value of each vehicle at least twice yearly.
https://www.nadaguides.com/?s_kwcid...ge1PGeZto9XwzQTLBRMwHdtKURyEnO3hoCxKAQAvD_BwE

I am sure most people do not do this, but I was advised to do this by a retired insurance broker. He said that by knowing a vehicle's market value will help you when shopping for insurance by comparing premium cost to vehicle value ratios. To do this you divide the bi-yearly premium into the vehicle value to get a percentage value. There is also a reference table that insurance companies use that when this percentage gets to a certain level, that it is recommended that certain coverage not be extended or provided (mainly comprehensive and collision). For collector vehicles, Grundy uses a calculation that is similar to this that is based on thier "Agreed Value Coverage" limits specified in the policy contract. I cannot find this table that I am referring to at the moment, but I will post it when I do.

 

[bmwpowere36m3]

Only keep record of maintenance... otherwise, I don't focus on cost of ownership. I drive what I like.

 

[JeffKeryk]

For regular cars I keep an Excel maintenance log.
For collectors, do not ever tally up your expenses. Ever.

 

[ls1mike]

I keep a log for maintenance that I do mostly so I remember when things need to be done. That is for the Malibu, the 2017 truck, the 1997 truck and the Caprice.
The Trans Am does not have a logbook, it is niche vehicle and something I would re-drive train down the road if I needed to.
It really doesn't require much. Oil change once a year, rear diff every couple of years, coolant every 5ish.

 

[mightymousetech]

My E82 is priceless, so can’t put a value on it.

 

[ryster]

The older I get, the less concerned I am about the little stuff. Gas, tires, brakes, wiper blades, oil/filter changes, annual inspections, etc. all just come with the territory. I put my receipts in a binder and that is it. The only time the "value" of a vehicle starts to come into question for me (everyone sees "value" differently) is when there is a potentially big repair. By big repair, I mean anything over $1,000. Then the question becomes, will the $1,000 repair mean nothing for several more months or will it be $1,000 this month, then $1,000 next month, etc. If it feels like the vehicle will start leading me down the constant issue rabbit hole, then it is time to replace it.

When you reach the point where a vehicle is costing you the same amount every year that you would be spending on a car payment, then it is time to get something newer. You really don't need a log or spreadsheet to know when you are always reaching in to your wallet or swiping the credit card for parts and repairs.

 

[spasm3]

No spreadsheets, don't have time for that. I could see it if you could deduct for business expenses. I just change oil, fluids, and repair as needed. The spread sheet data would not be useful.