The Case for Replacing my Maxima with a Honda Fit

My 07 Maxima has more luxury and power, but in this new gas environment, the difference in costs between the Maxima and the Honda Fit is quite staggering. As my friend has compiled for me:

So, if the FIT gets 30mpg for your driving, then 10K/year would cost $1,670 (@ $5/gal). If the Maxima's getting 15mpg, the gas will cost twice that, or $3,340. If the Maxima gets 20mpg, then the gas would cost $2,500. So, assuming your sales tax on a $16K vehicle would be about $1,300, you'd start saving money after about a year's ownership. I assume the maintenance costs would be comparable between the two cars, but don't know if that's supported by the research sites.

Sounds like a pretty good move if you're sure you'll be as happy driving the FIT as you would the Maxima.

Here's a side by side YahooAuto-based cost of ownership for 5 years between a '08 Maxima and '08 FIT. Looks like you'd be likely to save money on both maint/repairs and insurance with the FIT.

                 Maxima         FIT
Cost per Mile          $0.69          $0.45 
Depreciation          $15,475          $9,029 
Fees and Taxes           $1,934          $1,185 
Financing              $4,285         $2,461 
Fuel Cost               $12,799          $8,964 
Insurance              $9,614           $6,920 
Maintenance          $2,835          $1,677 
Repairs               $770           $680 
Opportunity Cost          $4,374           $2,852 
Total Cost to Own†       $52,087           $33,769 

Comments

[Tom Welch]

Jeff, if you trade in your Maxima, you'll take beating. Perhaps you should try selling the car yourself, it appears to be in great condition...how many miles on it?

[Tom Welch]

George Soros said in an interview last weekend that he believed current high oil prices were not sustainable and that the world was in a oil bubble...meaning oil prices could come crashing down as it did in the 1970s.

[Ed S.]

Tom, if you really believe that, I have a bridge you might be interested in! :)
I was driving in the 70's; oil's "crash" was from One-dollar-per-gallon gas down to 75 cents again. There will not be an equivalent 25% drop---$4 to $3. There may be little dips, but no major "crashes" especially if the Bush gang attacks Iran.

[Tom Welch]

Frankly, I don't know who to believe, but if Bush attacks Iran, driving will become unaffordable for most of us. It will be time to buy a bike.

[Jeff McMahon]

Ed, Tom,

I bought a gray Honda Fit 2008 this morning. It has 10 miles on it. It has sport paddle shifters for extra speed. I anticipate double the gas mileage of the Maxima. My wife is still deciding if she will keep the Maxima or not. I'm exhausted. Dealership fatigue.

[Tom Welch]

Ed, the problem is that the oil industry is complex and most importantly, not very transparent, so these so-called oil experts offer diverse opinions that are next to impossible validate.

Jeff, good for you, I'm glad you found a Fit. BTW, in 1976, I bought a Honda Accord for $4,000 @ Torrance Honda. Take a nap and perhaps this weekend get us some pictures.

[Ed S.]

Why not a *red* one, Jeff? How do you expect to turn any heads? :) Congratulations.
Tom, I bought a Toyota Corolla in 1978 for $4800 from Carson Toyota. It lasted only 6 years though. All the other cars I've purchased have been more than 10 years old before I replaced them. As price rises, so has durability, it seems to me.

[herculodge]

We may sell the old 99 Altima and keep the mint Maxima for slight driving. Man, decisions. Tired. Jeff

[Ed S.]

Fit pictures, please!

[Jeff McMahon]

Yeah, my wife will photograph them this weekend, I hope. Jeff

[Ed S.]

Oil up a record $11 a barrel in one day, to a another record of $139 a barrel. Gas expected to hit $5/gal by July 4th. I'm sure you're glad you got a "Fit", Jeff. And people are looking at my Smart with lust in their hearts.

[Jeff McMahon]

Ed,

I got the Fit, but my wife kept it. She is selling her Altima to her brother for 5K. If he doesn't buy it in the next 2 weeks, we'll put it up for sale.

With oil up again (I heard it on NPR during my workout), I may have to sell the Maxima and get a 2009 Fit, which has slightly more power and slightly better gas mileage than the 08 model.