SwedeSpeed - Volvo Performance Forum banner
1 - 20 of 22 Posts

·
Registered
Joined
·
67 Posts
Discussion Starter · #1 ·
Hey everyone, I've spent quite a bit of time lately thinking about getting rid of my 01 T5. The car has about 230 000 kms on it and I know it's getting into the end of it's life. I'm scared of the cost of ownership and I'm looking for some opinions as to whether I should drive it out or get rid of it. On the market here in Edmonton I think I can get about 7500 for it. Since interest rates on loans are coming down so much I was thinking about looking into a 03 or 04 G35 coupe. I'm thinking that a $10 000 dollar loan would put me in the right price range. I'm wondering what the cost of ownership would be like compared to my aging T5. Also what are your opinions about the car and driving experience.

All in all I'm looking for some recommendations as to what you think I should do. Thanks in advance.
 

·
Registered
Joined
·
1,274 Posts
Re: Thinking about a getting rid of the T5. Opinions? (aidan)

Well a G35 would be pretty sweet but I think you might be off a little on the price. If you can find one for that price it might have around the same mileage or maybe a little less. You know for the same price you might be able to get a loan and have your S60's engine rebuilt and throw some extras on there to get it the way you want it. I'm not sure if your interested or not but I've seen about three to four 2000-2002 Audi S4's for around 10k. That car is pretty sick, I mean twin turbo and all wheel drive is pretty hard to beat.
 

·
Registered
Joined
·
8,977 Posts
wont get 7500 for it in this market...
 

·
Registered
Joined
·
67 Posts
Discussion Starter · #4 ·
I've seen a number of 2003 & 2004 for under 20 000/ The other idea I've been tossing around in flying down to the states and bringing a car back. Bender, cars tend to go for a bit more in Canada then they do in the states. I think I could get one for about 14 500 with around 50 000 miles from the states. I believe that that works out to a 20 000 back on my side of the border.
 

·
Registered
Joined
·
4,276 Posts
Re: (Bender)

Quote, originally posted by Bender »
wont get 7500 for it in this market...

Have to agree with Bender on this one.

In any case, at 150K miles you already got you money's worth out of it

Edit - wait a sec, 7500 Canadian is ~ 5800 US, that is probably about right
 

·
Registered
Joined
·
67 Posts
Discussion Starter · #6 ·
Thanks jstro. So then my question to you guys is what would you say I look at. I want something that's going to be reliable and fun to drive. The T5 is just too expensive to maintain.
 

·
Registered
Joined
·
8,977 Posts
ahh yea with the currency conversion - yeah 5500 - 6000 is prob about right.

I dont think the G35 will be any cheaper to maintain... luxury + performance generally = expensive to repair.
 

·
Registered
Joined
·
67 Posts
Discussion Starter · #8 ·
Does anyone have any personal experience with the car? Anything that they've heard? Also, I'm not the familiar with auto loans. Could anyone give me a quick rundown on what to expect for interest rates , years to repay the loan etc.
 

·
Registered
Joined
·
2,456 Posts
Re: (aidan)

I have a friend with a G35 coupe. Its a nice car, good performance, handles well, nice interior. Only complaint he has is that it is really bad on gas and very little cargo room.

That being said, i would drive the car to its grave. Especially if its been maintained well. If you can get a couple more years out of it thats more saved for the new one.
 

·
Registered
2021 Volvo S60 T5 FWD
Joined
·
3,015 Posts
Sheesh. 17 years old? Maybe you should keep the car and think about paying for college??? I drove a '93 850 for the last 5 years and it was generally great. Sure, it's only got ~130k miles on it to this date, but with some preventative maintenance, I'm sure your S60 will be golden for another few years easy!

Honestly, I am glad that the only serious money I sunk into my car was for maintenance items. Tune ups, tranny flushes, belts: that's all I really spent my money on in that car. On top of that, I'm sorry I didn't do more of it myself! But, for damn certain, I'm glad I didn't sink thousands of dollars into exhaust kits, ECU tuning, body kits, cosmetics, etc, etc! Cars are not an investment. Basically every dollar you sink into your car, expect it to be gone in a few years (maybe even months) time. Cars are a luxury! And they don't hold their value worth squat!

But, if you're really serious about a new car... I'd expect ~5 years for a loan term (60 months) at ~5%+ (Perhaps even more if you have little/no credit record, which I would expect is quite likely???)
 

·
Registered
Joined
·
67 Posts
Discussion Starter · #11 ·
The big problem is that in the past two years I've put nearly 95 000 km on the car. I know that if I drive it to the grave it may only take me a couple years. I'm not really sure if I agree with the idea of just driving the car till it quits. That seems to me like I'm losing 4000 dollars a year of the cars value until it dies.
 

·
Registered
Joined
·
424 Posts
G35s will cost no less than a T5 like bender said. They are nice cars both coupe and sedan but honestly i can't stand them for the simple fact that everyone and their mother in law drives one or wants one for that matter. They are everywhere. The thing about Volvos is that despite their name being well known and respected for their safe cars, you still don't see too many of them out on the streets on a day to day basis. So then you throw some wheels and a new grille on and you have yourself a truly unique car that doesn't resemble anything on the street. that's just my two cents. Every car has its cost of ownership so if you truly want cheap then Hyundai or Honda might be the way to go for you. luxury never comes at a bargain and you get what you pay for.
 

·
Registered
2021 Volvo S60 T5 FWD
Joined
·
3,015 Posts
Re: (T5Killa)

Quote, originally posted by T5Killa »
G35s will cost no less than a T5 like bender said. They are nice cars both coupe and sedan but honestly i can't stand them for the simple fact that everyone and their mother in law drives one or wants one for that matter. They are everywhere. The thing about Volvos is that despite their name being well known and respected for their safe cars, you still don't see too many of them out on the streets on a day to day basis. So then you throw some wheels and a new grille on and you have yourself a truly unique car that doesn't resemble anything on the street. that's just my two cents. Every car has its cost of ownership so if you truly want cheap then Hyundai or Honda might be the way to go for you. luxury never comes at a bargain and you get what you pay for.

+1 So true. Suck it up and keep your older car, or get a newer one and sacrifice the luxury. When I went shopping for my car, it was basically between the '02 S60 or an '05 Maxima. The Maxima felt like a step down from my '93 850, so I went with the S60
(Plus, I was already somewhat familiar with working on my 850 and felt the S60 wouldn't be too, too different.)
 

·
Registered
Joined
·
8,977 Posts
At your age with the current state of affairs (things are a bit different across the boarder i know, but many of our financial institutions are intertwined) I wouldn't count on even being able to GET a loan. Do that research first, see if you qualify for one, see what your interest rate will be (likely between 7 and 10%). You will probably get a 60 month loan, though I would recommend shorter if you can afford it (as it does not seem you are one to keep a car for 5 years).

You are looking at payments in around the 200 dollar a month range at minimum + insurance.
 

·
Registered
Joined
·
3,306 Posts
quick question, at your age(not making an issue..im 18) but what could you possibly be doing to put 30k+ on a car in a year?

you should be able to put 2x the mileage now on your t5..if you take care of it.
 

·
Registered
Joined
·
310 Posts
Car has like 143K miles and we talking its like the end of it.
Volvo engines has gone way over 200K on stock turbo
The only weak part I see would be the tranny since its a known issue on 01 unless you have manual transmission then I wouldnt worry for next 100K miles
 

·
Registered
2021 Volvo S60 T5 FWD
Joined
·
3,015 Posts
Re: (aidan)

Quote, originally posted by aidan »
The big problem is that in the past two years I've put nearly 95 000 km on the car.
Is that normal for you? 30k miles a year isn't a ton, but it's not a light either.

Quote »
I know that if I drive it to the grave it may only take me a couple years. I'm not really sure if I agree with the idea of just driving the car till it quits. That seems to me like I'm losing 4000 dollars a year of the cars value until it dies.
Newer cars depreciate in value faster. If you buy a newer car, it will be like you're losing 5000 dollars a year! Or, you can keep this car which you know what to expect from and spend that extra money you're not putting into a car payment towards fixing up the S60.

This is just all my opinion, really. But, I basically just went through what you're going through a few years ago. Believe you me: you don't want a car loan. Not now, not ever! I really wish I had the cash to pay for my car, but I ended up with a loan. But I'm going to pay it off ASAP! (Should be making some decent $$$ this summer.)

Whatever you do, try your best to find a good online community to help you with the burdens of car repair costs
 

·
Registered
Joined
·
410 Posts
If you do not owe anything on the S60 i would make payments to myself (monthly?) until it dies and then use that as a down payment on something new, and as mentioned before luxury has its price, both brand new and with maint. As far as a G35 in charlotte they are so common that i do not even appreciate them any more.
 

·
Registered
Joined
·
67 Posts
Discussion Starter · #19 ·
I live on an acreage and make a 30 minute commute to school everyday. It's not the closest high school, but based on the academic reputation my school has I deemed it worthwhile. Next year I'm going to be going into my undergrad and I'd like I car that I can rely on. My T5 has had nothing but problems since I bought it. I had it inspected by a Volvo dealership before purchasing it, but in the last year I've easily had to invest 4K in servicing. Considering that's all stemming from a car that was given a clean bill of health I'm more than a little skeptical about keeping it. My T5 is fully payed for but it has me on edge to say the least.
 

·
Registered
2021 Volvo S60 T5 FWD
Joined
·
3,015 Posts
Re: (aidan)

Care to elaborate on said problems you've had?

Also, don't they have a bus for your school? And do you really think you're going to be driving much when you go to college? I thought the opposite was generally the case... (Was for me!)
 
1 - 20 of 22 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top