Purchase Price vs MPG Calculator

dctcmn

Well-Known Member
I'm starting to look for a new vehicle for Uber/Lyft, so I made a spread sheet tool that shows how many miles it takes to make up the difference between two vehicles' purchase prices versus the fuel savings gained from higher MPG. It's meant to be a tool to help me judge if the a higher sticker price for a hybrid/EV/fuel efficient vehicle will pay off in the long run vs a lower priced car with lower MPG.

As an example, here's a comparison between a 2011 Mitsubishi Lancer with 92,000 miles for $4,995 with an MPG of 25 city/33 hwy vs a 2011 Toyota Prius with 101,000 miles for $9,999 with an mpg of 51 city/48 hwy.

Currently fuel is about $2.75/gallon in my area and I drive in the city, so I used the city MPG rating for both vehicles. I also ran scenarios of fuel going down to $2.50/gallon and going up to $3/gallon.

Mitsubishi.PNG

Prius.PNG


$2.50/gallon
Mits vs Prius Comp$2.5.PNG


$2.75/gallon
Mits vs Prius Comp.PNG


$3.00/gallon
Mits vs Prius Comp$3.PNG


So (all other things being equal) the fuel savings from the Prius will offset the higher purchase price in 80,000 to 100,000 miles in realistic fuel cost scenarios. So, if I am planning on driving less than 80-100k miles, the Mitsubishi might make more sense. If I am planning on driving more than 80-100k miles, the Prius might make more sense.

Obviously, there are other cost of ownership and reliability concerns between to two vehicles, and this calculator is only meant to measure fuel costs. I suppose that a person could adjust the amount in the purchase price to reflect the overall cost of ownership and operation over time.

If anyone is interested, I can share the link to this calculator. All you would have to do is fill in the 5 bright yellow boxes and the spread sheet will do the rest.
 
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1.5xorbust

Well-Known Member
Go with the Prius. I don’t know anything about Mitsubishi but have owned a Prius for the last four years and couldn’t be happier with it.
 

dctcmn

Well-Known Member
Go with the Prius. I don’t know anything about Mitsubishi but have owned a Prius for the last four years and couldn’t be happier with it.

I'm in the very preliminary stages of looking, so those two aren't necessarily the two cars I'm considering. Those are just real world examples that are currently available in my market. I do think it's hard to beat a Prius for long term Ubering/Lyfting, though.
 

Wildgoose

Well-Known Member
I'm starting to look for a new vehicle for Uber/Lyft, so I made a spread sheet tool that shows how many miles it takes to make up the difference between two vehicles' purchase prices versus the fuel savings gained from higher MPG. It's meant to be a tool to help me judge if the a higher sticker price for a hybrid/EV/fuel efficient vehicle will pay off in the long run vs a lower priced car with lower MPG.

As an example, here's a comparison between a 2011 Mitsubishi Lancer with 92,000 miles for $4,995 with an MPG of 25 city/33 hwy vs a 2011 Toyota Prius with 101,000 miles for $9,999 with an mpg of 51 city/48 hwy.

Currently fuel is about $2.75/gallon in my area and I drive in the city, so I used the city MPG rating for both vehicles. I also ran scenarios of fuel going down to $2.50/gallon and going up to $3/gallon.

View attachment 313451
View attachment 313452

$2.50/gallon
View attachment 313461

$2.75/gallon
View attachment 313463

$3.00/gallon
View attachment 313462

So (all other things being equal) the fuel savings from the Prius will offset the higher purchase price in 80,000 to 100,000 miles in realistic fuel cost scenarios. So, if I am planning on driving less than 80-100k miles, the Mitsubishi might make more sense. If I am planning on driving more than 80-100k miles, the Prius might make more sense.

Obviously, there are other cost of ownership and reliability concerns between to two vehicles, and this calculator is only meant to measure fuel costs. I suppose that a person could adjust the amount in the purchase price to reflect the overall cost of ownership and operation over time.

If anyone is interested, I can share the link to this calculator. All you would have to do is fill in the 5 bright yellow boxes and the spread sheet will do the rest.

Thanks for the calculation comparison table.
As for me, I don't usually look up how much I could save on gas. I always consider about how much those car's market price after 2 years and how fast I could sell that car. Look at the comparison and i would purchase the better one which could have less price drop after 2 years.
According to the mileage reading of those car, they all could be better used maximum another 50,000 miles if I want to sell out before they needs major mechanical fixed. I could have lost $3,200 on Mitsubishi and 1,800 lost on Toyota. If I bought Toyota, I could have saved $1,400 on dropped price. So I would go for Toyota. Plus I can also save on Gas and maintenance fees.
 

MadTownUberD

The Trendy Transporter
Moderator
Is there anything wrong your current car, or are you just planning ahead (and possibly acting before a major repair)? That's actually the smartest thing to do, especially if you don't do your own repairs or don't like having your car in the shop.
 

dctcmn

Well-Known Member
Is there anything wrong your current car, or are you just planning ahead (and possibly acting before a major repair)? That's actually the smartest thing to do, especially if you don't do your own repairs or don't like having your car in the shop.

Just planning ahead. My current car has about 250,000 miles on it and I'm only getting 25 mpg on it. So I'm just trying to time things to get the best deal on both the purchase of the next car and the sale of my current one.

People are getting rid of their winter beaters right now. So if I find a good deal on the right car, I'll pull the trigger and buy it, then park my current car until late fall to sell it to get the most for the AWD. Fuel efficient vehicles are going to skyrocket in price if/when fuel hits $3/gallon this summer, so now might be a good window to buy.

I've never done a cost/benefit analysis on hybrids vs gas engines when both cars have some years and miles on them. I just want to be prepared to make the best decision when the time comes.
 

Wildgoose

Well-Known Member
To @dctcmn
Sorry about what I posted that I would go for Toyota before looking up the facts from KBB and I just estimated with my hunch.
Now, I did draw out some scores from KBB and I got some data to estimate closely enough.
Purchasing Mitsubishi would be $1700 lost in price drop after 2 years with another 50,000 miles driven.
And Toyota Prius would be lost $2700 in price drop after 2 years with same driven mileage.
Up front price is nearly 50% cheaper on Mitsubishi and the loss is not high. Plus insurance fees will be a bit more on Prius for less safety measure.
So I would go for Mitsubishi, definitely.
 
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Fuzzyelvis

Well-Known Member
I'm starting to look for a new vehicle for Uber/Lyft, so I made a spread sheet tool that shows how many miles it takes to make up the difference between two vehicles' purchase prices versus the fuel savings gained from higher MPG. It's meant to be a tool to help me judge if the a higher sticker price for a hybrid/EV/fuel efficient vehicle will pay off in the long run vs a lower priced car with lower MPG.

As an example, here's a comparison between a 2011 Mitsubishi Lancer with 92,000 miles for $4,995 with an MPG of 25 city/33 hwy vs a 2011 Toyota Prius with 101,000 miles for $9,999 with an mpg of 51 city/48 hwy.

Currently fuel is about $2.75/gallon in my area and I drive in the city, so I used the city MPG rating for both vehicles. I also ran scenarios of fuel going down to $2.50/gallon and going up to $3/gallon.

View attachment 313451
View attachment 313452

$2.50/gallon
View attachment 313461

$2.75/gallon
View attachment 313463

$3.00/gallon
View attachment 313462

So (all other things being equal) the fuel savings from the Prius will offset the higher purchase price in 80,000 to 100,000 miles in realistic fuel cost scenarios. So, if I am planning on driving less than 80-100k miles, the Mitsubishi might make more sense. If I am planning on driving more than 80-100k miles, the Prius might make more sense.

Obviously, there are other cost of ownership and reliability concerns between to two vehicles, and this calculator is only meant to measure fuel costs. I suppose that a person could adjust the amount in the purchase price to reflect the overall cost of ownership and operation over time.

If anyone is interested, I can share the link to this calculator. All you would have to do is fill in the 5 bright yellow boxes and the spread sheet will do the rest.
Also check where you'll be if you're T-boned 2 weeks after buying it...
 

dctcmn

Well-Known Member
Also check where you'll be if you're T-boned 2 weeks after buying it...

The idea behind the calculator is to answer one question-- how many miles does it take for a higher priced vehicle that is more efficient to pay for itself? Obviously, that's not the only factor in the decision.

Yes, there are many more factors to consider in the purchase, as you @Wildgoose and others have pointed out. But it's still important to factor purchase price vs MPG and quantify that. It's not an automatic truth that a hybrid or EV is always the best choice.

To your point, if I'm t-boned 2 weeks after buying it, the end result of a $5,000 car and a $10,000 is the same-- if it's the other driver's fault, then they'll pay the value of the vehicle. If it's my fault or no- fault, then the TNC's would pay the value of each vehicle minus a $1000 deductible from Uber or a $2500 deductible from Lyft.

The only difference is that I probably wouldn't carry collision or comprehensive on the $5,000 vehicle. So there would be a higher insurance premium on the $10,000 car, but a higher total loss potential on the $5,000 car.
 

Wildgoose

Well-Known Member
The idea behind the calculator is to answer one question-- how many miles does it take for a higher priced vehicle that is more efficient to pay for itself? Obviously, that's not the only factor in the decision.

Yes, there are many more factors to consider in the purchase, as you @Wildgoose and others have pointed out. But it's still important to factor purchase price vs MPG and quantify that. It's not an automatic truth that a hybrid or EV is always the best choice.

To your point, if I'm t-boned 2 weeks after buying it, the end result of a $5,000 car and a $10,000 is the same-- if it's the other driver's fault, then they'll pay the value of the vehicle. If it's my fault or no- fault, then the TNC's would pay the value of each vehicle minus a $1000 deductible from Uber or a $2500 deductible from Lyft.

The only difference is that I probably wouldn't carry collision or comprehensive on the $5,000 vehicle. So there would be a higher insurance premium on the $10,000 car, but a higher total loss potential on the $5,000 car.

The liability insurance on Rideshare platform is just wasting your money. When you don't have comprehensive coverage, you couldn't purchase rideshare insurance. So it means you are not covered at all from the insurance company in anyway.
(1) U/L app is ON and rider was riding with you. ( U/L insurance covered. Your pwn insurance pay NOTHING.)
(2) U/L app is ON and ON THE WAY TO PICK UP rider. (U/L insurance covered. Your own insurance pay NOTHING)
(3) U/L app in ON and AWAITING Ride Request. (U/L insurance not covered. Your own insurance pay NOTHING)
(4) Your personal trips. ( You are covered by your own insurance. )

Difference would be just about $250 - $300 (For 6 months) between Liability and Comprehensive. $2 more each day and I believe that it is worth to purchase for every one who are inside rideshare platform.
 

dctcmn

Well-Known Member
The liability insurance on Rideshare platform is just wasting your money. When you don't have comprehensive coverage, you couldn't purchase rideshare insurance. So it means you are not covered at all from the insurance company in anyway.
(1) U/L app is ON and rider was riding with you. ( U/L insurance covered. Your pwn insurance pay NOTHING.)
(2) U/L app is ON and ON THE WAY TO PICK UP rider. (U/L insurance covered. Your own insurance pay NOTHING)
(3) U/L app in ON and AWAITING Ride Request. (U/L insurance not covered. Your own insurance pay NOTHING)
(4) Your personal trips. ( You are covered by your own insurance. )

Difference would be just about $250 - $300 (For 6 months) between Liability and Comprehensive. $2 more each day and I believe that it is worth to purchase for every one who are inside rideshare platform.

The period 0-3 insurance requirements vary from state to state. I don't want to get too far afield as insurance isn't really the focus of the calculator or the thread. Not denying that it's an important consideration when purchasing a vehicle for ride share.
 
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