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Huh?
I haven't made a major purchase that has depreciated in a decade.
If you add all your other depreciating purchases together, they probably cost more than your car.
Almost every single thing you buy depreciates.
That's just natural. New stuff is usually worth more than old stuff.
Again, why single out a car as the only depreciating asset that is poo poo?
yup. Not a fan of leasing or constant payments, yet for some folks that new car on lease seems to sustain their urge for the latest and greatest.
I learned to not make a poor investment, cars depreciate. I maintain my car and invest in its maintenance. So long as it gets me from point a to point b, all other matters are less of a concern. Got a ten year old car and its been more reliable and LESS maint then some of the cars coming off the line. My Mechanic raves at how well it runs.
If someone wants to hand me a new car every two years I will graciously take it, otherwise...I'll keep my funds for other future events.
Same here. I buy used lease returns and maintain them. My previous car lasted 18 years.
However, some people just want that new car smell. Each to his own.
Location: San Ramon, Seattle, Anchorage, Reykjavik
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Do what you can afford to do and makes you happy. My wife and I choose to drive really nice older cars and drive them for a long time. We pay cash. Sure, we went through a period where we bought new high end cars (MB CL65, Audi S8, etc) every couple of years but then we decided, given all the maintenance hassles and outrageous depreciation, they just weren't worth it. So now we drive boring Toyota / Lexus / Subaru cars and trucks that have been paid off since new. And we use our time and money on other priorities like extensive global travel (in addition to college funds and retirement investing). We hate debt, haven't had any since 2007, and plan to stay that way. A fancy car (or house for that matter) won't entice us to change that.
You only live once. Figure out what your true priorities are and go for it!
Location: San Ramon, Seattle, Anchorage, Reykjavik
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Quote:
Originally Posted by stan4
If you add all your other depreciating purchases together, they probably cost more than your car.
Almost every single thing you buy depreciates.
That's just natural. New stuff is usually worth more than old stuff.
Again, why single out a car as the only depreciating asset that is poo poo?
In the real world it only depreciates if you sell it. Things like experiences, educations, and hopefully your real estate never do.
Many years ago as a young teenager I was taught . . .
NAME YOUR VEHICLE and they will become more than just "property" and, similar to pets, will become part of the family and tend to hang around longer.
Except for a couple of "mistakes" I have always kept my vehicles long after the payments have ended. Right now the Jeep CJ-7 is 30 years old and the Chevy SSR is 11. In addition to "no payments," the cost of registration has decreased considerably as the vehicle "matures."
I'm in the "no" category on this one. I had my first car for 15 years, and will keep the current one as long as possible.
For me, a car is primarily a mechanism for getting from A to B, so it doesn't make much sense for me to spend lots of money turning it over every couple years.
Also, I don't want to have to "re-learn" a new car every few years. That is always one of my biggest challenges with rental cars, and when I bought my most recent one, was having to re-learn where everything is and how the vehicle handles (it's amazing how much muscle memory becomes ingrained after more than a decade).
If you add all your other depreciating purchases together, they probably cost more than your car.
Almost every single thing you buy depreciates.
That's just natural. New stuff is usually worth more than old stuff.
Again, why single out a car as the only depreciating asset that is poo poo?
I don't need to add. I have singular purchases that are worth more than my cars. My issue with your statement is that I take care to avoid depreciating purchases. So, those items aren't depreciating assets.
Unless you are referring to food or clothing, your assumption would be incorrect. As a matter if fact, even including those, it may be.
The car is singled out because it is generally a significantly large purchase that is usually a necessity in a person's life.
I personally hate car payments, but enjoy new(er) cars. I usually buy semi-new and keep my cars in amazing shape. I understand wanting a new car, and how reliable it is, and how fresh and clean it is, but at the same time, I want my money to go elsewhere, and don't want to be tied up into payments.
This was my last car. A 2006 that I bought 1 year old, and I drove it until this past spring. This pic was right when I sold it....just under 200K miles. You'd never know this was a 200K mile car. Was clean, well maintained, drove nice. SO I really had no desire to get a new car when I kept this one in great shape. (interiors tend to show a cars age better than exterior)
I have a new(er) car now. Have a payment but overpaying it to get rid of it. I hope to keep this car 10+ years as well, and will keep it just as clean.
WHen I was younger, I had a new Mercedes. At the end of the day, it just wasn't worth it.
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