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Would you own a nice, expensive car even if you did not have to drive very much? For instance your commute to work was only 4 miles each way and you took a few road trips during the year but not much else. Given depreciation, cost per mile in this situation is going to be very high.
I had a fun car (not expensive - 1995 Camaro Z28) I lived 1 mile from work, so I usually walked to work. I lived 5 blocks form a train station, so if I had to go to LA to work, I took the train. For several years I put about 4,000 miles on the car. Family road trips were in wifey's van. I used it for business trips and for driving just for fun on weekends. Took it up to the mountains quite a bit. I certainly felt it was worth having it. Because of the low mileage, it stayed in like new condition for 18 years. Depreciation is not an issue to me. I buy a car to drive it, not as in investment. Even if I do not drive it all that much, I still enjoy driving it.
Actually if I had a longer commute, I might not have kept it. It was hardly a luxury car. The short commute allowed me to keep an uncomfortable but fun car rather than having to get something more practical.
If you buy a new car and keep it for ten years depreciation doesn't mean a thing, it only is an issue, if then, with people who trade their cars every couple years or so.
I know people who own collectible cars worth multiple tens of thousands of dollars who put 500 miles a year on those vehicles.
I bought a new truck several months prior to retiring. I put maybe 400 miles a month on it now if we don't take a trip. I'll likely have that truck for 10 or 15 years (I tend to run vehicles until they die), probably longer unless it gets wrecked, so depreciation is the last thing I think about.
The trade in is still more than I paid for it. I got a really good deal.
Would you own a nice, expensive car even if you did not have to drive very much? For instance your commute to work was only 4 miles each way and you took a few road trips during the year but not much else. Given depreciation, cost per mile in this situation is going to be very high.
If I am not enjoying or spending a lot of my time in the car. No.. I would not.
I'd probably be more inclined to own a nice car if I didn't drive as much. I have a 25 mile round trip commute on gravel 5-6 days a week, there's no point to spending money for a nice car just to tear it up driving to work.
If I ever get a job in the town where I live I'll probably let the old Caprice go and get something fairly new, like maybe a 1998 Park Avenue.
I commute 1 day a weed 22 miles round trip, and my wife's car (an Outback) generally gets family car duties. I still own what I consider a nice car (bought new, a '16 Charger that is loaded with toys). I splurged on it specifically as an upgrade over my prior Charger to get all the toys, figuring that my limited use will help me keep it nice, and enjoy it for years to come. It sure is great on road trips!
I am very enthusiastic about cars however, and although they are not investments, I do not treat them as the area of my life where I want to be frugal either.
I did used to drive more, 20K a year. I would say it bothered me more devaluing the car with excessive mileage for it's age more than it depreciating with fewer than expected miles on it. Down the road, it is never difficult to find interest in or get a good price for a very good condition, low mileage car (Especially private party, which has often been my way of selling). A really high mileage car with more wear? If it's nothing special you will get bottom dollar.
Would you own a nice, expensive car even if you did not have to drive very much? For instance your commute to work was only 4 miles each way and you took a few road trips during the year but not much else. Given depreciation, cost per mile in this situation is going to be very high.
depreciation will only be reflected if you sell or get into an accident. I have ultra low miles on my weekend car. I plan to keep it until the wheels fall off.
Yes, If I could afford to buy a "spare" vehicle that I didn't need to drive much, I'd love to get something nice, like a Shelby GT350R or something along that lines.
Driving it 100-200 miles a year wouldn't bother me because it would be something I'd keep a long time and enjoy, and I love when cars still seem new and fresh even if they are 5-10 years old.
I'd also have to insure it with collector type insurance, because regular insurance isn't the best when it comes to specialty vehicles.
Now a nice car I use for regular duty? Nah. Seems like a waste of money to buy an $80K or such and then throw the kids and groceries, or stuff from home depot in it and ruin it. For every day use, i'll stick to something I don't mind beating up a tad...even if I try hard to keep my vehicles in great shape.
depreciation will only be reflected if you sell or get into an accident. I have ultra low miles on my weekend car. I plan to keep it until the wheels fall off.
is this really going to happen though? If you don't drive much, say 8,000 miles a year, and cars these days are so well built that if you maintain them they can go 200,000 miles without a hitch. So, that is 25 years of driving I'm not saying it isn't possible but for someone middle aged that is having the same car till their last years.
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