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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.
Whether I drive a lot or not is not a factor for me, I like having nice cars. I don't drive my Porsche too often, but it's still worth having it to me. I have another car for a daily driver, it's a nice car as well. I probably drive about 8-9k miles a year, with 6-7k being on the daily driver, and only 2-3 being on the Porsche.
Depreciation is an issue on my daily driver (but I don't really care because I enjoy the car) but my Porsche has actually increased in value since I bought it.
I got three cars right now. One sits in the garage year round an 88' Corvette I drive a few times a month when it's nice out. My Second car was a former daily driver a 2002 BMW 3 series convertible that I love driving but my passion for it has wained the past 18 months. It's been under a cover since November. My daily driver is my New Mercedes. I average about 1000 miles a month.
I used to live 1.25 miles for work. I never walked and I always had a nice car and a "work" car. Now I am 6.5 miles away.
I wouldn't buy a car and not drive it. I live 3-4 miles from work and have a 10k mile a year lease and I'm annualizing roughly 9k miles and change. I don't have room for a third and spare car In the household so my daily has to be my fun car as well
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.
who says a nice car has to be expensive? i bought an 05 grand marquis recently, it was $5500 out the door, and is the most expensive car i have ever owned. before this one the most i ever paid for a car was my 84 tbird where i paid $3500.
these days i only drive a few miles per week anymore, but i am at a point in my life where i want to be comfortable behind the wheel.
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.
Buy an older one.
You can buy 'em cheap... we've paid from $10.5K to $12.5K for Cadillac, Jaguar and Mercedes.
Buy at that price and it'll depreciate much less than a normal car.
The low miles driven minimizes the likelihood of an expensive repair.
Plus they're really nice for that occasional road trip.
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 don't know about a "nice" car. That definition varies with each of us.
But I would own the car I wanted.
If you are an investor by nature then there are some cars that would fill the need. Or maybe you like sports cars, or 1957 Chevys, or classic Mustangs... well, you get it.
I saw a famous baseball pitcher talk about his Ferrari. He said he hates to spend money and was challenged by the interviewer. How can you say you hate to spend money and drive a Ferrari?
I loved his answer: Chis, look. I bought the Ferrari used. I drive a few hundred miles a year. That particular model has no depreciation, so aside from insuring it and so forth there will be no expense. It's actually cheaper than buying a new luxury car and selling it after a few years. So rather than spend money I just put mine in a different place.
It's worth some thought.
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