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Old 05-10-2017, 11:17 AM
 
Location: Ayrsley
4,714 posts, read 8,238,587 times
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Quote:
Originally Posted by goodlife36 View Post
I bought my car brand new 12.5 years ago. I paid it off in 2 years and it only has 46,000 miles on it. I plan to have this baby for a very long time.
I'm pretty much in the same boat as you. Bought a new car last September, it currently has 3600 miles on it. I work from my home office so I have no daily commute to and from work. I also plan on having this for a very long time to come. Spreading the cost over 10-15 years makes it a fairly negligible investment.


I could have paid for it in cash, but the interest rate on a 36 month loan was so low that I will make more money over that three year period from interest and dividends by keeping that money invested and making my monthly payment on the loan.
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Old 05-10-2017, 01:19 PM
 
Location: Gilbert, AZ
3,003 posts, read 1,697,752 times
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Quote:
Originally Posted by jlawrence01 View Post
For 20 years, I would purchase 3 year old American vehicles, usually midsized, with 40-50k miles for $5-7k. Between my brother who is a mechanic and my access to cars in corporate fleets where I could buy a car at wholesale (or auction) prices. At the same time, my equally frugal friend would buy a new vehicle, usually a Toyta Corolla. Since we are both accountants, we kept track of the costs. Both of us kept the cars until the cars would fall apart, When we compared the costs, the cost per mile was nearly identical.

There was one difference. I was making calls to AAA 2-3 times per year. That is despite the fact that I had the car in the shop every 3,000 miles religiously. I have no interest in DIY auto repair. The time that I spend doing that would keep me from working as many hours. I make a lot more than mechanics so it would reduce my income. I might add that the Toyota dealerships tend to charge less than the GM dealers do are are infinitely more TRANSPARENT than the GM and Ford dealerships that I have dealt with.

It is much easier to buy a new car and drive it forever. Since my Oldsmobile died in February 2007, I have NOT called AAA on a roadside assistance call in 10+ years.

Bingo!


I also bought used cars when I was younger. Had car problems on the road a few times which is a real headache, not to mention expense. Bought my current car new 17 years ago, took care of it, and not once have I been stranded or needed a tow.


My dad liked working on cars and haggling. He could buy a used car, drive it for a couple of years, and then sometimes sell it for more than he originally paid. I don't have the time or aptitude for that.
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