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Old 08-05-2018, 09:49 AM
 
Location: Atlanta
3,056 posts, read 2,976,848 times
Reputation: 1876

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So I've been totally car-less for 6.5 years now.

Only issue is I moved back to a city that is very car-centric. For the past year and a half I've been back, it's worked out just fine because I work from home.

This is my first year tracking every single dollar spent in my budget using Mint and I've found I've been spending ~$220/month in ridesharing (i.e., Lyft rides). Not "too" bad IMO.

However, I have found that since moving back here without a car, I don't really see my friends much anymore, and I have been avoiding taking the 4-hour (one-way) drive home to see my mother because of the added cost of renting a car. It kinda defeats the purpose of me being back in this city to be closer to friends/family if I'm going to continue losing out on so much time with them because I don't want to spend $40 on just one 60 minute round-trip Lyft ride to see one friend or $150 for a weekend car rental to see my mother in the neighboring state. As this could add up fast, I basically keep my ridesharing expenses only to places very close (grocery stores, doctor appointments, occasional meeting up with friends that isn't too too far).

With all of that said, I am nearing closer and closer to the decision of buying a car. For years now I was set on an Accord Coupe (think 2008-2010 models) and a budget under $10k. ($5k-$9k?) But it's looking like I could get a BMW around the same year for around the same price. I love the looks of those cars and I figure since I've never had a car payment ever and will also purchase this car cash, why not get what I really want? The other part of me says this is just an itch and leaning into "keeping up with the Joneses" territory which I have been avoiding for years like the plague. I think part of me wants a little 40th birthday treat for next year as well-I've been telling myself I could always sell the car and downgrade later if I want.

Being happy with less is very important to me. In a general sense, I am but I'm sure some can relate to the feeling I'm having about this. The Accord is obviously the better decision due to upfront costs but also moreso because I understand BMWs are horribly expensive maintenance-wise...and I know nothing about cars TBH. So. I could use some reminders of the importance of making the right/most frugal decisions when it comes to a major purchase like this one.
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Old 08-05-2018, 09:51 AM
 
3,961 posts, read 1,590,532 times
Reputation: 12349
Here you go:

https://www.consumerreports.org/car-...car-ownership/


A car is nothing more than transportation. Don't go chasing the illusion of status based on the car you drive around. Last time I checked, the speed limit on the interstate is still 70mph, regardless of the car you drive. And if someone judges you on the car you drive, then that's someone you don't need to have in your life. Call it a litmus test.

Yes, have something that is pleasant to drive, but beyond a basic level of reliability and comfort, put your money into things that don't completely depreciate in a matter of a few years. Save your money for things that feed your mind and spirit. And, despite all the advertising that promises otherwise, a BMW isn't one of them.

My wife and I could afford a nicer model made by either Mercedes, BMW, or Audi. What do I drive? A Honda CR/V. She drives a Toyota Camry. We'd rather bank our money.
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Old 08-05-2018, 09:56 AM
 
Location: Atlanta
3,056 posts, read 2,976,848 times
Reputation: 1876
Quote:
Originally Posted by MinivanDriver View Post
Here you go:

https://www.consumerreports.org/car-...car-ownership/


A car is nothing more than transportation. Don't go chasing the illusion of status based on the car you drive around. Yes, have something that is pleasant to drive, but put your money into things that don't completely depreciate in a matter of a few years.



My wife and I could afford a nicer model made by either Mercedes, BMW, or Audi. What do I drive? A Honda CR/V. She drives a Toyota Camry.

So BMW is at the VERY TOP of the list, huh...?

Not good.

But Honda is pretty low I guess it's true that I really need to focus on how much more in variable maintenance costs I'd be paying with an older BMW versus an older Accord really. I'm assuming there is some element of "status seeking" there, but not sure how much. I mean, all of my friends are shocked I'm living here without a car as I'm literally the only person they know doing this. I just really like the aesthetics of the BMWs...a lot.

But the Accords are almost just are nice to me anyways so this shouldn't be a hard decision to make. Honestly if the Accord is what I end up getting I'd been thinking might as well go even cheaper and do like a 2003 or 2004 instead of a 2008-2010. Need to do more research on the reliability of models within these timeframes though.
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Old 08-05-2018, 09:58 AM
 
3,961 posts, read 1,590,532 times
Reputation: 12349
Quote:
Originally Posted by southkakkatlantan View Post
So BMW is at the VERY TOP of the list, huh...?

Not good.

But Honda is pretty low I guess it's true that I really need to focus on how much more in variable maintenance costs I'd be paying with an older BMW versus an older Accord really.

Here's a good little speech that touches on that.




https://www.youtube.com/watch?v=xdfeXqHFmPI
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Old 08-05-2018, 09:59 AM
 
Location: The Triad (NC)
26,831 posts, read 57,830,396 times
Reputation: 29215
Don't own ANY car that anyone might want to steal.
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Old 08-05-2018, 10:00 AM
 
Location: Nantahala National Forest, NC
17,308 posts, read 3,528,493 times
Reputation: 22575
The one I had years ago was in the shop a lot...got rid of it.
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Old 08-05-2018, 10:02 AM
 
2,008 posts, read 1,798,958 times
Reputation: 3337
What you truly need is a Prius that saves you gas money every time you drive compared to any other car, and then you put the savings away into low cost stock index funds. You can buy a used Gen 3 Prius for well under 10K and they are typically driven by careful drivers and in great shape.

Buying a used BMW given their expensive reputation for repairs will be the biggest mistake of your life now, and you can't dump it and get a cheaper car because cars keep depreciating so you would lose money at resale not just to depreciation but dealers will lowball you so you take a double hit.
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Old 08-05-2018, 10:04 AM
 
3,961 posts, read 1,590,532 times
Reputation: 12349
Quote:
Originally Posted by greatblueheron View Post
The one I had years ago was in the shop a lot...got rid of it.

It could have been worse. It could have been a Range Rover. If I were a grifter and saw somebody behind the wheel of one of those badly-designed, badly-built, uncomfortable-to-drive money sucks, I would paint a big, fat target on their backs. Given the track records of those things, I can't imagine anyone with a bit of wisdom ever putting down money for one of those.
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Old 08-05-2018, 10:05 AM
 
Location: Atlanta
3,056 posts, read 2,976,848 times
Reputation: 1876
Quote:
Originally Posted by MrRational View Post
Don't own ANY car that anyone might want to steal.
So, um, you bring up an EXCELLENT point actually.

I thought about that aspect a lot. I wouldn't necessarily want to be driving or parking a BMW anywhere for the exact reason you just mentioned.

I will also say that one year I read somewhere that Honda's parts are stolen most often; not sure if that was/still is true...
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Old 08-05-2018, 10:09 AM
 
Location: Atlanta
3,056 posts, read 2,976,848 times
Reputation: 1876
Quote:
Originally Posted by fumbling View Post
What you truly need is a Prius that saves you gas money every time you drive compared to any other car, and then you put the savings away into low cost stock index funds. You can buy a used Gen 3 Prius for well under 10K and they are typically driven by careful drivers and in great shape.

Buying a used BMW given their expensive reputation for repairs will be the biggest mistake of your life now, and you can't dump it and get a cheaper car because cars keep depreciating so you would lose money at resale not just to depreciation but dealers will lowball you so you take a double hit.
Good point RE: the bolded.

Man I keep trying to make myself like the Prius...I know they are basically the ultimate frugalmobile. I don't want to say how I feel about the looks of that car...I need to move my mentality past that part and focus on the reliability and potential cost savings I guess??
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