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I'm 29. I bought a shiny new car. I've owned four homes. Ive sold one and lease out two. I run my own business (in home sales) and did all of this more or less on my own or with a partner during the recession with money earned working 80+ hours a week for several years.
Since I graduated college in 2005, I've seen the market at its worst (2005-2007) and at its best (2009-2011), just depends on what your perspective is.
I agree, its nice to hear from progressive young people who are actually doing something about the economy instead of moving back in with their mother who lets them stay for fee in that basement apartment. It gives them more time, not working , to bellyache about how bad things are for them and their pot smoking green haired ,tattooed, body piercing time out friends
You have found out that there are great opportunities out there, always are as a recession is winding down. Also , Looking at business investment, I would say we are have a barn burner recovery.Stock market is through the roof, commodities are way up, maybe the highest they have ever been, yet we are experiencing no inflation. Sorta makes me want to come out of retirement considering what I see, which , is lots of spending by the MFG sector/wholesale demands, etc. In reality a lot of people are making huge profits right now, and I am not talking about the 1 per cent ether. I am talking about the 47 per cent, you know those worthless, write off, moochers around the country......? Strange world we live in now ,intense and exciting at the same time. !
Last edited by darstar; 09-22-2012 at 10:40 AM..
Reason: left out the word NOT sorry.
As a twenty-something I am saving up for a house but it's gonna take a while -- but I have no interest in buying a car ever. I have a car that I paid off when I was in high school. Cars are terrible investments and I will drive my car until it dies, at which point I will buy another unsexy car that gets good gas mileage. I do think my generation sees cars differently from Boomers.
Senior year of High School I bought a seven year old 1970 Plymouth Valiant with a slant 6 for $800 from an elderly widow that could no longer drive.
I drove that car daily for 25 years, still have it and have been offered $2500 for it... original engine, trans, etc... I did have the timing chain go out and the parts cost me $41 and most of a Saturday to repair...
My other vehicle was my work truck for much of that time and I still have it... a 85 Chevrolet.
Cars don't have to be money pits... just saying that having a car note never appealed to me... the only debt I have ever taken has been a mortgage...
My Grandfather started in the car business in the 20's and he said it makes no sense to carry debt on something that is declining in value like a new car...
As a twenty-something I am saving up for a house but it's gonna take a while -- but I have no interest in buying a car ever. I have a car that I paid off when I was in high school. Cars are terrible investments and I will drive my car until it dies, at which point I will buy another unsexy car that gets good gas mileage. I do think my generation sees cars differently from Boomers.
I do not think what you say about your generation is quite true. The auto MFG companies are coming out with nirdmobiles all the time. The latest one is the Kia sol, there are many others.
Senior year of High School I bought a seven year old 1970 Plymouth Valiant with a slant 6 for $800 from an elderly widow that could no longer drive.
I drove that car daily for 25 years, still have it and have been offered $2500 for it... original engine, trans, etc... I did have the timing chain go out and the parts cost me $41 and most of a Saturday to repair...
My other vehicle was my work truck for much of that time and I still have it... a 85 Chevrolet.
Cars don't have to be money pits... just saying that having a car note never appealed to me... the only debt I have ever taken has been a mortgage...
My Grandfather started in the car business in the 20's and he said it makes no sense to carry debt on something that is declining in value like a new car...
Your Grandfather was correct for his day, not so anymore. Most buyers are using debt as part of there existence and the lack of earning enough money to get by. Many people see a new car as an investment if it can double your gas mileage , and if it will be safer on the road. I find people using old worn out unsafe vehicles all the time,full of very young children. That in my mind is irresponsible !
Your Grandfather was correct for his day, not so anymore. Most buyers are using debt as part of there existence and the lack of earning enough money to get by. Many people see a new car as an investment if it can double your gas mileage , and if it will be safer on the road. I find people using old worn out unsafe vehicles all the time,full of very young children. That in my mind is irresponsible !
I actually get this quite a lot... my own family would refuse to let my nieces and nephews ride with me because my vehicles were deemed not to be safe... they drive Range Rovers, Durangos, Mercedes, etc...
My hobby has always been older cars and every year, I would participate in several of the parades with my Model A... you would have thought I was asking the kids to jump out of a plane when I simply was participating in a parade driving down a closed Main Street with all traffic diverted.
I've posted before about my then 85 year old neighbor that had a like new 80's Chevrolet Caprice... she only drove to church, grocery and doctor... her grand daughter told her to get rid of it because it only gets 16 mpg... so she traded it for Cash for Clunkers and bought a new Prius... she never drives more than 150 miles a month and now she has this Toyota that she hates driving and now doesn't because the car intimidates her...
All of my vehicles are old... none are worn-out and I think people are often to fast to judge without knowing all the facts... at least my family...
There is no way I'm buying an SUV so I can take my Niece or Nephew out for an ice cream...
By the way... a few years ago, I was in San Francisco driving my old 1970 Plymouth and got rear ended by a new Honda... my car had zero damage, the Honda had over $5000 and had to be towed away... my trailer hitch went right though the radiator and into the engine...
We are talking about two different things. I too was vintage car guy for over 30 Years. toured all over North America in , let's see, 1913 Marmon, 37 Packard, also a 38, several Packard Twelves 1939. All this driving in cars that had no seat belts, turn signals,padded dash, on and on.
When I was talking about daily drivers, kids in the back seat, snow tires in winter, and at lest 20,000 miles a year in heavy traffic.4:00 gasoline, living off credit cards, and always aware of the need to have very dependable, warranty , and pease of mind for people who know little about what they are driving, well you see what I mean. The people who drive old cars are a different anaminal. For the most part most of us were 40 or More when we got started, no kids, at lest real little ones. Lots of grand kids on some of the tours, usually only a few days. When they got to be teens...other things were more interesting.
We are talking about two different things. I too was vintage car guy for over 30 Years. toured all over North America in , let's see, 1913 Marmon, 37 Packard, also a 38, several Packard Twelves 1939. All this driving in cars that had no seat belts, turn signals,padded dash, on and on.
When I was talking about daily drivers, kids in the back seat, snow tires in winter, and at lest 20,000 miles a year in heavy traffic.4:00 gasoline, living off credit cards, and always aware of the need to have very dependable, warranty , and pease of mind for people who know little about what they are driving, well you see what I mean. The people who drive old cars are a different anaminal. For the most part most of us were 40 or More when we got started, no kids, at lest real little ones. Lots of grand kids on some of the tours, usually only a few days. When they got to be teens...other things were more interesting.
Some beautiful automobiles you have... the farthest I've ever driven is from Oakland to Reno for a National Meet... My horseless carriage cars only get driven a few miles a year if that... the nieces are crazy about old cars and my god daughter use to love to come over and asked if I had any projects for her to do... her parents keep them busy with other activities so only she her on birthday and holidays...
Lots of the teens I know have no desire to even get a license... I know we would be at the DMV with birth certificate in hand at 16...
I work with a 20 something that has never had a driver's license... she said her boyfriend takes her where ever she needs to go or she takes the bus or BART.
I have seen a real shift in the desire to drive or own a car.. and the rules have changed a lot...
When I was 16 me and two High School friends drove from Oakland to Vancouver WA over Easter Break to visit his Uncle... wouldn't even be legal to do that anymore for minors...
I'm probably the only one at work that changes my own oil and do my own brakes, etc... my first car was towed home when I was 12... spent a year working on it and learning along the way...
I used the money from selling the cars I had worked on to buy my first house...
And I my last house, just finished. I do miss the cars a lot, but , the recession took it's toll. My house is paid for, I guess that's some consolation ...( the last four years were impossible to get any building loans )... Now, I play on the JD and enjoy my Samuri I restored over the winter, hardly vintage at 87. But next year it will be eligible for horseless carriage lisence plates.
And I my last house, just finished. I do miss the cars a lot, but , the recession took it's toll. My house is paid for, I guess that's some consolation ...( the last four years were impossible to get any building loans )... Now, I play on the JD and enjoy my Samuri I restored over the winter, hardly vintage at 87. But next year it will be eligible for horseless carriage lisence plates.
I apologize for diverging...
You sound like me... a few hours on my John Deere gives me a new perspective on things... and I have a lot of fun with my 87 Samurai trying out the trails I've made
Found the perfect property as a forever home... unfortunately, I was the back-up offer.
What I found surprising is none of the children were interested in buying the home... the father had passed and the mom was downsizing...
I see that a lot where the kids will have zero interest in buying a family home... here in California, there is a great property tax incentive to boot... the child is often able to keep the parents tax basis... still, most will pass...
Last edited by Ultrarunner; 09-23-2012 at 12:22 AM..
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