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I bought a car in 2014 and it was probably the worst financial decision I ever made. Not only did it break my finances but it prevented me from investing in other areas of my life. I've basically spent the past five years living in a miserable town and working a dead-end job solely to pay off a car. That's a lot of wasted time. I almost allowed it to go to repo because it was such an overwhelming financial load. It's paid off now and I've vowed to never make that mistake again.
As long as you learn from a bad decision, you can profit. When I graduated with my undergraduate degree, my Father said he would pay the first 2 notes of the car I bought a new Honda Accord, the note turned out to be a bit much for me when I got married and wasn't making what I had hoped. I learned too and started buying cheap cars with cash and now I buy expensive cars with cash and don't have a note.
Wanna save a bunch of Money, buy a house in a okay area/high crime area. Spend $1K on cameras , security system and park your car indoors and you will be just fine. The $500-1000 a month saving in rent/mortgage will be far greater than the $2-300 or $5-700 savings on a car payment.
For some car payments are a complete waste of money, for others it is a necessity to have a dependable car that takes them where they need to go safely. You can easily find a recent 1-2yr old used car for $13-20K that can last 10-15 yrs, if maintain properly vs paying $22-40K New for the same car.
No modern car will last 20-30yrs without issues like in the past, due to all the insane amount of electronics in cars now and after about 10-15yrs, some parts are very hard to find as replacements.
You live once in life, driving a hooptie for 30yrs hoping to be a millionaire at 65 could pay off or mean nothing if you die in a wreck or get sick. BALANCE IS THE KEY.
Yikes haha no thanks I’m good! I don’t have any problem paying a premium to live in the best area of town. Nothing could be more important to my daily happiness than having well off neighbors, nice stores, and well maintained homes in the area. Plus sorry but bad things happen in way higher proportions in the worst areas. In my future (August) city, you’re talking about buying in North Las Vegas where they film Cops versus buying in Green Valley or Summerlin. Noooo way!
Wanna save a bunch of Money, buy a house in a okay area/high crime area. Spend $1K on cameras , security system and park your car indoors and you will be just fine. The $500-1000 a month saving in rent/mortgage will be far greater than the $2-300 or $5-700 savings on a car payment.
For some car payments are a complete waste of money, for others it is a necessity to have a dependable car that takes them where they need to go safely. You can easily find a recent 1-2yr old used car for $13-20K that can last 10-15 yrs, if maintain properly vs paying $22-40K New for the same car.
No modern car will last 20-30yrs without issues like in the past, due to all the insane amount of electronics in cars now and after about 10-15yrs, some parts are very hard to find as replacements.
You live once in life, driving a hooptie for 30yrs hoping to be a millionaire at 65 could pay off or mean nothing if you die in a wreck or get sick. BALANCE IS THE KEY.
My 20 yo truck looks new. It’s actually in better cosmetic and mechanical shape than a lot of trucks 1/2-1/3 it’s age. All cars need maintenance and repairs. I could completely refurbish a truck to new condition for about 1/2 1/3 the cost of a new like model.
Plenty of vehicles in 99% condition that are 20 years old. I have no reason to believe my trucks will all of the sudden turn to crap in the next 10 years.
False.......a simple new car will be fine for 20-30 years (think Camry/Explorer)
7 series BMW, probably not so go 30 years out looking for parts.
Go look up Ford 3.5L Water Pump and you will take that Explorer off the list, when you see the $200 to replace it, assuming it leaks out and not into the engine which endes up being a $5-8K cost or a new engine.
Camry, maybe, but automatic braking system and all these radar detection stuff will cost $$$ to replace when they start going out. Modern cars are now designed with a 7-15yr lifespan, after that they can go another 10+ years if you are willing to sink $$$ into them, with all the Direct injection, Turbo's, CVT's and all the extra safety camera an electronics added to cars now, to go along with the extra crammed engine bays, and dip stickless transmissions making it near impossible to work on your own car.
My 20 yo truck looks new. It’s actually in better cosmetic and mechanical shape than a lot of trucks 1/2-1/3 it’s age. All cars need maintenance and repairs. I could completely refurbish a truck to new condition for about 1/2 1/3 the cost of a new like model.
Plenty of vehicles in 99% condition that are 20 years old. I have no reason to believe my trucks will all of the sudden turn to crap in the next 10 years.
I still have a 2000 model year car that is on its last leg, but holding on by a thread, I guarantee you the 2020 version of your pickup tuck will not be as reliable as your current truck.
I agree all cars need maint and repairs, but car wise CVT's are going into alot of cars and it has already been proven they dont last as long as regualr automatics and many of the current 8spd and 9spd auto are giving problems. You can make any car last 20-30 yrs if you are willing to replace whatever, but at what cost are you willing to do so and pray it never gets wrecked and the insurance company offers you $2-3k for it, because its old eventhough mechanically sound.
Yikes haha no thanks I’m good! I don’t have any problem paying a premium to live in the best area of town. Nothing could be more important to my daily happiness than having well off neighbors, nice stores, and well maintained homes in the area. Plus sorry but bad things happen in way higher proportions in the worst areas. In my future (August) city, you’re talking about buying in North Las Vegas where they film Cops versus buying in Green Valley or Summerlin. Noooo way!
I agree, but I was just stataing , its always the cars that people like Ramsey and financial gurus come after saying people are wasting money and not looking at the fact, that the car is used as a means of transportation to get them to a job to make money. a $50 -70K o even $80-90k pickup truck or SUV's is insane considering many folks dont even go off road with them, but just like trucks/SUV's.
Where I live is nice, but 1 mile away has alot of crime. Middle class, but I save probably $5-700 a month vs live 15 miles away is a nicer area for the same house, but the trade off is having to drive to that area if i was good retail or eating out places.
I dont think anyone on their deathbed will say.... I really wish I drove a crappier car lol
I agree, but I was just stataing , its always the cars that people like Ramsey and financial gurus come after saying people are wasting money and not looking at the fact, that the car is used as a means of transportation to get them to a job to make money.
But that doesn't require an expensive car, just a reliable one. A used Honda Civic or Toyota Corolla can fill that role just fine.
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a $50 -70K o even $80-90k pickup truck or SUV's is insane considering many folks dont even go off road with them, but just like trucks/SUV's.
And that's the problem: many people's desire to drive the "in" vehicle has them spending more on transportation than they can really afford, which has a huge negative impact on their ability to save for other things (like retirement). How can the average American family, which earns less than $70,000/year, afford a $60-80,000 SUV or truck? The honest truth is that they can't, but they buy them anyway.
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I dont think anyone on their deathbed will say.... I really wish I drove a crappier car lol
True, but I bet a lot of people in their late old age will wish they'd saved more for retirement.
didnt read the whole thread, but it depends on where you're at in the lifecycle.
when you are a young man, you need a cool car. it is the most visible conspicious consumption/badge of moderate success. it will get you chicks.
when you are married, your needs change. now you need moderate, functional, reliable transportation to work. I can drive, wrench and maintain a sputtering old hooptie - but no way would I put my wife or kids at risk in a P.O.S.
I drive a 12 yr old car that I bought new, it has 175,000 miles and I have every expectation it will last another 100,000 and 8 more years. I see my neighbors with leased BMWs and I say "hahahaha B M W stands for Big Money Waste!"
I will concede that certain careers require "a show vehicle" as part of the uniform - a big truck if you are blue collar tradesman, a luxury sedan if you are in sales or real estate. But that is for each individual to decide, and that's why we have so many choices in vehicles. If you can get away with taking the Blue Line/Metro to work, and only "driving" on the weekends, I think that's another way to beat the system.
didnt read the whole thread, but it depends on where you're at in the lifecycle.
when you are a young man, you need a cool car. it is the most visible conspicious consumption/badge of moderate success. it will get you chicks.
when you are married, your needs change. now you need moderate, functional, reliable transportation to work. I can drive, wrench and maintain a sputtering old hooptie - but no way would I put my wife or kids at risk in a P.O.S.
I drive a 12 yr old car that I bought new, it has 175,000 miles and I have every expectation it will last another 100,000 and 8 more years. I see my neighbors with leased BMWs and I say "hahahaha B M W stands for Big Money Waste!"
I will concede that certain careers require "a show vehicle" as part of the uniform - a big truck if you are blue collar tradesman, a luxury sedan if you are in sales or real estate. But that is for each individual to decide, and that's why we have so many choices in vehicles. If you can get away with taking the Blue Line/Metro to work, and only "driving" on the weekends, I think that's another way to beat the system.
Good post but how do you know those BMW's are leased? I buy all my cars (including my BMW's) with cash. BMW might be big money waste but it's also the Ultimate Driving Machine...I love mine and know that it's still a Big Money Waster. I also have a Hellcat that I enjoy. On your circle of life, I'm starting the 4th quarter at just over 60 so I'm at the you can't take it with you stage.
Good post but how do you know those BMW's are leased? I buy all my cars (including my BMW's) with cash. BMW might be big money waste but it's also the Ultimate Driving Machine...I love mine and know that it's still a Big Money Waster. I also have a Hellcat that I enjoy. On your circle of life, I'm starting the 4th quarter at just over 60 so I'm at the you can't take it with you stage.
Some people see others with a nicer car than theirs and make up stories in their heads about the driver to make themselves feel better. If I see a nice car, I merely think "nice car". I love my BMW too, also not leased nor does it have a payment
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