U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-06-2016, 11:41 AM
 
8,974 posts, read 8,093,468 times
Reputation: 19483

Advertisements

Quote:
Sure you can. I don't know anything about monthly payments, or dealerships that "cry" (what's that all about??)
Dealerships sell the financing papers to a bank, who pay them a percentage of the upcoming interest portion of the payments. Your financing he car makes them money.
Reply With Quote Quick reply to this message

 
Old 01-06-2016, 11:42 AM
 
Location: Florida
4,355 posts, read 3,689,532 times
Reputation: 4074
Quote:
Originally Posted by HappyRider View Post
I am working now and perhaps within 5 years of retirement. The cars we have are paid for, are in good shape but are 8-10 years old. Should we buy one last new car before retirement and drive it into the sunset while we are still working or simply budget $300 a month and lease indefinitely? Bottom line, do people afford to buy new cars on retirement income?
You do not want to lease a car all through retirement. It will be cheaper to buy since you keep your cars for a number of years.

I would keep the current cars until they wear out then buy a new car. Use cash not a loan. You can start putting cash aside for the new car now. The same cash you would use if you were paying off a new car loan now. In five years you will have more than enough cash saved for a car and could start retirement with a new car is you wanted. Depending where you live you may not have a big use for a car. Excluding vacations we probably drive less than 50 miles a week.

How long do you expect your retirement to be? Probably two or three cars if your health is good. Budget cash for the cars in your retirement budget.

Of course buying a one or two year old car could also be a good deal.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 11:43 AM
 
4,477 posts, read 4,737,152 times
Reputation: 9940
Quote:
Originally Posted by HappyRider View Post
I am working now and perhaps within 5 years of retirement. The cars we have are paid for, are in good shape but are 8-10 years old. Should we buy one last new car before retirement and drive it into the sunset while we are still working or simply budget $300 a month and lease indefinitely? Bottom line, do people afford to buy new cars on retirement income?

What do you really think? That no one after retirement buys a car? Seriously? That would be pretty sad for the auto industry.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 12:44 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
My Dw drives a Prius hybrid. She loves it, it has around 130k miles on it and has not had any problems.

I have been leasing a Corrola, I have another 2 months to go on it's lease. I have not decided if I want to lease again. I might buy a pickup.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 04:08 PM
 
Location: Los Angeles area
14,018 posts, read 17,723,738 times
Reputation: 32304
Quote:
Originally Posted by HappyRider View Post
I am working now and perhaps within 5 years of retirement. The cars we have are paid for, are in good shape but are 8-10 years old. Should we buy one last new car before retirement and drive it into the sunset while we are still working or simply budget $300 a month and lease indefinitely? Bottom line, do people afford to buy new cars on retirement income?

Two items you mention are completely meaningless because they aren't defined:


1. "New cars": You could probably buy a Nissan Versa or similar brand new for around $15,000, maybe less. On the other hand, many models of BMW and Mercedes and other brands are north of $50,000 new.


2. "Retirement income": A person's retirement income could be anywhere from $800 a month to $8,000 per month or more. So what is that supposed to mean?


The obvious answer to your question is yes, absolutely, as it depends on what kind of new car and what kind of retirement income.


Please tell us what you were thinking when you wrote your original post. I, for one, am mystified.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 04:27 PM
 
Location: Florida
5,226 posts, read 3,005,081 times
Reputation: 9580
Pay cash, you will smile every time you think of it.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 04:46 PM
 
672 posts, read 837,147 times
Reputation: 1173
My parents bought only new cars. Their last car was bought 5 years ago when dad was 85. Always in cash. We drive often to see our children, grandchildren, siblings and friends. Our 5 y/o car has 100,000 miles on it. Great car, but we do use it a lot
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 06:04 PM
 
14,253 posts, read 23,969,886 times
Reputation: 20025
Quote:
Originally Posted by NoMoreSnowForMe View Post
Buying a new car is rarely a good idea. Buy a good, reliable used car like a Toyota or Honda. Your registration, insurance, etc., will be cheaper.

.


That is not necessarily true, ESPECIALLY for Toyotas and Hondas. When I have looked at the purchase of 2013-2014 Toyota Corollas from private buyers (and from CarMax), I have been quoted prices that EXCEED what I am finding for NEW vehicles at the dealership.


Furthermore, in a number of states, registration costs are not based on amount paid and there is LITTLE difference between a 2 year old Toyota and a new one.


Unless you are saving big $$$s on the used car, most people are better off buying new on Toyotas and Hondas.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 06:31 PM
 
Location: Florida -
8,760 posts, read 10,829,371 times
Reputation: 16622
Quote:
Originally Posted by TuborgP View Post
As MathJak has often told me that retiring with pensions and SS are just like working except for the leaving the house part etc etc. It makes things like buying a car, house etc a lot easier both in personal planning and in getting financing if desired. If paying cash it is all up to you.
Same here! -- The original question about whether one "can" buy a new car in retirement, seems moot. We pay cash anyway, so even the financing part is not an issue.

The question of, 'should' one buy a NEW car after retirement, is similar ... and again, depends on the retirees condition and desire for a new car. My wife prefers a newer car, so, we buy them.
Reply With Quote Quick reply to this message
 
Old 01-06-2016, 06:55 PM
 
2,036 posts, read 1,945,197 times
Reputation: 3446
I would say most people stop driving by the time they hit 75. As much as I love driving, more than likely I won't be driving past 80. So say I retire at 60 (planning to retire before then but let's say 60 to make it simple), then that's just 20 years of driving, and it would be generally low mileage driving except for road trips. Two new cars can easily last those 20 years. For me, one reliable Japanese car and one American iron sports car, both new and paid for in cash before retirement, should take me to the end of my driving career. If one of them turns out unreliable, there may be a need for a third car but should be unlikely.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top