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Old 01-07-2016, 09:33 PM
 
Location: P.C.F
1,973 posts, read 1,648,277 times
Reputation: 1607

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Some do some don't.. I haven't bought a new car or truck in years.. I now live in SWF and late model used is expensive.. where I came from late model used was very reasonable ...3 year old Dodge 1500 SLT Quad Cab 4x4 24k on the odometer and I paid 1/3 the original window price...
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?
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Old 01-07-2016, 09:49 PM
 
Location: Wasilla, AK
7,319 posts, read 4,180,834 times
Reputation: 15943
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?

If you keep your vehicles for a long time, you definitely shouldn't lease. Save your pennies and pay cash when you retire. At the very least, you should be able to make a substantial down payment. Your $300 a month payments will end long before the car wears out. With leasing, you pay forever and you're in possession of the vehicle during its greatest period of depreciation.
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Old 01-08-2016, 12:24 AM
 
10,824 posts, read 8,084,160 times
Reputation: 17038
DH's and my car-buying attitudes didn't change one wit in retirement. What worked for us pre-retirement works for us now: he enjoys paying cash for a new Subaru every 2-4 years, I love and cherish my old Subaru and will never ever let it go.
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Old 01-08-2016, 02:39 AM
 
6,353 posts, read 5,174,500 times
Reputation: 8528
Older people need a reliable car. My wife buys a one-year-old car with cash every four years, and I buy a four-year-old car (because I have expensive tastes) with cash every four years. Total car cost about eight grand a year for the two of us.
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Old 01-08-2016, 02:42 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
we buy a new car every 4-5 years .
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Old 01-08-2016, 07:13 AM
 
2,345 posts, read 1,365,484 times
Reputation: 778
Quote:
Originally Posted by LauraC View Post
I just bought a new car in October. I paid for it outright. The old car was 10 years old but it only had mileage on it in the high 60,000s and some of that was from when I was commuting to work in MD. I just bought a new one, same make and model.

I'm a boring person. I don't burn through my money on big trips, nice clothes, jewelry, electronics (except for cameras), etc., I don't own a house with the expense that goes along with that upkeep and I have no kids so the money was there for the car. I needed more leg room and more ease getting in and out of the car for the difficulty I have with my legs now plus the upkeep of the old one started to get expensive. I took a leased car into retirement and then purchased it after I moved to Tennessee but I live in an apartment complex and the parking I do with my car is lot parking so it gets dinged quite a bit and it's out in the elements and the birds poop all over it when I'm out with my camera. I spend my road trip vacations in wildlife refuges, forests and on dirt and gravel roads here and on vacation which does a number on my tires so I go through them more frequently than the average person. The interior of my car takes a hit from spending a lot of time in it eating and feeding the birds from it and tracking in sand and mud. I have to keep a cart on the back seat (easier to take out than from the trunk) so I don't have to carry anything every time I go out. I do my scheduled service appointments and take it to the car wash but I'm rough on my car since retired. I learned from the last one to go for a light exterior and a dark interior, the opposite of what I had before. I just have a midsized sedan, can't step up for an SUV. Nothing fancy, just like me.

You might consider at one time in your future life you and your spouse may have mobility issues, if you do buy a new car, and you are thinking it's the last new one you buy. Think about leg room and the ease of getting in and out of it.
As, usual, you write such interesting, thought provoking stuff !!

Wish you would tell what kind of car you bought? My family are long time Auto Dealers. Curious, was it American brand car....or foreign? Maybe one of the Ford brands? I have a Lincoln...so nice.
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Old 01-08-2016, 07:23 AM
 
29,837 posts, read 34,918,975 times
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Quote:
Originally Posted by AlaskaErik View Post
We've bought a second house and two new vehicles in retirement. It all depends on how much you make.
Bada Bing!
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Old 01-08-2016, 08:40 AM
 
Location: NYC
12,978 posts, read 8,792,975 times
Reputation: 14266
Quote:
Originally Posted by Larry Siegel View Post
Older people need a reliable car. My wife buys a one-year-old car with cash every four years, and I buy a four-year-old car (because I have expensive tastes) with cash every four years. Total car cost about eight grand a year for the two of us.
I only buy used and one of my car a Toyota Prius bought used 6 years ago still runs great with typical maintenance. Buying a new car is great but it's not a sure bet that it will be reliable. Spending $30k on a car just seems like a big waste when you can buy a quality used car for 1/2 or less.
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Old 01-08-2016, 11:42 AM
 
Location: southwest TN
8,225 posts, read 14,958,503 times
Reputation: 14983
We retired 3 years ago and have credit scores over 800. The week before we were expecting 4 friends needing to be picked up at the airport 3 hours away, we found ourselves without a working vehicle and were considering renting one for the week. We had been budgeting to buy an off-lease vehicle in 2 years so had some money saved (we like to buy with credit cards, then pay off immediately).

When looking at prices for off-lease vehicles and buying someone else's possible problem, we checked out the new vehicles that we were going to buy in 2 years. AHA! There were dealer incentives and a no-interest financing - making the price to buy NOW what we'd be paying the same for an off-lease! So we bought it now and the dealer. Dealer saw our credit scores and nearly fell over himself trying to sell us a new vehicle.

Mind you, I've been receiving disability income for 10 years and only recently started getting social security and my partner worked for the fed govt so you know his income isn't spectacular.

So, start to save up now for the replacement vehicle and get your credit score up. When the time comes, you'll be set.
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Old 01-08-2016, 02:58 PM
 
Location: Wasilla, AK
7,319 posts, read 4,180,834 times
Reputation: 15943
Quote:
Originally Posted by vision33r View Post
I only buy used and one of my car a Toyota Prius bought used 6 years ago still runs great with typical maintenance. Buying a new car is great but it's not a sure bet that it will be reliable. Spending $30k on a car just seems like a big waste when you can buy a quality used car for 1/2 or less.

There are other reasons for buying a new car. I was looking for features like adaptive cruise control with stop and go functionality, lane departure warning, blind spot monitoring, rear cross traffic alert, HID headlights, heated and ventilated front seats, memory setting for seat and mirrors, autodimming rear view mirror with Homelink, and navigation with backup camera, just to name a few. A lot of those features are not available on cars even a few years old.
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