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Old 01-05-2016, 09:40 PM
Location: Montgomery County, PA
14,639 posts, read 9,697,151 times
Reputation: 12182


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 01-05-2016, 09:48 PM
Location: Southwest Washington State
21,832 posts, read 14,341,548 times
Reputation: 30663
I'd advise buying a new car when you have cash to spare, and before retiring. Pay it off if possible before retiring, or plan to pay it off shortly after retiring. I would not raid savings to do so, however.

We did buy a car after retirement, and I'm still sort of mad about how we did it. We got a good deal on a lease, then paid it off after lease was up, and I hated knowing it was not paid off! I feel like we paid twice for it, although DH insists not.

At any rate, if we replace our older car, DH says we will pay cash. And if we do it will be a used car.
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Old 01-05-2016, 10:02 PM
628 posts, read 401,624 times
Reputation: 3541
We have 2 cars. One has over 300,000 miles, the other over 400,000 miles. My husband was a mechanic. Both cars are in great shape, and when and if we need another car someday, we'll just pick up one for 3 or 4 grand from one of our used car friends like we did 12 years ago. We have never had car payments and just the thought of one makes me sick. We live near a bus stop that takes us anywhere I Pueblo, so I was thinking maybe we should make one of our cars a neighborhood shared vehicle car with everyone sharing gas, repairs, and insurance.
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Old 01-05-2016, 10:30 PM
Location: Sacramento
13,784 posts, read 23,798,899 times
Reputation: 6195
I've been retired for nine years now, and we bought a brand new vehicle last year, a Honda CRV.

So yeah, some of us can buy new vehicles in retirement.
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Old 01-05-2016, 10:34 PM
6,211 posts, read 4,715,040 times
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Our old car broke down 3 times last year. That was it. We bought a new car two months ago. We had planned in advance to pay cash but the dealership practically cried. So we bought with a loan at under 3% interest. At one time you could get a better price paying cash. Apparently that is no longer the case. I do recommend that if you can wait, buy just before the new models come out. We got an incredible deal and then my wife did her thing and we got another $650 in accessories for $50.
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Old 01-05-2016, 10:38 PM
Location: Out there somewhere...a traveling man.
39,522 posts, read 47,675,353 times
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Been retired 20 years just bought a 2016 Ford Explorer SUV 5 weeks ago.
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Old 01-05-2016, 10:52 PM
6,874 posts, read 7,267,992 times
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Yes. Clearly one can be a car while retired. Depends on your finances, reedit history, etc
Only you know what will be right for you.

My mom retired at 57, and needed a new car in her early 70s and got one (used, financed through her credit union)
My current 10-year-old car, car will be 20 years old when I plan to retire at 65. I'd thought about, buying new before I retire -- and many times that is best because of the way creditors see "working income" versus retirement income, pensions, and the buyer's AGE (and ability to pay off the loan). But IF I still have that car, I may keep it until I HAVE to buy…..whether that's after retirement, or I'm 70 or whatever. But that's just me. I keep cars until the doors fall off.
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Old 01-05-2016, 11:19 PM
Location: Silicon Valley
18,081 posts, read 22,914,959 times
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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.

Personally, unless you bought complete lemons, I'd just keep what you have and do any repairs when needed.

There's nothing wrong with keeping and maintaining an older vehicle - provided it's a vehicle known for longevity like a Toyota or Honda.

Really, just do the math. What will original cost be? Insurance? Registration? Taxes? Anticipated maintenance? Resale value?

A new car rarely is a good choice.
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Old 01-06-2016, 12:07 AM
28,230 posts, read 39,866,600 times
Reputation: 36735
Unless you can afford it. Then it's moot.
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Old 01-06-2016, 02:49 AM
Location: Backwoods of Maine
7,107 posts, read 8,145,682 times
Reputation: 18735
Sure you can. I don't know anything about monthly payments, or dealerships that "cry" (what's that all about??), but paying cash is definitely the way to go, even if you have to buy a newer used car. If your current rides are running well, definitely keep 'em for as long as you can. You don't know yet exactly how you'll be doing in retirement, so I would not saddle myself with a large monthly payment right now.
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