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 09-15-2017, 02:51 PM
 
Location: Eastern Washington
14,233 posts, read 44,903,829 times
Reputation: 12813

Advertisements

Quote:
Originally Posted by Ruth4Truth View Post
OP, honestly, by the time one is retired, one should be past the stage of wanting "exciting" cars. One should go for what's practical. How long do you usually keep your cars? Until they die, or for a few years, then trade them in? Has your policy in that regard changed, now that you'll both be retired? I think the important thing is to be realistic, and to keep in mind that unforeseen expenses can happen in retirement. Especially in the later years, when one might need home health care, which is very expensive.

My brother and his wife will soon both be retired, and they're planning on buying used cars, only, from now on. She's a nurse, so she plans on putting in a weekend here and there, to keep a trickle of income happening, but they're still battening down the economic hatches, to play it safe. You're at a stage of life when nothing can be taken for granted, even your nest egg. Bear in mind that during the dot-com bubble burst, people lost about `1/3 of their investment funds, just from that. That really hurt people who were retired. Also bear in mind that the Glass-Steagal Act, which prevented debacles like the 2008 home loan and securities fiasco, has never been reinstated. The root cause of that crisis was never addressed. Your nest egg is still vulnerable to another similar crisis, to name only one of many factors that can, and some of which probably will, negatively impact your retirement funding.

It's best to be cautious and prudent in ordering one's priorities and deciding what to spend, and what to spend it on, IMO.
He's retired. He's not dead. You are not a car gal, obviously, so you don't "get it". I will soon be 60. I'm still not into "practical, comfortable" cars. I need just one ride in such a car - a hearse. And I ain't ready for that for a while.

He's not on about life as in "not dying", he's on about life as "actually living"!

OP, "Refuse to tiptoe through life, only to arrive safely at death"!
Reply With Quote Quick reply to this message

 
Old 09-15-2017, 02:53 PM
 
Location: Texas
43,552 posts, read 52,658,619 times
Reputation: 70801
Quote:
Originally Posted by mathjak107 View Post
like i said i always owned bmw's but i finally got my record clean of speeding tickets . without driving at higher speeds and appreciating the handling and control there is little in it for me as far as owning them .

i traded mine in for the wrangler sahara and got more use out of the wrangler as i took it hunting ,fishing and in deep snow .


i love higher end cars but unless i can use it's qualities it is just a tease to me .


Silly billy.
You can get a lot of a higher end car without breaking the law.
Speed-wise, too.
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 02:53 PM
 
Location: Alexandria, VA, USA
948 posts, read 538,134 times
Reputation: 2181
Quote:
Originally Posted by Tall Traveler View Post
I just wanted to get the opinion of retirees, especially those that have been retired for a number of years, what percent of your wealth do you consider acceptable to spend on cars in retirement?

Wife retired at 54 a couple years back and I'm getting ready to retire in the next few months and I was wanting to get the opinion of retirees.

We bought a new car recently for wife and I'm thinking of buying a very exciting car for myself and added together, it would constitute about 5% of our wealth (we won't have a note, pay cash)....do you think that's too much and if so, what do you recommend or if you think that's too little or not a problem, I want to hear that too.

Our pensions, investment income, SS should be easily sufficient to live on. Yes, we could conceivably get by on one vehicle but we are both pretty active and we live in an outer suburb so public transportation is not really feasible.
I am not one to talk, since we bought a Tesla.


It is not cheap, but we saved and scrimped and worked several gigs until retirement. I get several pensions, we have some savings, so why not? We also give to charity -education, pets, homeless, church.
Attached Thumbnails
What % of your wealth is acceptable to spend on cars in retirement?-tesla.png  
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 02:55 PM
 
Location: Mount Airy, Maryland
10,460 posts, read 5,926,819 times
Reputation: 16151
I took a different approach, I have already set aside money in 2 Roths for new cars. This way it grows tax free and there won't be a big tax hit when we withdraw. I didn't really think in percentages. I just set that money aside and know it's one thing I won't have to factor in with my planning.
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 04:52 PM
 
Location: NNV
1,518 posts, read 972,148 times
Reputation: 3096
Quote:
Originally Posted by mathjak107 View Post
like i said i always owned bmw's but i finally got my record clean of speeding tickets . without driving at higher speeds and appreciating the handling and control there is little in it for me as far as owning them
Wrong! You're problem is you need older BMWs. Something in the early 80s.

Just came back from a trip to Colorado in my 733i. It was wonderful. I can feel the road, hear the engine, the ride is not punishing, comfortable seats, minimal electronics, the smell of old leather (my wife says my BMWs smelled differently).

This is what you need...I'm keeping my eye open for another one.



The next car for the wife will be a Forester or Outback. We'll need the AWD. We test drove them when helping the mother-in-law buy her car (Outback) and wife was impressed.
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 04:58 PM
 
71,524 posts, read 71,712,424 times
Reputation: 49105
Quote:
Originally Posted by stan4 View Post
Silly billy.
You can get a lot of a higher end car without breaking the law.
Speed-wise, too.
nothing i am interested in .

i like speed and handling , always did . other wise no fun for me . i am not in to just showing it off or buying it because it's "nice or makes a nice noise ".

i do a lot of snow driving so the outback is perfect for us . i don't need the capabilities of the jeep anymore . the jeep is great off road but the ride sucks on road .

Last edited by mathjak107; 09-15-2017 at 05:07 PM..
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 05:27 PM
 
2,038 posts, read 1,947,532 times
Reputation: 3449
I think a few % of wealth is fine for a fun but depreciating asset.
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 05:30 PM
 
Location: Texas
43,552 posts, read 52,658,619 times
Reputation: 70801
Quote:
Originally Posted by mathjak107 View Post
nothing i am interested in .

i like speed and handling , always did . other wise no fun for me . i am not in to just showing it off or buying it because it's "nice or makes a nice noise ".

.
No, no, no, no. There are ways to make use of the hp, speed, and handling without actually speeding.
You're a skilled driver. You know that.
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 05:31 PM
 
71,524 posts, read 71,712,424 times
Reputation: 49105
meh ! not for me at this point . if i can't really enjoy it the way i like , to me it is like going to a strip club ha ha ha.

i drove my old boss's Bentley ,which is very very nice , but still said the same thing , meh!
Reply With Quote Quick reply to this message
 
Old 09-15-2017, 05:39 PM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
Reputation: 6379
Quote:
Originally Posted by Tall Traveler View Post
So far, it looks like I'm the only person that considers my wealth as a factor in deciding how much to spend on my cars in my upcoming retirement....this surprises me but I guess this is what makes the world go round, everyone has a different opinion.
I don't care how much of my wealth I pay for a car. I will look at getting the biggest bang for my buck. Our last car purchase was to trade a 10 year old Subaru Forrester for a Cadillac SRX4. We got good money in trade for a year end model with 3k on it and the entire warranty. Also with another 14k off in incentives and 0% financing we could not pass it up.

Quote:
Originally Posted by mathjak107 View Post
really ? says who ?

the biggest group buying luxury cars is always those in their 70's . why shouldn't they ? if they have the dough why not buy a luxury or performance car ?

all our financial situations are different . exciting cars will always be a part of many retiree's lives. I can't appreciate them here with all our congestion or my love for fine cars would never end until I did .

This is my feeling too. I expect that if I am still living in the US of A when I am 70 I will have a self driving BMW Z# Roadster drop top. I put the # sign in cause I expect that it will be a Z5 or Z6 by then and with more bells and whistles. As long as it can hold a set of golf clubs I am good with it.
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
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