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It seems that everyone in my locale is driving newer cars, despite this being a relatively low-income area. “Beaters” would be something like a 2004 Dodge Neon or Buick. Very, very rarely does one see an older car – apart from shows or other specialized gatherings. By “older” I mean something pre-OBD-II, such as a 1991 Miata, or a 1983 Toyota Celica, or for the domestic-set, a 1982 Caprice. It seems that a 30-year-old-beater has gone extinct, among women and among men.
But I agree with the OP… women tend to prefer newer cars, and would rather buy a modest newer car than a higher-performance car that’s a bit older and thus depreciated to the same price-level. Take for example the venerable Camry or Civic. If it’s a 2012, the driver could be male or female. If it’s a 1997, the driver is almost certainly male.
I’ve seen what appears to be equal share of male/female drivers of newer high-performance cars, especially if these are luxurious/prestigious first, and high-performance second. But again, the older high performance cars – such as an E36 BMW M3 (now 20-23 years old) are almost invariably driven by men.
There’s some truth to this. To somewhat exaggerate, women prioritize comfort and workaday reliability. Men prioritize performance and personalization. A man might seriously consider disconnecting the accessory-belt, disabling the air conditioner, just to get a little more available power. A woman would dismiss that as being utterly inane.
I agree with most of this, but to be fair, your definition of a beater is pretty old. How long do you expect a 40 year old Caprice to last?
Usually the only old cars worth keeping on the road are worth restoring for car shows and stuff. Not too many people want to spend too much on keeping a 40 year old Caprice going when you can get a much newer version for almost nothing.
I suppose retiring before 30 is an admirable goal if you hate your career and can’t find anything else to do, but I’m not sure how the country would better off being debt free and not working...Those are called homeless camps.
I don’t really care what you chose to spend money on. If you pull toilet paper plies apart to double the life of the roll to save money for a $5,000 kayak that’s your perogative.
There’s money management and there’s just being thrifty. Saving all your money is a great idea if you either plan to live forever or want to leave it to your cats. But at least we agree transportation is a perpetual expense that will never be paid off. So in that case, just get the most reliable option, since after all that is the biggest point of car ownership.
Who said everyone should share the same goals? A career isn’t something that defines me as a person and not having one certainly doesn’t rob me of the ability to pursue whatever I’m passionate about. Let’s not let group-think control what we are - you’re “career” is simply one facet of life. I simply prefer to be in a position where life is liquid and can spent how I choose (rather than the typical must work to pay the bills). Sure everyone has the option of following my path, but it takes a certain degree of self control and no desire to “keep up with the Joneses” (and never ending rather depressing cycle).
Since when is being financially prudent and driving a car 10 years considered the equivalent of separating 2 ply toilet paper? How old are you? We aren’t talking about driving Al Bundy’s Dodge your entire life just to save money.
No, see because if you paid cash, you would then need to restore your cash for the car’s eventual replacement, so now you’re funneling money back into savings, or money markets, or buying gold bricks or bitcoins or whatever. If you use your own cash, that’s less investment money that you could be earning 5% on or whatever (that effectively becomes your “interest rate”..the lost opportunity cost).
Or you finance and just pay that rate directly to the bank at a fixed known amount and keep your cash intact to take advantage of those other investments.
However with an older used car, it’s possible you could blow a head gasket and be stuck with a car that both doesn’t work and cost more to fix than it’s worth. (This is how most cars finally make it to the junk yard). At that point you’re suddenly in the market for a new car (or a new POS) and you essentially have just scrap value for a trade. Just like in business, there’s certain value to having known cost vs unexpected cost. It’s definatly much easier to plan for known expenses.
And remember the little example I gave earlier?
Option 1:
Buy new car
Make payments for 5 years
Drive car for 10-12 years (maybe even 15)
Vs
Option 2:
Buy new car
Make payments for 5 years
Buy new car
Make payments for 5 years
Rinse and repeat for life
Obviously option 1 saves money. And you aren’t really taking some big gamble as a 10-12 year old vehicle will in most cases have less than 180k miles. Perhaps take that money saved and apply it toward things that cause more stress than the thought of breaking down...paying off one’s house, paying off high interest credit cards, student loans, building a retirement, children’s college fund, etc. You aren’t exactly living like a 3rd worlder by driving a 10-12 year old vehicle. Sheesh, no wonder the average American has less than $5k in savings.
The OP mentioned that women tend to drive cars that are 2010 or newer these days. Wow, a mid-size sedan that is 8 years old is such a status symbol. We're willing to "get in debt up to our eyeballs" just so we can show off how badass we are in a 2010 Toyota Camry.
Who cares that we have to pay a $200 payment a month, which is clearly going to drain us dry? We don't have to worry about it...us silly girls just aren't practical about finances, and we can always meet a guy who will pay our way. After all, we just won't be able to take care of ourselves after making a car payment on such a fancy car, right?
Driving a 20-year-old car and getting stranded on the side of the road regularly would be so much better. After all, then, we could get "rescued" by sweet and chivalrous guys like the ones on this thread.
Buy new car
Make payments for 5 years
Drive car for 10-12 years (maybe even 15)
Vs
Option 2:
Buy new car
Make payments for 5 years
Buy new car
Make payments for 5 years
Rinse and repeat for life
Obviously option 1 saves money. And you aren’t really taking some big gamble as a 10-12 year old vehicle will in most cases have less than 180k miles. Perhaps take that money saved and apply it toward things that cause more stress than the thought of breaking down...paying off one’s house, paying off high interest credit cards, student loans, building a retirement, children’s college fund, etc. You aren’t exactly living like a 3rd worlder by driving a 10-12 year old vehicle. Sheesh, no wonder the average American has less than $5k in savings.
You're leaving a lot out of that equation...like the fact that the car in option #1 is probably NOT going to be repair-free for those extra 5-10 years after you're done making payments.
The OP mentioned that women tend to drive cars that are 2010 or newer these days. Wow, a mid-size sedan that is 8 years old is such a status symbol. We're willing to "get in debt up to our eyeballs" just so we can show off how badass we are in a 2010 Toyota Camry.
Who cares that we have to pay a $200 payment a month, which is clearly going to drain us dry? We don't have to worry about it...us silly girls just aren't practical about finances, and we can always meet a guy who will pay our way. After all, we just won't be able to take care of ourselves after making a car payment on such a fancy car, right?
Driving a 20-year-old car and getting stranded on the side of the road regularly would be so much better. After all, then, we could get "rescued" by sweet and chivalrous guys like the ones on this thread.
This is so ridiculous.
I would think $200 is on the lowest end...maybe a Versa or Mirage. The average new car nowadays is approaching $40k so you’re looking at more of a $400 payment if trading in every 6-7 or so years. That’s about $5k/year plus associated cost of property tax on a newer vehicle and the basically required full coverage auto insurance. Might as well call it $450/month or $5400/year. For some that’s easily affordable but for others that money may come from something else (paying off home, potential retirement/savings contributions, potential college fund, potentially less stressful yet lower paying job, paying off high interest loans, etc). Now if you can afford to cover all your bases and always drive a newer car — well good job.
You're leaving a lot out of that equation...like the fact that the car in option #1 is probably NOT going to be repair-free for those extra 5-10 years after you're done making payments.
Odds are vehicles with a proven history of reliability aren’t looking at expensive repairs at 100, 120 or even 150k miles. Cars are more reliable than ever. Change the oil every 5-10k and maybe the spark plugs at 100k. You might get unlucky and need to replace a few things, but it’s not the 70s where cars are blowing engines before 100k.
Edit: there’s also no guarantee that the new car will be repair free after the 36k-60k warranty period. Yeah, you can buy an extended warranty but at $1500-2000+ that’s just paying for future repairs in advance (aside from the rare engine/transmission meltdown which could cost more than the warranty).
Last edited by eddiehaskell; 10-12-2018 at 11:09 PM..
The OP mentioned that women tend to drive cars that are 2010 or newer these days. Wow, a mid-size sedan that is 8 years old is such a status symbol. We're willing to "get in debt up to our eyeballs" just so we can show off how badass we are in a 2010 Toyota Camry.
Who cares that we have to pay a $200 payment a month, which is clearly going to drain us dry? We don't have to worry about it...us silly girls just aren't practical about finances, and we can always meet a guy who will pay our way. After all, we just won't be able to take care of ourselves after making a car payment on such a fancy car, right?
Driving a 20-year-old car and getting stranded on the side of the road regularly would be so much better. After all, then, we could get "rescued" by sweet and chivalrous guys like the ones on this thread.
This is so ridiculous.
Lol it was just a question, and yes I know a few who $200 extra bucks every month makes thing tight.
That's $2,400 every year that could go to other stuff.
I'm not telling other people how to spend their money I was just curious about the thought process and how often the sexes view these things differently.
In general most guys don't take on a car payment until they are making enough to afford it AND the other stuff they enjoy like hobbies and such, where women earning the exact same income will go without other stuff to make the payment.
An example is I had friends who got laid off from the airport after 911, many were making college level money with highschool educations most of them found other jobs but many weren't able to find jobs that paid what they were used to making, many of the guys let their cars go back and got cash cars, and the unmarried guys got cheaper apartments(often in the hood) and the homeowners who weren't upside down on their mortgage sold and downsized their homes and put their savings in the bank. The girls on the other hand were digging themselves in deeper trying to hold on to their nice apartments, homes and cars.
Now I feel they can do what they want I was just trying to understand the thought process.
I don't like having payments myself because I never feel like the car is mine(it's not yours until the last payment), and if anything changes in my income(and it can happen to anyone) I'm screwed. (I used to work for Montgomery Wards and CompUSA at one time made good money at both places lol)
I would think $200 is on the lowest end...maybe a Versa or Mirage. The average new car nowadays is approaching $40k so you’re looking at more of a $400 payment if trading in every 6-7 or so years. That’s about $5k/year plus associated cost of property tax on a newer vehicle and the basically required full coverage auto insurance. Might as well call it $450/month or $5400/year. For some that’s easily affordable but for others that money may come from something else (paying off home, potential retirement/savings contributions, potential college fund, potentially less stressful yet lower paying job, paying off high interest loans, etc). Now if you can afford to cover all your bases and always drive a newer car — well good job.
You're talking about new cars.
The OP mentioned cars that are "2010 or newer."
I'm a 30-year-old woman. I know a lot of women. I agree that most women these days seem to drive cars that are 2010 or newer. I don't think most women drive brand new cars. Most of the women I know buy slightly used cars and drive them for several years, until their needs change or their cars start to become unreliable.
Even with a 4% interest rate, you can buy a $15,000 car with a $1,500 down payment and have a monthly car payment that's close to $200 a month. And there are plenty of cars that are only a couple of years old in that price range.
To me, it's worth it to spend $200-$250 a month for a car that isn't going to:
-leave me stranded
-require me to beg my husband to look at it
-cost me a lot of money in parts and labor for repairs
-leave me at risk of being screwed over by a mechanic who thinks women are dumb
Somehow, this thread turned into a "new car vs. used car" discussion with a side of bashing women.
Lol it was just a question, and yes I know a few who $200 extra bucks every month makes thing tight.
That's $2,400 every year that could go to other stuff.
I'm not telling other people how to spend their money I was just curious about the thought process and how often the sexes view these things differently.
In general most guys don't take on a car payment until they are making enough to afford it AND the other stuff they enjoy like hobbies and such, where women earning the exact same income will go without other stuff to make the payment.
An example is I had friends who got laid off from the airport after 911, many were making college level money with highschool educations most of them found other jobs but many weren't able to find jobs that paid what they were used to making, many of the guys let their cars go back and got cash cars, and the unmarried guys got cheaper apartments(often in the hood) and the homeowners who weren't upside down on their mortgage sold and downsized their homes and put their savings in the bank. The girls on the other hand were digging themselves in deeper trying to hold on to their nice apartments, homes and cars.
Now I feel they can do what they want I was just trying to understand the thought process.
I don't like having payments myself because I never feel like the car is mine(it's not yours until the last payment), and if anything changes in my income(and it can happen to anyone) I'm screwed. (I used to work for Montgomery Wards and CompUSA at one time made good money at both places lol)
Oh, the horror. Women try to hold on to their reliable vehicles (instead of "letting them go back," which I guess means a repossession? That will ruin your credit for 7 years?) and their safe homes. Moving into "the hood," wrecking your credit and buying an unreliable car and keeping aside money for "hobbies and such" is the more responsible thing to do, I guess.
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