"Speedmonkey" (Speedmonkey)
01/06/2014 at 09:46 • Filed to: old cars
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"Speedmonkey" (Speedmonkey)
01/06/2014 at 09:46 • Filed to: old cars | 2
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You can buy a shiny new car and have that shiny new car smell, and the admiration of your neighbours. But if it is like most new cars it'll be a fairly humdrum, practical, do-it-all machine - and if like most new car purchases you'll buy it on some kind of finance which will cost you a sizeable chunk of the monthly budget.
!!!error: Indecipherable SUB-paragraph formatting!!! against buying yourself a new car every few years and instead running two much cheaper cars on a fraction of the budget.
duurtlang
> Speedmonkey
01/06/2014 at 09:57 |
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I absolutely agree. New cars are for warranty (peace of mind), image (maybe) and if you care about state of the art technology. I personally couldn't care less about such things, so I'd never consider a new car even if I had the money. Financing anything other than a house (mortgage) or an education is something I would never do either. But that's just me.
Who needs sway bars anyway
> Speedmonkey
01/06/2014 at 10:06 |
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My sentiments exactly! If you gave me 30k to go buy a car right now you wouldn't catch me near a dealership. 10k for a great 63' Ford Galaxie, 10k for a great Cherokee SJ, and another 10k to make them mine ( wheels, tires, motor work, and maintenance). Those two cars cover all the bases. The Galaxie as a DD/ strip car and the Cherokee as a work truck/winter vehicle. Plus both cars are FUN!!! When I spend 2.5 hours a day in the car I want to spend it in something I would enjoy and I would enjoy them a lot more in a classic. I have DD new cars recently and not only was I perpetually bored, but the transition from my rock crawling Cherokee to a Stock 06' Explorer left me with anxiety attacks.
Yowen - not necessarily not spaghetti and meatballs
> Speedmonkey
01/06/2014 at 10:09 |
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For what I paid for my 3 year old car, I would have paid twice as much for a new example. Depreciation is rediculous!
Also if you care about warranty, tech, newness, a 3 year old car can have most of what a new car can. Plus, like I said above, you can afford two of them. Which of course would be silly! But you could...
Now does a 3 year old car take quite a bit of my monthly budget? Yes. So I intend to keep this car at least 10 years, so I can enjoy being car-payment free.
Which makes me wonder, which two cars could I have had? I could have had a reliable commuter (could have been something as fun as a, Mustang, GTO or a G8 + Ford Ranger or F150), or I could have gotten a convertible, which is also high on my list of vehicle-types to own. Would that be more fun than the SHO I ended up with? I don't know! What do you guys think?
One advantage to getting 1 car instead of 2 is that you only need insurance, registration, parking space for one car.
BJ
> Speedmonkey
01/06/2014 at 10:13 |
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You make a good point, but sometimes 1 car is better. I live in a very large city with very limited parking, no garage, and many months of winter and snow. I take public transportation (or my bicycle) to work every day. My wife commutes a short distance with the car, and picks the kids up on the way home.
Instead of buying an older car with some questions marks and fewer safety features, we bought a much newer one - but not new - with many airbags, a good reputation, air conditioning (we didn't have this before) and a good bit of unnecessary luxury. It's also a bit sporty and has an excellent supply of available aftermarket modifications available, should I wish to spice it up a bit.
We bought the car cash, and instead make monthly "payments" to a savings account for insurance, maintenance, and repairs. The insurance is also reasonable and we have a dealer garage that does excellent work and doesn't try to jerk us around.
I would love to have a car for myself, something less "practical" than our family wagon, but I'd have to deal with moving it every other day to prevent parking tickets, keeping it clean of snow in the winter, and dealing with the wife's questions about why we don't just put that extra money against the mortgage.
Audio Tachometer
> Speedmonkey
01/06/2014 at 10:57 |
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I went to an extreme on this. For the price of one $5,000 car (what is that, around £3k) I have three cars. A pickup, an old police cruiser, and a thrashed 4wd tracker.
GLiddy
> BJ
01/06/2014 at 14:18 |
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Owning a car in this way is going to reap vast financial rewards in the future. I'm not going to say that having one paid-for car is better than two or three paid-for cars, that it up to the individual. What I will say is that having NO financed car is going to go far to make you a financial winner in life.
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BJ
> GLiddy
01/06/2014 at 14:20 |
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You can really get ahead simply by making "payments" even when your car was paid in cash. You're nearly guaranteeing that the next car will also be paid in cash, and no credit card misery when something breaks.
And in our case, unless the family out-grows the 5-seat capacity of the current car, I will have no reason to sell it for a very, very long time.
bob and john
> Yowen - not necessarily not spaghetti and meatballs
03/29/2014 at 14:00 |
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tht advantage is something tht plays for a lot of people. my family only has a 2 car driveway and a 1car garge. the garage is filled with bikes and motorcycles and skies. so mom and dad can each only have 1 car