Quite possibly the dumbest car buying strategy ever

"Textured Soy Protein" (texturedsoyprotein)
06/09/2014 at 17:46 • Filed to: None

At a work cookout this weekend, I got to talking about cars with one of my coworkers. He rattled off a whole bunch of different cars he's had, and then he dropped this bombshell:

"Usually I get a new car when I need to buy new tires for the car I have. I figure, why spend $1000 on tires when I could put that money towards a down payment on a new car?"

While in my mind I thought "that is a TERRIBLE idea," I acted politely and was just like "oh I see, uh huh," and glossed over the remainder of the conversation.

But yeah. So stupid.

DISCUSSION (21)

Cebu > Textured Soy Protein
06/09/2014 at 17:47

This is a common strategy for anybody with far more money than sense.

Textured Soy Protein > Cebu
06/09/2014 at 17:48

Except I know the ballpark of what kind of money he makes. It's ok but nothing fancy.

Then again, this makes such little sense that his income still could be higher than the amount of sense this makes.

Mr. Ontop, No Strokes, No Smokes...Goes Fast. > Textured Soy Protein
06/09/2014 at 17:49

I usually do that when it gets dirty, myself...you dirty tire changing peasants.

#yeah,right

YSI-what can brown do for you > Textured Soy Protein
06/09/2014 at 17:55

"Looks like we are out of toilet paper, better buy a new house"

T5Killer > Textured Soy Protein
06/09/2014 at 17:56

#1percentproblems

macanamera > Textured Soy Protein
06/09/2014 at 17:58

I usually do this when the car needs gas for the first time. Usually it's enough to get from dealership to dealership.

ranwhenparked > Textured Soy Protein
06/09/2014 at 18:08

Yep, I have a friend who used to do that. Would just roll the loan from his last vehicle over into the next one and go up about $5-10k in MSRP every time. I have no idea what his debt load is at this point, and I probably don't want to.

M-Powwerr Drives a Ford > Textured Soy Protein
06/09/2014 at 18:13

But see what I do, I buy a new iPhone every time the battery runs out, I pay full price and then place the previous one on the wall, I have an entire room done up like that!

I also live in one room, a janitors closet to support my intelligent money management system!

Garrett Davis > Textured Soy Protein
06/09/2014 at 18:40

At that point why wouldn't you lease?

Textured Soy Protein > Garrett Davis
06/09/2014 at 18:45

That would make much more sense. Although he'd have to choose the mileage on the lease based on projected tire wear for that vehicle, otherwise he might be stuck in a position where he has a few more months left on his lease but tires that absolutely need replacing.

Whereas financing over and over again lets you trade in a car anytime, even if you're putting yourself ever farther into debt in the process.

T5Killer > M-Powwerr Drives a Ford
06/09/2014 at 19:14

When I worked at tmobile I had an old lady call in and say that exact thing about prepaid phones (you know the ones they sell for $20 at walmart,target etc) She was throwing them away and buying a new one when the battery died.

Garrett Davis > Textured Soy Protein
06/09/2014 at 19:17

True. Damn, and with only 1,000 for a down payment... He's got to be in some serious debt. Hell, I put $6,500 down on my ST.

M-Powwerr Drives a Ford > T5Killer
06/09/2014 at 20:00

ok...someone actually did that??!!??

T5Killer > M-Powwerr Drives a Ford
06/09/2014 at 20:11

Yep She was 100% serious, no way it was a prank call since there was a new phone IMEI on the account every few days.

M-Powwerr Drives a Ford > T5Killer
06/09/2014 at 20:12

W.O.W.

T5Killer > M-Powwerr Drives a Ford
06/09/2014 at 20:12

Yep was one if not the most memorable calls I have had in the 4 years I worked for Tmobile.

gmporschenut also a fan of hondas > Textured Soy Protein
06/09/2014 at 20:58

I had a relative who from the early 60s to late 80s would buy a new car every 18 months. While someone of his job would typically drive a caddy or Lincoln he hated having "last years car". He also used to put on 20k miles a year which back then was a shitload.

MonkeePuzzle > Textured Soy Protein
06/10/2014 at 10:47

I have a similar mantra, why buy new tyres when I could get used wheels AND tyres from craigslist for cheaper AND upgrade my looks :D

I go through a lot of wheels, but typically I break even or make money on the deals.

themanwithsauce - has as many vehicles as job titles > Garrett Davis
06/11/2014 at 10:57

Careful now, I made the mistake of saying I put down a good chunk of change on my car. Apparently you're supposed to do no money down or just the 1000$ down and put everything in a mutual fund. In fact, that was the worst financial decision you could've made! You're ruined, man.....just ruined......all because you put down a decent down payment......

I'm starting to see why people hate the front page.

Garrett Davis > themanwithsauce - has as many vehicles as job titles
06/11/2014 at 11:22

I'm so confused.

thebigbossyboss > Textured Soy Protein
06/16/2014 at 14:54

A lot of people are like that. My neighbour INSISTS my car is a piece of crap and that I should go out and buy a new one, because my car is costing me more "than it's worth".

It is probably true, that THIS YEAR I will pay about the value of my vehicle in repairs (about $1000-1500). However this rather misses the point of owning a low value vehicle.

In the previous 4 years, I paid about $1300 total, outside of oil changes. Stuff that down your monthly payments.

Also.....I like repairing my car. It's a learning experience.