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S t r e t c h i n g To Buy More Than One Can Afford

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  • graphicguygraphicguy SW OhioPosts: 7,101
    Not sure what it's like getting a car loan these days. I know a couple of years ago, I kept reading that no one was offering leases because of the collapse of GM and Chrysler. Not sure about loans, either. If financial institutions are really tightening the reins, those who are trying to get a Benz on a Corolla income maybe SOL.
  • robr2robr2 BostonPosts: 7,744
    I had to go look that up. But that's okay, I don't know who Annie E. Casey is/was either.

    Annie E. Casey was the mother of Jim Casey who founded UPS. He had no children and started a foundation in his mother's honor (a widow in the 1890's/1900's raising 4 children).

    According to aecf.org:

    "The primary mission of the Foundation is to foster public policies, human-service reforms, and community supports that more effectively meet the needs of today’s vulnerable children and families. In pursuit of this goal, the Foundation makes grants that help states, cities and neighborhoods fashion more innovative, cost-effective responses to these needs."
  • steverstever YooperlandPosts: 40,016
    There you go - need to get a truck guy to get cars into the hands of the working poor.

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  • My other half took delivery of the new KIA Sportage top 3 spec with Satnav & the 'rest'.

    Our thoughts were around getting 'everything' we wanted, rather than what we needed. However, we did spend half an hour on the motorway, trying to get the cruise control to work. So far, it still does NOT work!

    While Matin played with the 'switches & knobs', I had my head lost in the driver's manual which genuinely is bigger than the local telephone directory!

    When KIA delivered the car, it was a case of 'here's your spare, here's your ignition, here's the lever to fill up, here are your keys, enjoy your car!'

    Oh, and don't forget, 'press this switch to fold your mirrors!'

    Yeah, so maybe buying the top spec was not such a good idea if we can't even get the cruise control to work!

    Will chat with KIA on Monday - no way for us to know if the cruise control simply does not work, or if it is so complicated to set it, that you need instructions on the windscreen!

    Will keep you informed on how things work out!
  • qbrozenqbrozen Posts: 17,150
    It's not that I can't "afford" my cars, but I do feel somewhat guilty that I blow so much money on them. Granted, my primary car cost all of $15k, but I do have 2 others to supplement. Add in my wife's T&C and 25-year-old Benz and we have a bit over $50k tied up in these vehicles and depreciating every day (some more than others). BUT, on the other hand, that's an average of $10k per vehicle. So it all depends on how you look at it.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • andre1969andre1969 Posts: 21,852
    It's not that I can't "afford" my cars, but I do feel somewhat guilty that I blow so much money on them.

    Same here, and I'm finding that the older I get, the more adverse I am to spending large amounts of money on cars. Psychologically, it feels like the $7500 I spent to buy my Park Ave two years ago "hurt" more than the $22K that my Intrepid cost me, twelve years ago!
  • michaellnomichaellno Posts: 4,300
    Psychologically, it feels like the $7500 I spent to buy my Park Ave two years ago "hurt" more than the $22K that my Intrepid cost me, twelve years ago!

    Yeah, but didn't you make payments on the 'Trep ($347.xx) and wrote one big check for the PA?

    I'm guessing that if you decide to sell the PA to the roommate, dump the Silverado and get a newer DD you'll make payments, since everything you've been looking at has been between $15-25K.
  • fezofezo Posts: 9,328
    I think this is part of the aging process. I thought little of the $400 a month payment on the Windstall but now dislike going over $300 a month on a car when I have more money.
  • andre1969andre1969 Posts: 21,852
    Yeah, but didn't you make payments on the 'Trep ($347.xx) and wrote one big check for the PA?

    Yep, the Trep was $2000 down and $347.66 (that number will probably stick in my mind for life) for 60 months. I was also able to psyche myself into justifying the Intrepid. I had just refinanced my mortgage a few months before, saving around $200 per month. And I estimated that, compared to the '89 Gran Fury police guzzler I had been driving, the Trep would save around $125-150 per month in fuel. So, right there, that just about covers the monthly payment. Of course, there were other factors, such as insurance on the Trep, and the fact that while the mortgage was ~$200/mo cheaper, that was also ~$200/mo less that I could write off on my taxes.

    I was also still delivering pizzas back then, and in a good week, would make roughly that monthly payment. And I had the option to pick up more nights if I really needed to.

    So, in the overall scheme of things, the Intrepid really didn't affect my monthly expenses, other than the initial hiccup of the $20000 down payment.

    I'm guessing that if you decide to sell the PA to the roommate, dump the Silverado and get a newer DD you'll make payments, since everything you've been looking at has been between $15-25K.

    Yeah, and I'm still procrastinating on that. I really don't want to get back into monthly payments. Plus, my automotive tastes have been all over the map lately. Heck, my most recent fixation is a 2006-2007 Lucerne V-8...even though initially one criteria was that whatever new car I get has to get better fuel economy than the Park Ave!
  • fintailfintail Posts: 33,515
    I'm that way. Even in 2006 when I bought my current car, I didn't really wince when I put the money down and made the first payment. But the final payment 4 years later had me never wanting that monthly liability again. I passed the big 3-0 right around the time I bought the car, maybe that did it.
  • steverstever YooperlandPosts: 40,016
    edited November 2011
    My Last Car Payment was... in 1982.

    Oddly enough, I wouldn't mind having one so much these days. Maybe because there's no mortgage to worry about right now.

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  • lemkolemko Posts: 15,120
    edited November 2011
    I feel the same way too. I think you don't feel bad about spending large sums of money on a car when you're younger because you feel you still have a lot of time to make up for it. When you get into your 40s, you start to realize you don't have as much time. Getting married and having children accelerates this feeling.
  • berriberri Posts: 4,142
    I think as you get older you start to realize that experiences trump possesions. There aren't those many cars out there that will give you experiences like in the old days. But don't worry Fintail, when you move your [non-permissible content removed] down to Georgia all you''re gonna need is a beat up redneck pickup truck anyway - just kidding!
  • andre1969andre1969 Posts: 21,852
    I think as you get older you start to realize that experiences trump possesions. There aren't those many cars out there that will give you experiences like in the old days.

    that could very well be. In my case, I've never felt the need to buy an expensive, flashy new car, but there are lots of old cars that I really love. But, I find that the older I get, I'm more and more content to look at them at car shows, rather than own them. It's kinda like being a grandparent I guess...you enjoy the grandkids for some good times, but then send them back to their parents who have to deal with all their problems!

    Plus, I think I'm really starting to get into a wanna-be early retiree mindset, and a dollar saved is actually worth more than a dollar earned, because you don't pay tax, social security, and medicare on the dollar saved!
  • steverstever YooperlandPosts: 40,016
    edited November 2011
    You don't own stuff, it owns you.

    That's especially true with "classic" cars I think.

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  • andre1969andre1969 Posts: 21,852
    You don't own stuff, it owns you.

    That's especially true with "classic" cars I think.


    Back over the summer, when my '79 5th Ave blew its power steering pump, after I already put a lot of money into it, I had thought about retiring both it and my '79 New Yorker base model. I figured that even if I junked the damn things, they'd save me a lot of money in the long run, in insurance, registration, repairs/maintenance, etc.

    But, a couple weeks ago, I paid a mechanic on the side to fix the power steering pump on his own time, in my garage, and after it was fixed, I gotta admit, it felt really good to slip behind the wheel of that beast again, and suddenly any desire to get rid of it, or the other NYer, totally slipped my mind.

    But, who knows? As I get older, I might tire of them, eventually. I've decided, too, that my next old car is going to be a '61-62 Cadillac. That is, unless something else happens to catch my eye! :shades:
  • fintailfintail Posts: 33,515
    Houses too - mortgage, taxes, neighbors, maintenance...I can have more fun in a car :shades:

    The way I see it now, I can have a car payment, or I can go on a couple trips per year, indulge myself in the old toy cars I like, and still have something left over.
  • fintailfintail Posts: 33,515
    Having two nice enough paid for cars isn't a bad thing. I look at the frightful depreciation on just about anything, and I can't justify it.

    From what I can see, if I moved to GA, I would need either a jacked up pickup, an Excursion sized SUV for off roading in the vinyl siding orchard where I'd live, or an old domestic boat on 26" wheels :shades:
  • berriberri Posts: 4,142
    ...and don't forget the rifle or shotgun to blow away those traffic camera's and expressway red/green ramp control lights.
  • kernickkernick Posts: 4,072
    I'm in my early 50's and really don't have any other expenses then the basic utilities, food, gas, and insurance ocntributions. I also contribute around 20% to my 401K. I help my stepsons and wife a little too.

    My theory these days is my auto budget whether for a primary car or a primary and "fun" vehicle is that - I pay cash, and any extra $ to keep it on the road does not affect my lifestyle. That means the car does not affect if I go out to eat ... we do use coupons, wait for sales, and redeem all sorts of promotions. So there is no profligate spending.

    But like I said - if it's even close to affecting my lifestyle, I don't buy it. So I've been putting off buying a "fun" 3rd vehicle for the family, and instead "invest" the tax and insurance savings in an extra cruise or vacation each year. I satisfy my car-art desire by looking at glossy photos and car shows. And I waxed my car on Sun. which I hadn't done for months, and I almost got that new car feel. :)
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