Chronic Car Buyers Anonymous (Archived)

fintail

And that RTA tax is on a criminally insane depreciation schedule.

Now that I have escaped the rat race, my registration is over $500 less. Fintail has been $0 since I put YOM plates on it 25 years ago.

28firefighter said:

Sales tax in my part of WA is 10.3% with an additional .3% addition for vehicle purchases/leasing.

That’s in addition to the western Washington RTA tax. 1.1% of the vehicle’s value every year at registration.

On the upside, no state income tax.

roadburner

28firefighter said:

I use TurboTax. We definitely itemize between mortgage interest, property tax, and charitable donations.

Turbo Tax is great, but we’ve got some investments and rental properties as well as a pension and a salary- I was just tired of fooling with it.

corvette

fintail said:

Now that I have escaped the rat race, my registration is over $500 less.

Congrats on escaping the rat race!

As for itemizing, I've "barely" been able to itemize for the last few years, which indicates that having a mortgage on my primary residence is of very limited benefit versus paying it off (effectively, buying a bond with a rate of return equal to the interest rate on the mortgage). I'm okay with having debt on the rentals, even though it's at a higher rate, because there is no standard deduction there and it's 100% deductible against rental income and they are cash flow positive, so it's like they're their own self-contained businesses.

oldfarmer50

corvette said:

fintail said:

Now that I have escaped the rat race, my registration is over $500 less.

Congrats on escaping the rat race!

As for itemizing, I've "barely" been able to itemize for the last few years, which indicates that having a mortgage on my primary residence is of very limited benefit versus paying it off (effectively, buying a bond with a rate of return equal to the interest rate on the mortgage). I'm okay with having debt on the rentals, even though it's at a higher rate, because there is no standard deduction there and it's 100% deductible against rental income and they are cash flow positive, so it's like they're their own self-contained businesses.

Aren’t you worried about the rent moratorium? A coworker owns a house in Brooklyn. One tenant is paying, the other is not. He’s going to sell it as soon as he can before the non-payer skips out.

oldfarmer50

roadburner said:

I think we've itemized deductions every year since we've been married. For us it's 100% real/personal property taxes and charitable contributions. We switched to an accountant about six years ago; it's not cheap but it's a lot less hassle.

I continue to do my own taxes due to a personal resistance to paying someone to tell me how much to pay the government. The increasing complexity makes that harder and harder.

stickguy

I do my own. Well, the software does them. I just enter the numbers. Even if I hired someone, I would still have to do most of the work (which is getting all the forms together). Plugging the stuff in is the easy part.

But, I also have a straightforward situation. No businesses or weird investments or rental properties. And only W-2 income. So about as basic as it gets.

If I had rental properties or my own business, I would hire someone to make sure I didn't miss anything.

Michaell

stickguy said:

If I had rental properties or my own business, I would hire someone to make sure I didn't miss anything.

With the studio set up as an LLC, we have a CPA do all of our bookkeeping; and they do our taxes, as well.

corvette

oldfarmer50 said:

corvette said:

fintail said:

Now that I have escaped the rat race, my registration is over $500 less.

Congrats on escaping the rat race!

As for itemizing, I've "barely" been able to itemize for the last few years, which indicates that having a mortgage on my primary residence is of very limited benefit versus paying it off (effectively, buying a bond with a rate of return equal to the interest rate on the mortgage). I'm okay with having debt on the rentals, even though it's at a higher rate, because there is no standard deduction there and it's 100% deductible against rental income and they are cash flow positive, so it's like they're their own self-contained businesses.

Aren’t you worried about the rent moratorium? A coworker owns a house in Brooklyn. One tenant is paying, the other is not. He’s going to sell it as soon as he can before the non-payer skips out.

That’s definitely a concern. Luckily, it sounds like most tenants realize they still owe the rent. Also, in most areas, my understanding is that you can still evict for reasons other than nonpayment of rent. The rental properties aren’t my entire portfolio.

explorerx4

I've had some weird issues in the past, so I'm happy to pay my very sharp CPA to do my taxes.
This year(2021), we(sister and I) need to figure out the family property in Germany we inherited, got in our names and was sold.
BTW, I bought 90+ percent of my new Explorer with the money I cleared on the August sale of my 2017 F-150.

qbrozen

roadburner said:

28firefighter said:

I use TurboTax. We definitely itemize between mortgage interest, property tax, and charitable donations.

Turbo Tax is great, but we’ve got some investments and rental properties as well as a pension and a salary- I was just tired of fooling with it.

I use Taxact. It is a PITA when you have so much going on. I’ve got our full-time jobs, my freelance work for 2 companies, one of which pays 1099 and the other is W2 but charges me both NY and NJ tax, rental income, investment income, business and rental writeoffs, mortgages, etc. Taxact wound up charging me $150 this year because of all the forms and dual states. Feels like I might as well pay an accountant at that price point. Problem is, I doubt an accountant will be as ... creative... as me.

xwesx

Yeah, my life has been pretty simple so far. I've never come anywhere near standard deduction, even before the recent tax shenanigans, and the only real complicator at all is the Alaska Permanent Fund dividend. Some years I need to add extra forms for my kids, and others I do not. I started using an online program some years ago (H&R Block), and its pretty simple. Maybe things will change with the second property now, but I don't think so.

Shockingly, this year there was only a week or so between filing and receiving my refund. Usually it is around three weeks, and I was a little annoyed that I had to wait quite a while this year to receive the 1099 on one of my investment accounts since I need to pour that money into this silly house in Ohio. Apparently, the IRS made up for the delay, so... good news! Who knew that was even possible anymore...?

xwesx

Oh, and darn jinxes...

I'm having some sort of issue with the NOx reductant system on the Q7 such that the car is telling me that it will not restart within a couple hundred miles. I decided to just park it today and started driving the Forester instead.

stickguy

Hope it makes it all the way to the dealer. One reason I wouldn't buy something that didn't have support near by (though that is not an issue where I am, unlike your local). But I would take that as a sign to get a car where there is a dealer in your nearby city.

IRS was quick this year. Wife was paying bills Friday, and noticed that our refund was already there. And I think I filed 2 weeks ago yesterday. Pretty quick. Still need to wait for NJ. I mail them the forms instead of paying to E File.

xwesx

stickguy said:

Hope it makes it all the way to the dealer. One reason I wouldn't buy something that didn't have support near by (though that is not an issue where I am, unlike your local). But I would take that as a sign to get a car where there is a dealer in your nearby city.

IRS was quick this year. Wife was paying bills Friday, and noticed that our refund was already there. And I think I filed 2 weeks ago yesterday. Pretty quick. Still need to wait for NJ. I mail them the forms instead of paying to E File.

I do not disagree with you regarding dealer proximity.

I've been noticing lately that there are a whole lot of VW and Audi vehicles in Fairbanks, which really surprises me given that neither have local warranty support. They aren't as frequent as brands such as Ford, GM, Chrysler, Toyota, or Subaru, but I think they are likely as prevalent as Honda, and they seem to be better represented than other luxury/high end makes.

I will send an email to the dealer tonight with the VCDS logs; hopefully they'll give me some reasonable feedback other than "please bring it in." Doing this solo dad stuff with a kid working, but not driving yet, doesn't make for a simple daily schedule!

stickguy

what exactly are you doing with this Ohio (?)(or whichever midwestern state) house? Cleaning it out to sell? I think I missed that part of the back story.

stickguy

just spent a few minutes cruising facebook marketplace (since I hear that is where you buy used cars now and that CL is dead). Man, what a lot of miled up crap for lots of money.

every so often I get thinking I should buy a modestly priced used car. Then I go try and find one, and realize I should just spent actual money and get something new or close to it!

xwesx

stickguy said:

what exactly are you doing with this Ohio (?)(or whichever midwestern state) house? Cleaning it out to sell? I think I missed that part of the back story.

No, my wife is going to live there for the time being while she's taking care of her mother (the mother will be there too). After that, we'll probably set it up as a short-term rental, and we'll use it as our base of operations when we're in the area visiting family (which we typically do for a while every year or two).

Location is a little town called Conneaut in extreme northeastern Ohio, about equidistant between Cleveland and Erie, right along the lake shore.

stickguy

thanks. I thought she was taking care of mom but wasn't sure exactly why she was there with a house.

xwesx

stickguy said:

thanks. I thought she was taking care of mom but wasn't sure exactly why she was there with a house.

Because her mother lives in a nasty, low-rent apartment place that has a questionable clientele, and she (my wife) must sleep on a chair or tiny couch, and it is just not the best environment for convalescence... or even survival! Our standards are better than that, and we're willing to invest in them.

graphicguy

qbrozen said:

graphicguy said:

qbrozen said:

I maybe might have a deal on a Camaro. Salesperson is very very slow to respond, but the last lease sheet looks good. About $308/mo. But she is missing NJ MVC on there, so I'm trying to find out what's up with that. 2nd problem is that it is 650 miles away. But I've failed at getting anybody closer to deal. They charge only a $75 doc fee, though, so that helps.

What a fun road trip that might be........!!!!! Hope it works out!

Maybe not if snowing. Lol.
I thought about it but we’re talking 2 days. I think paying 600-650 to save 2 days is money well spent. And, really, after gas, tolls, and the trip there, I’d save what? Maybe 200?

Party Pooper!!!!!!

kyfdx

Without a large mortgage (or actual jobs), we can't come close to itemizing.

But for those that want their charitable contributions to result in a tax break, you can bunch them in alternate years, or set up a DAF (donor advised fund). The last year before they increased the standard deduction, we set up a DAF at Schwab, and donated company stock. When you donate stock, you don't pay tax on the capital gains, yet you get the full present value amount as a deduction.

So, we got a big deduction by donating about six years worth of charitable donations at once. When it's time to donate, we go on-line and click, and Schwab sends a check.. and, we go back to taking the standard deduction. Win-Win.

stickguy

Infatuation of the day from my son. Lexus is coming out this fall with a V8 (NA) version of the IS (so IS500 F sport). 472 HP, RWD, lots of nice performance features. Might be the last of the compact V8 sport sedans since the MB C63 is going 4 cyl hybrid now.

[Deleted User]

stickguy said:

Infatuation of the day from my son. Lexus is coming out this fall with a V8 (NA) version of the IS (so IS500 F sport). 472 HP, RWD, lots of nice performance features. Might be the last of the compact V8 sport sedans since the MB C63 is going 4 cyl hybrid now.

https://youtu.be/TXlzDdyR1js

My kid sent it to me too, but he's not in the market at the moment...

stickguy

looks like they pulled the cowl induction hood off a 1970's Camaro hot rod project.

qbrozen

stickguy said:

Infatuation of the day from my son. Lexus is coming out this fall with a V8 (NA) version of the IS (so IS500 F sport). 472 HP, RWD, lots of nice performance features. Might be the last of the compact V8 sport sedans since the MB C63 is going 4 cyl hybrid now.

yet word is it will be significantly slower than a 340i.

stickguy

They listed 4.5 seconds in the press release. Could be understated. So more than fast enough.

And I’ll bet it sounds way better with a NA V8.

Michaell

stickguy said:

So more than fast enough.

Not to @roadburner!

roadburner

Michaell said:

stickguy said:

So more than fast enough.

Not to @roadburner!

Correct; the replacement for the 2er has to run 0-60 in under 4.0 seconds and-more importantly-run the quarter in the mid to low 12 second range.

xwesx

roadburner said:

Michaell said:

stickguy said:

So more than fast enough.

Not to @roadburner!

Correct; the replacement for the 2er has to run 0-60 in under 4.0 seconds and-more importantly-run the quarter in the mid to low 12 second range.

Short lunch breaks!

stickguy

Michaell said:

stickguy said:

So more than fast enough.

Not to @roadburner!

well, he is the far outlier that manufacturers pay no attention to. Along with the 5 whackos that want brown, diesel stick shift station wagons. And all of whom don't want to pay what it costs anyway.

breld

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

xwesx

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

Yes! That should keep you occupied until at least April...

stickguy

you should definitely get that. Then sort it all out, take care of any needs, and sell it to me. Just no tint please, I don't like that.

xwesx

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

I just had an epiphany!

You know the "Subscribe & Save" feature that Amazon has? You need that. Just sign up for one "low" monthly price, and, once every *insert timeline here* (four weeks?!), you just get a new (to you) car delivered to your door, they pick up the old one, and off you go. Enter your set of preferences (e.g., performance category, etc.) at the start, and it is just a never-ending rotisserie of automobiles without ever having to sign on the dotted line.

28firefighter

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

Beautiful car. Going to need some preventative love.
- cooling system (water pump, expansion tank, radiator, thermostat)
- VANOS seals and VANOS supply line
- I’d also get a PPI to make sure the valve cover gasket, oil filter housing gasket, and oil pan aren’t leaking. The first two are probably starting to leak by now...

roadburner

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

Those are starting to appreciate; I'd still want a ZHP at an absolute minimum. It's definitely one of the last analog BMWs, but since I already have one I'd go for the M2 Comp(or CS if I hit Powerball).

andres3

kyfdx said:

28firefighter said:

stickguy said:

Sandy, that one is a manual. But I will say flat out, given your issues with issues coming up on your car, and being cheap to keep, you do not under any circumstances want to get an older BMW. Great driving, but generally needy and not in a cheap way.

+1. Not for the faint of heart or easily bothered by maintenance.

I found that if you really love the car, the maintenance costs don't really bother you. It's like being an audiophile, and dropping $300 on a turntable cartridge. It makes you happy.

You mean there's a reason Brembo's able to charge what they charge and still remain in business? They do charge $$$.

andres3

roadburner said:

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

Those are starting to appreciate; I'd still want a ZHP at an absolute minimum. It's definitely one of the last analog BMWs, but since I already have one I'd go for the M2 Comp(or CS if I hit Powerball).

Thinking about winning the Powerball makes car shopping a fun exercise.

I'd definitely get a M2 Comp, but I'd have to have a V10 R8 too. For times when I want to cruise in a land yacht, I'd take an S8.

I'd need to get a warehouse to garage all my cars. Won't be competing with Leno, as I like modern cars more. I hear the new 911 Turbo embarrasses the Demon in a straight line; will need one of those too.

corvette

Found a very tastefully modded example on 100percentjake’s recent livestream.

andres3

fintail said:

To get into longterm ownership, next month will be 26 years with the fintail.

That's a long time. What do you see as the Fintail's future? Another 26 years?

andres3

roadburner said:

roadburner said:

CR gave an absolutely glowing review of the M235i.. I kind of felt like Jerry Seinfeld in the episode where he finds out that the girl he was dating had been dumped by Newman.

As an addendum to that:
Which Car Brands Make the Best Vehicles?

That's a good run down of what CR likes. I noticed Audi was a bit down; probably mostly due to going down in owner satisfaction from very good to just average. The road test score of 88 is still OUTSTANDING. Something tells me the modern doodads and Hellen Keller featers create too many reliability issues.

stickguy

xwesx said:

breld said:

Maybe I should just forget the M2 and save a load of cash...

https://carsandbids.com/auctions/KVaLBN0Q/2004-bmw-330ci-coupe

I just had an epiphany!

You know the "Subscribe & Save" feature that Amazon has? You need that. Just sign up for one "low" monthly price, and, once every *insert timeline here* (four weeks?!), you just get a new (to you) car delivered to your door, they pick up the old one, and off you go. Enter your set of preferences (e.g., performance category, etc.) at the start, and it is just a never-ending rotisserie of automobiles without ever having to sign on the dotted line.

send this to Carvana. They might go for it.

andres3

oldfarmer50 said:

roadburner said:

stickguy said:

well, if the capabilities of the regular model are probably not being used up 99% of the time, it certainly makes sense to me to go with the model that doesn't beat you up on a daily basis. If you happen to spend most of your time on the track, could come to a different decision.

That car would never survive down here. Right now the roads are so crappy it is impossible to miss all the nasty potholes unless you stay on your driveway. Super skinny sidewalls and expensive wheels are going to spend a lot of time on a flatbed. A Raptor looks more appealing every day.

What gets me are the dimwits who test drive a car, buy it, and THEN complain about issues that would be evident on the shortest drive- just like the poor fool on the trade in value topic who was trading in a Wrangler after three months because it was noisy on the highway, had little cargo space, and had a top that took too long to put up or down.

I think some people get so emotionally fixated on a car they ignore limitations. Then they realize after that a noisey track car isn’t what they really wanted.

Pushy sales people might have something to do with that.

stickguy

on another forum (not car related) was chatting with someone that mentioned he was looking for a new car, wanted AWD and was thinking about a Wrangler. Though he admitted he isn't sure he really liked them. Also lives in the city and street parks. I just told him that if he wasn't familiar with them, had real seat time in one, and interested in doing anything with its capabilities, he would probably start hating it pretty quickly. Plus he was considering an older one, which is even less likely to end well.

stickguy

my son needs to stop sending me links to interesting cars. He is starting to get me thinking about opening up the wallet wider than I was planning to.

latest was that a local Chevy dealer has a 600 HP ZL1 Camaro at a big discount. Not that either of us actually wants a Camaro. I even had one. My first car was a 1967 Camaro. Unfortunately, a well used and very rust 6 cylinder power glide. But hey, it was only about $250!

28firefighter

So, Q, what’s the word on the Camaro?

stickguy

here's one incoming for TJC. No clue if this is a desirable year or model, but at least it has a moonroof!

https://www.royalmotorsnj.com/details-2006-lincoln-town_car-4dr_sedan_signature_limited-used-1lnhm82w66y642638.html

qbrozen

28firefighter said:

So, Q, what’s the word on the Camaro?

She claims it was approved, says they’ll fedex paperwork tomorrow, I’ll sign and return for Thurs delivery, and I should arrange for Friday pick up. Fingers still crossed over here.

laurasdada

Looks like we're committing to building a new condo in Plymouth, MA. Move in Q1 2022. Big check due in a few weeks. And, how do I keep the fiancé in check in the design center this summer?

So, my love of all things Rube Goldberg and unique, my local Jag dealer his this on the lot:

https://jaguarnorwood.com/used/Porsche/2018-Porsche-Panamera+E-Hybrid-for-sale-Boston-6bbe87870a0e0adf4716d676e1a94ca3.htm

Death by a thousand cuts? Or a load of economical (well, ignore the price) GT fun?

stickguy

hey, it's only money. A whole lot of it, but still only money.