The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

OFF-TOPIC Convince me to buy / not buy a new car

levijean

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 22, 2017
259
391
197
USA
I have never bought a brand new car before. I've had my current daily driver for 5 years, I bought it when it was 3 yrs old. I've always driven cars until the wheels fall off. This one would probably last me another 5+ years with minimal issues. I like it just fine, I have no good reason to get a different one, but for some damn reason I can not get buying a different car out of my brain for the past few months. I have probably test driven 20+ vehicles from cars to trucks to SUVs. There is a new car that I keep coming back to. I could pay cash for it 5x over. But I am having a hard time justifying the purchase when my current car is perfectly fine and not worth much as a trade.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

socaldude

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jan 10, 2012
1,323
3,014
786
Mexico
The truth is that all cars are the same utility wise. They all get you from point A to point B.

I constantly get the bug to buy a flashy car as well but then I realize it's really not gonna make me any more happier. Sure, there's a part of me that may make me feel like hot-shit but most people are haters anyways and I really don't want a gold-digger as a girlfriend. Oh, and I don't really care how people perceive me.

I wouldn't be saying this if I was 21 again. I would day dream all day about exotics and the attention you get.

But I mean if it's really bugging you then I would say go for it as long as you can pay cash and it is a small percentage of your liquid net worth and you have decent cash flow/income from a business.
 

MTF

Never give up
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 1, 2011
2,714
13,076
2,804
I wouldn't purchase it. Why? Because you're satisfied with your current car and don't really have a good reason to replace it.

If you buy the new car, perhaps you'll be excited for a few weeks or months and then it will get old and you'll regret spending so much money on it. It won't give you much long-term value for your money, plus you never really know if it's not going to turn out to be a lemon and cause you more headaches than fun.

The situation would be different if you had, say, a small car, and wanted to buy a big one so you could go on a road trip and sleep in the back or buy a truck because you do a lot of DIY projects and need to haul stuff. In your specific situation, I think that you'll regret it, particularly if you could otherwise earn a good return on the money spent on it.
 

Longinus

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 28, 2014
1,038
4,281
1,016
33
Poland / Belgium
I had a good reliable car until recently. 340k km and still going strong.

But it was a 2.5 diesel and laws in my country started boycotting diesel with high taxes (after having promoted it for years). So I bought another one, second hand. For some reason stuff keeps breaking on this car.

Will have almost €3000 on repair costs and I don't even drive it for a month.

New cars are stuffed with electronics and for many cars this is a huge PITA.
Also, this car makes me settle for the coming years. This I realized when the purchase was finished.

I regret this purchase and I'm thinking to sell it, even at loss.

If I were you, I would delay the purchase as long as you can. The nice feelings you will have after buying that car will fade very soon.
 

IGP

Gold Contributor
FASTLANE INSIDER
I've Read UNSCRIPTED
Speedway Pass
Aug 24, 2015
506
1,336
426
46
If you have that sort of cash flow to justify it, buy it. I think you're over-allocating brain power and under-allocating cash. :)

What is money for, anyways?
I agree with Jason...

The general rule is: "If you have to ask if you can afford it, don't buy it."

However, this doesn't seem to apply here. If you have 5X the cash, just buy it, move on and stop wasting time on the decision.
 

Kak

Incubator Enrollment is Open for October
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jan 23, 2011
5,352
21,101
4,554
Your priorities should go like this:
1. What amount can you afford and not give a shit? It's different to everyone and it sounds like you are, in fact, giving a shit.
2. What do you want?

I've tried it all... Leasing, buying new, financing, cash, super used. Whatever. I'm not married to any of it.

Just make sure you can afford it (and not give a shit) and do whatever. Literally, beyond that, the financial math of the car you drive should be of minimal concern. Think bigger.
 
Last edited:

Raoul Duke

Per aspera ad astra
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 26, 2016
1,411
4,990
1,135
I had a good reliable car until recently. 340k km and still going strong.

But it was a 2.5 diesel and laws in my country started boycotting diesel with high taxes (after having promoted it for years). So I bought another one, second hand. For some reason stuff keeps breaking on this car.

Will have almost €3000 on repair costs and I don't even drive it for a month.

New cars are stuffed with electronics and for many cars this is a huge PITA.
Also, this car makes me settle for the coming years. This I realized when the purchase was finished.

I regret this purchase and I'm thinking to sell it, even at loss.

If I were you, I would delay the purchase as long as you can. The nice feelings you will have after buying that car will fade very soon.
Could it be, because... those are not the doors of a billionaire?
 
Last edited:

Darko Jocic

Bronze Contributor
Read Millionaire Fastlane
Jul 14, 2014
72
117
134
20
Serbia
IMO, there are a few basic questions that are useful to rehearse:

1. Do I need it? (for a specific purpose/goal)
2. Does it make me better? (healthier/more capable/more efficient)
3. What kind of effect would it exert on my environment and is that effect beneficial to my purpose/goals?
4. How easily can I afford it, if at all?
5. Is there anything else equal to or cheaper than this that would better serve me/lead me in a more beneficial direction?

I've found these helpful in recalibrating my mindset. For me, it's way too easy to get seduced by one fantastical idea or another, and these questions get me back in check. Remind me of what's important and why.

I hope you'll find them as useful as I do.
 

Utopia

Bronze Contributor
Speedway Pass
Oct 7, 2016
105
166
149
Traveling
The truth is that all cars are the same utility wise. They all get you from point A to point B.
It's not really true. As a for instance, one car may get you the deal and another car might make you look like a potential failure to a client, preventing you from getting the deal. Of course, it may be the opposite and the client could feel sorry for you, but just an example.

One kind of car is going to get you a better looking girl (or more girls) compared to another. Field-tested.

I have a dude that is on my Facebook and he has a huge following, one of those I will help you get rich types. The dude did a Facebook live with him going to purchase his brand new nice a$$ car and the followers went nuts. He would argue that this new car made him a ton of money.

To this end, it is my opinion that you should treat your car as an investment.

Some business owners buy brand new business trucks, but I think this is stupid. People buy brand new cars and I think this is retarded. Do the math:

Someone who makes $40k a year buys a brand new $40k truck. After one month the truck is worth $30k or less. How much is the loan still worth? $45k or more depending on the loan. In addition to this, the person has to pay full coverage auto insurance at an increased rate that their previous beater didn't even come close to. The new car loan is $400 a month (or more) and car insurance is $300 a month (or more). Stupid.

However this is vastly different from the person who makes $500k a year and decides that taking a $15k loss on a $40k brand new truck is worth it to him. He doesn't care because this amount of money is like tipping the waiter a $100.

Choose wisely.
 

holmzee

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 2, 2014
373
681
283
24
Not enough information. If you're saddled by debt, then do not buy a new car. If you're bootstrapping a business or looking to quit your job soon, then do not buy a new car. If you have the financial means to do so, then by all means pull the trigger. Just know that the novelty will fade within 3-4 months.

Personally, I will never buy a car unless I can pay for it in cash, which is what I did. But that's just my philosophy. Feels great to own a car outright and only have to pay insurance and other expenses.
 

Argue

Gold Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Oct 1, 2016
646
2,340
555
27
NYC
If you have f*ck you money, yes.
 

biophase

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 25, 2007
6,618
29,728
5,083
Scottsdale, AZ
I just bought a new car from the dealer. I never thought I'd buy a car new but... it happens. And I'm also learning that a bunch of "I'll nevers" that I said to myself when I was younger and had less money are turning into "I just did".

Here's why I bought a new car. My current car was a 2005 Toyota 4runner with 210k miles and I've loved it. In fact I just got everything serviced, new timing belt and water pump all fluids changed.

Then my cousin needed a car and we were looking in the $5k price range. After not finding anything decent, I just sold her my car for $7k as an excuse for me to buy something new.

Well a used 4runner with 100k miles was asking $26k, with 50k miles was asking $33k, and brand new was $38k. So for $5k more, I said WTF bought new. Went to the dealer and re-lived the painful experience of buying a new car. That must be the only time where you fork out a ton of money for something you want and don't feel good about it at all when you leave.

So to answer your question, if you've thought about it enough to post the question, then you probably really want a new car. You can make all sorts of financial reasons to not do it. Buying a new car is almost never a good financial move. In the end, I'm happy with my car, my cousin has a cheap reliable car, so we are both happy.
 

The EL Maven

No longer life's passenger
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Dec 3, 2015
83
256
170
Everyone here makes a valid point. The key phrase that stood out to me was "daily driver". Now, correct me if I'm wrong, but that implies you have a nicer car tucked away for sport/fun, nice weather, etc. In this case, the daily driver is supposed to be a car that you don't feel terrible about when it gets scratched up or dirtied. New cars get the gentle treatment from me, but this is simply one man's opinion. If your daily driver is your only car, then perhaps you keep the daily driver and buy another for good weather driving. Let me tell you, that's a real fun way to do it. If it's your second car, then a new one sort of defeats the purpose, imo.
 

Colega

New Contributor
Read Millionaire Fastlane
May 31, 2018
5
10
18
19
Laredo, Texas
The truth is that all cars are the same utility wise. They all get you from point A to point B.

I constantly get the bug to buy a flashy car as well but then I realize it's really not gonna make me any more happier. Sure, there's a part of me that may make me feel like hot-sh*t but most people are haters anyways and I really don't want a gold-digger as a girlfriend. Oh, and I don't really care how people perceive me.

I wouldn't be saying this if I was 21 again. I would day dream all day about exotics and the attention you get.

But I mean if it's really bugging you then I would say go for it as long as you can pay cash and it is a small percentage of your liquid net worth and you have decent cash flow/income from a business.
Hey is there a chance I can know why you don't like or you're not interested anymore about the idea of having an exotic car like you used to? and when did you lose the attention of having an exotic car?
 

socaldude

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jan 10, 2012
1,323
3,014
786
Mexico
Hey is there a chance I can know why you don't like or you're not interested anymore about the idea of having an exotic car like you used to? and when did you lose the attention of having an exotic car?
I can sit here all day trying to explain how or why. :rofl:

But it has to do with the realization that my thinking was basically wrong or ineffective. And where does most people's thinking come from? Our environment. High school, college, parents and society. Our environment did a horrible job of showing us how to think. Very few people can construct and create new ideas or solve problems with their mind. It's extremely difficult and a lifelong journey.

99% of being successful has to do with being a good thinker or knowing how to think and being able to be self-aware of the fact that there is error of thought.

My self-awarness went something like this: "wait a minute I want a nice car just so people can view me a certain way or that I can feel a certain way about myself". Hhhmm...

Why not just feel good because of the person you are.

At age 21 or 22 if there was something I knew for sure it was that. I needed to shift my values and my attention from material things to mental things.

In other words you gotta solve a problem first, sell it and cash out then you can buy stuff with it. Most people obsess about the material stuff and have no clue how to solve a problem or be an entrepreneur.

I still like brands and material things it's just that instead of it dominating my life it's a small percentage of my values. Being a good independent thinker has mostly replaced that.

Maybe other people see it differently and thats ok. And I think most won't agree with me. I just say what worked for me.
 
Last edited:

Colega

New Contributor
Read Millionaire Fastlane
May 31, 2018
5
10
18
19
Laredo, Texas
I can sit here all day trying to explain how or why. :rofl:

But it has to do with the realization that my thinking was basically wrong or ineffective. And where does most people's thinking come from? Our environment. High school, college, parents and society. Our environment did a horrible job of showing us how to think. Very few people can construct and create new ideas or solve problems with their mind. It's extremely difficult and a lifelong journey.

99% of being successful has to do with being a good thinker or knowing how to think and being able to be self-aware of the fact that there is error of thought.

My self-awarness went something like this: "wait a minute I want a nice car just so people can view me a certain way or that I can feel a certain way about myself". Hhhmm...

Why not just feel good because of the person you are.

At age 21 or 22 if there was something I knew for sure it was that. I needed to shift my values and my attention from material things to mental things.

In other words you gotta solve a problem first, sell it and cash out then you can buy stuff with it. Most people obsess about the material stuff and have no clue how to solve a problem or be an entrepreneur.

I still like brands and material things it's just that instead of it dominating my life it's a small percentage of my values. Being a good independent thinker has mostly replaced that.

Maybe other people see it differently and thats ok. And I think most won't agree with me. I just say what worked for me.
wow you are right, notice that I realized that the way they teach us to think is very selfish and people never think about how you say, fix problems, do something for the world, in a few words successful people are successful because they make a big impact or they help others, they think big, and that is what should be done.

These days people are caught with the idea of consumerism means being better than others, when in reality as you say the most important thing and the most valuable thing is knowledge.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

SanzCeb

New Contributor
Read Millionaire Fastlane
Jun 1, 2018
7
13
18
26
Madrid
I have never bought a brand new car before. I've had my current daily driver for 5 years, I bought it when it was 3 yrs old. I've always driven cars until the wheels fall off. This one would probably last me another 5+ years with minimal issues. I like it just fine, I have no good reason to get a different one, but for some damn reason I can not get buying a different car out of my brain for the past few months. I have probably test driven 20+ vehicles from cars to trucks to SUVs. There is a new car that I keep coming back to. I could pay cash for it 5x over. But I am having a hard time justifying the purchase when my current car is perfectly fine and not worth much as a trade.
Did you do a matrix weight decision? That maybe could give you a strong answer. IMO, if you did the math and you are sure that you can afford it without struggling, I would only wait for the car that really freaks me out, and I would just buy it.
 

WJK

Gold Contributor
Speedway Pass
Oct 9, 2017
728
1,610
463
Nikiski, Alaska
I am more interested in WHY you have these longings. The issue is not the car -- it the "why. What's going on inside your heart and head?
I have seen a lot of people who gain some success. Then they go on a spree where they throw away all the things that were important to them. They buy all kinds of stuff to celebrate their new status and mark their territory.
I have always watched with trepidation when guys divorce their longtime wives and marry the office bimbo. They spend large amounts for trinkets and shiny status symbols. Followed by either buying a huge boat or an airplane. Then they go on extended vacations and stop taking care of their businesses. All their folly is usually followed by a spectacular financial meltdown. Learn from their mistakes.
What does a new car really mean to you? After all, it's just a car!
 

Dark Knight

Contributor
Read Millionaire Fastlane
Mar 9, 2018
19
37
28
23
Warsaw
I used to dream about cars, but now I do not think about it anymore. Almost everywhere I want to reach, it's faster to get there by subway than by car. And it is a much cheaper solution. I prefer to collect money for business.
 

Pesh

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Feb 9, 2018
16
49
28
That Place
Theres always something better to spend your money on. Just have to figure it out for you.
 
Last edited:
OP
OP
levijean

levijean

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 22, 2017
259
391
197
USA
Everyone here makes a valid point. The key phrase that stood out to me was "daily driver". Now, correct me if I'm wrong, but that implies you have a nicer car tucked away for sport/fun, nice weather, etc. In this case, the daily driver is supposed to be a car that you don't feel terrible about when it gets scratched up or dirtied. New cars get the gentle treatment from me, but this is simply one man's opinion. If your daily driver is your only car, then perhaps you keep the daily driver and buy another for good weather driving. Let me tell you, that's a real fun way to do it. If it's your second car, then a new one sort of defeats the purpose, imo.
My avatar pic is my fun car. I've been considering replacing it and my daily driver with a new semi-fun car to simplify things a bit.
 
OP
OP
levijean

levijean

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 22, 2017
259
391
197
USA
Well I did it. As much as I didnt have any good reason to, I just couldnt shake it out of my head. I test drove this a few weeks ago and today I noticed they dropped the price a couple grand. It was enough incentive for me to head back over and take another spin and write a check.

20180614_174624.jpg
 

ChrisR

Diamond Contributor
FASTLANE INSIDER
I've Read UNSCRIPTED
Speedway Pass
Nov 11, 2017
150
268
176
35
Republic of Kekistan
Beautiful car but that thing is going to be worth nothing before you know it. Cars in general are huge depreciating assets but German cars are easily the worst.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom