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HOT TOPIC The road to wealth is simple: Drive a crappy car

minivanman

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I don't think anyone has addressed that a car made in 2005 is not going to protect you and your family as well as a car made in 2015!
Honestly, for those people, they should just stay home and hope a plane doesn't crash down on their house.
 

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I was on a business course a few years ago with people who had established businesses.

We were discussing how the economy was on the up and everyone seemed to be chasing new vehicle registrations.

We all laughed and joked that the competition in the room was whose car had the highest mileage.


I’ve a 2006 Toyota Corolla with 220,000 kms in it. It’s for school runs around town, and taking the kids to sports training/matches. It’s clean (apart from grass and mud on the inside occasionally!) and my favourite car ever - because it was bought and paid for.
 

NCNY

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My mother got T-Boned in a crash this year, and the only thing that saved her life and got her with only minor scratches are 2 metal beams that protects the vehicle from the sides..

The vehicle got smashed except the metal beams that stopped the other car from killing my mother.

Since the crash, we ONLY buy cars that are 5 stars EURO NCAP (Sorry I don't know the american equivalent) and the newer the better - safety wise

10+ y.o cars are nice and cheap but you are risking your safety.
 

Longinus

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Honestly, for those people, they should just stay home and hope a plane doesn't crash down on their house.
Except that the chance you get killed in a car crash is x10000000000000 more likely than when a plane crashes upon your house.
 

DavidTT

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I actually own a 300zx which I bought back in October of 2007. Ya it's just a toy and was nothing but a money pit for a few early years but its the only car I have and at this point, it actually retains its value. I don't really need a car since I work downtown and can take public transit. It's paid off a long time ago and doesn't cost me anything to own right now besides basic vehicle registration and insurance. I did think about selling it because I don't NEED it and is one of those material possessions that act like ballast since it needs greater maintenance, indoor parking etc. However, I also would like to think that the reason why I am keeping it also stops me from eyeing other cars since its already pretty quick and a nice drive. If I would have sold it, I would probably be more tempted to look at other nice/fast cars. By keeping it, it gives me the fast/nice car fix.

25252

If I would sell it, I don't think I would own a car because I really don't need one. Living downtown and having services such as UBER, Lyft or Car-to-go, a car really isn't a necessity anymore.
 

minivanman

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But what if you are driving down the road and a brake rotor from an 18 wheeler comes through the windshield? What are the safety rating for that? Or how about a deer jump through the side window and kill the back passengers? Or how about if you are sitting in your living room and a car comes through the wall and the person sitting on the couch gets killed? I could go on and on. I'm just wondering about those safety ratings. Or, if people are so concerned about something like that..... how about taking their kids to sports? Plenty of room for broken bones and death there. Just sayin..... Now if you was comparing a 1985 vehicle to a 2015 vehicle..... I could kinda see where you're coming from. But, in order to live.... we have to live. My last driver for the sprint car had a 7 point harness... roll cage.... the safest of safe things in the modern age..... he did a very easy flip at slow speed and broke his back.
 

GuitarManDan

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Honda Civic owner checking in. Especially since moving to Scottsdale.. I’ve never seen more luxury cars in my life.

I definitely value my freedom way more than any exotic sports car. Absolutely something to aspire to (to be in a place where I don’t even have to think about if I can afford it) but until then, I’m fine driving the practical cars.
 

mindfulimmortal

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This thread reminds me of great advise from The Principle (from Ray Dalio) to consider second and third order consequences, not just first-order ones! "The outcome you get as a first order consequence might be desirable, while the second or third order consequence could be the opposite. So focusing on the first order consequences, which people tend to do, can lead to bad decision making. " Good examples are foods we eat and effects: Fried foods sound good when you are looking at the menu (first order consequence - satisfying your desire) but he second and their order of poor health and undesirable body should be considered. Or in the case of a car - that first order consequence of "this car makes me feel good and my friends will love it" will soon be overcome by the 2nd order consequences of high monthly cost, worries of someone scratching/denting it, high cost to maintain, etc.
I tend to buy a "nice but reliable" car that is coming off a lease and keep it for 10years. My go to cars have been Lexus. If you do the math right and get the car at a 30% discount with low mileage the cost to own over 10 years is reasonable. Yes a bit cheaper Toyota will save a little when it comes time to sell it the resale value is also higher. Price vs value over time with math vs emotions!
 

YoungPadawan

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You want a cheap ride? For $270 total, you can assemble a motorized bicycle that gets 90mpg+ and goes 35 mph.

I like to call it, my "Hardly Davidson"
25267
 

Tourmaline

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My mother got T-Boned in a crash this year, and the only thing that saved her life and got her with only minor scratches are 2 metal beams that protects the vehicle from the sides..

The vehicle got smashed except the metal beams that stopped the other car from killing my mother.

Since the crash, we ONLY buy cars that are 5 stars EURO NCAP (Sorry I don't know the american equivalent) and the newer the better - safety wise

10+ y.o cars are nice and cheap but you are risking your safety.
Precisely.

I actually own a 300zx which I bought back in October of 2007. Ya it's just a toy and was nothing but a money pit for a few early years but its the only car I have and at this point, it actually retains its value. I don't really need a car since I work downtown and can take public transit. It's paid off a long time ago and doesn't cost me anything to own right now besides basic vehicle registration and insurance. I did think about selling it because I don't NEED it and is one of those material possessions that act like ballast since it needs greater maintenance, indoor parking etc. However, I also would like to think that the reason why I am keeping it also stops me from eyeing other cars since its already pretty quick and a nice drive. If I would have sold it, I would probably be more tempted to look at other nice/fast cars. By keeping it, it gives me the fast/nice car fix.

View attachment 25252

If I would sell it, I don't think I would own a car because I really don't need one. Living downtown and having services such as UBER, Lyft or Car-to-go, a car really isn't a necessity anymore.
Oooooh very nice! I've seen low mileage ones going for $40k!!!!

But what if you are driving down the road and a brake rotor from an 18 wheeler comes through the windshield? What are the safety rating for that? Or how about a deer jump through the side window and kill the back passengers? Or how about if you are sitting in your living room and a car comes through the wall and the person sitting on the couch gets killed? I could go on and on. I'm just wondering about those safety ratings. Or, if people are so concerned about something like that..... how about taking their kids to sports? Plenty of room for broken bones and death there. Just sayin..... Now if you was comparing a 1985 vehicle to a 2015 vehicle..... I could kinda see where you're coming from. But, in order to live.... we have to live. My last driver for the sprint car had a 7 point harness... roll cage.... the safest of safe things in the modern age..... he did a very easy flip at slow speed and broke his back.
My 2006 vehicle does not have side air bags. All vehicles after 2010 sold in the USA must have them. The death rate from side impacts is about 50% higher when side air bags are not present.

Is this utterly trivial to you and dismissed by focusing on edge case scenarios? Getting t-boned is not an edge case, and I have family that has been t-boned too.

A 2015 Camry can be had for $13-15k. A 2006 Camry can be had for $6k. Call it a $10k difference and if you keep the car for 10 years that is $1k per year.

:blush:
 

MoneyDoc

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Me being a car guy... this is really hard. My first car, which I bought earlier this year, is a Jaguar F-Type R - 550HP, V8 supercharged... wow... give's me shakes every time I drive it.

I did get a REALLY great deal on this one. 2.99% and 5 years extended CPO warranty. I did put a lot down so my monthly payments are not too bad. Note, I CAN pay off more than half the loan amount - but I'm currently not doing so as I'm investing everything back into the business.

Now if you're talking about the typical 9-5 corporate slave, then I agree, a lot of people driving new BMW's and Mercedes should not be driving BMW's and Mercedes.

But exotics and supercars should not be included in scope of this article as anyone driving a lambo, Ferrari, r8, etc. is most likely not living on the streets or pay cheque to pay cheque.

And if you're making enough money to comfortable finance/lease an exotic or supercar and you LOVE cars, then I say don't hold back... I don't think there is a "perfect" time as we have no clue when we'll be put to rest...
 

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Kak

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You want a cheap ride? For $270 total, you can assemble a motorized bicycle that gets 90mpg+ and goes 35 mph.

I like to call it, my "Hardly Davidson"
View attachment 25267
Oh no it is unsafe! It doesn’t have side curtain airbags and seatbelts.
 

ElenaStar

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Very rarely do I agree with Marketwatch's personal finance tips but I agree with this one.


Early in my entrepreneurial journey, my lust for fast cars really set me back in many ways.

Each time I was burdened with payments which forced me to work crappy jobs. All for an above average car that was merely a mask to an identity that I haven't yet achieved.

The nice car gave me a temporary ego boost (for about 1 month) and swiped away TIME and MONEY.

Nothing wrong with a nice car, even an exotic one.

But for the love of God, wait until you can afford to buy one, pay cash (or use cheap money) and not bat an eye about it.
My husband recently told me I could upgrade my car if I wanted to. It’s a 6 year old Camaro but it’s paid off. I was tempted for a minute but thought a new Camaro is equal to half of my student loan debt! Decision made!
 

ecommercewolf

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I actually own a 300zx which I bought back in October of 2007. Ya it's just a toy and was nothing but a money pit for a few early years but its the only car I have and at this point, it actually retains its value. I don't really need a car since I work downtown and can take public transit. It's paid off a long time ago and doesn't cost me anything to own right now besides basic vehicle registration and insurance. I did think about selling it because I don't NEED it and is one of those material possessions that act like ballast since it needs greater maintenance, indoor parking etc. However, I also would like to think that the reason why I am keeping it also stops me from eyeing other cars since its already pretty quick and a nice drive. If I would have sold it, I would probably be more tempted to look at other nice/fast cars. By keeping it, it gives me the fast/nice car fix.

View attachment 25252

If I would sell it, I don't think I would own a car because I really don't need one. Living downtown and having services such as UBER, Lyft or Car-to-go, a car really isn't a necessity anymore.
Man such a classic and timeless car that was ahead of it's time, always loved this design. I have a 06 G35 myself and it still looks newer than most of the more recent cars on the road. Gonna drive it as long as I possibly can.
 

Doug Smith

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I've been leasing for the last several cars but when this one is over I'm going to buy something. I'm sick of payments, and quite frankly worrying about it getting dinged or scratched. I had a really fun Volkswagen Jetta GLI that is by far my favorite car I've ever had, but it didn't add any value to my life other than compliments at the drivethru.
 

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Got a bicycle I can ride around on. No payments, no gas, no insurance. And free exercise. Great investment!
 

DavidTT

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I'll go a step further: don't own a car.

Since I sold my M3 Sport, I haven't looked back.

For me, car ownership was a depressing trap. Grab, Didi, Uber and GoJek for the win!
That complete freedom sounds really good lol. I am constantly thinking about whether or not I should sell my 300zx. I've had it for close to 12 years so I don't know if I'll regret selling it. I know most guys who sold them always tell me not to do it because they end up regretting it lol.
 

minivanman

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My husband recently told me I could upgrade my car if I wanted to. It’s a 6 year old Camaro but it’s paid off. I was tempted for a minute but thought a new Camaro is equal to half of my student loan debt! Decision made!
That was really nice of him to let you.
 

minivanman

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I've been leasing for the last several cars but when this one is over I'm going to buy something. I'm sick of payments, and quite frankly worrying about it getting dinged or scratched. I had a really fun Volkswagen Jetta GLI that is by far my favorite car I've ever had, but it didn't add any value to my life other than compliments at the drivethru.
But dangerous as hell. As KAK said, It doesn’t have side curtain airbags and seat belts.
 

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minivanman

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Me being a car guy... this is really hard. My first car, which I bought earlier this year, is a Jaguar F-Type R - 550HP, V8 supercharged... wow... give's me shakes every time I drive it.

I did get a REALLY great deal on this one. 2.99% and 5 years extended CPO warranty. I did put a lot down so my monthly payments are not too bad. Note, I CAN pay off more than half the loan amount - but I'm currently not doing so as I'm investing everything back into the business.

Now if you're talking about the typical 9-5 corporate slave, then I agree, a lot of people driving new BMW's and Mercedes should not be driving BMW's and Mercedes.

But exotics and supercars should not be included in scope of this article as anyone driving a lambo, Ferrari, r8, etc. is most likely not living on the streets or pay cheque to pay cheque.

And if you're making enough money to comfortable finance/lease an exotic or supercar and you LOVE cars, then I say don't hold back... I don't think there is a "perfect" time as we have no clue when we'll be put to rest...
No, lots of people who drive that exotic car yet can't afford rent so they stay with friends. Or drive the car and live in a cheap hotel room or dumpy old house. Don't let the car fool ya..... in more ways than one. Someone in a dumpy old mini van might pull up beside the exotic car and has a larger net worth than the car driver.
 

NCNY

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But what if you are driving down the road and a brake rotor from an 18 wheeler comes through the windshield? What are the safety rating for that? Or how about a deer jump through the side window and kill the back passengers? Or how about if you are sitting in your living room and a car comes through the wall and the person sitting on the couch gets killed? I could go on and on. I'm just wondering about those safety ratings. Or, if people are so concerned about something like that..... how about taking their kids to sports? Plenty of room for broken bones and death there. Just sayin..... Now if you was comparing a 1985 vehicle to a 2015 vehicle..... I could kinda see where you're coming from. But, in order to live.... we have to live. My last driver for the sprint car had a 7 point harness... roll cage.... the safest of safe things in the modern age..... he did a very easy flip at slow speed and broke his back.
Please spare 3 minutes to watch this 2 videos comparing a 2008 Ford Ranger - 2 stas EURO NCAP rating and a 2012 Ford Ranger with 5 stars EURO NCAP

2008 Ford Ranger 2012 Ford Ranger

There is a major difference, there is a reason why this rating system and agency exists :)
 

Kak

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Please spare 3 minutes to watch this 2 videos comparing a 2008 Ford Ranger - 2 stas EURO NCAP rating and a 2012 Ford Ranger with 5 stars EURO NCAP

2008 Ford Ranger 2012 Ford Ranger

There is a major difference, there is a reason why this rating system and agency exists :)
I'm curious. Would you fly in a Cessna? Would you drive a tiny sports car? Would you fly in a helicopter? Ride a motorcycle? Travel to a third world country? Shoot a gun? Eat something raw?
 

NCNY

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I'm curious. Would you fly in a Cessna? Would you drive a tiny sports car? Would you fly in a helicopter? Ride a motorcycle? Travel to a third world country? Shoot a gun? Eat something raw?
I did all of that except flying in a sesna, I am not against taking risks and having fun, I'm just saying that specific in the auto industry I'd rather drive a safe car than a 20 years old car.

People dont care about statistics until they hit their family, and if my mother didn't ride her 2013 renault captur (which is a cheap car) with 5 stars of safety she would probaly be dead/vegetable today
 

biophase

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What this post is really saying is don’t spend money on stuff you really can’t afford. Doesn’t matter if it’s a car, watch or house.

I do agree about the safety ratings vs saving money. If you care about safety that much, get newer cars. Me and my brother buy my parents a new car every 2-3 years. The self driving part that avoids accidents is what makes us keep upgrading. If money is no object, why not get the best that’s available. What are you saving it for?

If you hate or think about the payments, then you couldn’t have afforded it.

If you have a car you love selling it doesn’t bring in any life changing amount, then keep it. Don’t sell that 300ZX.
 

biophase

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I'm curious. Would you fly in a Cessna? Would you drive a tiny sports car? Would you fly in a helicopter? Ride a motorcycle? Travel to a third world country? Shoot a gun? Eat something raw?
There are risks in everything. The key here is really to mitigate them to the best of your ability and risk tolerance.

For example if you could pick an airline that had an uncrash-able plane vs current airlines, but cost 50x the price would you do it?

I would not because I couldn’t afford that. But if I had $50M, I would choose it.

But other $50M net worth people may not choose it because they are ok with the reliability of current planes.
 

ElenaStar

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That was really nice of him to let you.
I know, it really was. He bought it for me a few years before we were married as a gift so it was still in his name, he wanted to let me know we just had to sign a few papers but the cost of the upgrade would have been on me!
 

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