Author Topic: To buy a new car or not  (Read 766 times)

dragonwalker

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To buy a new car or not
« on: April 17, 2019, 11:10:11 PM »
I currently have a 2009 Honda Civic LX (gas mileage 26 to 34 MPG) with about 83K miles on it. Up until October of last year I was close enough to work that I normally biked to work. My new job is 15.2 miles away one way. I currently carpool with a co-worker each driving our own car 1 week at a time however this is soon going to be ending as my co worker is looking to move soon.

In about 1 year our work location will be moving further from my home about 30 miles 1 way. I would say there is very good possibility that at that time or before I will be moving to a location that will end up being about 15 miles away from my new work.

Since my new job started I've started to drive a bit more lately especially as I find myself less concerned about the car. I estimate weekly now I drive 100 additional miles aside from work combination of city and highway.

I am trying to remove my materialistic and ego driven desires for a car but it's getting more challenging. I have given some thoughts to a Toyota Prius (gas mileage 58 city 53 highway). I was thinking a 1-2 year old used one with a pretty basic trim.

I'd like there to be some way I can justify a purchase like that mathematically with cost savings of gas but I haven't found a way and there may not be one...

My financing options are flexible I could either pay cash, finance at dealership or finance through work at perhaps slightly below market. Even if I bought it in cash I would probably still be comfortable getting full coverage insurance. I currently have just comprehensive on mine. I am a conservative driver who likes trying to drive 60 MPH on the highways (for gas) BUT I have this terrible habit of getting so drowsy when I drive sometimes I'm sure it will cause me an accident one of these days.

I have had no mechanical issues with my current car. Tires will be good until I get to about 100K miles I estimate in 1.5 years. Cosmetically the clear coat is starting to go. It's been rearended a few times but just scratches which I've touched up. It looks ok. Everything inside still works. Private party fair condition according to KBB says I could get $5K for it.

I need some help talking me in or out of this. Maybe some pointers I haven't thought about. Bonus points if there is another vehicle that you think of might meet my criteria. I will say that I will not keep the car until the wheels pop off. I think at most I will keep it another 5 years. Sorry guys I'm just not that mustacian and at some point my ego will overrule any practicality. I do not want to get a truly small car like a Yaris, Fit, Fiat, Smart car. If I got one I would want a traditional sized 4 door sedan maybe a hatchback...
« Last Edit: April 17, 2019, 11:15:22 PM by dragonwalker »

Tuskalusa

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Re: To buy a new car or not
« Reply #1 on: April 17, 2019, 11:27:46 PM »
I think a good start would be to look at your costs under both options and compare. You will likely find that your current car will be a more economical choice, but the math will truly show you what you would be paying to upgrade your ride. Beyond researching car and fuel costs, be sure to research the cost of registering and insuring the new car.

Once you have the costs on the table, then you can decide whether you really want to make the trade-off. For example, can you continue to maximize your 401k contributions?  Do you have other debt that you won’t be able to aggressively pay off?  Are there other expenses you’re willing to cut to fund the car? 

The math is the place to start. Then you can truly align your priorities with your spending.

Let us know what you decide!

AnonymousCoward

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Re: To buy a new car or not
« Reply #2 on: April 17, 2019, 11:36:34 PM »
facepunch. Have you read the blog this forum is attached to?

alsoknownasDean

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Re: To buy a new car or not
« Reply #3 on: April 18, 2019, 05:38:41 AM »
What's wrong with your current car? A ten year old Civic with 83k on it is a perfectly good Mustachian car with over 100,000 miles left in it.

You could probably cut your gas costs by picking up a used Nissan Leaf or similar, but you'd be spending extra cash on getting the car itself.

Do the maths, but the maths will probably come up in favour of keeping it.

BussoV6

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Re: To buy a new car or not
« Reply #4 on: April 18, 2019, 05:43:57 AM »
Crunch the numbers. I'm fairly sure they would indicate just keeping your Honda.

chemistk

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Re: To buy a new car or not
« Reply #5 on: April 18, 2019, 05:57:07 AM »
Keep the Honda. Well-treated, that car will carry you another 166k miles. There's almost no scenario where getting a car newer than yours ends up working better.

Car Jack

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Re: To buy a new car or not
« Reply #6 on: April 18, 2019, 06:50:49 AM »
You're so bored that you're nearly falling asleep?!!!

That trumps even a million miles a gallon.  I would suggest you sell your car and buy a used Honda CR-Z with a manual transmission.  I then suggest that you vary your driving through side streets and stay the hell off the sleep inducing highway.  This is a very cool little car that's fun to drive and gets decent gas mileage.  Not prius mileage, but it won't bore you literally to death.  The Honda is the only hybrid ever available with a manual transmission....which will help you to stay the hell awake.

Everyone does not have to go all extreme whacky bike only crazy, you know.  For some people, that's simply not practical.  The fact that you're not driving a V10 Ford Excursion puts you ahead of all the SUV driving peers.  Oh....and if the speed limit is 65 and you're going 60 to get better MPG, stop being a dick.  You're going to get someone killed swerving away from you while traffic is going 75.  Or you're going to get that Excursion all up into your back seat.

talltexan

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Re: To buy a new car or not
« Reply #7 on: April 18, 2019, 07:04:00 AM »
I cannot comment on the cars in question, they all seem fine.

But if you're determined to drive below the speed of the traffic, that may explain why you've been rear-ended a couple times. When you change cars, make sure the new one is red, so that it's highly visible.

RWD

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Re: To buy a new car or not
« Reply #8 on: April 18, 2019, 08:21:37 AM »
I am a conservative driver who likes trying to drive 60 MPH on the highways (for gas) BUT I have this terrible habit of getting so drowsy when I drive sometimes I'm sure it will cause me an accident one of these days.

This is dangerous for everyone. Please drive the speed limit or flow of traffic (only ~15% of other cars on the road should be passing you).


Either keeping your Civic or getting a newer used Prius should be fine. If a 1-2 year old Prius is too expensive based on the numbers you've run maybe look at 5-7 year old ones, they still get really good fuel economy.

dragonwalker

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Re: To buy a new car or not
« Reply #9 on: April 18, 2019, 08:27:51 AM »
Thanks everyone for the information. Btw, for those commenting about the speed I drive. Several things about that, in California technically the MAXIMUM speed limit on most highways is technically 65 MPH so I am not breaking any laws. Ofcourse I'm not driving that speed in the fast lane! Most of the time I'm on one of the slower lanes on the right. Traffic is so bad a lot of the time that most cars are going 60 or below anyway. The speed limit thing is really just to explain the type of driver I am. The accidents I've had in my Civic have all been in local traffic, my speed was not a factor.

Better Change

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Re: To buy a new car or not
« Reply #10 on: April 18, 2019, 09:26:59 AM »
Checking in with my 2006 Civic with 77,000 miles that I was using for my terrible 38-mile-one-way commute for a few months.  Thankfully we've moved since then, but there's no way in hell I'd even consider getting rid of my Civic for a Prius.  The Civic is all sorts of unsightly (the clearcoat on the roof is peeling just like everybody else's), but gosh is it reliable.

We had to replace my husband's 2001 Camry recently after it was totaled (*sad face*), and I would never willingly go through that experience again.

use2betrix

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Re: To buy a new car or not
« Reply #11 on: April 18, 2019, 09:59:03 AM »
You hardly drive at all and your alternative options are just as boring if not more boring.

Economically, your car is fine and cheap. I wouldn’t finance another boring cheap car when you don’t drive a ton as-is.

If you wanted something actually “fun” that would be a different discussion.

Also - if your clear coat is going on a 10 year old car, you need to take better care of it. I’d assume it’s parked outside and not getting a protective coat of wax a couple times a year like it probably should.

Better Change

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Re: To buy a new car or not
« Reply #12 on: April 18, 2019, 10:26:10 AM »
There was a warranty extension on the Civics for the clear coats.  They're all going regardless of proper care.  Unfortunately, the extension expired a few years ago (my coat didn't start falling apart until last year).

Tuskalusa

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Re: To buy a new car or not
« Reply #13 on: April 18, 2019, 01:58:51 PM »
Rather than getting a new car, what about getting a new clear coat and fixing the rear end damage. Maybe have it detailed too. Those repairs can probably be done fairly cheaply and will keep you going for a while.

aetheldrea

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Re: To buy a new car or not
« Reply #14 on: April 19, 2019, 11:05:12 PM »
Print out a picture of a guy with a mustache. Tape it to your fist. Punch yourself in the head with it until you no longer feel like buying a new car. Repeat as necessary.

ApacheStache

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Re: To buy a new car or not
« Reply #15 on: April 19, 2019, 11:30:59 PM »
I have had no mechanical issues with my current car.

Enough said. Keep your current car and save the money.

BicycleB

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Re: To buy a new car or not
« Reply #16 on: April 21, 2019, 03:34:51 PM »
You've stated a hard line, 5 more years at most. Invest in the clearcoat, so the car will look decent. Then drive the 5 years.

Get enough sleep to avoid wrecks. A real wreck instead of a fender bender can happen. It can cause a lifetime of pain as well as more expense than voluntarily switching cars. Since I just learned a new sleep trick yesterday, here's how to get devices to program your brain for sleep instead of staying up too late at night:

https://www.androidauthority.com/night-mode-on-android-886864/

same for iphone, plus related research:
https://www.swanwicksleep.com/blogs/news/night-shift-blue-light-filter

PC:
https://www.laptopmag.com/articles/enable-windows-10-night-light

Mac:
https://macpaw.com/how-to/use-night-shift-mode-mac

Finances_With_Purpose

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Re: To buy a new car or not
« Reply #17 on: April 21, 2019, 11:16:27 PM »
The clear coat may be under recall/replacement.  Some years were.

As others said, it's hard to imagine why you would ditch that car.  You're literally in the sweet spot: an affordable, reliable car that is paid for and can keep going for many more miles.  This is the spot you want to live in. 

Maenad

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Re: To buy a new car or not
« Reply #18 on: April 22, 2019, 07:47:23 AM »
If your inner toddler is stamping its feet for a new car and the facepunches aren't helping you tune it out, here's an alternative.

Do the math and figure out how much the new/er car will cost you on a monthly basis. Then cut that amount of spending elsewhere in your budget. If it's really important to you to do this, what are you willing to give up in exchange?

That's a trick I use to help me re-center on my priorities.