Author Topic: Resisted the urge to buy a new car!  (Read 571 times)

Tuskalusa

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Resisted the urge to buy a new car!
« on: June 09, 2019, 03:48:22 PM »
My current car has finally gotten to a place where the repairs exceed well over what the thing is worth. After babying it along, its time for something else.

My family urged me to get a new car and “buy someone else’s problems.”  I must admit, I came close to buying into this. Then I did the math.

Found an awesome 2013 Rav4. Way newer than my car and in excellent condition. No guilt. No loans. Sold!

So glad to have heard that a car is a depreciating asset lecture many times on this forum.

FreedomSeeker

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Re: Resisted the urge to buy a new car!
« Reply #1 on: June 10, 2019, 02:04:14 PM »
Congrats on your new vehicle!


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teltic

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Re: Resisted the urge to buy a new car!
« Reply #2 on: June 10, 2019, 04:20:20 PM »
Congrats!  I have a 2013 Hyundai Elantra that just hit 100,000 miles.  For some reason, I've been shopping around for a car!  Literally nothing wrong with the car... I lie to myself that the savings going to electric will be greater than the cost of a $30k car (rebates gets it closer to $15k).

Congrats for you for not buying a new car.

2sk22

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Re: Resisted the urge to buy a new car!
« Reply #3 on: June 13, 2019, 05:23:49 AM »
My current car has finally gotten to a place where the repairs exceed well over what the thing is worth. After babying it along, its time for something else.

My family urged me to get a new car and “buy someone else’s problems.”  I must admit, I came close to buying into this. Then I did the math.

Found an awesome 2013 Rav4. Way newer than my car and in excellent condition. No guilt. No loans. Sold!

So glad to have heard that a car is a depreciating asset lecture many times on this forum.

Congrats for this!

I've never been much if a spender on cars and as I approach the RE phase, I've become even less inclined to spend money on cars.

I do want an electric but there's going to be whole bunch of used electrics on the market in a few years so I'm in no hurry at all. My Prius with 100,000 miles is doing just fine.

kenmoremmm

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Re: Resisted the urge to buy a new car!
« Reply #4 on: June 13, 2019, 11:31:46 AM »
My current car has finally gotten to a place where the repairs exceed well over what the thing is worth. After babying it along, its time for something else.

i know everyone says this, but i've never understood it. who cares what the car is worth? that's irrelevant IMO. what's relevant is that the car gets you from A to B and back to A. will a $300 car do that? will a $30000 do that? if the answer is yes, then both have the same "value" to me. a repair for $2000 on the $300 car is a lot cheaper than buying a newer car for $10000.

solon

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Re: Resisted the urge to buy a new car!
« Reply #5 on: June 13, 2019, 12:03:53 PM »
My family urged me to get a new car and “buy someone else’s problems.”  I must admit, I came close to buying into this. Then I did the math.

This confuses me. Wouldn't buying a used car be more like "buying someone else's problems"?

solon

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Re: Resisted the urge to buy a new car!
« Reply #6 on: June 13, 2019, 12:05:18 PM »
My current car has finally gotten to a place where the repairs exceed well over what the thing is worth. After babying it along, its time for something else.

i know everyone says this, but i've never understood it. who cares what the car is worth? that's irrelevant IMO. what's relevant is that the car gets you from A to B and back to A. will a $300 car do that? will a $30000 do that? if the answer is yes, then both have the same "value" to me. a repair for $2000 on the $300 car is a lot cheaper than buying a newer car for $10000.

I agree comparing the cost of repairs to the car's value is meaningless. Instead, compare the cost of repair to the cost of replacement. Much more useful.