The Money Mustache Community
General Discussion => Throw Down the Gauntlet => Topic started by: acepedro45 on March 18, 2015, 10:44:03 AM
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I have always taken a secret satisfaction in the contrast between my net worth and the pittance that my car is worth. In my circle of acquaintances I doubt I could find a single person with a higher net worth AND a less expensive car than I drive. But among Mustachians, I bet many of you can beat me! Try to top this:
Net worth: $350k
Car Blue Book Value: $1900 for a 2003 Chevy Cavalier with 117k miles. Wifey and I share this elderly but reliable workhorse.
Who can show me a fatter wallet and a more beat ride? Post your score even if you can't top the winner.
Note that there is a relationship between having a low-cost, non-flashy mode of transport and a thick wallet in one's pocket. Its derivation is left as an exercise for the reader.
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Easy: net worth: quite a bit more, car value: 0 (no car). Bike value: maybe 200€? :)
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Well, Larmando has us beat, but my NW:car value is in the ballpark with you Acepedro:
NW ~$650k
Car Blue Book Value ~$4500 - a 2004 Toyota Matrix w/122k miles, also the only shared car for my family
And my bike is probably worth ~275 euro too for what that is worth!
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Chevy cavalier a workhorse? My wife had a Pontiac sunbird and I remember missing a ski weekend because it broke down on the side of route 18 in NJ with a busted timing belt and that was the third one she had to replace. Hey if your works for you great but there are a lot of red dots
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In consumer reports for that model.
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Net Worth - $114k
Investments - $92k
KBB Car Value - $4k
However I have only been at this for 4 years.
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NW = $440k (as of first of month)
KBB = $16k (this seems ridiculously high, as I bought new for $17.5k OOP 2.5 years ago)
So, my "luxury" ride is 3.6% of my net worth. That percentage should drop pretty steeply over the next few years.
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Our combined net worth: Around $140,000
Our combined transportation value: around $130, $90 for his bike and $40 for mine. I'll probably be upgrading to a $250 bike some time though, because mine is a piece of junk.
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I suspect I've got you all beat.
My 15 year old truck is about 0.16% of my NW.
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There should be some norms around this to compare to, rather than just guessing at car values (and probably norms around how to calculate net worth - oh boy that's a can of worms :) ). And it should probably total up all vehicles you own as a percent of NW (i.e. if you have two cars, you should add those values together).
(And people who don't have any vehicles except bikes just flat out win.)
Using: http://www.kbb.com/whats-my-car-worth/ (And choosing the "sell to private party" and not "trade in to dealer" option) and the above parameters, our car is worth about 0.33% of our net worth.
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(And people who don't have any vehicles except bikes just flat out win.)
I don't think so - what about all those people with bikes that are worth thousands of dollars?
You should add up the costs of all modes of transport - cars, bikes, scooters, roller blades, skis, surf boards, boats... If you have bought clothes that are only worn when you are engaged in that mode of transport, the value of these should also be included (eg. gold studded bike helmet)
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(And people who don't have any vehicles except bikes just flat out win.)
I don't think so - what about all those people with bikes that are worth thousands of dollars?
You should add up the costs of all modes of transport - cars, bikes, scooters, roller blades, skis, surf boards, boats... If you have bought clothes that are only worn when you are engaged in that mode of transport, the value of these should also be included (eg. gold studded bike helmet)
(http://media1.giphy.com/media/kS1aph1nPE1lm/giphy.gif)
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We're an exploding volcano of wastefulness with two late 90s cars, plus we had to replace our 21-year-old truck (it was totaled) with a spendypants 10-year-old clown pickup. All three vehicles amount to $9829 (KBB). NW excluding house is about 1.2 million, so our cars are about 0.81% of our NW. Punch me now.
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(And people who don't have any vehicles except bikes just flat out win.)
I don't think so - what about all those people with bikes that are worth thousands of dollars?
You should add up the costs of all modes of transport - cars, bikes, scooters, roller blades, skis, surf boards, boats... If you have bought clothes that are only worn when you are engaged in that mode of transport, the value of these should also be included (eg. gold studded bike helmet)
You're getting pretty far into semantics now... That said, most of this gear that you mentioned is not actually used for "transport" but for "exercise/entertainment."
That said, I have a net worth of $60K and my car is worth $6500. My two bikes are worth $3500, and probably have another $750 in bike-related gear. However, this time last year, I had the same bike inventory, a $20K car with a $21K payoff, and a total net worth around $15K. I think I've made some progress!
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According to KBB, and converting everything to USD.. 0.29%
BUT we're about to spend another... urgh... 0.22% on a second car! Which makes us SUPER FLASHY.
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Our two cars combined are 0.89% of net worth.
I'm actually surprised it's that high and it's clearly not winning any prizes on this forum.
Fun question! Thanks for posting that.
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There should be some norms around this to compare to, rather than just guessing at car values (and probably norms around how to calculate net worth - oh boy that's a can of worms :) ). And it should probably total up all vehicles you own as a percent of NW (i.e. if you have two cars, you should add those values together).
(And people who don't have any vehicles except bikes just flat out win.)
Using: http://www.kbb.com/whats-my-car-worth/ (And choosing the "sell to private party" and not "trade in to dealer" option) and the above parameters, our car is worth about 0.33% of our net worth.
Doing it like this, between my car and my motorcycle
9.3% of my net worth tied to vehicles =(
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My net worth would be about $1 million and my car would be worth say $5k. I'm scamming this a little though because my wife's car would be worth say $20k.
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Our combined NW, not counting cars (lol), a little over 1m. My car about $2700. Trade in $2k. My husbands car $1200. Trade in $900. Glad you asked before we replace one of the vehicles next year!
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KBB - .53% of our net worth. Reliable Camry Hybrid.
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Just realized anyone with a vehicle w/ a negative net worth does not compute very well. I guess that's why they call it a hair on fire emergency. :P
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Kelley blue book doesn't really work outside the US. We have an old Mercedes E-series with 300 000 km. Local value is ca $2000, according to the link above it is with less than $1000. All bikes included (aldri children's) our vehicle to net worth (including home), is almost 2%.
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Net worth: 300k
Car 1 2005 Honda Civic $4200, paid $4400 1 year ago, no repairs needed to date.
Car 2 2002 Toyota Sienna $4400 paid $5800 5 years ago, $130 in repairs to date
In general my theory is to buy a 10 year old reliable car and drive it for 10 years.
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Chevy cavalier a workhorse? My wife had a Pontiac sunbird and I remember missing a ski weekend because it broke down on the side of route 18 in NJ with a busted timing belt and that was the third one she had to replace. Hey if your works for you great
We have been lucky with our Chevy. Statistically, Danny9m is right and the model generally doesn't hold up well in terms of reliability, resale value and maintenance costs. Our own experience has defied the odds, though. We just got back from a road trip to NYC and averaged 31 mpg.
Since many posters have expressed their net worth to car comparisons as a more polite and discrete ratio rather than the actual dollar amounts, I thought I'd add mine for those who are too lazy to do that math: 0.54%. I commend all of you below 1% in a society that exalts conspicuous consumption!
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Using the KBB value, 4%.
I got the car for free from my parents though. And I've only spent $57.34 on car related expenses since I got it, but I will be replacing the car battery for about $85 probably this week, maybe next.
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NW $260k
Truck, KBB says $3100.
so total about 1.2%.
But I have a camper on the back, which I live in. Add that ($2000 maybe less, it is old) but I don't maintain a house. All my property is rented out.
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Counting 5 (!) cars, a motorcycle, and 8 (I think) bicycles, ~4%.
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My car: 2003 Pontiac Vibe with 173,000 miles ($2,200)
Wife car: 2007 Honda CRV with 125,000 miles ($7,800)
Total Car: $10,000
Net worth: $276,000
Car/Net worth ration = 3.6%
The current plan is to hold on to each car for at least another 3 years.
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networth = 370k
Cars = 20k
5.4% ratio
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We are also at around 4%.
5 Series BMW: $3,693
Net Worth: ~$93,000
It's funny that KBK say my car should only get 21mpg combined, my data from the last 3 years I've owned the car is averaging 25.8mpg, and routinely I get 30+mpg during the summer.
Originally bought the car before MMM for $8,000 with 131k miles. After 1.5 years of a 60mi a day commute we moved to within a 5 mile radius of everything and in the 1.5 years since then we've gone from 161k to 166k on the car. Can hardly believe before I had engineered a life which would put 15,600 miles annually just to get to work.
My fleet of bikes were bought for $1,000, $600, $29, $0, and $130 for the trailer, so about $1,759. If included that brings me down to 5.6%.
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Net worth? Somewhere around $3k.
Total Vehicle Worth?
1997 Grand Marquis $2,200
1998 Dodge Stratus $1,100
1974 Suzuki Moto $750
2006 Yahama Scoot $1250
2003 Honda Scooter $1700
2002 Honda Scooter $1200
Total Value $8,200
Ratio? -273% BWAHAHAHAHAHAHAHAHAH
We just bought the Honda Scooters for $2200 (picked up a bit of equity), and use them as our primary form of transport at 65mpg+.
We most definitely don't need this ridiculous assortment of 6 vehicles though.
What is the solution to this egregious lack of self control? The 2006 Yamaha Scoot goes up for sale at the end of the month. The OLD Suzuki Motorcycle goes up for sale along with it. Very possibly, the 1998 Dodge Stratus goes with it. Leaving up with the Grand Marquis (the land yacht) and two Honda Scooters.
We're new to the bandwagon. By January of 2015, the ratio will be down to 11.75%, and the following year it'll be down to 5% or so.
I'm still laughing though. -273%! What the F*&%!!!
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Net worth? Somewhere around $3k.
Total Vehicle Worth?
1997 Grand Marquis $2,200
1998 Dodge Stratus $1,100
1974 Suzuki Moto $750
2006 Yahama Scoot $1250
2003 Honda Scooter $1700
2002 Honda Scooter $1200
Total Value $8,200
Ratio? -273% BWAHAHAHAHAHAHAHAHAH
We just bought the Honda Scooters for $2200 (picked up a bit of equity), and use them as our primary form of transport at 65mpg+.
We most definitely don't need this ridiculous assortment of 6 vehicles though.
What is the solution to this egregious lack of self control? The 2006 Yamaha Scoot goes up for sale at the end of the month. The OLD Suzuki Motorcycle goes up for sale along with it. Very possibly, the 1998 Dodge Stratus goes with it. Leaving up with the Grand Marquis (the land yacht) and two Honda Scooters.
We're new to the bandwagon. By January of 2015, the ratio will be down to 11.75%, and the following year it'll be down to 5% or so.
I'm still laughing though. -273%! What the F*&%!!!
Why is this negative exactly? 8200/3000 = 273%.
If your net worth was negative $3k, then you'd be at -273%.
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Car value estimated by looking at similar ones on Kijiji, net worth also a guess (pension value estimated by cost of an annuity that would produce that income) - I am at about 0.015%.
I didn't count the bicycle, it is not worth a lot and it is purely for fun. No way I am cycling on 2 lane highways with narrow shoulders where 80 and 90 km speed limits are treated as suggestions.
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2 cars - each about .6% of net worth
7 bikes.... probably not far behind.....
my garage is for bikes...
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Interesting thread --- I have a theory that a person should buy a car of no more value that 10% of their annual income. That doesn't cover folks with high net worth of course. So a two income family making 80K might shoot for 8K in total car value and of course pay cash. I see far too many folks starting out that go for the 30K car with the $400 monthly payment, huge insurance and super depreciation.
Still want to brag a little though as our 01 Camry just passed 390K. Shooting for 500K.
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Net worth? Somewhere around $3k.
Total Vehicle Worth?
1997 Grand Marquis $2,200
1998 Dodge Stratus $1,100
1974 Suzuki Moto $750
2006 Yahama Scoot $1250
2003 Honda Scooter $1700
2002 Honda Scooter $1200
Total Value $8,200
Ratio? -273% BWAHAHAHAHAHAHAHAHAH
We just bought the Honda Scooters for $2200 (picked up a bit of equity), and use them as our primary form of transport at 65mpg+.
We most definitely don't need this ridiculous assortment of 6 vehicles though.
What is the solution to this egregious lack of self control? The 2006 Yamaha Scoot goes up for sale at the end of the month. The OLD Suzuki Motorcycle goes up for sale along with it. Very possibly, the 1998 Dodge Stratus goes with it. Leaving up with the Grand Marquis (the land yacht) and two Honda Scooters.
We're new to the bandwagon. By January of 2015, the ratio will be down to 11.75%, and the following year it'll be down to 5% or so.
I'm still laughing though. -273%! What the F*&%!!!
Why is this negative exactly? 8200/3000 = 273%.
If your net worth was negative $3k, then you'd be at -273%.
It's negative because I'm a spaz.
Upon Redoing the math, my vehicles represent 73.2% of my net worth. Come January that number will be closer to 12.75%, and the following year closer to 5%
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NW ~$70K
KBB $6,500
9.3%... working on building the stache
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Our car is 8.3% of our net worth. My (bought brand new) truck is owned by the family business and my Dad chose it, so I don't count it. Our car is the car my parents bought for me at 18, with the agreement that I would buy it from them when I got into the "real world". I've now owned it a year, and I have driven it for 5 years. 110,000 miles. My husband was putting a killer 120 mi/day commute on it, but now it's down to 40/day! Woohoo! (No, we won't be moving and he won't get closer-this is one of the cons of living on a farm not near a city that the other person can work in).
The next car we buy will probably be about 5-8% of net worth, then drop in value from there.
Most of my friends have vehicles they either own outright since 16 or bought brand new with payments two years ago at graduation.
Tailrated we're close to your numbers!
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I never understood why people think "Oh, expensive car--they must be rich". I think "Oh, expensive car--they are much less rich than they used to be".
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Proud to announce that my car's blue book value is .52% of my net worth.
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I have no car and no bike. Net worth in the high hundreds of thousands.
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2.2M net worth versus 24,500 in cars KBB value: .01 ratio
Totally inspired by this site and you mustachians.
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My girlfriend and I own one car together.
It is about 4% of our combined net worth. That's a little high. But our current combined saving rate would pay for it in a little under two months.
My roadbike is about 0.8% of my net worth.
My 15 year old mountainbike (given to me by my parents for my 16th birthday) is probably a roughly estimated 0.0% of my net worth. And it is still my favourite vehicle :-)
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Current vehicle is worth around $14k. I feel okay about that because I live in it and it helps me save on rent, bills, and other costs.
Previous car cost me ~$1400, sold for ~$800 after a couple years.
Car before that cost $500, sold for ~$1200 after about 8 years.
Big fan of junkers for less than $2k.
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My car is so cheap that it doesn't matter that the county's value estimate is too high, I'm already paying the absolute minimum tax possible. They probably lose money processing the form each year.
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Hahahahahaha... I shouldn't have come here. I feel a facepunch coming!
$230K and about $30K (2010 Prius and 2012 Volt) = ~13%. Rapidly depreciating 30k too.
I have a thing for electric transport. I'm running close to 20k miles per year, mostly for side jobs that I can't bike to, and I like doing 90% of that on electricity (local power equates to 75-cent gas and sources are fairly clean). Fuel savings roughly offset the early-adopter depreciation curve. So, there's that.
Anyway, between $4-5k/mo savings and continued depreciation, this ratio won't last long. And a one-car family is feasible within a year. Thanks for the inspiration! :D
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we have 2 vehicles, both about 10 yrs old
our ratio is about 100/1, or about half the OP
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kbb.com only goes back to 1992 so I had to guess the value of my 1990 Toyota,
which worked out to 0.081% of NW
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Net Worth $325 (Including the Cars)
Car Value Around $20k
Around 6.1%
Not as good as some of you here, but I was gifted one of the cars and the other one we paid $11,500 for in cash a few years ago. We are in our mid 20s and hope to keep the cars for a while.
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I wonder what the average is for Americans?
Net worth ish: $350
Both cars added up in KBB: $12,500
We actually own a 2010 Vibe which really kicks it up there :) the other is a 2003 Honda Odyssey, hope to drive it for awhile yet. The vibe has held it's value pretty well, we bought it 2 years ago for 9,900 and it is still Private party worth 9,298 not too bad.
Good to know, before that we had a 98 Subaru.
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I have no car and no bike. Net worth in the high hundreds of thousands.
The only way to beat that would be to have no legs.
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2000 Mazda with 200,000 km. Value? Not very much. My laptop is worth more.
Car is less than 1% of NW. The way it should be :)
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Wow. Thanks for the wake-up call. I drive a $2500.00 car, but unfortunately we own 4 cars (there's only 2 of us). My hubs was dabbling in the used car business for a year. That's how we ended up with a surplus of vehicles.
He and I each drive a $2,500 car that's less than 10 years old with less than 100k miles on it. That's where we are comfortable. It's clearly time to sell the other 2 cars!
Total car value as an expression of net worth = 3.2%. Not terrible. Could be better.
Once we sell the extra two cars this will be 1.8%. Won't be downsizing vehicles from here, but doing SERIOUS work to get that Net Worth up and up and up...
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Net Worth = 500,000
car = 2003 Chrysler Town and Country with about 248,000 (I don't even look anymore!), rusty, and small amount of damage on the front driver's side, worth about $1000.
Frankly, it's a little embarrassing, but I just can't get a new car if I don't need one!
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Net worth 1.6 Million. Car is 2003 Dodge Ram Conversion Van. Dodge 318 engine. 125,000 miles. Worth $1500. Maybe. So less than 0.1% of Net Worth
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Right about 1.5% for us. That will keep going down, hopefully, forever.
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0.38 percent. Large net worth, and only one 2006 cheap vehicle.
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0 percent. Sold our last car in 2012. Employer provides vehicle, insurance and fuel.
My guidance on vehicles is purchase price < 5% gross annual income. Which for most of you should be < 1% of net worth (which is a function of age mostly).
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2002 Chevy Silverado. Not sure of it's blue book value, maybe $3k?
Net worth somewhere north of $3,000,000.
But my wife ruins it with her extravagant lifestyle. She drives a 5-6 year old Beemer. I'm guessing it's worth $15k+
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Net worth $122k, 2005 Prius worth about $5k. I am selling (this week) a super face-punch anti-mustachian 1999 Pontiac Trans Am (though loads of fun to drive, and a manual with 28 mpg highway) worth about $3k. Going to one car family with me biking everyday and DW in the Prius.
Ratio before: 6.6%
Ratio after: 4%
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Okay... so this may sound bad... but I am going to skew my ratio. Currently it is about .62% but I am car shopping. I was going to just mothball my current vehicle... a 2006 VW Jetta TDI with 325,000 miles. I know that sounds crazy... please someone tell me that is crazy. I guess you need to hear the whole story to make a recommendation.
I am shopping for a Dodge (or Freightliner, or Mercedes) Sprinter Cargo Van to convert to a stealth camper to travel full time around the United States and hopefully up into Canada and down into Central and South America in. My budget for the entire conversion is about $15,000. My takeoff date (hopefully) is August 15th. My income is mostly passive and I feel like my expenses on the road will be comparable to off the road if not lower because I am paranoid about running out of money still. I will also have the added income from renting my primary residence. If things get tight I will pull over and get a restaurant or bar job - free food and fast cash.
So... I want to keep my car for about the first three months that I am on the road (in a barn on the family farm - no cost) to make sure that I like being on the road before I sell it. Should I just go all in and sell it before I go? I realize I can "store" it on Craigslist, but I also know what has been done on this car in the past two years. I shouldn't have to put any money into it for at least another two years. Almost everything has been replaced, I won't find another with this mileage as meticulously maintained.
On the flip side... two vehicles is silly especially if one is not being used.
Okay... so I just re-read this. I sound like a crazy person. In the first line I say, "I was going to just mothball my current vehicle." Seems like subconsciously I had already made up my mind. I am going to go with that. I will store it on Craigslist. If anyone wants the car it is $6,000. But you have to wait until my camper is done. I'm going to a dealer auction to look at a Sprinter tomorrow. They are estimating a sales price of $6300... I want to see it first, but I am hoping to get it for about $5,000. I guess that will make my ratio lower technically... the $10,000 on the conversion would be housing value vs. net worth right?
So my current car value is $6,000 we will call my replacement car value also $6,000. So that is a wash.
My current home equity is only about $15,000 (pulled out most of equity at 3% interest as a downpayment on 6 rental homes - trust me... the numbers are good.) I would value my finished camper at about $25,000 based on what I am looking at as a base vehicle and what I have seen... I feel like the value will hold between $18 and $22k for 1 to 2 years depending on mileage. So while car wise this is a wash, it does have me tying up more cash in my "home."
I increase my equity $10,000, but I increase the money I have in my home from $15,000 to $19,000 to $20,000.
Okay... that is all really negligible. But I do thank you Mustachians for listening to my nonsensical dribble long enough for me to decide I need to sell my current car.
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1.54% of networth, dropping fast thanks to increases in networth.
2010 Kia Forte, should last us a very long time despite our fondness for road trips. By the time we need another car, our networth should be high enough to prevent us ever exceeding that percent. We share 1 car in our house.
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I'm going to a dealer auction to look at a Sprinter tomorrow. They are estimating a sales price of $6300... I want to see it first, but I am hoping to get it for about $5,000.
Do you plan on staying in the van post touring?
If not, if you want to be really smart, you can do the repairs and minimal work on the van to get it decently comfortable (so as to avoid too much sunk capital and subjective value of the van), do the tour, end your tour in the Bay Area, sell the van, and get a flight home.
Not sure how the taxes/regulation works for selling the van in this manner (maybe all the work is on the buyer's side).. but a high roof sprinter van is quite expensive out here, probably fetching the most resale value out of anywhere in North America?
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Net worth= 448K
Car1= $969
Car2=1088
0.46%
This is an awesome thread!!!!
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Another divide by zero error here...
The only time I have ever heard people discussing vehicle value/income ratios outside of here is in the context of "about one year's income is a good place to start". Terrifying.
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Seriously? I have never ever even considered spending that much money. Wasn't that thinking for houses? A higher multiplier of course, and still silly since there are so many other variables to consider.
No-one in my family has ever spent a year's salary on a car. Not even close.
Another divide by zero error here...
The only time I have ever heard people discussing vehicle value/income ratios outside of here is in the context of "about one year's income is a good place to start". Terrifying.
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Doing it like this, between my car and my motorcycle
9.3% of my net worth tied to vehicles =(
Well, thanks to increased net worth and vehicle depreciation, I am down to 7.9% =)
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Another divide by zero error here...
The only time I have ever heard people discussing vehicle value/income ratios outside of here is in the context of "about one year's income is a good place to start". Terrifying.
My personal rule is no more than 6 weeks after tax income... This actually works pretty well for most people, it will enable a low income earner to get something basic but usable and a dink couple a nice but not excessive car. This rule seems to hold among most of my friends as well...
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I am doing terrible:
Net Worth= 298K
Cars: Lexus (payments) and Fiesta (paid off)= 45K
15.3%
House paid off, income 135k and we are 30.
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Another divide by zero error here...
The only time I have ever heard people discussing vehicle value/income ratios outside of here is in the context of "about one year's income is a good place to start". Terrifying.
My personal rule is no more than 6 weeks after tax income... This actually works pretty well for most people, it will enable a low income earner to get something basic but usable and a dink couple a nice but not excessive car. This rule seems to hold among most of my friends as well...
Well that sounds less crazy! The one year thing gives an "affordable" monthly payment.
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0.46%, my car is reliable and better keep lasting me because I don't want to buy another for many many many years.
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Our cars are about 1% of Net worth, but we're upgrading a car, and will end up around 4% of net worth. Ridiculous!
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I am doing terrible:
Net Worth= 298K
Cars: Lexus (payments) and Fiesta (paid off)= 45K
15.3%
House paid off, income 135k and we are 30.
I am thinking about buying a 60k Tesla Model 3 and I was trying to justify the expense and happened to find this thread in Google in which I had posted already lol.
Now
Net Worth= 650K
Cars: RAV4 (payments) and mitsubishi Evo (payment)= 45K
6.9%
House paid off, income 165k and we are 33. It is kind of nice to see that although I spend more in car than most in here our net worth is increasing. I just really enjoy working on cars and racing cars.
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0.55% of our NW. Single 8 year old reliable mmm-approved car.
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I am doing terrible:
Net Worth= 298K
Cars: Lexus (payments) and Fiesta (paid off)= 45K
15.3%
House paid off, income 135k and we are 30.
I am thinking about buying a 60k Tesla Model 3 and I was trying to justify the expense and happened to find this thread in Google in which I had posted already lol.
Now
Net Worth= 650K
Cars: RAV4 (payments) and mitsubishi Evo (payment)= 45K
6.9%
House paid off, income 165k and we are 33. It is kind of nice to see that although I spend more in car than most in here our net worth is increasing. I just really enjoy working on cars and racing cars.
You race a RAV4?
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I am doing terrible:
Net Worth= 298K
Cars: Lexus (payments) and Fiesta (paid off)= 45K
15.3%
House paid off, income 135k and we are 30.
I am thinking about buying a 60k Tesla Model 3 and I was trying to justify the expense and happened to find this thread in Google in which I had posted already lol.
Now
Net Worth= 650K
Cars: RAV4 (payments) and mitsubishi Evo (payment)= 45K
6.9%
House paid off, income 165k and we are 33. It is kind of nice to see that although I spend more in car than most in here our net worth is increasing. I just really enjoy working on cars and racing cars.
You race a RAV4?
I used to race the Lexus IS-F and now the Mitsubishi EVO at Road Atlanta.
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We don’t really deive much as I work from home and my wife is a stay at home mom, but we have 2 vehicles:
Net worth: $2.03m
Car 1: $2,000 (2008 Honda Civic)
Car 2: $13,000 (2012 Honda CRV)
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Our car is 8.3% of our net worth. My (bought brand new) truck is owned by the family business and my Dad chose it, so I don't count it. Our car is the car my parents bought for me at 18, with the agreement that I would buy it from them when I got into the "real world". I've now owned it a year, and I have driven it for 5 years. 110,000 miles. My husband was putting a killer 120 mi/day commute on it, but now it's down to 40/day! Woohoo! (No, we won't be moving and he won't get closer-this is one of the cons of living on a farm not near a city that the other person can work in).
The next car we buy will probably be about 5-8% of net worth, then drop in value from there.
Most of my friends have vehicles they either own outright since 16 or bought brand new with payments two years ago at graduation.
Tailrated we're close to your numbers!
We're up to 2 vehicles (plus the farm truck), and based on the price of the 2nd one I thought we'd for sure have a higher %. The two cars together are 7.7% of our net worth. Not too bad for a 2009 SUV with 170,000 miles and a 2015 SUV bought 3 years old with 50,000 miles.
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0.38 percent. Large net worth, and only one 2006 cheap vehicle.
Since posting in this thread ~3 years ago, our single vehicle died and was replaced by two newer ones.
For our two cars, combined blue book value is approximately 0.75% of our net worth (which is also a fuzzy number).
My personal rule of thumb is that you should only buy vehicles in cash, and never own more vehicles than 1% of your net worth. But vehicles are just tools to me, not hobbies or identity like they are for some folks.
What really baffles me is people who have more net worth tied up in their vehicles than they do in their homes. You're doing it wrong!
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networth = 370k
Cars = 20k
5.4% ratio
we'te doing fantastic here
cars = 12k total
Networth = 850k
1.4%
this was a fun revival.
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I believe I'm specifically excluded since I own THE vehicle that would be banned by MMM. 2014 Wrangler Unlimited. I have zero incentive to get rid of it. Sort of hard to plow snow off my driveway in a Leaf. Price to plow a good sized snowfall.....1 storm is $300. For a year like a couple years ago with 11 storms.....fogedaboutit.
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Net Worth - $114k
KBB Vehicle Value - $8k
7.5%
However I have only been at this for 4 years.
Net Worth - $375k
KBB Vehicle Value - $15k
4%
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NW 1.1M$
Cars worth 11k$ (2006 Civic, 2010 Forester) so 1% of NW
I aim for buying 3-8 years old car for less than 10% of annual income and pay cash
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2011 Toyota Highlander $16K
2015 Toyota Prius V $17K
Total $33K
NW $1.4M
Car = 2.35%
House $250K which is 17.8%
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Just found this thread, and love it!
Unfortunately that means I must participate. Still occasionally driving the formerly fancy Midlife Crisis Car. Current KBB value 6300. About 1.3% of net worth. Adding in bikes, transport tools = 1.4% of NW.
Net Worth - $114k
KBB Vehicle Value - $8k
7.5%
However I have only been at this for 4 years.
Net Worth - $375k
KBB Vehicle Value - $15k
4%
@Birds1Stone, great improvement!
Props to all of the inspiring people under 1%. Will keep that in mind if I ever buy a car again.
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Three-year-old thread dredged up!
Net worth: $350k
Car Blue Book Value: $1900 for a 2003 Chevy Cavalier with 117k miles
Today's net worth is a little over 625k.
KBB is now $3,300 or so for a 2005 Toyota Corolla we bought earlier this year. This splurge means my ratio is only a little bit improved to 0.528% from 0.543%.
For the curious, my beloved Cavalier has been passed to another family member but is still running strong.
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Well, I'm not going to do very well on this compared to people here, but should be much better than coworkers/friends. Also much better than if I had followed through with the Tesla Model 3 purchase I was going to make before catching the FIRE bug ~8 months ago (finally let go of it about 4 months ago).
Two cars, both purchased new. No plans to replace either in the near future, though DW seems to think my car - which was her daily driver up until 3 years ago - needs replacing just because it's old and therefore must be about to break down. Switching to bike commuting in 3 weeks, so I don't see why it'll need replacing for a long time.
Mine: 2007 Elantra, 76k miles. $12k new (MSRP over $16k). Just looked it up, and was surprised how much it is still worth according to KBB: $4800 private party.
Hers: 2014 Subaru Outback, 40k miles. $27k new (MSRP about $31.5k), apparently worth $20k now according to KBB? That seems optimistic.
Still, if I trust those numbers, that puts us at over 2%. Better than the 6% it would've been if I had sprung for the Tesla.
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Net Worth - $114k
KBB Vehicle Value - $8k
7.5%
However I have only been at this for 4 years.
Net Worth - $375k
KBB Vehicle Value - $15k
4%
Progress!
I sold the motorcycle and NW is up by 5%, so now my car is worth 2.9% of NW.
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I looked up my 16 year old bike on bicycle blue book and apparently it's only worth $43 in good condition, and MSRP new is $300. Winning?
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NW: $21k
Car: $8-9k (2012 Camry 65k Miles)
Still early on my journey! But I’m keeping the car for a long time and my NW is creeping upwards! Bought it 2-years-new with 16k miles on it, and it has been good to me so far.
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2013 Mercedes, $11,000
2012 Honda Insight, $4,000
Total NW $617,000 (does not include value of personalty, like cars)
Car fmv as percentage of net worth = 2.4%
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I believe I'm specifically excluded since I own THE vehicle that would be banned by MMM. 2014 Wrangler Unlimited. I have zero incentive to get rid of it. Sort of hard to plow snow off my driveway in a Leaf. Price to plow a good sized snowfall.....1 storm is $300. For a year like a couple years ago with 11 storms.....fogedaboutit.
@Car Jack glad you said "Sort of hard " vs a Leaf.
https://www.youtube.com/watch?v=E2Jn_Xw6SQk -plow with a Leaf
Diclosure: have not veiwed the vid. YouTube is hard to do on a iPad 1.
Anyway, 0.6% of investable NW, less if paid house equity is included.
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NW - 7 figures
truck - 4 figures 5 figures (looked it up) It was bought when I was in a coma to replace the one totaled in the accident. It is 14 10 yrs old, bought used 8 years ago. It is an example of why I don't question when TheHusbandHalf buys a vehicle - he keeps them for years.
He loves his truck (really, any vehicle we have). After the accident I told him to use my van as a trade in. I will always remember the look of total surprise on his face. I had a feeling I'd never show dogs again, and he had made it custom for that use. We kept the seats I didn't need, so they looked practically new, so was easy to trade in.
We will never have a Mus----n vehicle, it's not his style. He is the one that works for the money to pay for it, and he's the one that will drive it the most, so I don't question his decision. I might want to know WHY he picked (a Lincoln) but do not question the idea to purchase one.
His truck is a Lincoln, he said it was something he always wanted, and one of the dealerships he drove buy, had one. It was 2 years old because they stopped making it. We had the money for the one totaled, and the trade in of my van, so I think the cost was extremely manageable. I drive it to the store and back now, never alone, and it is a quality vehicle. The only problem we've had is usual maintenance, the last being changing the spark plugs.
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I love when an old thread gets revived. There is so much good stuff in our archives!
I especially love when people post updates.
I have a new to me car since this thread began. DH and bonus kid are still happily driving the same vehicles. I was just fine driving my old car, but DH does the maintenance and he deemed it time to go. We considered a Tesla, but I don't want the stress of such a fancy car, plus the driving ranges are not yet well suited to our needs. My "new"car is still older than this thread, lol. All of them are paid for and I can't be arsed to look up their values, but it's miniscule, compared to our TNW. I'm mostly posting to say congratulations to everyone for making such good progress during the last three years!
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2 cars - each about .6% of net worth
7 bikes.... probably not far behind.....
my garage is for bikes...
Divorce damaged the net.
new (to me) car 2012 prius.
now at about 1.8% of net.
car should be around for another 8 to 10 years though...
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We haven't owned for a while but will be purchasing soon I reckon. Looking for a used, reliable vehicle good for 10 years for around 0.2%. I could be persuaded to recklessly splurge all the way up to 0.3% for Applecarplay, advanced collision avoidance, etc.
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Have a few vehicles. (Gifting one to my parents in August - just waiting for them to be able to drive it from California to Washington). Total vehicle(s) value - .03% of our net worth. Honestly, still regret our nicer car purchase. No regrets on our Bolt - my favorite car I've ever driven!
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Have a few vehicles. (Gifting one to my parents in August - just waiting for them to be able to drive it from California to Washington). Total vehicle(s) value - .03% of our net worth. Honestly, still regret our nicer car purchase. No regrets on our Bolt - my favorite car I've ever driven!
A $10,000 vehicle at 0.03% of net worth means you are sitting on a $33 million savings account. Nicely done!
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Using investments only, we are at 0.29%.
May have to get a scooter or small motorcycle though so that will go up (slightly).
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Have a few vehicles. (Gifting one to my parents in August - just waiting for them to be able to drive it from California to Washington). Total vehicle(s) value - .03% of our net worth. Honestly, still regret our nicer car purchase. No regrets on our Bolt - my favorite car I've ever driven!
A $10,000 vehicle at 0.03% of net worth means you are sitting on a $33 million savings account. Nicely done!
Math is hard. You are correct - just under 3%
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Cheap cars are the cornerstone of our financial plan, since two kids in daycare and a mortgage in paradise kill so much other potential frugality for us.
2003 Matrix 112k miles: probably could get $2k for it
2007 Mazda 5 70k miles: maybe $3800?
Net worth: $315k
1.7%
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Three cars which total to .23% of networth.
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two cars (95 camry and 03 accord) total to 0.16% of NW
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Amusing thread. 0.02% for me.
Low value car rather than massive wealth though :-)
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Net Worth US$650K
2 Cars Total US$9.7K
1.5% of NW
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Currently 1% for me.
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0.0042% for me (razor scooter)
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0.0042% for me (razor scooter)
Amusing thread. 0.02% for me.
Low value car rather than massive wealth though :-)
You folks are RICH!!
$1000 car @ .02% =$5 millon
$100 scooter @ .0042% = $2.38 million
Congrats
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our car is worth about 0.33% of our net worth.
We sold that car a few months after that post, went carless for multiple years (an RV for a bit in there), and now have a car again. Purchased October 2018.
Using the number we paid for it, and our net worth that month, it comes to 0.36% of our NW.
Pretty similar to before (though car is worth quite a bit more, NW has risen quite a bit as well), and if I guesstimate what it's worth now six months later, with our current NW, it's around .32%.
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Leave it to Herbert Derp to make me laugh.
Currently I have 2 cars and a van (3 drivers here), so my number probably isn't great. The vehicles aren't worth much, though, in terms of selling value: 2003, 2003, and 2014 model years. All run like tops and are worth a lot to us in terms of driving value.
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our car is worth about 0.33% of our net worth.
We sold that car a few months after that post, went carless for multiple years (an RV for a bit in there), and now have a car again. Purchased October 2018.
Using the number we paid for it, and our net worth that month, it comes to 0.36% of our NW.
Pretty similar to before (though car is worth quite a bit more, NW has risen quite a bit as well), and if I guesstimate what it's worth now six months later, with our current NW, it's around .32%.
Did you sell the RV? If so, did you do okay on it?
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Currently I have 2 3 cars and a van (3 drivers here)... The vehicles aren't worth much, though, in terms of selling value: 2003, 2003, and 2014 model years. All run like tops and are worth a lot to us in terms of driving value.
Wow, parallel vehicle lives! Ours are the same years and the description of their condition matches, too.
They are such a small fraction of our NW that we don't count them at all.
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When we bought our "new car" it was worth .025% of our net worth. Not sure what it is worth now, but it hasn't gone up in value.
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About 2%.
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Our car is 8.3% of our net worth. My (bought brand new) truck is owned by the family business and my Dad chose it, so I don't count it. Our car is the car my parents bought for me at 18, with the agreement that I would buy it from them when I got into the "real world". I've now owned it a year, and I have driven it for 5 years. 110,000 miles. My husband was putting a killer 120 mi/day commute on it, but now it's down to 40/day! Woohoo! (No, we won't be moving and he won't get closer-this is one of the cons of living on a farm not near a city that the other person can work in).
The next car we buy will probably be about 5-8% of net worth, then drop in value from there.
Most of my friends have vehicles they either own outright since 16 or bought brand new with payments two years ago at graduation.
Tailrated we're close to your numbers!
We're up to 2 vehicles (plus the farm truck), and based on the price of the 2nd one I thought we'd for sure have a higher %. The two cars together are 7.7% of our net worth. Not too bad for a 2009 SUV with 170,000 miles and a 2015 SUV bought 3 years old with 50,000 miles.
Oh this is fun to do a 1 year later update. I believe our vehicles are now worth about 5.05% of our net worth. Moving the right direction!
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Yikes, I have some work to do. But I plan on (A) having this vehicle for a long time and (B) seeing my net worth explode in the next few years :)
2015 Toyota Corolla S with 94k miles
9.1% of my net worth.
New future goal of getting that number <1%!
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Did you sell the RV?
It's on consignment as of 3 days ago.
We used it a total of approximately one week in 2018, and none at all in 2019, so it was well past time to sell it.
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1.3%
High net worth with three late model automobiles.
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1.3%
High net worth with three late model automobiles.
4 vehicles: 14 Wrangler Unlimited (a favorite of MMM....yuk, yuk), 17 Legacy Limited, 09 Fusion, 13 Crosstrek. Total estimated $53k. 1.77%. This will go higher. The Crosstrek is getting the short block replaced under the oil consumption settlement in a couple weeks and then we're looking to trade it for a new Crosstrek manual (yes, OMG, I'm buying a new car :D). Before the winter hits, my younger son will get his license so the Fusion will go and an AWD something will join the family. I don't know what yet, so my % is going to about double. All the car swaps will be for cash, of course. And yes, we use snow tires. I have more snow tire sets than I have cars (no, really, I have 7 full sets of snows on wheels).
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Net Worth - $114k
KBB Vehicle Value - $8k
7.5%
However I have only been at this for 4 years.
Net Worth - $375k
KBB Vehicle Value - $15k
4%
Progress!
I sold the motorcycle and NW is up by 5%, so now my car is worth 2.9% of NW.
Love this thread
Our NW = $586k
2 Cars total value = $12k
2%
If I sell my older sports luxury car, we are down to one $1k value vehicle =) 2004 Nissan Sentra, base model. I'm listing it in May.
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NW 1.1M$
Cars worth 11k$ (2006 Civic, 2010 Forester) so 1% of NW
I aim for buying 3-8 years old car for less than 10% of annual income and pay cash
Update: same cars, worth less than 10k$ now, NM 1.2M$ so we’re down to 0.8%
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8.4%.........
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Net worth 1.6 Million. Car is 2003 Dodge Ram Conversion Van. Dodge 318 engine. 125,000 miles. Worth $1500. Maybe. So less than 0.1% of Net Worth
Sold the Dodge Van, $1,200. Miss her dearly.
Now drive 2008 Honda Accord with 205K miles. Value, about $1,500.
New net worth of investments 2.1M. Car = about 0.07% of net worth.
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4% today. By FIRE in 2021, less than 3% is the goal.
Both are quite new and love them 2 yrs into ownership and drive less than 12K mi per year so hope we enjoy them 10+ years from here.
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2.7%, recently up from 1.5%. 3% is my comfortable ratio, down from 10% when our net worth was much lower. We could make it lower, but I like a nice car, and I get mileage reimbursement from work that covers most of the cost.
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0.5 %
Sent from my Nexus 5 using Tapatalk
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Around 1.8%.
Two cars bought new in 2010 and 2013.
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0.18%, NW in low M’s.
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NW 122K
Car: 2001 Honda accord manual, purchased for $1,500 3 years ago. Just general upkeep (full list here https://forum.mrmoneymustache.com/welcome-to-the-forum/when-do-you-call-it-quits-on-a-car/)
The Honda replaced a $32K vw TDI which liked to leave me stranded and required frequent major repairs... Plus it was fully financed (dang financial illiteracy).
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2009 Kia Rio base with 116k miles: ~$1600
NW roughly $80k
Ratio of 2%
My goal is to hit the sub 1% mark a year from now, as NW continues to increase and the ol' Kia continues to slowly depreciate.
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0.07% :D
That's with overestimating KBB a tad, but not counting the deferred repairs that baby will need... Sadly when it finally goes I'll probably be in the 0.5-1% range (assuming NW is in the 1-2MM neighborhood).
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Old Toyota Corolla with 199K miles on it: $2,500, maybe?
Net worth: 527K
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0.29%
Total value of cars/trucks =$9000
NW 3.1M
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Well, I don't think I like this game very much.
2012 GMC Terrain: ~$8.5k
2013 Ford Fusion: ~$7.5k
Net worth: ~$80k
Ratio: 0.2
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KBB - 0.40% of my net worth. Debating on if I should upgrade.
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Current net worth around $118k
2011 Yamaha Stryker $4,500 (for sale)
2011 Honda Fit Sport $8,500
Ratio: 13/118 = 11%
Once the motorcycle sells, that’ll drop to 7.2% not including other NW growth.
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Sold the motorcycle yesterday!
That puts me just shy of 7%
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Using generous estimates for our car's net worth, 0.0037%.
It helps that mine is a salvage title that might net me $200.
Wife's is newer, fewer miles, but still banged up a fair bit.
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0.29%
Total value of cars/trucks =$9000
NW 3.1M
Somebody better get to creating a "Race to 4m" thread! lol
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0.29%
Total value of cars/trucks =$9000
NW 3.1M
Somebody better get to creating a "Race to 4m" thread! lol
Naah.. a third of it is funny money (pensions and a guess at home value).. So it doesn't count..:)
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'12 Jeep Patriot - $9371 (not sure why this value is higher than our newer car)
'16 Nissan Versa - $8521
And a crap ton of bikes and rideable kids toys (12-30 at any given time) worth something less than $2000
NW: ~$800k
~2.5%
We're not winning this game for now and likely still losing it in the future. Oh well.
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36%
Was 57% earlier this year.
Likely under 20% by end of year and will continue to drop from there...
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Sold the motorcycle yesterday!
That puts me just shy of 7%
6.4% and dropping!
Unfortunately, not only is the denominator rising but the numerator is dropping.
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Sold the motorcycle yesterday!
That puts me just shy of 7%
6.4% and dropping!
Unfortunately, not only is the denominator rising but the numerator is dropping.
That is how depreciation works
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Sold the motorcycle yesterday!
That puts me just shy of 7%
6.4% and dropping!
Unfortunately, not only is the denominator rising but the numerator is dropping.
That is how depreciation works
Yep! At least it's a 2011 Honda and doesn't depreciate as hard as other makes (from what I hear).
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Two vehicles worth about $11,000 total... About 2% of our current NW.
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Ok Car value story with updated values to today..
I had a renter a year or so back, guy spent everything he ever laid his hands on.
In 1984 he bought a brand new Mustang. He told me he spent $19,000 on it (a bit high, but maybe that was with financing).
The Mustang had stopped running a few years back and he was dragging the car from rental place to rental place on a trailer. While here he sold the engine out of it and sold the body for essentially scrap.
I took $19,000 and put that into the S&P 500 calculator... Today that $19k if he had invested it instead would be worth...
.... $798,000... Yes almost $800k
I only wish I had started investing in 1984!
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My original post from 2015:
Car Blue Book Value: $1900 for a 2003 Chevy Cavalier with 117k miles. Wifey and I share this elderly but reliable workhorse.
I am embarrassed to admit this to this crowd, but we are now the owners of a minivan. 2 kids plus two aging parents in the home drove us to this act of desperation.
2006 Sienna - $3,900 176k
2005 Corolla - $3,200 168k
2015 ratio of car to net worth = .54%
Today's ratio = 1%
I hang my head in shame over the hedonic adaptation the ratios reveal.
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2007 Acura MDX = $9k
Net Worth = $514k
Ratio = 1.7%
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2009 Kia Rio base with 116k miles: ~$1600
NW roughly $80k
Ratio of 2%
My goal is to hit the sub 1% mark a year from now, as NW continues to increase and the ol' Kia continues to slowly depreciate.
Car is worth more than I thought, $2.2k
NW of $175k
1.3%
Maybe I'll achieve the elusive sub 1% in 2022.
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Anyway, 0.6% of investable NW, less if paid house equity is included.
Update: 2 motorcycles, the CBX and a Honda 600F2, 2 cars HHR and Boxster. Not sure the HHR was included last time.
0.51%
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Net Worth - $114k
KBB Vehicle Value - $8k
7.5%
However I have only been at this for 4 years.
Net Worth - $375k
KBB Vehicle Value - $15k
4%
Progress!
I sold the motorcycle and NW is up by 5%, so now my car is worth 2.9% of NW.
Love this thread
Our NW = $586k
2 Cars total value = $12k
2%
If I sell my older sports luxury car, we are down to one $1k value vehicle =) 2004 Nissan Sentra, base model. I'm listing it in May.
Car value is down to ~0.25% of NW.........we drive a really cheap car!
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I love when an old thread gets revived. There is so much good stuff in our archives!
I especially love when people post updates.
I have a new to me car since this thread began. DH and bonus kid are still happily driving the same vehicles. I was just fine driving my old car, but DH does the maintenance and he deemed it time to go. We considered a Tesla, but I don't want the stress of such a fancy car, plus the driving ranges are not yet well suited to our needs. My "new"car is still older than this thread, lol. All of them are paid for and I can't be arsed to look up their values, but it's miniscule, compared to our TNW. I'm mostly posting to say congratulations to everyone for making such good progress during the last three years!
Hmmm, still driving all the same vehicles...
However, in early March last year we made a long-planned RV purchase.We paid about $70k for a 2012 Leisure Travel Serenity with 25k miles. We've used it exactly five nights during the pandemic, sheesh. Happily, apparently RV's are holding their value quite nicely, but our plans are to use the heck out of it when things normalize.
We still don't count it or any of our vehicles in our NW. We paid for it out of new money, so no debt taken on, no investments liquidated.
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Car = 2016 Acura RDX = KBB = $18,000
Net Worth (Includes House) = $4,000,000
Car % of NW = .45%
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8.4%.........
It's fun to come back and look at this again. It's been almost two years and we replaced one car (with an approximately equal value car). Down to 5.1% of net worth.
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Around 1.8%.
Two cars bought new in 2010 and 2013.
Almost 2 years later, the number is now about half what it was....0.94%. Not sure if it will go much lower. Likely to get a replacement for the older car in 2022.
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My 13 year old Honda Accord is 0.05 percent of networth.
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When we bought our "new car" it was worth .025% of our net worth. Not sure what it is worth now, but it hasn't gone up in value.
Hmm. I now get 0.14%. Must have calculated wrong. A bit embarrassing for a maths teacher. We do have a car worth nearly 10% of our net worth, but it is a family heirloom that will be restored during retirement.
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Lookling at this thread for the first time, but I've got all the data back to 2011 when I graduated from college. Fun to see how this metric has improved over time, dropping below 1% for the first time at the end of January:
Current Vehicles (1/31/2021):
2011 Ford Fiesta - $3,232
2011 Chrysler Town and Country - $6,529
Total Value: $9,766
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A surprising .15%
Might want a new car in the next few years, but this one only has 80k miles on it!
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My answer to this question is the same answer to the "What is my credit rating?" Question..
Answer... I have no idea...:)
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There is no one-size fits all or rule of thumb here. I'm not sure there is an accepted definition of net worth.
When I finished college my car was 100% of my assets but I had negative NW due to student loans. So what?
We like 100k mile Lexus vehicles and have two a the moment which may be as much as 0.17% of our net worth. Ho hum. Should I go on a buying frenzy and push that all the way to 1%? That would be a huge splurge that I really can't imagine doing on a single vehicle but maybe a small collection. I could use an old pickup with a hitch for hauling a trailer and perhaps a roadster (heaps of curvy local roads). Also need an electric riding mower or a tractor. Do those count?
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NW = $440k (as of first of month)
KBB = $16k (this seems ridiculously high, as I bought new for $17.5k OOP 2.5 years ago)
So, my "luxury" ride is 3.6% of my net worth. That percentage should drop pretty steeply over the next few years.
Ha. 6 years later I'm at 0.3% with the same car.
NW = $1250k
KBB = $ 4k
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NW 1.1M$
Cars worth 11k$ (2006 Civic, 2010 Forester) so 1% of NW
I aim for buying 3-8 years old car for less than 10% of annual income and pay cash
NW 1.5M$
Cars worth 7.5k$ (2006 Civic, 2010 Forester) so 0.5% of NW
I hope to keep my cars for a while and someday, have no cars at all!
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Also need an electric riding mower or a tractor. Do those count?
Hope not. I'm sure my Kubota 4 wheel drive diesel tractor with the bucket loader is holding its value way better than the 8 year old Subaru that my younger son is driving.
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Well, I don't think I like this game very much.
2012 GMC Terrain: ~$8.5k
2013 Ford Fusion: ~$7.5k
Net worth: ~$80k
Ratio: 0.2
I actually used KBB for values this time:
2012 Terrain: $5,700
2013 Fusion: $4,000
Net worth: $240,000
Ratio: 0.04
I doubt our cars dropped that much in two years, so I was probably overestimating their value before. Either way, they should both be good for another decade or so.
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2013 GMC Sierra Denali ~ $24k (bought before I found MMM)
2015 GMC Terrain ~ $12k
Networth ~1.35 million
So, 2.6%
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3.6% for us, but I like cars and we have an extra. Plus a chunk of my car costs get reimbursed through frequent work travel. Or used to anyway.
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Also need an electric riding mower or a tractor. Do those count?
Hope not. I'm sure my Kubota 4 wheel drive diesel tractor with the bucket loader is holding its value way better than the 8 year old Subaru that my younger son is driving.
Same here.. On the tractor that is..:)
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0.002 here for cars, plus 0.003 for the farm truck and 0.006 for the tractor. Total vehicles = 0.011, but it's less because they weren't included in the denominator. No wait, it's still 0.011. The value of our vehicles is so small in comparison to our net worth that there is no point in adding them to the denominator of the equation because the result is the same!!!!
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0.002% here for cars, plus 0.003 for the farm truck and 0.006 for the tractor. Total vehicles = 0.011%, but it's less because they weren't included in the denominator. No wait, it's still 0.011%. The value of our vehicles is so small in comparison to our net worth that there is no point in adding them to the denominator of the equation because the result is the same!!!!
Are you sure you did the math right? Based on another post your net worth is around $650k so that means the total value of all your vehicles would be only $71! Did you mean 0.011 (1.1%) instead of 0.011%? That would be a combined vehicle value of ~$7,100 which sounds more likely.
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0.002% here for cars, plus 0.003 for the farm truck and 0.006 for the tractor. Total vehicles = 0.011%, but it's less because they weren't included in the denominator. No wait, it's still 0.011%. The value of our vehicles is so small in comparison to our net worth that there is no point in adding them to the denominator of the equation because the result is the same!!!!
Are you sure you did the math right? Based on another post your net worth is around $650k so that means the total value of all your vehicles would be only $71! Did you mean 0.011 (1.1%) instead of 0.011%? That would be a combined vehicle value of ~$7,100 which sounds more likely.
I was math-ing while drunk, I'm sorry. I am also using an inflated NW value of 846k which includes my pension rollover information and stuff in my husband's name which I don't usually include in my race-to thread number because I don't look it up every month. It's about $9500 all together! Jeebus I am usually good at math I promise.
1 k each car plus 2.5k farm truck and 5-6k tractor
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KBB says the private party value of my 2007 Focus hatchback is $2,456. Seems high, but I'll take it :). That puts it at 0.48% of NW.
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I’ll jump in on this one, 1995 Toyota Tercel with 330k worth about $400 = 0.3% of NW. DWs car is an 06 Hyundai worth around $3k or 2.3% of NW
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4% today. By FIRE in 2021, less than 3% is the goal.
Both are quite new and love them 2 yrs into ownership and drive less than 12K mi per year so hope we enjoy them 10+ years from here.
Alrighty then... Looked back to my 2 year old post on this topic... As planned, same cars and est. private party value vs. NW is down to 2.8%.
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We hit our lowest ratio in May of 2018 when our NW was $597k and our car was a 2003 Toyota Corolla worth $700. 0.11%
Now we’re worth $1.2M and own a 2016 Honda Fit worth $12k, so exactly 1%.
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0.002% here for cars, plus 0.003 for the farm truck and 0.006 for the tractor. Total vehicles = 0.011%, but it's less because they weren't included in the denominator. No wait, it's still 0.011%. The value of our vehicles is so small in comparison to our net worth that there is no point in adding them to the denominator of the equation because the result is the same!!!!
Are you sure you did the math right? Based on another post your net worth is around $650k so that means the total value of all your vehicles would be only $71! Did you mean 0.011 (1.1%) instead of 0.011%? That would be a combined vehicle value of ~$7,100 which sounds more likely.
I was math-ing while drunk, I'm sorry. I am also using an inflated NW value of 846k which includes my pension rollover information and stuff in my husband's name which I don't usually include in my race-to thread number because I don't look it up every month. It's about $9500 all together! Jeebus I am usually good at math I promise.
1 k each car plus 2.5k farm truck and 5-6k tractor
This dropped a bit in the last week because the farm truck is leaking gas and it got warm enough to find out that the ac no longer works in one car and the other one just lost a nonessential piece of metal due to rust so now it looks worse. Tractor is still fine. It's like a country western song over here. Can't wait to sell all of them and get something decent.
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Ooh, I sold my car so I can redo this calculation. Unfortunately, we also bought a second house (will sell first one in a few months, market willing), so that dinged our net worth with all of the various transaction costs. More costs incoming with repairs (on two houses) and moving.
Nevertheless, we're now around 0.8% if we include our family car and my e-bike.
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Early 1990s Specialized Allez road bike (primary commuter): ~ $300
2020 Specialized Rockhopper mountain bike (recreation): ~$1200
No car
Net worth is $228k
= 0.65% of net worth
Bikes make you feel like a millionaire :)
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Nice little family surprise came in... 2.3% now. :-))
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5k car, 500k net worth so 1%.
Car is an 2009 Odyssey with 185k miles, might go for a newer vehicle in the next year which would get us to an obscene 4% based on the maximum I am ready to pay...
I hope to increase the net worth quickly...
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Using generous estimates for our car's net worth, 0.0037%.
It helps that mine is a salvage title that might net me $200.
Wife's is newer, fewer miles, but still banged up a fair bit.
We replaced our cars 18 months ago. Each car is worth about 1/2% of our wealth.
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Just spent 2.9% of NW on a 2012 Elantra Touring, now have around 5% of NW tied up in vehicles. Always feels awesome to pay cash for a car and barely even feel it. Congrats to the folks here that are killing it with sub-1% ratios! I’ll get there eventually haha
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Back in 2013, just after I found MMM, we owned 3 vehicles which I think added up to about 3% of our net worth.
In 2016-2017 we got rid of all our stuff and moved across the country. We didn't own a car for a year so we were sitting at 0% for a car with 2 cheap bikes. With just our bikes, 0.03% of our worth was in transportation at that point.
These days we are back to owning a (cheap) car and it's about 0.09% of our worth. The bike collection has grown and is probably worth more than the car now (2 fat bikes, 2 city bikes, 2 touring bikes, 2 tandems plus a plethora of other junk bikes I've gotten for free) so probably around 0.2%-0.3% of our worth is in transportation these days.
I hope to start welding some wacky bikes together from all my salvaged bike parts but I doubt that will really change our worth. They might be worth something to me but probably not much to anyone else.
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Great thread. With two old cars and $1.7M net worth ... roughly half of 1%? We'll likely upgrade in the next year ... or two.
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I love when an old thread gets revived. There is so much good stuff in our archives!
I especially love when people post updates.
I have a new to me car since this thread began. DH and bonus kid are still happily driving the same vehicles. I was just fine driving my old car, but DH does the maintenance and he deemed it time to go. We considered a Tesla, but I don't want the stress of such a fancy car, plus the driving ranges are not yet well suited to our needs. My "new"car is still older than this thread, lol. All of them are paid for and I can't be arsed to look up their values, but it's miniscule, compared to our TNW. I'm mostly posting to say congratulations to everyone for making such good progress during the last three years!
Hahaha, look what I wrote three years ago!
We still have all the same cars, but we added an RV, which we paid about $70k. We bought it just as the pandemic started, so we haven't used it much. Our cost per use is astronomical, but we hope to whittle that down in the next few years. All four vehicles are paid for and equal about 2.5% of our TNW.
Note to @boarder42, welcome back. Looks like you have continued to make great progress.
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Well, I don't think I like this game very much.
2012 GMC Terrain: ~$8.5k
2013 Ford Fusion: ~$7.5k
Net worth: ~$80k
Ratio: 0.2
Two years later: same cars, much higher net worth
It looks like no significant change in the combined value of our vehicles, so our updated ratio is down to 5.75% of our NW.
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2% of net worth or less
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We’re down to about 0.32% even though one of our cars is actually appreciating.
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We ruined our awesome ratio by buying a 2012 Sienna with 90k miles for $17k. Now is not a great time to buy a car, but *shrug* I was sick of driving our clapped-out stick shift Mazda 5 and gave it to a former student as a graduation present (she had just graduated from teacher college, YAY!). I wanted a Sienna and I'm loving it.
So now our percentage of car value to net worth is 3%. Well...that's not Mustachian, but it's not that bad, I guess.
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
Nice Rollie Free avatar. I hope you wear better gear (and don't ride like that).
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My car is 0.74% of net worth for me.
The value of my car has gone up due to inflation and is worth about what I paid 3 years ago, like others have said used cars are at a premium now.
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
Nice Rollie Free avatar. I hope you wear better gear (and don't ride like that).
No need to get naked on a salt flat speed run anymore. It certainly did make for a great legacy image for Vincent MCs and Rollie. I can't say I have ever been on a motorcycle or car at 150mph, but there are certainly plenty of them capable of that speed these days even without getting naked. ;)
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
That’s 4 cars, but technically 5 vehicles…
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
That’s 4 cars, but technically 5 vehicles…
This is true, 5 vehicles at 1.6% of TNW. Quite likely would have FIRE by now with no wife and no kids but I am not good at being alone for long periods of time and I think grandkids sound like fun...
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I'll play...we have 4 drivers in our house and 4 cars with 3 more drivers in the making 15,12,10. Our vehicle situation would not at all be considered mustachian...but from a percentage of TNW it is not bad at ~1.6%
TNW $1.15M
2007 Yukon - owned 9 years - mostly sits now that I wfh but needed for towing our mobile hotel.
2003 T&C van - owned 16 years - Salvage title and $2k payout from a neighbor backing into the door a couple years ago. Mainly a kid car now.
2005 Pacifica - owned a little over a year, sister gave it too us free when she got a new car originally was my parents car. Mainly a kid car.
2015 Nissan Leaf - owned 3 years - Highest used vehicle.
1999 Harley Davidson - $5000 - owned 22 years - this is my primary vehicle in the summer months.
Nice Rollie Free avatar. I hope you wear better gear (and don't ride like that).
No need to get naked on a salt flat speed run anymore. It certainly did make for a great legacy image for Vincent MCs and Rollie. I can't say I have ever been on a motorcycle or car at 150mph, but there are certainly plenty of them capable of that speed these days even without getting naked. ;)
Even quite small crotch rockets of 600cc are capable of that speed.. Heck some 1000cc+ monsters are over 200mph now I believe.
Makes my 1000cc Yamaha from 1991 at 170mph seem positively pedestrian.... I only maxed it out a few times though..:)
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Well I have just agreed to buy my Wife her dream car, so my smug 0.01% of car value/NW has taken a hit..
Lets see... now its 0.95%.. This feels dangerously high!
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@spartana Yeah I have not rode a bike since I emigrated to the US in '96. I'd probably be dead in a week due to the other road users.
Sure miss a fast bike though. I rode a Monster once.. Not the fastest by any means but it was so much fun and handled like a dream..:)
On the new car thing, this is why we just plunked down $35k on a new SUV. When used ones are only a few k less than new and they come with a warranty, it doesn't make much sense buying used.
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@spartana Yeah I have not rode a bike since I emigrated to the US in '96. I'd probably be dead in a week due to the other road users.
Sure miss a fast bike though. I rode a Monster once.. Not the fastest by any means but it was so much fun and handled like a dream..:)
On the new car thing, this is why we just plunked down $35k on a new SUV. When used ones are only a few k less than new and they come with a warranty, it doesn't make much sense buying used.
Used car prices are crazy now. New prices aren't great either but I hoping that will change eventually. So for now I will continue being carless (getting close to 2 years!). When I first Fired I had 2 motorcycles - a small old cruiser I used to commute to work (and morphed into my road trip vehicle after FIRE) and a the crotch rocket Suzuki for fun stuff. Eventually got rid of them both and got an old Ranger truck with a shell for camping and then got the Ducati for fun stuff. But living in SoCal with crazy drivers lead me to sell that but still tempted to buy an ADV type motorcycle but we will see.
Sadly my Wife has heard all my war stories about riding fast bikes back in England, so I mentioned getting a CBR1000RR it was met with a flat "Hell No!"..:(
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I love when an old thread gets revived. There is so much good stuff in our archives!
I especially love when people post updates.
I have a new to me car since this thread began. DH and bonus kid are still happily driving the same vehicles. I was just fine driving my old car, but DH does the maintenance and he deemed it time to go. We considered a Tesla, but I don't want the stress of such a fancy car, plus the driving ranges are not yet well suited to our needs. My "new"car is still older than this thread, lol. All of them are paid for and I can't be arsed to look up their values, but it's miniscule, compared to our TNW. I'm mostly posting to say congratulations to everyone for making such good progress during the last three years!
Hahaha, look what I wrote three years ago!
We still have all the same cars, but we added an RV, which we paid about $70k. We bought it just as the pandemic started, so we haven't used it much. Our cost per use is astronomical, but we hope to whittle that down in the next few years. All four vehicles are paid for and equal about 2.5% of our TNW.
Note to @boarder42, welcome back. Looks like you have continued to make great progress.
...well, it looks like our cars to net worth ratio is about to drop considerably. It's an MPP for sure.
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@spartana Yeah I have not rode a bike since I emigrated to the US in '96. I'd probably be dead in a week due to the other road users.
Sure miss a fast bike though. I rode a Monster once.. Not the fastest by any means but it was so much fun and handled like a dream..:)
On the new car thing, this is why we just plunked down $35k on a new SUV. When used ones are only a few k less than new and they come with a warranty, it doesn't make much sense buying used.
Used car prices are crazy now. New prices aren't great either but I hoping that will change eventually. So for now I will continue being carless (getting close to 2 years!). When I first Fired I had 2 motorcycles - a small old cruiser I used to commute to work (and morphed into my road trip vehicle after FIRE) and a the crotch rocket Suzuki for fun stuff. Eventually got rid of them both and got an old Ranger truck with a shell for camping and then got the Ducati for fun stuff. But living in SoCal with crazy drivers lead me to sell that but still tempted to buy an ADV type motorcycle but we will see.
Sadly my Wife has heard all my war stories about riding fast bikes back in England, so I mentioned getting a CBR1000RR it was met with a flat "Hell No!"..:(
LOL Wise woman! Lots of horrific accidents and death when it comes to riding (my brother was killed while riding - which I remind myself every time I get motorcycle lust). I think if I lived somewhere safer to ride I might get another bike but for now a little camper van I can haul my mountain bike to cool riding/camping areas sounds like a better idea. At least I don't fly plane like some crazy people do ;-). Now that might take a bigger percent of your NW then your DWs new SUV.
Yeah it would.. And did!..:)
So sorry you lost your Brother, how awful....:(
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Oh hell no. Were not selling anything.
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@Exflyboy, if you don't mind sharing, what was your wife's dream car?
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@Exflyboy, if you don't mind sharing, what was your wife's dream car?
For her its probably not a dream car in the sense of a specific make/model. More of a vehicle that serves a specific need. In this case DW loves to ski which of course means mountains and snow. So an AWD (with ground clearance) car makes travelling to ski areas a much safer proposition.
We both also like to camp so enough room to lie down comfortably is high on the priority.
As our current car is an unreliable and fragile POS (a Chevy Cruze), reliability is high on our list of features.
The Cruze has never actually broken down but every time I open the hood I find something that needs to be fixed. Needless to say any future cars will not have a Chevvy badge on the front!
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Oh dear, if I don't count those technically co-owned with college students, my calc is 0.07%-0.23% range now.
KBB research reveals my van is especially sketch . . . I just spent more than half of what it is "worth" buying four new tires bc the old ones dry rotted during the pandemic. But it only has 180K miles on it and it runs like a top! Sure, only one of the passenger side doors can be unlocked from the outside with a key that is now different from the ignition key, which had to be rekeyed, but I'm used to it. Just like I'm used to having to hip bump the rear doors from the outside to get them to completely shut.
I've had a brand new BMW (courtesy of my ex-) in the past and I drive nice new cars when I rent them on trips . . . and I just don't get it. Why do people spend so much money on cars? Traffic laws mean that the overall driving experience is just not that different from driving my beater.
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2007 Pontiac Vibe: $3000
2007 Honda CRV: $4500
2003 Honda Odyssey: $3500
1973 Camper (22 ft.): $8000
Total Vehicles: $19,000
Net Worth: 1.14 million
Dave Ramsey has a guideline that the total value of your cars should be less than 50% of your annual income. He also recommends not buying a new car with zero miles until your net worth is greater than 1 million.
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2007 Pontiac Vibe: $3000
2007 Honda CRV: $4500
2003 Honda Odyssey: $3500
1973 Camper (22 ft.): $8000
Total Vehicles: $19,000
Net Worth: 1.14 million
Dave Ramsey has a guideline that the total value of your cars should be less than 50% of your annual income. He also recommends not buying a new car with zero miles until your net worth is greater than 1 million.
Did the vehicles/NW = 5% max not come from DR?
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Dave Ramsey talks a lot about depreciating assets not being more than 50% of your income (so anything with engines - so he'd include boats/ATVs/etc).
Which makes sense as a general rule of thumb imo.
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2009 Kia Rio base with 116k miles: ~$1600
NW roughly $80k
Ratio of 2%
My goal is to hit the sub 1% mark a year from now, as NW continues to increase and the ol' Kia continues to slowly depreciate.
Car is worth more than I thought, $2.2k
NW of $175k
1.3%
Maybe I'll achieve the elusive sub 1% in 2022.
Car 2200
NW 225000
0.98%
Yay!
This will look even better in the spring, when I go car free. Only vehicle at that point would be my bike, worth about $200
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Since we just bought a new car I should update.
So we now have
1) 2021 Honda Passport Sport
2) 2012 Chev Cruze
3) 1989 POS F250 truck
This brings car value vs NW to exactly 1%.
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1990's Subaru Outback worth ~.1% of our NW =D
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Never being one to follow the cheap car guy, I've made a firm decision to buy a car in the spring. Not a replacement car, not something because my other cars are unreliable, but a more fun car. The car will be a silver Subaru BRZ limited with a 6 speed manual transmission and I'll spring for the factory car cover. As I head into retirement, it's ultra clear that we have way more than we need. I've had toy cars at many times in my life, so this isn't new. I haven't had one since selling my Lotus Elise while my son was in expensive private engineering college. This is a good, practical choice for me. Other cars under serious consideration were a Porsche 718 Cayman GT4, a new Lotus Emira and a Nissan GT-R. The Subaru matches what I like. Low cost, good handling, hard top, no sunroof, manual seats, not drawing a ton of attention. I'm looking forward for the new design to hit the showrooms soon and will wait out the winter and my post-accident medical treatments, then go buy one.
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Never being one to follow the cheap car guy, I've made a firm decision to buy a car in the spring. Not a replacement car, not something because my other cars are unreliable, but a more fun car. The car will be a silver Subaru BRZ limited with a 6 speed manual transmission and I'll spring for the factory car cover. As I head into retirement, it's ultra clear that we have way more than we need. I've had toy cars at many times in my life, so this isn't new. I haven't had one since selling my Lotus Elise while my son was in expensive private engineering college. This is a good, practical choice for me. Other cars under serious consideration were a Porsche 718 Cayman GT4, a new Lotus Emira and a Nissan GT-R. The Subaru matches what I like. Low cost, good handling, hard top, no sunroof, manual seats, not drawing a ton of attention. I'm looking forward for the new design to hit the showrooms soon and will wait out the winter and my post-accident medical treatments, then go buy one.
having grown up in the UK, light nimble cars with a manual transmission is in my blood. My first car was a 1966 MG Midget that I bought at University in 1981. I did a ton of mods and loved that car. Not the fastest but handled well.
I today hanker after the modern equivalent so the Soobie BRZ or the Toyota GR 86 is on my list.
I need to wear out our 2012 Chevvy Cruze first though, maybe it will blow up..:)
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8.4%.........
It's fun to come back and look at this again. It's been almost two years and we replaced one car (with an approximately equal value car). Down to 5.1% of net worth.
Replaced our cheaper car with a new EV. Brings us back up to ~9%.
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With the market dropping and used car values through the roof, our car value to net worth ratio is actually climbing.
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I like this thread's concept. I'm always proud of my low-cost vehicles, although having 3 albeit low cost puts me in poor company here. That being said, I'm around 0.75% which I don't think is too bad!
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I like this thread's concept. I'm always proud of my low-cost vehicles, although having 3 albeit low cost puts me in poor company here. That being said, I'm around 0.75% which I don't think is too bad!
Anything under 1% is basically a rounding error to your overall finances.
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About two weeks ago, I took a ferry boat across the Mississippi River to buy a used set of tires and rims. My 14 year old Honda Accord had 4 different brands of tires and all in bad condition. The new set has a smaller diameter rim and taller rubber sidewalls. The taller rubber sidewalls give a softer ride.
Telling the story at work, I was called a cheap bastard by one coworker. Another coworker commented, he's a cheap bastard and that's why he's a rich bastard.
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1997 Chevy Cavalier. I calculate it's about 0.2% of my networth.
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2007 Acura MDX - $7k
Net Worth - $820k
Car is 0.8% of my total net worth.
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About two weeks ago, I took a ferry boat across the Mississippi River to buy a used set of tires and rims. My 14 year old Honda Accord had 4 different brands of tires and all in bad condition. The new set has a smaller diameter rim and taller rubber sidewalls. The taller rubber sidewalls give a softer ride.
Telling the story at work, I was called a cheap bastard by one coworker. Another coworker commented, he's a cheap bastard and that's why he's a rich bastard.
That’s awesome, I’ve bought lots of sets of used tires with and without rims whenever I find a deal on them, sometimes I can use them on my car, and most of the time I resell them. It’s an item where prices can be all over the map and it pays to keep an eye out for deals.
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Our cars (x7) used to represent about 3% of our net worth. Parked another antique in the garage to restore and that screwed up the math badly. Worth a bit now, worth alot finished, will cost a fair bit to restore it. I DIY everything.
Our daily driver cars are low value vehicles. There is one nicer weekend vehicle. Three antiques in progress. Need to finish one this summer.
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Never being one to follow the cheap car guy, I've made a firm decision to buy a car in the spring. Not a replacement car, not something because my other cars are unreliable, but a more fun car. The car will be a silver Subaru BRZ limited with a 6 speed manual transmission and I'll spring for the factory car cover. As I head into retirement, it's ultra clear that we have way more than we need. I've had toy cars at many times in my life, so this isn't new. I haven't had one since selling my Lotus Elise while my son was in expensive private engineering college. This is a good, practical choice for me. Other cars under serious consideration were a Porsche 718 Cayman GT4, a new Lotus Emira and a Nissan GT-R. The Subaru matches what I like. Low cost, good handling, hard top, no sunroof, manual seats, not drawing a ton of attention. I'm looking forward for the new design to hit the showrooms soon and will wait out the winter and my post-accident medical treatments, then go buy one.
having grown up in the UK, light nimble cars with a manual transmission is in my blood. My first car was a 1966 MG Midget that I bought at University in 1981. I did a ton of mods and loved that car. Not the fastest but handled well.
I today hanker after the modern equivalent so the Soobie BRZ or the Toyota GR 86 is on my list.
I need to wear out our 2012 Chevvy Cruze first though, maybe it will blow up..:)
I can see that while I have always been on the west side of the pond, we grew up thinking the same. My first car was a 69 MGB. Through the years, I've owned a ton of light, low power sports cars. Started as MGs of various varieties, then a trio of Alfa Spiders. Various others followed, including track cars.
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About two weeks ago, I took a ferry boat across the Mississippi River to buy a used set of tires and rims. My 14 year old Honda Accord had 4 different brands of tires and all in bad condition. The new set has a smaller diameter rim and taller rubber sidewalls. The taller rubber sidewalls give a softer ride.
Telling the story at work, I was called a cheap bastard by one coworker. Another coworker commented, he's a cheap bastard and that's why he's a rich bastard.
I love this story, but why were you driving a vehicle with such shitty tires in the first place? You are a rich dude.
In other news, we peeked at used car values recently, inspired by the ad DH saw for an RV of the same make and model as ours. The rig has 100k more miles on it than ours and is in much more worn condition, yet they want 60% more than we paid two years ago. Turns out, all of our vehicles (1 per driver, plus RV) are worth way more than they used to be. This doesn't really have any effect on our car values-to-net-worth ratio, but it was a fun discovery.
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Our car is 8.3% of our net worth. My (bought brand new) truck is owned by the family business and my Dad chose it, so I don't count it. Our car is the car my parents bought for me at 18, with the agreement that I would buy it from them when I got into the "real world". I've now owned it a year, and I have driven it for 5 years. 110,000 miles. My husband was putting a killer 120 mi/day commute on it, but now it's down to 40/day! Woohoo! (No, we won't be moving and he won't get closer-this is one of the cons of living on a farm not near a city that the other person can work in).
The next car we buy will probably be about 5-8% of net worth, then drop in value from there.
Most of my friends have vehicles they either own outright since 16 or bought brand new with payments two years ago at graduation.
Tailrated we're close to your numbers!
We're up to 2 vehicles (plus the farm truck), and based on the price of the 2nd one I thought we'd for sure have a higher %. The two cars together are 7.7% of our net worth. Not too bad for a 2009 SUV with 170,000 miles and a 2015 SUV bought 3 years old with 50,000 miles.
Oh this is fun to do a 1 year later update. I believe our vehicles are now worth about 5.05% of our net worth. Moving the right direction!
Well it's been a while, but I do enjoy seeing the changes through time. Sorry to everyone who never wanted to see this thread again!
Our cars: $28,250 A 2015 Subaru Forester and a 2022 Toyota Corolla
Our net worth: $936,189
3.02% of our net worth. Might get it down to 2% by the end of 2024?
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Ooh, forgot about this zombie thread, and in the interim I've become even more disdainful of car spending and car culture.
Family of 4
2014 Subaru Outback - $10500
E-bike #1 - $2500
E-bike #2 - $600 (old and needs a new battery)
Net worth - $2.4M
Ratio - 0.57%
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8.4%.........
It's fun to come back and look at this again. It's been almost two years and we replaced one car (with an approximately equal value car). Down to 5.1% of net worth.
Replaced our cheaper car with a new EV. Brings us back up to ~9%.
It's been another two years... back down to 5.3%. Same cars as last update, so just a combination of depreciation and net worth increase.
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We bought a third car (summer convertible) bringing us up to a whopping O.2%.
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0.17% based on Kelley's Blue Book value for our car.
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1990's Subaru Outback worth ~.1% of our NW =D
We're down to 0% since 2019........soon to be ~5%
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I have to sheepishly admit this calculation is partly why I sold my airplane. I.e it was just hard to stomach $100,000 sitting in what was effectively a toy. Especially as our net investments (not counting house) was a bit under $1M at the time. Even though that airplane is worth double today what I sold it for.. the S&P500 has done quite a bit better which is where I put the money the moment the check cleared.
Oh I also sold our '89 F250 this week, so that will make a HUGE difference..;)
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0.5%
I'm astounded at the continuing high level our cars are valued at.
While the ASKing prices at Autotrader are probably high, my 2000 Boxster is about 9 to 11K (paid 15K in 2011), and DW 2011 HHR is listed at about 5 to 7K (we paid her mother 8K, a discount at the time).
Even 199,000 mile HHR is listed as 5K or more.
The top and even average prices for fairly high mileage examples of each are astounding. I would have expected them to level out at 2K or so.
Oh crap, if you add in my motorcycles it becomes 0.7%, mostly due to a 1980 Honda CBX, which I've seen listed for ridiculous prices on Ebay.
Mine is NOT a unused low mile museum example. It is 60,000 miles of 6 cylinder fun and noise, so I expect a lower price when they pry it out of my dead hands. Not my problem.
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0.5%
I'm astounded at the continuing high level our cars are valued at.
While the ASKing prices at Autotrader are probably high, my 2000 Boxster is about 9 to 11K (paid 15K in 2011), and DW 2011 HHR is listed at about 5 to 7K (we paid her mother 8K, a discount at the time).
Even 199,000 mile HHR is listed as 5K or more.
The top and even average prices for fairly high mileage examples of each are astounding. I would have expected them to level out at 2K or so.
Oh crap, if you add in my motorcycles it becomes 0.7%, mostly due to a 1980 Honda CBX, which I've seen listed for ridiculous prices on Ebay.
Mine is NOT a unused low mile museum example. It is 60,000 miles of 6 cylinder fun and noise, so I expect a lower price when they pry it out of my dead hands. Not my problem.
Wow I have bot seen a CBX for about 30 years!
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KBB says the private party value of my 2007 Focus hatchback is $2,456. Seems high, but I'll take it :). That puts it at 0.48% of NW.
Same car. KBB now says $2,825. Strange world we live in.
.38% of NW.
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I fancy a 911. Have done for years. Maybe when we cross 10M (but likely not). I still get stressed about potential scratches and dinks in my current car, imagine me having a 911 then..lol
Me too. But seriously, I literally can’t afford one, you definitely could. Buy a lightly used but not cosmetically perfect one, especially in white or some other colour that doesn’t show scratches and dings very easily. Just don’t get a black one. Also, ceramic coating the paint makes it much more difficult to scratch. I wouldn’t bother on my old Hyundai, but if I owned a 911, I would definitely want it ceramic coated
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Car Blue Book Value ~$4500 - a 2004 Toyota Matrix w/122k miles
Man, I miss 2015. All these legendary mustachian workhorses in the prime of their life available for pennies.
I'm gonna lose at this. Cars alone, we're around 1.5%-2% depending on how you count.
But without the tractor, they'd have no access to the public road network this time of year, so in reality probably pushing 5% (that damn tractor holds it's value extremely well right now).
OK, time to suit up and go blow snow....
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Car Blue Book Value ~$4500 - a 2004 Toyota Matrix w/122k miles
Man, I miss 2015. All these legendary mustachian workhorses in the prime of their life available for pennies.
I'm gonna lose at this. Cars alone, we're around 1.5%-2% depending on how you count.
But without the tractor, they'd have no access to the public road network this time of year, so in reality probably pushing 5% (that damn tractor holds it's value extremely well right now).
OK, time to suit up and go blow snow....
Oh wait.. We're supposed to count the tractor? Thats added another 0.2% to my vehicle number!
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What about bicycles and kayaks? Do those count, too?
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Car Blue Book Value ~$4500 - a 2004 Toyota Matrix w/122k miles
Man, I miss 2015. All these legendary mustachian workhorses in the prime of their life available for pennies.
I miss 2015 for a lot of reasons lol. Forget cars, I would kill for 2015 home prices and mortgage rates again lol
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What about bicycles and kayaks? Do those count, too?
If they're your main mode of transport, sure!
I didn't count my kayaks or mountain bike since they're used almost exclusively for recreation. Occasionally I'll take the mountain bike somewhere for transportation/errands, but 95+% of my riding is either on or to the mountain. I did count my e-bikes since that's what I use to get around the city.
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Don't have time to do the math but we're down one old sedan, up one SUV for the teen going to university. Might keep it a year or so more and then will replace it with another higher MPG vehicle. The SUV (20 years old, almost 195K miles) was a great price from a relative and well kept. Just thirsty. Fortunately teen manages to get by on $20 worth of gas per week.
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Car Value $21,500
Net Worth $1.83M
Ratio 1.17%
Don't think this statistic is particularly useful. Whether your net worth is $1,000 or $1,000,000 you need transport.
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I still have the same car I bought new in 2012, the same year this forum started. It doesn't even have 100K miles on it yet, thanks to the pandemic and switching to WFH. Worth about 6 to 7K per KBB.
Inherited car is 2017 and worth more. 20-22K due to the low mileage. It could very well be my last car or nearly so.
Older car gets borrowed by out of town kids when they visit and is worth more to me as a spare/backup than I would get for it selling it at the moment. Might sell it after I retire, depending.
My vehicles are between 1-2% of my total net worth, which seems pretty much in line with MMM members
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We are at 0.1%. A coworker asked me last week if it wasn't time to get a new car. Different coworker asked me today if I was going to buy my DS17 a car.
Um, no and no? Yes, I have the oldest car in the parking lot today (but my boss drives a car from the late 1990s, so he has me beat).
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What about bicycles and kayaks? Do those count, too?
If they're your main mode of transport, sure!
I didn't count my kayaks or mountain bike since they're used almost exclusively for recreation. Occasionally I'll take the mountain bike somewhere for transportation/errands, but 95+% of my riding is either on or to the mountain. I did count my e-bikes since that's what I use to get around the city.
but how do I value my feet lol. Carless for around 4 years and mostly walked and rode a non-electric mtb everywhere. Got a inexpensive used vehicle last Aug and just sold it yesterday and am back to carless living at the moment. Will be travelling overseas much of this year and won't really need a car and this allows my house sitter to park in my one car garage. So percent of NW is zero unless I count the replacement cost of my shoes and extra food I eat ;-)..
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After reading through much of this thread I feel like an absolute loser than me + my wifes cars are worth about 2.5% of our NW...time to get serious about FI!
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After reading through much of this thread I feel like an absolute loser than me + my wifes cars are worth about 2.5% of our NW...time to get serious about FI!
If it helps, we have you beat, probably close to 5% for ours combined. Pretty amazing to see people at 0.1% and stuff like that. Of course like 9 years ago, our one car would have been close to 100% lol, so 5% for several cars is an improvement.
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What about bicycles and kayaks? Do those count, too?
If they're your main mode of transport, sure!
I didn't count my kayaks or mountain bike since they're used almost exclusively for recreation. Occasionally I'll take the mountain bike somewhere for transportation/errands, but 95+% of my riding is either on or to the mountain. I did count my e-bikes since that's what I use to get around the city.
but how do I value my feet lol. Carless for around 4 years and mostly walked and rode a non-electric mtb everywhere. Got a inexpensive used vehicle last Aug and just sold it yesterday and am back to carless living at the moment. Will be travelling overseas much of this year and won't really need a car and this allows my house sitter to park in my one car garage. So percent of NW is zero unless I count the replacement cost of my shoes and extra food I eat ;-)..
No need to value them. You've leveled up.