Now that is sensational. I also am not claiming to be getting rich but I am using a technique that rich people use. That would be don’t spend excessively on things that don’t matter. Since getting rid of my Mustang four years ago now, my vehicles keep getting older with more and more miles.
We have kind of poked at replacing the Navigator but the price of newer to new cars has become astronomical. We were thinking something around the Explorer size but going from no car payment to $900/mo for six years seams untenable. So we keep kicking the can knowing that the day will come that we need to bite the bullet and replace at least one vehicle.
Having been an owner of cheap cars, I have developed a philosophy that cheap cars are a good thing. Let’s think about it for a minute. If I paid $1000 for a car and it lasted two months, that would be $500/mo or half of what I would pay for an Explorer. This is not paying for things that do not matter. I am paying for transportation, not style points and that is half the cost of something new.
Of course, at some point having to replace a car every couple of months can be a hassle. That being said, at this price point you can afford to be choosy. So, maybe a $2500 car that lasts a year is really $200/mo. This is a far cry from new car prices. Think about it, all time beyond that is a bonus.
One thing my summer in Portland taught me is that a Navigator L (for long) in the city is a hassle. It is hard to find a parking spot and maneuver in tight spots. My tactic is try to get farther away from the door and hopefully find more open spots. Otherwise, it is multiple back-up, pull forward until I inch into a spot with traffic piling up behind me. But, going farther from the door is hard on the patient that can barely sit in the seat for the ride in the first place. However, you go with what you got.
Since I was under five during the last fuel crisis, the truth is I haven’t paid a whole lot of attention to operating costs. That being said, I won’t deny when you hit the cut-off limit of $125 for fuel it stings a little bit. With only me driving, I typically only had to refuel every two weeks so it was bearable. But, I could do a lot better than 12MPG as well.
About six months ago, my dad called me and said that he was thinking of buying a new car. His reasoning was that he wanted to make sure that he wasn’t stuck with only EV’s as options. He is also 78 so it probably will be his last car. But he asked me if I would be interested in buying his old car. I said sure.
My youngest son is a driver now and so he has taken over my pickup which has been my primary vehicle since I sold the Mustang. My wife just started driving again after stopping at the end of last year. That left us coordinating schedules much more tightly than we have ever done as a couple because we have always had a vehicle per driver. Adding another inexpensive vehicle seems like the right ticket.
It’s not all sunshine and roses because everything has a cost. Just possessing the car has registration, insurance and maintenance costs. So, truly acting poor would be to make due with what we have. I mention this because it should be considered when making this decision. I am still paying something for the privilege of convenience. My hope is that lower operating costs will offset the additional cost of ownership somewhat.
I wont drag out the negotiations and all of that. But, I ended up taking the possession of the vehicle a little over a week ago. I was telling him about my philosophy of cheap cars and he said ‘You agree with Warren Buffet then’. I didn’t know that, but I guess that I do.
End Your Programming Routine: I cant help but throw my opinion in. I think a lot of people are car poor because their image is more important than their budget. I come to this conclusion because I know what cars cost and I also know that our household income is pretty high. I also know that my newest car is 14 years old and has 240,000 miles. Adding an inexpensive car offers more flexibility and will extend the longevity of what we have and no car payment. Me and Warren Buffet agree.
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