Spending A LOT on a vehicle. - Jemsite
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post #1 of 94 (permalink) Old 02-02-2008, 11:43 PM Thread Starter
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Spending A LOT on a vehicle.

The last car you bought. What percentage of your annual income was the price of the car. considering a truck that is almost 1/3 of mine. I'm looking at making a serious upgrade in my work truck. My 2004 Hemi quad cab Ram was $24k new, it's got 72k miles on it. I'm lookin at getting a deisel possibly this week. It's got 24K miles and is about $30k, which is about $15k less than new, and 24k miles is basically nothin on this truck. It MUCH nicer truck, and way better for my work, pulling a trailer most the time. So I can justify the expence. Especially since my payment won't change. But it's a freakin lot of money. I could almost buy my dream car, a used Viper for $30k. I never thought I'd spend this kind of money on a truck. But it is a work expense, justifiable, and would be darn nice to have. I can afford it, but there's always that hesitation before signing away that kind of cash.

anyone else buy an expensive vehicle that need a bit of creative justification?
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post #2 of 94 (permalink) Old 02-02-2008, 11:57 PM
 
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Re: Spending A LOT on a vehicle.

Never use the excuse that the payment is staying the same, because when people justify purchases with that it almost always means they are adding 5 years worth of payments. :-)

Here's how I look at it... autos are a bad investment no matter what (unless you bought a Super Bird from an old lady for $5k). Don't try to justify anything because it's always money poorly spent.

No matter the cost, it's no worry as long as you:
a) can afford the payments
b) don't disrupt your savings or financial goals
c) don't get ripped off (or if you do, hide what you paid from your friends)
d) qualify more money lost with an increase in coolness (you should be able to chart the change and feel good about it)

I don't generally like financing a used vehicle either. You always pay a higher interest rate, which stinks. If you do a 60 month loan on $30k, you could easily have to fork over $5-8k in interest alone with average credit rating. I suppose even with all the crazy incentives going on right now, that's still going to be cheaper than buying new.

At least your taxes will look nice next year if it's a business expense.
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post #3 of 94 (permalink) Old 02-03-2008, 12:42 AM
 
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Re: Spending A LOT on a vehicle.

I'm fortunate to have a company car, this time I got an Audi A4 S-Line. Over here they are around 26k (roughly $50k) new and tbh if I was paying for it myself, I don't think I'd be able to afford it. Particularly when you've got to add on insurance, tax and the rip-off fuel prices we are paying at the moment, around 1.10 per litre!
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post #4 of 94 (permalink) Old 02-03-2008, 01:11 AM
 
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Re: Spending A LOT on a vehicle.

I'm 18 and have decided that the next vehicle is going to be a motorcycle. A 250cc bike is going to get you 60+ mpg, it does not pollute the environment as much as a car does, and it looks damn awesome. $3500 for a Kawasaki Ninja 250 '08, the payments would be $70-$100 a month and the insurance would be $99-$125 a month ( last time I checked ), which is still a lot less than a car. I'm sick of having 18 MPG and paying $40 everytime I pump it up. The only thing that cuts into my income is paying for gas, and I do it often cause my college is a 20 min. drive away every day.

A small interesting fact.. If you work for one of the oil companies in Kuwait and depending on what you're working as, you get a new company car every year and there's designated gas stations where you can fill up your tank for free. It's free driving basically, but it's a lot of work working for the oil companies.
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post #5 of 94 (permalink) Old 02-03-2008, 09:33 AM
 
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Re: Spending A LOT on a vehicle.

Quote:
Originally Posted by Yousef View Post
I'm 18 and have decided that the next vehicle is going to be a motorcycle.
I would seriously look at this again. Take into consideration the weather, a girlfriend, family. I had a friend who made the mistake of getting a bike instead of a car, and when the weather was good, he loved his bike, but when it rained, windy, snowing, cold, foggy, misty, hot, he was miserable.

Having a bike is awesome, but don't use it as your only means of transportation.
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post #6 of 94 (permalink) Old 02-03-2008, 10:58 AM
 
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Re: Spending A LOT on a vehicle.

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Originally Posted by michblanch View Post
I would seriously look at this again. Take into consideration the weather, a girlfriend, family. I had a friend who made the mistake of getting a bike instead of a car, and when the weather was good, he loved his bike, but when it rained, windy, snowing, cold, foggy, misty, hot, he was miserable.

Having a bike is awesome, but don't use it as your only means of transportation.
Thank you for the consideration and I have thought of this as well. I will still have a car along with the bike for those special circumstances. I still will keep my payed off '04 taurus. I live in South Carolina right now and it only gets really cold here and doesn't rain really that bad here.
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post #7 of 94 (permalink) Old 02-03-2008, 11:19 AM
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Re: Spending A LOT on a vehicle.

In the UK $30K will just about get you a new bottom of the range Honda Civic (they come to about $27000) so considering this, get yourself down to the Dodge dealership first thing on Monday morning and buy that Viper and think to yourself every step of the way "Thank god I don't have to pay UK car prices".

Sorted.
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post #8 of 94 (permalink) Old 02-03-2008, 11:27 AM
 
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Red face Re: Spending A LOT on a vehicle.

Save your cash and pay up front. I never finance anything anymore. Pay it off. Your interest rate will always be higher than what a money market or cd will pay you. 4.5/5.4 vs 6.9/7.5 (these are the primo #'s of course) If you have the cash or can save it by cutting out unnecessary luxuries. I would do that. Plus it'll be yours, whatever happens they can't take it away from you.
Also when trading your old vehicle in, be ready to walk out the door. They'll invariably ask you what they can do to make this deal with you. Bump the trade in value up a grand, and wait for their reply. They may come back to you with a counter offer. I always stick to my guns because whatever one co. will give you another will as well. Tell them that's how they can do the deal with you...They'll usually give in, but feel them out when you are there. I'm always ready to walk away...
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post #9 of 94 (permalink) Old 02-03-2008, 12:18 PM
 
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Re: Spending A LOT on a vehicle.

I bought a top of the line Honda Accord that was used and still cost $15,000. But it runs perfectly, gets great gas mileage, is ultra comfy with tons of amenities, and it is a perfect fit for me. I do not intend to buy another new car because they cost way too much to get any luxury out of them, and they aren't worth much at all if you ever get to paying them off. Too many people wreck newer cars and then get upset when they have to pay for a car that ended up totaled. I can get a much nicer used car than I can afford new... but perhaps when I'm some hotshot lawyer, I'll buy a new BMW or Mercedes, but I think I'd rather put that kind of money into building my dream home and Chris' ultimate studio.
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post #10 of 94 (permalink) Old 02-03-2008, 12:21 PM
 
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Re: Spending A LOT on a vehicle.

Quote:
Originally Posted by DEADTUNES666 View Post
Save your cash and pay up front.
Amen, the wife and I paid cash for her 06 Chry. Town n' Country and my 90 Ramcharger. No matter what happens in life we won't have a car payment.
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post #11 of 94 (permalink) Old 02-03-2008, 12:38 PM
 
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Re: Spending A LOT on a vehicle.

Quote:
Originally Posted by Silver Sable View Post
I bought a top of the line Honda Accord that was used and still cost $15,000. But it runs perfectly, gets great gas mileage, is ultra comfy with tons of amenities, and it is a perfect fit for me. I do not intend to buy another new car because they cost way too much to get any luxury out of them, and they aren't worth much at all if you ever get to paying them off. Too many people wreck newer cars and then get upset when they have to pay for a car that ended up totaled. I can get a much nicer used car than I can afford new... but perhaps when I'm some hotshot lawyer, I'll buy a new BMW or Mercedes, but I think I'd rather put that kind of money into building my dream home and Chris' ultimate studio.
I would never buy a brand spanking new car, the value plummets as soon as you take delivery. I'd prefer to buy a low mileage, newish used car, that way you don't take that big initial hit.
Plus when you're buying a prestige car (like a beemer) they may cost more initially, but they don't depreciate at anywhere the same level as a cheaper car. My last car was a Ford Mondeo Ghia TDCi, bought for around 14000 and sold three and a bit years later for 3000 with 100k on the clock, a drop of 11k. My Audi was 18.5k used and I (actually the company) should get back around the ten grand mark when I change it in a couple of years.
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post #12 of 94 (permalink) Old 02-03-2008, 01:44 PM
 
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Re: Spending A LOT on a vehicle.

15 year old well specd mint as can be nissan R32 skyline for me, on 55k miles on clock runs like a dream and it cost me (in your $) $11k, or in my money 5400. Does it for me and i can loose much in depresiation. Unlike the civic im selling at the moment, cost 12k 2.5 years ago and its up for 8k!

Much happier with the car now, not just for spec but for knowing when i sell it i cant massively loose out.
Oh and Vipers are way cooler than trucks so get it!
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post #13 of 94 (permalink) Old 02-03-2008, 01:54 PM
 
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Re: Spending A LOT on a vehicle.

If this is a work expense isn't it a tax writeoff? Shouldn't you be able to get perhaps a partial rebate on it?
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post #14 of 94 (permalink) Old 02-03-2008, 01:57 PM
 
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Re: Spending A LOT on a vehicle.

My cars are paid for, I plan on driving them until they don't drive anymore.
It's VERY nice not having a car note each month.
I have a '98 Honda Accord with 150,000 Miles on it, I plan on getting that up to 200K+ before I consider letting it go. We have a 2000 GMC Jimmy 4x4 with just over 100k, that one, the engine will probably run forever, I'm not so confident about anything else on that thing... I suppose we should start socking away cash for a couple new cars, but really haven't considered it.

What is the 'recommended' %?
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post #15 of 94 (permalink) Old 02-03-2008, 02:09 PM
 
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Re: Spending A LOT on a vehicle.

Used cars are kind of scary. You often don't know exactly what your buying. I know people who have thier odometer turned off and they trade the car after a few years showing very little mileage when actually there is a lot and no oil changes to boot. I'd hate to pay good money for one of those.
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