Comments on: Staying Off the Car Payment Treadmill

By: FBS

FBS — Fri, 07 Jan 2011 20:43:09 +0000

In 1997, I bought a used Jeep Cherokee 4X4. I needed it for my weekend activities but rode my bike to/from work. I still own that car and can’t imagine parting with it. I paid cash so have never had a car payment on it. It has 235k miles and my mechanic says to keep driving it. I’ve had to replace or fix the usual small stuff but the engine and transmission keep on ticking. I don’t plan to replace it until they have to pick it up from the side of the road. Instead of car payments, I have totally maxed out all of my retirement accounts over the last 19 years. I think constantly replacing perfectly good cars for no reason is as stupid as buying thousands of pairs of expensive shoes or handbags. I’m also very close to having a debt free house since I didn’t succumb to the “upscale” trend of recent. They used to make fun of my miserly ways ……. not so much now. I will retire in 4 years and be able to enjoy myself.

By: cjbr549

cjbr549 — Mon, 22 Feb 2010 22:37:24 +0000

I am in full agreement with the post. One thing that I will add is that if you are able, doing some of the maintenance yourself can be a huge cost saver. I’m not talking about rotating tires and changing oil, you can get that done by someone else for $20. I’m talking about brakes, suspension, cooling system and minor electrical troubleshooting. These will generally require the purchase of a model specific shop manual for $150-200, and some tools, not more than $200 worth. These types of repairs are the money makers for shops, and the money spent on the manual and tools will pay for themselves on the first few repairs. I realize this isn’t for everyone, but if your handy, it can sure save allot of money. I do nearly all the maintenance on our vehicles, and the few times that I have taken it to the shop for something besides an oil change I have been disappointed with either the price (because I knew how much time it should have taken) or the performance or both. By the way, I have a 2001 Pontiac Grand Prix with 185k miles on it that I bought new. Not the best car in terms of reliability but I must say GM’s repair manuals are top notch.

By: red rabbit

red rabbit — Mon, 01 Feb 2010 20:06:34 +0000

My last car – cash-bought low-mileage used – was 21 years old and had 316k miles on it. When it could go no further I donated it to charity. I expect to still be driving my current car (also low-mileage used) for the next 20 years.

I see people who buy (finance) new cars every 3-4 years and just shake my head. I just can’t fathon being dumb enough to pour that much money down the drain just to impress a bunch of strangers.

By: Rick Beagle

Rick Beagle — Sun, 10 Jan 2010 22:29:46 +0000

If that is a viable solution for you, then no, I personally have no problem with it. If it runs a deficit in your budget greater than your means, then welcome to the world of money fools.

The point is, gasoline/oil prices are going up, and before we close the book on the purchase of a new car (lease, pre-owned, whatever)- it seemed prudent for people to crunch the numbers. Say for example that Humvee in your driveway may not be economically viable now that your commute has quadrupled and your pay has been halved. Perhaps for that Humvee owner, a prius could be a smarter choice?

Peace.
Rick Beagle

PS. Nice try at

By: MasterPo

MasterPo — Sun, 10 Jan 2010 06:37:01 +0000

Rick,

“folks need to to a review of their “real” lifestyle” to determine when and what type of car to buy.”

So what about if *I* determine that MY “real lifestyle” is best supported by a V6 4×4 SUV?

You good with that?

By: Rick Beagle

Rick Beagle — Sat, 09 Jan 2010 22:19:20 +0000

There is a lot that I agree with in your post, but it seems irresponsible not to recommend a more thorough review of any potential ROI. Aside from the usual partisan bickering (which I am an admitted frequent participant), in my humble opinions, folks need to to a review of their “real” lifestyle” to determine when and what type of car to buy.

It has been a few months and already folks are forgetting the spike in fuel prices, and predictions that they will continue to climb. Energy, in all its forms, is a variable expense, and one could easily predict with amazing accuracy that it will continue to climb. Most of your utility companies already have plans on the table to reduce their dependency on foreign oil, reduce their energy consumption, and generally do what they can do try and insulate themselves from what everyone should know is coming (incredibly high oil costs).

While this technology might raise prices in the short term, much like the Honda and Toyota buyer above, over the long run we will be happier we went down this path.

Peace.
Rick Beagle

PS Please support/encourage your local utility companies to diversify their power production portfolio to minimize their exposure to imported oil prices.

By: MasterPo

MasterPo — Fri, 08 Jan 2010 02:31:29 +0000

Toyotas as a whole are known above all for their reliability.

(Here that Government Motors!)