re: Driving old, crappy vehicles is the way to go

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Unless you’re making big time money, frick this. One of the best days ever was when I paid off my truck. ‘07 Sierra that still runs perfectly. I’m reluctant to even look at new vehicles because I don’t want

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I have a 97 f150 that is paid off. Could not imagine driving that daily. Also have a 66 chevy c10 that is a classic paid off, also couldnt imagine driving daily. I prefer buying a new primary vehicle every 3 years. Usually trade in before they hit 100k miles. Never have to worry about fixing anything on them, or not cranking in the morning. Or having a crappy ride to work. I prefer to ride in comfort.

I once got 419,000 miles out of a Chevy Lumina and the car had virtually not mechanical issues until the transmission failed.

Hahahaha. I drive a 1996 Chevy z71 everyday everywhere. When I finally quits I’ll find me another one same style. Oh this is my 5th one by the way. Could pay cash for a new one today

I'm a grown up. I like to drive nice cars.

I agree if you're still in the earlier stages of life (high school, college), then yes, a cheap practical car is the way to go. My first few cars were either pos's or handmedowns from my parents. Nothing special, but when you're mid 30 or 40s and making a little money, a nice used car is pefectly fine. I'd have trouble spending $40k for a car. I'm too sensible. You can buy a really nice used car for under $40k. BMW, Audi, Etc.

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I prefer buying a new primary vehicle every 3 years. Usually trade in before they hit 100k miles.

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Wealthy or not, this is financially a poor decision. Cars these days can easily make it to 150-200k miles. Buy a three year old vehicle, treat it well and you can easily go past 200. I had a 99 Sierra that went 252,000 miles before I got rid of it. Have a Lexus currently that is over 300,000 with no major problems. Looks great and has been paid for.

Take the money you waste on vehicles and invest it instead.

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It's nice to have a reliable vehicle but I'm single and breaking down doesn't really bother me that much

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I work to hard to have my vehicle die out on johsnton street at noon.

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However, I like to watch IIHS crash test videos. Newer cars are MUCH safer than older ones. Even 8 year old ones like my Mazda. How much is your life worth? The possibility of sustaining serious injuries if you're in an accident?

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I have not watched the videos but in my driving around town and seeing accidents, those new cars (most are small and made from thin sheet metal) get wiped out when they hit a 15-20 year old truck. I have a guy I hunt with who was rear ended by a 2017 BMW and its engine broke the motor mounts. Totaled... My friends truck had a bent receiver hitch. Did not even scratch the chrome bumper.

Size matters

OP is correct. Overspending on vehicles is the fastest way to prevent wealth. It’s the reason you see so many young rich guys driving them after they sign a sports or music contract. They did not build their wealth - they earned it but didn’t accumulate it.

My current vehicle purchase price was 2% of my annual income. I will drive it for at least 5 years and sell it for over half what I paid.

I buy my wife and kids nicer vehicles for safety reasons and they all drive many more miles than me.

I love nice cars. But I buy nice OLD cars that are no longer depreciating in value. I drive them for a year or so and then sell for the same or more than I paid.

I can't show the world my baw status in a 1988 Corolla

After having driven many different cars and makes and models at differing stages of decrepit, Ive come to the conclusion that its best to do massive amounts of research and then buy a vehicle thats 1-3 years old or under 20k miles and drive ti until the wheels fall off.

With a new car you lose your arse. Theres no value there. Its not fiscally prudent. Its an indulgence. With an older used car you have no idea what youre getting. It could be a ticking time bomb.

1-3 years and 20k miles isnt generally enough time for someone to destroy a car plus the 1st owner is usually taking advantage of the warranty so youre getting proper maintenance. It also IS enough time for the 1st owner to absorb all the initial depreciation and buy-in costs.

You need to plan on keeping it forever because once it depreciates to 0 youre driving for free. The cost to buy new or used is almost always higher than the total costs of repairs unless you get quotes from the stealership. Find a good independent mechanic or do your own work.

I own 3 cars and havent paid anything to drive them, other than the cost of parts and gas, in many years.