New Cars and Financial Ineptitude

[JeffKeryk]

Yep, and this is why you have people who are 80 years old still working. They can barely tie their own shoes but still need to make their 6 figure salary to afford their lifestyle. To each their own, I won't judge them they can do whatever they want. If I'm still working at 80 please shoot me, because I've planned poorly.

Kinda depends on what "work" is. I used to do tree work. That's real work. I became a computer programmer. That ain't work.
I am currently teaching myself a new programming language, "React" even though I may never use it.
Running your code is like opening up a present...

All good.

 

[The Critic]

Around here $500 would get you a bed space. Apartments in crime and drug ridden neighborhoods are at least $1000.

Exactly. Mortgages in my neighborhood are in the $3500-$4K/mo range. It is all relative to your location and your personal financial situation.

 

[doitmyself]

. I used to do tree work. That's real work. I became a computer programmer..

You have my condolences.

 

[benjy]

DON'T worry about OTHERS, drive what fits your $$$$. cars loose value quickly + overpriced 4WD TANKS are better BUT cost MORE to use + upkeep + the more you spend the more $$$$$ you loose as they age!!

 

[benjy]

preowned + even new older items can save $$$$! new sony xperia xz 2016 phone $155 on e-bay still NEW, leftover 2019 NEW triumph street scrambler saved $1500, of course not buying unneeded things is best, YOUR $$$$ YOUR choice

 

[jeepman3071]

I'll argue that point.

The Surgeon who recently took care of my hands is about 70. He likes what he does. He owns and flies an airplane (twin) and his restored Porsche 356 has its own climate-controlled garage. He takes ski trips and vacations several times a year.

He likes what he does. He "doesn't work too hard" - his words. He does great work (can't even see the scars on my hands).

He's happy.

I would say he represents the pinnacle of success - he likes what he does, he's happy, he doesn't need to work, but he finds it rewarding.

I think that's great! He is obviously the outlier though. I'm talking about the people who truly hate their job, and should retire but can't. A lot of dead weight especially in government agencies because of this.

 

[jeepman3071]

Kinda depends on what "work" is. I used to do tree work. That's real work. I became a computer programmer. That ain't work.
I am currently teaching myself a new programming language, "React" even though I may never use it.
Running your code is like opening up a present...

All good.

Yup, definitely depends on what work is. I'm talking about working because they *need* to, IE working a job because it's a job and pays the bills, not doing something they enjoy. I have relatives that are retired that work at places like Home Depot or a hardware store for the social interaction and for something to do, but they absolutely do not NEED to work.

 

[wpod]

So, again, what does "afford" mean?

I can make the payment.

Does that mean that I can "afford" the payment?

All rhetorical questions....because, without knowing more about my financial situation, that one data point, $875/month, exists without context, and therefore, without meaning...

That is what I am inferring to with can you afford it. Making the payment doesn't mean you can afford it. I steered a Cessna 152 decades ago does that mean I can pilot a plane?

 

[Astro14]

I think that's great! He is obviously the outlier though. I'm talking about the people who truly hate their job, and should retire but can't. A lot of dead weight especially in government agencies because of this.

Agreed. He is an outlier.

But then, most surgeons are probably outliers in many ways.

Still, he is practicing the specialty for which my daughter is in residency. When she and I talk, we discuss the financial roadmap (in contrast with the career roadmap, which is clearly laid out for her) to get to the same place in which this doc finds himself: A life that he enjoys, financial security, no need to work, with a job that he can choose to do for the satisfaction alone.

Sounds about perfect to me...

 

[02SE]

Yep, and this is why you have people who are 80 years old still working. They can barely tie their own shoes but still need to make their 6 figure salary to afford their lifestyle. To each their own, I won't judge them they can do whatever they want. If I'm still working at 80 please shoot me, because I've planned poorly.

Not everyone of retirement age who is still working, is doing so because they want to, or planned poorly. I have a second cousin who is in her mid 70's. She would love to retire. She and her husband had planned well to be able to do so.

Then he had a stroke. He was in a care facility for over ten years. Bedridden, unable to speak, or move. Somehow my cousin was able to develop a way the two could communicate. Up to that point she had a been a stay-at-home mom, and they lived comfortably. Fortunately, she knew some people that were willing to hire someone in their late 50's. Despite her working full time at her new secretarial job during the day, and having insurance, that very expensive specialized care wiped out their savings...

 

[wtd]

I've only bought three new cars in my life and still own two of them and I never spent more than what I could comfortable afford. I financed all three.

I hate debt and with the prices of new vehicles these days, I don't know if I will ever buy a new one again. On the flip side, I'm getting tired of working on vehicles all of the time and having several older ones, it seems like I'm doing it way too often.

I'm lucky that I'm pretty much debt free with no house, car, or credit card payments so if I did decide to buy a new car, I could afford it.

Most people have no concept of financial management and is why a lot of them are in trouble. I wish this was something they taught in high school and college. My daughter recently graduated from college and got a nice paying job. I'm trying to convince her to fund her retirement right off of the bat so that in her later years, that money will work for her instead of her working for it.

 

[2strokeNorthstar]

Everytime I drive in my 2001 Honda Civic, I can't help but feel that I am driving in the bottom 5% of oldest cars on the road. Why are so many people so addicted to driving newer cars, that they can't afford? I believe most these newer cars I see on the road are financed. Is it safety? Convenience? Vanity? What leads so many large swaths of the masses to go into debt for cars? I don't even think it's vanity, if everyone else is buying new cars also. Driving an old beat up car is now more eye-catching than a new model!
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I get the same feeling sometimes. I daily drive either my 98 BMW or 01 F-150. I’m often the oldest vehicle at the intersection. I get over it, going to work in a new car vs old at 6:30am is the same to me. I’d rather have some extra cash and take a vacation than drive a Tesla or whatever the latest waste of money is.

 

[awguy]

At 6:30 am I wouldn't care what car I was in either.

 

[tiger862]

One thing no one thinks of is maintenance on a new car when they purchase it. After a couple of years you realize that you need tires that almost cost as much as a used car. I had to finance my Caravan cause we needed a vehicle to get wife and wheelchair around. We are all getting older and I have had to drive family to funerals so 7 can ride together instead of 2 vehicles. Just replaced the tires after 2 years

 

[Oillover]

My opinion, it is not safety....if people were so concerned about safety then they would drive in a safe manner. It is not convenience, because there is nothing convenient about a huge monthly bill. It is 100% vanity. We have been conditioned to believe that we "need" certain things.

I'm not so sure about that.
Safety is more of an issue these days, as most are far too stressed to focus one one thing at a time.
As a result, everyone on the road suffers....thereby making increased safety precautions a requirement.

 

[wander2039]

I don't think of anything when I see vehicles, houses or RVs anymore. None of my concern really. Having used cars and maintenance can be expensive if you can't do it yourself. Everything we have is paid for and I'd be bored without a car to work on occasionally. Most will never know the freedom of not owing a bank money.. is that good or bad who knows. Trying to get the wife something newer but she'd rather see $$$ in the account.. and a new kitchen but let's not bring that up!

 

[odotb]

Take a ride through the south in the most rural poor areas you can find. Most of the cars are older and look it too. The people that live there don't care. If they have enough for a Friday night fish fry, some whiskey for sipping, a front porch to rock on, and a little loving now and then, they are happy. I used to feel badly for them, having to drive those old junky cars. Now I realize who the smart one really is. As always JMHO.

 

[CKN]

One thing no one thinks of is maintenance on a new car when they purchase it. After a couple of years you realize that you need tires that almost cost as much as a used car. I had to finance my Caravan cause we needed a vehicle to get wife and wheelchair around. We are all getting older and I have had to drive family to funerals so 7 can ride together instead of 2 vehicles. Just replaced the tires after 2 years

No-an exaggeration. As much as I hate Costco for tires-due to their extremely long waits for install and rotations on tires-even for 18 or 20" tires (for trucks) you can get tires for much less than $2,000.00. You can't buy a decent used car for that. For most-we all know new OEM tires are geared towards ride-not longevity.

I just replaced 4-275/55/20 tires on my Silverado with Nexen Roadian HP (XL rated for towing) tires. Took some shopping around but got 4 for $632.00 installed. The OEM tires had about 3/32nds left (at 31,000 miles)-but winter is coming so it was time.

 

[tiger862]

No-an exaggeration. As much as I hate Costco for tires-due to their extremely long waits for install and rotations on tires-even for 18 or 20" tires (for trucks) you can get tires for much less than $2,000.00. You can't buy a decent used car for that. For most-we all know new OEM tires are geared towards ride-not longevity.

I just replaced 4-275/55/20 tires on my Silverado with Nexen Roadian HP (XL rated for towing) tires. Took some shopping around but got 4 for $632.00 installed. The OEM tires had about 3/32nds left (at 31,000 miles)-but winter is coming so it was time.

Around here you can get a running driving Dodge RAM for 1200. Here is an example

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[SeaJay]

Kinda depends on what "work" is. I used to do tree work. That's real work. I became a computer programmer. That ain't work.

If you do it, and get paid then it is real work. Perhaps not hard physical labor but it is real work. And no, I am not a computer programmer.