FUN FIND and MEMORY

I have owned in excess of 150 cars in my life, some new but most lightly used.  Up until my most recent purchase last June the most I ever paid (tax not included) was $34,500.  I'm an average retired, fairly comfortable Joe who could now finally afford a much more expensive car but just can't pull the trigger on writing the cheque.  Part of it besides the amount required is that not too much under 80K excites me much.  Old fashioned I guess, but I'm okay with that.

@jack-dodds I could speak to this  indefinitely - for me, money was always like "water in the desert,"  even as a kid.  But good things  cost money; whether you have $20 or $20 million, at 61 I'm more aware of this than ever - "You can't take it with you."

 🤨 🤨 🤨 🤨  

Posted by: @jack-dodds

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I have owned in excess of 150 cars in my life, some new but most lightly used.  Up until my most recent purchase last June the most I ever paid (tax not included) was $34,500.  I'm an average retired, fairly comfortable Joe who could now finally afford a much more expensive car but just can't pull the trigger on writing the cheque.  Part of it besides the amount required is that not too much under 80K excites me much.  Old fashioned I guess, but I'm okay with that.

Old fashioned maybe, but I say you're a wise man.  

Posted by: @jkuvakas

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It's all relative, though, isn't it? My first car payment was $45 a month. I thought it was all the money in the world. When Kelly and I bought our first townhouse, we paid $78,000 for one in Northern Virginia. My dad couldn't believe how expensive it was. I guess we were "dumb young people." 

Lorraine and I bought our first house, a little 2-bedroom rambler, one bath, no garage, in September 1975.  It was a whopping $26,500 with a 30 year loan.  When se signed the loan papers, we both were in awe at the ending year on the mortgage being 2005.  Trust me, our minds could not fathom that year. 

As a side note to this, we kept the home for five and a half years and in March 1981 sold it for $52,000.  After the mortgage company was paid off, we walked away with $25,000 in our hands, which was used as a down payment on our next home.  So all in all, we both agreed that a $25,000 profit in just 5 1/2 years turned out to be a pretty good deal for us. 

We kept that second house for 12 years and then sold and moved to our current home.  We paid $132,000 for this present home in 1993 and today the value is in the neighborhood of $450,000.  We were able to off pay our mortgage in just 15 years (in 2008), so today, our home is free and clear.  A pretty good asset on our balance sheet in retirement.  

@georgeschire I hear ya George. We're retired, our home and vehicles are paid for. I could buy a new vehicle again if I wanted. I see no reason to. I'm quite happy with our current vehicles. I enjoy not being in debt in my retirement years. It's very satisfying.😊

Posted by: @geno

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@georgeschire I hear ya George. We're retired, our home and vehicles are paid for. I could buy a new vehicle again if I wanted. I see no reason to. I'm quite happy with our current vehicles. I enjoy not being in debt in my retirement years. It's very satisfying.😊

Having spent my life in the lending business, I saw all the wrongs people do while trying to have the biggest and best of everything.  I saw so much debt many people had, I was never sure how they could sleep at night. 

They had huge 1st mortgages, 2nd mortgages (sometimes known as Home Equity Loans), a couple of new cars with payments on both, and they would have a cabin, a boat, and the list goes on.  Not to mention credit card debt that would make my eyeballs disengage from their sockets! 

To the average on-looker, their friends, and their family, they were applauded as being well off and living the life of Riley.  And sadly, our society promotes this perception of being on top of the world because of what you have.  But in so many instances, they were ONE PAYCHECK away from having to file for Bankruptcy, if they lost their jobs or became disabled.  

Like you Geno, I'm enjoying retirement with no debt.  Other than our normal everyday expenses, we don't owe anyone anything.  I can sleep at night.  Regarding our cars, I have a 2012 Honda CRV and my wife has a 2015 Honda Accord.  I honestly have zero desire to buy another car anytime soon, but thankfully, if we should need to, we can pay cash for it.  Life is good.  

@georgeschire George, you absolutely nailed it for us. I agree 1000%. Our monthly expenses, "utilities, groceries, fuel, insurance,  etc." is all we have as well. I like it that way. It does make it easier to sleep at night.😊

@geno Me too.

Every day I get notices of prices on everything going up, from natural gas to electricity to groceries, etc. Being on a fixed income I keep wondering at what point where does it end. Last week I received notice that my Social Security check would be increased on a 2.8% increase based on inflation. 2.8? I haven't run the numbers for Groceries but this past year I paid more then 17 % more for electricity over the previous year and more the 22% more for natural gas over the previous year.

Posted by: @ed-davis

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@old-caddys I do not know where you live, but in the Chicago area, the average price of a new vehicle (car, SUV, pick-up truck) is about $50,000.

@ed-davis Ed, I live in New Jersey, where everything is expensive except the gas at Costco.

Posted by: @bob-jackman

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Every day I get notices of prices on everything going up, from natural gas to electricity to groceries, etc. Being on a fixed income I keep wondering at what point where does it end. Last week I received notice that my Social Security check would be increased on a 2.8% increase based on inflation. 2.8? I haven't run the numbers for Groceries but this past year I paid more then 17 % more for electricity over the previous year and more the 22% more for natural gas over the previous year.

Some might call me dumb, some my call me smart.  In all my decades of driving I have always bought new cars & paid cash.  Reason for paying high for new cars is that if I am going to spend the money I ordered my cars to get what I want the way I want.  I have been happy with each car purchase because I got exactly what I wanted (color, options, etc.) and most of my cars I have kept for ten years or longer.  I am meticulous about servicing and asthenic upkeep and in most all cases when I traded to get a new car was only because I saw something much newer that I was attracted to.  Does not matter if I drive less than 500 miles per year (pandemic years) or more.  Annually I change fluids, do rust preventive treatments, and keep my cars clean.  Every 3-5 years I even get my cars professionally detailed especially the engine bay.  On an annual basis of course I am spending more on upkeep then the average driver, drive less then the average driver, but my cars tend to stay in better condition then the average older car.  Because I keep my cars longer, I still save some money each year and pay cash for the next car.

I only financed one new car, a 1986 Dodge Colt two-door hatchback.  I broke all my rules in buying.  Reading the morning newspaper saw an ad for "big sales".  I drank more than one 'screwdriver' with brunch.  I had been thinking about getting an economical commuter car, a second car so I could leave my beloved Eldo gas hog parked.  Worst yet I told the sales associate what I was willing to pay per month (don't ever do that).  But I drove off the lot in my little Colt and I did get the color and options I wanted, at a monthly price that was in my budget and less than my bar tab.  But I soon realized how much extra I was going to pay in finance charges over the loan period and was shocked.  I really did like that little Colt, and it all worked out in the short term because one morning commuting on I-95 to North Philadelphia the trailer of an 18-wheeler rolled on top of my little Colt.  Insurance paid for the Colt and after repairs to my head I looked five years younger.  No more car payment, a more youthful appearance, I called that a win-win.

My last comment is regarding inflation.  I am in my mid-70s, and the extra $ I should expect this year from USA Social Security, my Canadian Social Insurance, plus my pensions, none of that balances out the cost of living increases we have all experienced.  I am concerned.

Posted by: @abaucom

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In all my decades of driving I have always bought new cars & paid cash. 

"Money management 101:"     - Always pay cash for things that depreciate but finance those items that appreciate.  Of course, it's not always feasible but that should always be the goal.   Also, great credit scores will most often yield zero-interest loans, so then "finance away,"  it's free money.   Save your cash - because cash is king. 

George, I like & respect that you don't sugar coat your comments.  But I feel I must, in all respect, reply to your last post.  You said, "despite all the wrongs, we still live in the best country in the world".  I have spent a significant time of my life traveling the world and lived and worked in two other countries besides the USA.  At one time in history the USA was considered the best by people in other countries.  Perhaps now, we are not considered the best by people of other countries.  I have lived and worked in other countries, I no longer consider us the best.  Perhaps people who call their country the best of all countries need more experience living elsewhere.  Sure we are better than many, but are we still the best?  World view is NO.  This is not a political issue, it is a cultural issue.

Posted by: @abaucom

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George, I like & respect that you don't sugar coat your comments.  But I feel I must, in all respect, reply to your last post.  You said, "despite all the wrongs, we still live in the best country in the world".  I have spent a significant time of my life traveling the world and lived and worked in two other countries besides the USA.  At one time in history the USA was considered the best by people in other countries.  Perhaps now, we are not considered the best by people of other countries.  I have lived and worked in other countries, I no longer consider us the best.  Perhaps people who call their country the best of all countries need more experience living elsewhere.  Sure we are better than many, but are we still the best?  World view is NO.  This is not a political issue, it is a cultural issue.

Well, I've never lived anywhere else in the world, so perhaps my "despite all the wrongs, we still live in the best country in the world" comment, has no merit to those that have lived in other country's. 

If I were being totally honest and fair, which I always try to be, I still believe that our America is the best.  Now if we were to base my belief only on the last decade, then there are a lot of wholes in this belief.  Since 2015, we have been divided, primarily because of one man, and he happens to be in power (again) at this moment. 

None of our leaders since 1776 have been perfect, being human, they've all had their flaws and shortcomings.  However, none of those leaders were more self-centered, egotistical, and power driven than the current guy.  He, on a daily basis goes out of his way to teardown everything of value and moral our country was founded on.  Sadly, over half the nation has bought in to his daily rhetoric, thus the division I speak of.  He rules with sarcasm, arrogance, and bullying, and as such other world leaders no longer look upon America as their ally and friend.  

I only pray, and I mean I really pray, that our America will survive the next three years and that their will be enough fabric in the country to sew the pieces of his carnage back together.  And like you said in your comment, "this is not a political issue, it is a cultural issue".  Presently, we are not America it was founded on.