Proud to be frugal

[moghopper]

IKEA billionaire founder proud to be frugal at 80

http://tinyurl.com/otafm

"People say I am cheap and I don't mind if they do. But I am very proud to follow the rules of our company," Kamprad told French-language Swiss Broadcasting Corporation.

Asked to confirm he drove an old Volvo, he said: "She is nearly new, just 15 years old, or something like that."

EDIT: Shortened URL

 

[Jay_Gatsby]

Gotta respect the man. However, I'd question driving a 15 year old car from a reliability perspective. Wouldn't it make more financial sense to take the money one would pour into such a vehicle and buy a newer one? Maybe a 10 year old car? Then again, old Volvos can probably be fixed with duct tape and baling wire.

The foregoing is probably academic. If you're the boss, nobody really cares whether you make it into work.

 

[cj]

My favorite line in the article had nothing to do with the "frugal" theme:

"Known for its inexpensive self-assembly furniture, the family-owned business claims its hefty catalog is the most widely read publication after the Bible."

CJ

 

[rs0460a]

I'd question driving a 15 year old car from a reliability perspective. 

My "daily drive" is a '89 Olds Ciera (over 100K).   Bought it new - maintained it per the suggested schedule.  Other than "normal wear items" (e.g. brakes, muffler) still runs like a top  8). Not bad for a 17+ year old car.

With my/my wife's net worth (liquid portion) I could buy almost any car sold new, today (really like the Ford GT, but not very practical!).  However, being cheapfrugal, we like to see our net worth performance, not our car's  .

- Ron

 

[Nords]

Gotta respect the man.  However, I'd question driving a 15 year old car from a reliability perspective.  Wouldn't it make more financial sense to take the money one would pour into such a vehicle and buy a newer one?  Maybe a 10 year old car?  Then again, old Volvos can probably be fixed with duct tape and baling wire.

I've used a lot of duct tape & baling wire on older cars.

I think our definition of "older car" has to change. Our '94 Taurus went through a midlife crisis (transmission, water pump, starter motor) but it's settled down. It has 98K miles and I'll do the 100K mile checkup but it doesn't have any mechanical problems. The interior fittings & finish is another subject, but the car still goes where I tell it to.

Our '90 Honda Civic went through the same problem (axle, A/C compressor & heat exchanger, CV boots, engine computer) but we still see it on the road occasionally.

Our '97 Altima has been flawless-- one starter motor, nothing else. Same with a '90 Suzuki Swift.

Admittedly these cars only see 3000-4000 miles/year and never have to deal with commuting, freezing weather, or road salt. But I wonder if 20 years isn't the new limit of endurance.

 

[MasterBlaster]

Well I've got a 21 year old Corvette with 240k miles on it. There are a couple of cosmetic issues but the car runs like a champ and looks good too.

I just drive it on the weekends and do around $3k miles per year on it.

I used to work with a guy who had a Ford Grenada with ~450k miles on it. I have also seen a Mercedes with literally a million miles on it and a 240Z with 750k miles on it. Fortunately where I live rust is never an issue. There are lots of older cars running around out here. If you want to drive a Gremlin or a Pacer or another unique car people have em' out here and someone is driving it. After all these years these cars are sort of a retro-cool. The one downside of those old cars though is they tend to suck down the gas.

The thing about older cars is like people they need some TLC as they age. There's nothing that can't be fixed. It's just how much money and effort are you willing to put into old Bessie. Sometimes it's just better to punt and buy something newer rather than keep beating that dead horse.

 

[cute fuzzy bunny]

You just tagged the best and worst part of moving to california. Lots of older cars rust free. Unfortunately, some are american motors products and the ilk.

 

[Maximillion]

I visited with my 87 year old Dad and his companion,She, a retired Teacher, both have portfolios several 7 figure sizes.

My Dad spends his winters in Florida in an old Manafactured home, their lawn furniture should have been thrown out years ago, talking about which coupon to use for lunch, their neighbours are nice but are real Good 'ol Boys, and, as much as I try to convince them to move to an upscale Gated community, might as well talk to the wind.

He had his 95 Van totally redone rather than buy a new one.

 

[Dawg52]

My 88 year old Mother is very frugal. I always tell her to just buy the store brand products at the grocery store. Need to save money.(joking to her of course) She always tells me that she is gonna start spending some money and enjoying it.(close to a 7 figure portfolio) The reality is she just can't do it. She will pass up a loaf of bread at the regular grocery and drive a few blocks to the thrift bakery for the cheaper bread. 

Hard to change your ways I guess. My Dad never made a lot of money but they sure accumulated a nice chunk of change.

 

[Andre1969]

I don't know if going from a 15 year old car to a 10 year old car would make much difference. When you're dealing with vehicles of that age, how they were maintained is really more important than whose badge is on the engine shroud, or the car's age. And cars nowadays are just so danged complicated that whenever anything breaks, it ain't gonna be cheap.

In fact, if you choose wisely, you might be better off going from a 15 year old car to a 20 year old car! Especially if you picked something simple and RWD, like a Caprice, Crown Vic, Gran Fury, Diplomat, Cutlass Supreme, etc. They'll probably nickel and dime you more than a 15 or 10 year old car, and if they're carbureted they might be more cranky on a cold start, but you'll probably avoid some of the really expensive repairs, simply because there's nothing really expensive to repair!

Most of my driving these days is split up among three vehicles: a 2000 Intrepid with 116,000 miles, a 1985 Silverado with around 117,000 miles, and a 1979 New Yorker with around 90,000 miles. I actually trust the Intrepid, because I bought it new and I know how it's been maintained. The two biggest things this particular model of Intrepid is infamous for is transmission failure and engine sludge. I always get the tranny serviced at 30K mile intervals though, and I've never had any problems. Plus, it was usually the bigger engines like the 3.2, 3.3, 3.5, and 3.8 and higher GVWR vehicles like minivans that usually saw the most failures. I don't think the 2.7 in my car has enough torque to strain the tranny that much. As for sludge, my mechanic told me that if you let the oil changes go 7-10,000 miles, then yeah, it'll sludge. I usually do mine at 3K intervals though, very rarely stretching to 4-5.

Now if I were looking for a used car, I think I'd be a bit leery of a 2000 Intrepid, unless it had service records and I could see it had been lovingly maintained. Otherwise, I think I'd rather take my chances with a left-over police car from "The Blues Brothers"!

 

[Maximillion]

DOGS1, My Dad was the same, worked for the City, ER'd at 61.

My only regret is that My Mother did not survive as long, even though they were married for almost 55 years.

 

[MasterBlaster]

You just tagged the best and worst part of moving to california.  Lots of older cars rust free.  Unfortunately, some are american motors products and the ilk.

I personally don't own any American Motors or Chrysler products however I can understand the attraction of these now somewhat rare cars.

Maybe Pacers and Gremlins were crappy cars in their day. However now that it's been 30 or 40 years since they came out they are now, believe it or not, somewhat cool to drive.

Who has more personality, someone who drives a Camry they bought from the Toyota store or someone who has restored a Gremlin. This is especially true for some guy who doesn't make alot of money. Not everybody can trade into a new Lexis every few years.

 

[73ss454]

A friend of mine just picked up a 1976 Pacer. 31K original miles in perfect condition. Paid 2900.

I think driving this car in 76 you would either have tinted windows or a bag over your head so no one can see you.

Now it's cool.

 

[REWahoo]

A friend of mine just picked up a 1976 Pacer....

I think driving this car in 76 you would either have tinted windows or a bag over your head so no one can see you...

I thought all the Pacers had long ago been flipped over and converted into glass-bottomed bathtubs...

 

[MasterBlaster]

I thought all the Pacers had long ago been flipped over and converted into glass-bottomed bathtubs...

Pacers have been morphed into the future. Just look at the Murano. That's just a jacked up Pacer

 

[Andre1969]

I think the Pacer is one of those types of cars that seemed out-of-place at the time, but has aged fairly gracefully. I remember as a kid, we used to make fun of them and anybody who we saw riding in one. They do have a clean, aerodynamic look to them, and tons of glass area (so big in fact that the door windows can't roll all the way down), a sharp contrast to the typical neoclassic, upright-grilled, opera-windowed, padded-roofed behemoth with creases and curves all over the place.

But then, owning a '79 New Yorker and a '76 LeMans, I guess I shouldn't rag on those "typical" 70's behemoths too much!

 

[Outtahere]

I wanted a Gremiln or a Javlin when I was in my early 20's but never could afford one. I thought they were the coolest cars.

 

[unclemick]

Heh heh heh heh

Bye - I'm to the Post Office to mail some stock certificates from canceled DRIP Plans to Vanguard - IN my 1994 GMC Sonoma (With fully rusted passenger side fender and and 245k or so miles on it).

My daily driver - hit the fender with WD 40 every once in a while to preseve the rusted look.

2006 Equinox sits in the drive - except when Step Daughter in Spare Room drives every few days to start the motor.

Expect to drive drive them both into the ground - slowly.

 

[Dawg52]

2006 Equinox sits in the drive - except when Step Daughter in Spare Room drives every few days to start the motor.

Expect to drive drive them both into the ground - slowly.

How do you like the Equinox? I test drove one a few weeks ago and was impressed with it. Gas mileage decent?

 

[Jay_Gatsby]

In fact, if you choose wisely, you might be better off going from a 15 year old car to a 20 year old car!

I agree. In fact, I recently read a blog dedicated to late-70s/early-80s diesel Mercedes-Benzes, noting that if properly maintained, they'll run forever.

 

[HFWR]

Assuming a non-lemon, the drive train on a vehicle will last a long time, but all the seals, bushings, bearings, gaskets, etc. start deteriorating, and repairing these will nickel and dime you to death...

 

[Nords]

I think the Pacer is one of those types of cars that seemed out-of-place at the time, but has aged fairly gracefully. 

I just want the model that has Garth's roof-mounted red-licorice dispenser...

 

[cute fuzzy bunny]

I'm going to go with the camry cool factor.

Those old MB's were nice mobiles. Had a 300 diesel back in the 80's. A lot to be said for a huge chunk of metal that gets 20-something MPG on the highway. Unfortunately the quality control on the new ones has gone to hell.

 

[Andre1969]

I remember hearing that the older Benzes tended to be over-built, which is one reason that they used to be so expensive. I think it was when Lexus came out that Benz was forced to start cost cutting.

 

[cute fuzzy bunny]

MB, BMW and VW all but dropped their QA programs about 5 years ago, all saying roughly the same thing "At this point, we feel our QA is built into the product, people and processes".

All three have dropped to the bottom of the reliability ratings, so apparently not.

I was impressed with my old diesel. A lot of interesting engineering went into those cars.