|
|
Should I buy a second car?
07-11-2011, 05:36 PM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
|
Should I buy a second car?
After many years of having a "he" car and a "she" car, I sold the 15 YO Corolla to a friend that needed a first car more than we needed a second car. Since neither DW or I w**k any more, I wanted to see if we could live life with only one mode of transportation (2005 Camry). After a couple of months of roughing it with only one car, we are doing OK, but I still miss having the second car that we only drove for about 1K miles annually.
That said, I am considering buying a new Corolla ($18K?) as a second auto. I have the cash in savings (getting 0.40% yield) and think that six years between new cars is about right. DW can live with it either way, but I think she really would like a #2.
Your thoughts? Go/nogo?
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
07-11-2011, 05:49 PM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
|
If it's money you can afford to spend, spent it anyway you like.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
|
|
|
07-11-2011, 05:59 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,298
|
I am hoping we'll eventually drop to one car. Would be nice to save on purchase price, insurance, maintain costs (some), etc. But my 89 yo parents still insist on two cars even though Mom drives about 2K/yr. Good luck with your decision...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
|
|
|
07-11-2011, 06:05 PM
|
#4
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
It's nice to have two cars for those times when your car is in the shop, or when one of you has a doctor appointment and the other would rather sleep in that morning.
I do agree that most married retirees do not need two cars, but another consideration is the fact that you can't take your money with you when you pass on.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
07-11-2011, 06:05 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
|
It's OK With Me
If you want a new car and can afford it... Then it's OK with me.
I would suggest though, rather than a new car why not a good used car.
That new car smell can be very costly.
|
|
|
07-11-2011, 06:10 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
|
Hey, if you have the money and want the car, well, go and get it. Why not, we are not getting any younger.
__________________
Work is something you do to get enough $ so you don't have to....Me.
|
|
|
07-11-2011, 06:47 PM
|
#7
|
Recycles dryer sheets
Join Date: Dec 2002
Posts: 78
|
I agree, why not get another car, but I also would recommend a late model used. There are lots of 'good deals' out there .........
|
|
|
07-11-2011, 06:48 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
|
Quote:
Originally Posted by mickeyd
Your thoughts? Go/nogo?
|
Though we don't drive either one very much, having two cars is pretty useful (and not very costly) for us. We don't have to coordinate with each other to see who might need "the" car (immediately or when booking appointments, etc), and we've got a car if one is in the shop. In fact, with just the two of us, we'll probably have three cars soon--DW's car is getting less reliable (and I think she just wants something newer than her '95 minivan), but I"ll probably keep it as a vehicle we can use to pull our small trailer, haul junk with, etc. I wouldn't get much money for it if I sold it anyway, and insurance and registration is very cheap for an old beater.
If you're not gonna drive it much, maybe consider the utility of a bigger used car. They can be cheap and handy.
|
|
|
07-11-2011, 07:03 PM
|
#9
|
gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
|
We've had three cars at the same time, for the last 9 years.
I retired a bit over four years ago (DW still employed).
We still have three cars ...
If you can afford it, why not get it? It will make your life easier (rather than just one car). Remember, you won't live forever, and money is for the living - not the dead...
|
|
|
07-11-2011, 07:12 PM
|
#10
|
Recycles dryer sheets
Join Date: Jan 2011
Posts: 125
|
autotrader.com
The past six cars I bought were found on autotrader.com. I buy certified used cars, 2-4 years old and get good deals. I search within a 6 hours radius of my hometown.
I bought a nice used chevy colorado for my son in gadsden, al and drove there one saturday evening, spent the night, got up in the am and met the salesman on a sunday morning. I traded in my truck with 150,000 miles for the chevy with 20,000 miles and drove it home. All negotiating was done by email ahead of time. In and out in 45 minutes.
It works for me.
|
|
|
07-11-2011, 07:56 PM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
|
We have one car. Have only had one car the five years we have been retired. We live 35 miles from the nearest town, and 15 miles from the nearest small grocery store. There are times I wish I had a pickup truck, however, Lowes and HD will deliver for $85. We only need that once or twice a year so it is cheaper to use them. Both DW and I have Honda scooters, and a golf cart for getting around the neighborhood if the car is out. Having said that, I would like a sports car. However, my practical side won't give into it.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
|
|
|
07-11-2011, 08:08 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Quote:
Originally Posted by MasterBlaster
If you want a new car and can afford it... Then it's OK with me.
I would suggest though, rather than a new car why not a good used car.
That new car smell can be very costly.
|
Looks like the OP has his eye on a Toyota. Have you seen the depreciation curve on Hondas and Toyotas lately? If you still think it's "lose 20% driving it off the lot" or "lose 40% of value in 2 years," you may be surprised.
This "buy almost new and let someone else eat all the depreciation" isn't **nearly** as true as it used to be, particularly for Hondas and Toyotas. This strategy is largely a victim of its own success as it drove up the demand for 1-2 year old vehicles to the point where, for some makes and models, the depreciation is almost linear. And when the manufacturers (or the gummint) are offering significant incentives to buy new cars, sometimes a new car is a better buy straight up.
Frankly this is an old tip that needs to be revised, because it's often simply not true any more, at least for some makes. Plus in that case, you get the full warranty and you don't have to wonder how the previous owner drove and maintained it.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
07-11-2011, 08:11 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
|
A friend of mine owns one car that his wife usually drives, and he walks to work. If he needs a car for something, he rents one. I don't know if he uses ZipCar, or Rent-A-Wreck or one of the more traditional renters. I'm guessing he rents 1-3 times per month and comes out ahead with no additional insurance and upkeep, and he probably has one within walking distance. If it's convenient to you, that might be the way to go. Otherwise, it sounds like you miss having one, so I'd buy one. <updated to remove used car suggestion after reading and agreeing with Ziggy>
|
|
|
07-11-2011, 08:25 PM
|
#14
|
gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
|
Quote:
Originally Posted by Rustic23
I would like a sports car. However, my practical side won't give into it.
|
So did I, but I gave in (with no regrets) ...
|
|
|
07-12-2011, 07:30 AM
|
#15
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
|
If you have the money then go for it. We intend to keep two vehicles for as long as both are driving. It's nice to not have to coordinate use of one vehicle and for us the extra cost is worth it.
I also use a motorcycle for "running around" stuff weather and load permitting. I can justify/rationalize that on the grounds that it seems silly to take a 5,000 lb pickup truck to get a prescription or similar small item. And besides, it's more fun.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
07-12-2011, 07:43 AM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
Yeah, I think go for it. We have 2 cars, 2 trucks, a minibike, and a motorhome. So maybe you shouldn't take advice from us, come to think of it.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
07-12-2011, 07:55 AM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 4,204
|
Rescume:
This thread is worthless without pictures.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
|
|
|
07-12-2011, 07:56 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
|
...and a mototaxi soon.
I'd love to have only one car. This is low hanging fruit for saving money. But we often need the truck for firewood, etc.
But I have a solution for you: Try it with one car only for 6 months or so. You will soon know if it works for you. Don't forget to calculate your savings and enjoy your new, larger garage.
__________________
Al
|
|
|
07-12-2011, 07:58 AM
|
#19
|
gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
|
Quote:
Originally Posted by Rustic23
Rescume:
This thread is worthless without pictures.
|
OK ...
BTW, purchased new in '02, currently 18K on the odometer, and it's my "sunday" car - IOW, if the sun is not shining, it dosen't come out of the garage...
|
|
|
07-12-2011, 08:30 AM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,239
|
Quote:
Originally Posted by rescueme
OK ...
BTW, purchased new in '02, currently 18K on the odometer, and it's my "sunday" car - IOW, if the sun is not shining, it dosen't come out of the garage...
|
Nice car.... I put in a bid on a 97 Lingenfleter Corvette that had 600 HP at the wheel... I was the high bidder, but did not reach the reserve... he wanted $28K and I did not want to go that high....
OH WELL, I will wait a little while before getting my sports car... But I did have a Formula 350 for over 10 years prior to getting married ..
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|