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Old 11-15-2010, 08:41 AM   #41
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I am actually looking for a new POS now, and bummed that prices for used cars are much higher than at any point in the recent past.

Tight supply of used cars ups value of trade-ins | The Columbus Dispatch
I wonder how much of that is attributable to the "Cash for Clunkers" program? Clearly, that was a consequence of destroying old running vehicles (though I don't know the magnitude). I don't think the congresscritters sold that to their constituents as a program to benefit the rich and steal from the poor, did they?

-ERD50
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Old 11-15-2010, 09:08 AM   #42
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For a really high earner, it is easy to spend enormous amounts and still save enormous amounts. I also do accept that in many careers one who aspires to hit it really big does have to spend more than people who have found their level and are just trying to grind it out. It is very hard to just save $10-$30mm. It comes in big hunks, big bonuses, successful businesses sold, big commossions and big rain making which overall are less likely to be events in the life of someone driving an old Accord. Not impossible, but less likely in an urban environment anyhow.

Ha
Agree with you (as usual). In my case I lived way BMM for about 12 years. One day I looked around and my options were worth millions. Drove beaters for most of this time. Not much in the way of cash savings. I don't think earning big bucks is the problem. Wasn't for me. Most people who have significant assets got them in big lumps. I consider myself very lucky as the fairly sudden wealth allowed me to ER.
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Old 11-15-2010, 09:20 AM   #43
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Originally Posted by ERD50 View Post
I wonder how much of that is attributable to the "Cash for Clunkers" program? Clearly, that was a consequence of destroying old running vehicles (though I don't know the magnitude). I don't think the congresscritters sold that to their constituents as a program to benefit the rich and steal from the poor, did they?

-ERD50

I don't think it had that big a deal.... (did no research... pulling from memory so it could be wrong)... we were producing 13+ million car and trucks a year... X say 10 years... or 130 mill cars... there were maybe 1 mill cars in the clunker program...

I think the recession has had a lot more to do with people not buying new cars which restricts the number of used... and.... more people just buying a new POS car when the old POS dies...



Decided to look:
Wow... wrong on the number... from Wiki

"Overall, there were an estimated 254.4 million registered passenger vehicles in the United States according to a 2007 DOT study"
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Old 11-15-2010, 09:41 AM   #44
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I don't think it had that big a deal.... (did no research... pulling from memory so it could be wrong)... we were producing 13+ million car and trucks a year... X say 10 years... or 130 mill cars... there were maybe 1 mill cars in the clunker program...

I think the recession has had a lot more to do with people not buying new cars which restricts the number of used... and.... more people just buying a new POS car when the old POS dies...
Interesting to consider, and I don't know which number to use, and there certainly are other factors, but I think we should be looking at the 1 million (or whatever) cars pulled off the market in relationship to the total market for cheap used cars.

I'm just speculating, I have no numbers, but Sarah was pointing to the price of cheap old cars (affectionately called POS cars ) - so I think that market needs to be the denominator. I doubt that CfC had a measurable effect on the price of 1 year old BMWs.

I'll reserve the POS reference for the legislation and those who signed it, and no, I'm not using the term affectionately!

-ERD50
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Old 11-15-2010, 11:51 AM   #45
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Interesting to consider, and I don't know which number to use, and there certainly are other factors, but I think we should be looking at the 1 million (or whatever) cars pulled off the market in relationship to the total market for cheap used cars.

I'm just speculating, I have no numbers, but Sarah was pointing to the price of cheap old cars (affectionately called POS cars ) - so I think that market needs to be the denominator. I doubt that CfC had a measurable effect on the price of 1 year old BMWs.

I'll reserve the POS reference for the legislation and those who signed it, and no, I'm not using the term affectionately!

-ERD50

Since we are going back and forth.... you make the mistake if you think that all of the CFCs would have been put on the market... I can tell you that mine would not have been... I would still be driving it...


Anyhow.... I think the percent of the 'market' would be less than 1%... so I go back to my old post and say it is more the recession that has affected the price of POS cars...
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Old 11-15-2010, 12:31 PM   #46
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ERD, I too would like to attribute the higher price I'll pay for a used car to that particular piece of ahem, legislation, but I think it really can be more attributable to the fact that tough economic times made it more likely for people to keep their cars longer and tighter financing made it harder for marginal borrowers to buy new cars and trade out of the ones I want to buy.
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Old 11-29-2010, 07:22 AM   #47
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However, significant dents that are flaking paint and/or rusting don't convey a good impression. An older car doesn't need to be in mint condition, but it does need to look well maintained.
If one is trying to impress people (employers, customers, relatives, friends, etc.), that is certainly true.

If not, drive what you like in whatever condition you like it.
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Old 11-29-2010, 08:52 AM   #48
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The older my car, the more distance other drivers allow in spacing around me. That seems particularly true for drivers with newer higher end models. Drivers of those cars are sometimes safe and careful anyway, but for the aggressive go-getters who sometimes seem to think rules don't apply to them, I don't mind making them think a little cautiously about whether I would care as much about getting a dent as they would.
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Old 12-02-2010, 09:50 AM   #49
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If one is trying to impress people (employers, customers, relatives, friends, etc.), that is certainly true.

If not, drive what you like in whatever condition you like it.
Agreed. Sam Walton (of Walmart fame), used to drive an old pickup despite being worth billions:

Sam Walton's Famous Pickup Truck pictures from world travel photos on webshots
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Old 12-03-2010, 02:26 PM   #50
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Rat race! I have a book talking about not getting into the rat race. I forgot the title of the book and the name of the author, he is being critize for his publishing but I like the way he thinks.
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Old 12-03-2010, 03:06 PM   #51
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Rat race! I have a book talking about not getting into the rat race. I forgot the title of the book and the name of the author, he is being critize for his publishing but I like the way he thinks.
Tom Hodgkinson, Joe Dominguez, Ernie Zelinski, or ... me?
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Old 12-07-2010, 06:59 AM   #52
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Tom Hodgkinson, Joe Dominguez, Ernie Zelinski, or ...
Perhaps Derek Foster (who has certainly been the subject of much criticism the past couple of years; I prefer Dianne Nahirny).

The fact is, many (most?) "ultra-early retirement" authors simply went from salaried employment to self-employment (i.e., writing/publishing); but that is a topic for another thread.
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