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12-22-2012, 04:09 PM
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#101
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Recycles dryer sheets
Join Date: May 2012
Posts: 99
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I employ the buy & hold thinking,
1999 MB E300TD bought w/ 55K in 2003, now 288K looking to get 350K+
1983 MB 300D inherited 8 yrs ago w/ 122K, now 228K winter driver
I bought the MB with the assistance of windfall profit from a home I owned for 6 months, sold during the real estate rocket days. I figured on $20K+ for a car, after taxes the gain went to the car.
I have never purchased a new vehicle for myself, DW yes, but not me.
I have my sights on a MB S350 diesel bluetec when I retire, but I think nearly the entire last year salary, after taxes etc, will go for that boat.... Maybe if I delay FIRE for a year.....
I will probably be practical and replace with an E class.
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12-22-2012, 04:59 PM
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#102
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Moscow
Posts: 1,569
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I am 40, and definitely employ a buy and hold strategy for my cars. Most I've ever spent was 20% of salary. Paid cash for all vehicles. The current fleet consists of a 1993 f150 bought 2-3 years ago for $4k. 2004 Honda CRv bought 8 years ago for $20k. 1976 Monte Carlo bought in 1984 for $2k.
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
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12-22-2012, 07:51 PM
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#103
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Recycles dryer sheets
Join Date: Nov 2010
Posts: 241
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Still have my 1998 and 2002 Honda Accords. Both have over 120,000 miles, run great. My daughter just drove the 1998 from Ohio to Florida and back again, no problems.
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12-23-2012, 11:24 PM
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#104
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Recycles dryer sheets
Join Date: Aug 2004
Location: Metro DC Area
Posts: 134
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1999: Got a free 1994 Chevy Lumina from my parents to drive in college.
2002: Graduated college. Got a free 1995 Ford Taurus to drive.
2005: 95 Taurus starting to have a lot of problems. Bought a 2004 Ford Taurus for $12,500 in cash. I was earning between $40,000 and $50,000 then.
2012: Still driving the 2004 Taurus with 79,000 miles. However, my usual commute involves a bus. I'm earning around $100,000 now and will keep that Taurus for a few more years or until it starts giving me major problems.
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12-24-2012, 07:25 PM
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#105
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Dryer sheet wannabe
Join Date: Dec 2012
Posts: 22
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2005 Toyota Matrix purchased in the Fall of 2004. Purchase price (including tax) = $18000. That would have been about 28% of my wage back then.
My current maintenance costs are about $2200 for 2012. That works out to 2% of my current gross income. Add in another $3000 vehicle replacement budget per year, and that brings my 2012 vehicle ownership costs [not including insurance & fuel] to $5200 per year, or 4.7% of gross income.
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01-03-2013, 10:21 AM
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#106
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 75
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I drive a 5 series BMW I purchased certified pre owned when it was two years old. That purchase was around 10-11% of my yearly gross income as I have averaged 280-300k the past few years. I know I could afford to drive a new one but I want to minimize depreciation.
I also bought a classic Porsche recently as a toy but I paid cash for that and cash for a couple of motorcycles. Paid cash for cars for all three of my teenagers. My wife's car is the only one with a payment as I paid the BMW off after only two years. She drives a Subaru Outback. And we had a $12,000 trade in on that car.
So, I have seven vehicles currently registered and insured in my name. Seems a litttle nuts but we only have a $400 monthly payment on the Subbie and cars and motorcycles are a hobby for me, not just transportation.
When I was making 100k I drove a 97 Contour with roll up windows.
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01-03-2013, 11:03 AM
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#107
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Cessna5354
I employ the buy & hold thinking,
1999 MB E300TD bought w/ 55K in 2003, now 288K looking to get 350K+
1983 MB 300D inherited 8 yrs ago w/ 122K, now 228K winter driver
I bought the MB with the assistance of windfall profit from a home I owned for 6 months, sold during the real estate rocket days. I figured on $20K+ for a car, after taxes the gain went to the car.
I have never purchased a new vehicle for myself, DW yes, but not me.
I have my sights on a MB S350 diesel bluetec when I retire, but I think nearly the entire last year salary, after taxes etc, will go for that boat.... Maybe if I delay FIRE for a year.....
I will probably be practical and replace with an E class.
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How has maintenance been? I heard MB can be pricey. Of cousre, there's alaways BMW, or "Bring My Wallet"...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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01-03-2013, 05:06 PM
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#108
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Recycles dryer sheets
Join Date: May 2011
Posts: 159
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Do you want to know what the purchase price was compared to the salary (total price/yearly salary)? Or the yearly expenses to own a car?
We both came into the relationship with paid off cars. My husband owns a 2004 Suburu Outback. I own a 1998 Saturn. It was paid off before I met him, but he told me he paid it off in 3 years ($24,000?). I bought mine with cash ($2,200).
I just happen to have a year's worth of auto related expenditures. In 2012, we spent a total of $4,979.37 on cars. That's for tires, snow tires, oil changes, repairs, gas, auto insurance, and vehicle registration on two cars.
That comes to 3.6% of our total salary for all car related expenses. And we do a lot of road trip vacations.
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01-03-2013, 06:38 PM
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#109
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Recycles dryer sheets
Join Date: May 2009
Location: Tampa
Posts: 209
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I was going to really go for it in the car department, Test drove Lambo's, Ferrari's etc. Would of cost me about 40% gross of income for a year. Bought a new Camaro SS . Had it for six months, traded it for a Honda CRV. One of the best cars I have ever had. Always thought i wanted an exotic car, but the $500 oil change was against all I ever learned!
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01-04-2013, 10:15 AM
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#110
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,201
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Quote:
Originally Posted by pletal
I was going to really go for it in the car department, Test drove Lambo's, Ferrari's etc. Would of cost me about 40% gross of income for a year. Bought a new Camaro SS . Had it for six months, traded it for a Honda CRV. One of the best cars I have ever had. Always thought i wanted an exotic car, but the $500 oil change was against all I ever learned!
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+1. Not quite as shocking as your example, but a routine $1200 brake job on my wife's Audi TT about 8 years ago cured both of us too...we both have basic Toyotas now.
__________________
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)
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01-07-2013, 01:25 AM
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#111
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Dryer sheet wannabe
Join Date: Nov 2012
Location: Niagara Falls
Posts: 17
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I've had MB, BMW, Audi, Toyota, Honda, etc.. and there are pros and cons to each. If you really enjoy driving then get an older model (bmw) and drive the hell out of it. If you're just buying it for badge reasons.....there will be a long way to go until your mind is ready for retirement.
I have an newer Audi and BMW and spent about 2% gross on depreciation and other 2% on operation and maintence.
Trying to save 30-40% of take home. saving 10% won't get you too far unless you have a very high take home or a very optimal portfolio / return.
Good luck and hope you enjoy the wheels. You're trading wheels for time, but I have no right to say if that is right or not. It depends on your own value system.
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01-07-2013, 06:12 AM
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#112
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Location: West Tx
Posts: 1,392
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We have a 1999 Chevy truck with Tommy lift, a 2000 Mercury Sable wagon that was my dad's and has 30,000 miles on it. We had a 2001 Mercury Grand Marquis, until my husband had an accident on recent snow and ice. So we just replaced it with a low mileage 2004 Grand Marquis. We don't owe on our cars, we always try and pay cash.
The value of all our vehicles is probably 8% of our income. We aren't that into cars at our house.
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01-07-2013, 08:14 AM
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#113
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gone traveling
Join Date: May 2012
Location: Fairfax, VA
Posts: 209
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We have 2 cars in our household that we bought brand new in 2003 and 2009 respectively. They were each ~9% of our gross income at the time.
2003 VW Jetta
2009 Mini Cooper S
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01-09-2013, 09:43 AM
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#114
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Recycles dryer sheets
Join Date: Sep 2007
Location: near L.A.
Posts: 301
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3000/100000 = 3%. Nissan pathfinder, a 10 yr old car when i got it.
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01-09-2013, 09:51 AM
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#115
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Full time employment: Posting here.
Join Date: Mar 2011
Posts: 534
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Heh. I'm going to win this.
My last car cost me less than one half of one percent of gross. Its a 97 Corolla, as of today it has 36k miles on it.
That's not a typo.
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01-09-2013, 09:57 AM
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#116
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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2007 Toyota Camry LE - Cost new: $19,700 80k miles, regular oil changes.
Maintenance: New tires (1 set) Brake job, Water pump, battery.
2010 Toyota Camry SE - Cost new: $22,500 75k miles, regular synthetic oil changes,
Maintenance: Battery, Tires.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy
“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
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01-09-2013, 12:44 PM
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#117
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Dryer sheet wannabe
Join Date: Oct 2012
Location: salem
Posts: 20
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Quote:
Originally Posted by zxcvlkj
I been advised I spent too much on my car and curious what people on this board have spent on cars.
I spent approx 50% of my gross on a Lexus.
People here have advised me to downgrade based on my goal to retire young. After driving a Lexus I still plan on sticking with luxury cars. This will delay my goal. But it is a personal choice.
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I have a 94 geo prizm (paid $1700) on a 126K annual salary.
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01-14-2013, 06:58 PM
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#118
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Quote:
Originally Posted by uc_brian
I've had MB, BMW, Audi, Toyota, Honda, etc.. and there are pros and cons to each. If you really enjoy driving then get an older model (bmw) and drive the hell out of it. If you're just buying it for badge reasons.....there will be a long way to go until your mind is ready for retirement.
I have an newer Audi and BMW and spent about 2% gross on depreciation and other 2% on operation and maintence.
Trying to save 30-40% of take home. saving 10% won't get you too far unless you have a very high take home or a very optimal portfolio / return.
Good luck and hope you enjoy the wheels. You're trading wheels for time, but I have no right to say if that is right or not. It depends on your own value system.
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Another Audi owner in the bunch! I love my PAID FOR 2006 A4. I smile every time I get behind the wheel.
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01-15-2013, 11:10 AM
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#119
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 331
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My dad gave me a BMW Z4 for a Christmas present a few years back. It was a blast to drive for a month or so... I did enjoy it a lot until it came time to put new tires on it. Even buying from tirerack, it cost me $1000 to replace them. And they were so soft that they had to be replaced every 15K-18K miles.... Oil Changes were $160 at the BMW dealership or $120 at a local place. 8 quarts Synthetic plus a $35 oil filter..
I hated to hurt my dads feelings but sold the car after the 3rd tire change.
It is not only the cost of the car, but high dollar cars require high dollar maintenance.
I just bought a Hyundai Genesis and am happy as a clam with it so far!!
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01-16-2013, 08:45 PM
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#120
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 118
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Not sure what my car expenses are but I try to run a tight ship. After having my precious 97 civic for 5 years (bought in 08 for 2800), though, I am being forced into an upgrade by (1.) the heating not working and (2.) the family getting bigger than just me and the wife. After some in depth research, I believe the best bang for the buck, for me will be an 06 toyota corolla with 60-70 k miles. Probably will spend 6-8 k and hopefully the car will last a good long while.
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