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Old 01-16-2013, 11:16 PM   #121
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Location: St. Louis
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W2R is right. The fact that one can afford a 100k car is evidence (usually) of an appreciation for wealth (wealth being income independent). Once you have that appreciation you work hard not to destroy wealth. Buying a new car is one of the best ways to destroy wealth...

My income is decent / very good. I love cars. The last car I bought was in 2006 - a 2004 Porsche Cayenne Turbo with 12k miles. Bought for 55% of what the guy that drove it 12k paid. I love the car, will never part with it hopefully...

BTW - I'm an infrequent poster here and I thank all of you who've posted over the past couple years as I always pause and think a bit when reading these.
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Old 01-17-2013, 08:57 AM   #122
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Late to the thread. I drive a 2006 Honda Accord. My wife drives 2009 Honda CR-V. We bought both new, but were very careful not to buy more car than we needed (e.g., no V-6 for me, no leather for her). We also focused on extra features that mattered. In my wife's case, it was the all-wheel drive (since we were planning to have kids and the roads can be dangerous when wet/icy/snowy). In my case, it was the heated leather seats. :-)

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Old 01-17-2013, 01:52 PM   #123
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I would like Jay Leno to answer this question.
In theory, theory and practice are the same. In practice, they are not.
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Old 01-20-2013, 11:48 PM   #124
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Location: DFW Metroplex
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I spent about 54% of my gross income in 2008 on my new 2008 Nissan Altima. Car turned 5 a few weeks ago. No major problems since I bought it and still under 70k miles. Warrantied for another 2 years for engine / major components and 5 more / 50k more for the transmission. Put around 3k in mods to it over the years. Not planning to sell it anytime soon as my student loan payoff is my top priority right now.

Car I owned prior was easily racking up some expensive bills. To the tune of 1500 over a few months between a 60k tune-up (car ran a little better but still a ripoff), brake job for (400+). It was also 5 years old at the time and at the time I thought my local dealership was looking out for my best interests with the car. In hindsight I could've shopped around and saved a significant amount of money.

I now see that I was spending beyond my means in my early 20s and thought a new car could fill a void. Between general loneliness, wanting to impress people, narrow-minded thinking and receiving almost twice my annual income after the unexpected loss of a parent. I also made the error of thinking my income would be what it was at the minimum and be much higher over the next few years.

I'm 29 now and have been doing what I can to set myself on the path for success. A new car is appealing, but once I think about how many hours are required to make that purchase. Say 30k at $17/hr is 1,764 hours. Divided by 40 that's 44 weeks for an asset that depreciates the day you drive it off the lot. It's less painful if income goes up or length of ownership is extended, but still.. ok enough of me babbling.
DFW. Racked up a lot of debt, paid most of it off. $20k left. Then going batty with my retirement.
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Old 01-23-2013, 09:53 PM   #125
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I win this contest! 0%!!! I do not own a car.

I plan on buying one soon for around $20k , so about 20% of my gross annual salary.

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