A downside of a fancy car

[ExFlyBoy5]

I think there are a number of guys like this.
I know one who has dozens of exotics, some costing millions. He rarely sells one -- he's a collector, not a trader.
He drives them all at least once a year, but that hardly puts many miles on.

Is his name Jay?

 

[braumeister]

Is his name Jay?

No, not quite in that league but the same idea.

 

[eytonxav]

I have owned several nice cars, but did not delay gratification in buying one. However, the two things that always bothered me, was parking in a lot and someone dinging the car or a jealous person that enjoys inflicting damage on another person property. Did not worry too much about moving crashes except when stopped at a light would worry about getting rear ended, although I suppose that would be true regardless of what I was driving.

You might also consider buying a used M3, let the other guy take the depreciation hit.

 

[Car-Guy]

Is his name Jay?

Let's see, he has no kids (?), no brothers or sisters, (that are still living), his parents have passed away... I wonder what's going to happen to all those cars and motorcycles and "related stuff", etc, not to mention all the spare cash, when he and his wife are gone.

 

[ExFlyBoy5]

Let's see, he has no kids (?), no brothers or sisters, (that are still living), his parents have passed away... I wonder what's going to happen to all those cars and motorcycles and "related stuff", etc, not to mention all the spare cash, when he and his wife are gone.

I would assume he has an estate plan. I need to email him and make sure I am still part of it...

 

[Car-Guy]

I would assume he has an estate plan. I need to email him and make sure I am still part of it...

My email is already there. Problem is, we are about the seam age and he still seems to be getting around pretty dang good.

 

[Koolau]

I like and appreciate nice cars (would love to own a '21 Vette). BUT, my last nice (new, expensive) car was a Vette ca. 1970. Since then, I've owned cars I didn't much care whether they got dinged or not. Since I drove most cars until they dropped, I knew they would be "junk" eventually - why not start early?

About the time I sold my Vette, my boss at the time bought a V-12 e-type Jag. It was beautiful and was absolutely perfect. He'd always parked it in a remote part of the company parking lot. Likely as not, some jerk would park by it in their beat up F150 or whatever. Eventually, boss gave up and sold the car as it was no fun NOT driving it in a vain effort to keep it perfect. I decided I'd never own a car that I couldn't drive because of worry it would get dinged. However, I do sympathize with Scout regarding anxiety over driving a really nice car. YMMV

 

[marko]

About the time I sold my Vette, my boss at the time bought a V-12 e-type Jag. It was beautiful and was absolutely perfect. He'd always parked it in a remote part of the company parking lot.

Funny: my former boss/CEO is a real car nut. Owns about 10 exotics in a climate controlled, super-alarmed, specially built garage complete with a turntable. He took me out one day for a drive but [-]told[/-] ordered me to take off my shoes before I got in! I thought he was kidding, but he was dead serious.

 

[RunningBum]

My concern about my 97 Miata is bears. We get a lot of car break ins by bears. They have opened the door latch of many unlocked cars. I parked and left my window down to get mail by the kiosk, not even gone a minute, and a bear was half way through the opening. I'm afraid one will claw open the rag top on my miata. So I'm starting to think about selling it.

Undecided about getting a new fun 2nd car. I really like the looks at the Miata RF, and that doesn't have a soft top. But I just don't know that I want a second car anymore. No matter what car I have, I try not to squeeze it in a tight parking spot where it might get dinged, or downhill from a shopping cart rack where a runaway can hit it.

 

[RunningBum]

I really like Jay's garage. Seems like he's doing it for the joy of driving and having them rather than running up some kind of score of bragging rights.

 

[Scrapr]

Friend of mine was selling a 240Z about 2 years ago. I told them about Bring a Trailer. Jay called and chatted with them. He wasn't interested in buying the car but just liked to talk cars

 

[Scout]

My concern about my 97 Miata is bears. We get a lot of car break ins by bears. They have opened the door latch of many unlocked cars. I parked and left my window down to get mail by the kiosk, not even gone a minute, and a bear was half way through the opening. I'm afraid one will claw open the rag top on my miata. So I'm starting to think about selling it.

LOL!
That is a unique concern. Imagine parking in a remote area of a parking lot to avoid a barely noticeable ding, only to come out and your car has been mauled!

 

[braumeister]

This thread reminded me of something that happened a long time ago.

Remember the old Volkswagen mini-bus? Talk about your basic cardboard box on wheels!

I was driving on a highway during a snowstorm one day in about 1969. One of those things was in front of me and hit an icy patch. Went into a skid and ended up on its side on the shoulder of the road.

A couple of us stopped to help, and fortunately the driver was OK. Three of us were able to pick it up and get it back on its wheels, so he could drive off again.

He offered us some money for the help, but we all refused -- just happy to have a good story to tell!

They don't make 'em like that any more.

 

[kcowan]

Notable cars: 81 Mazda RX7, 85 Merkur SSTI, 94 Pontiac SSEI, 98 BMW 325i Convertible

Now it is all used and functional. We like to keep them looking good but not perfect.

 

[brett]

It is not fancy but we bought our 2007 Solara convertible four years ago. Summer car.

Two reasons. It was garaged every winter, and 60K miles on the clock. Like new/full load. Private sale in another city from what turned out to be a brother of a former colleague.

Second reason is that we like Toyota product and Camry in particular. We have a great factory trained mechanic that we have dealt with for years.

This is one reason why we did not consider a BMW product in years past. Dealerships in our city were owned by the same auto group. Their service depts had a less than stellar reputation with the customers we spoke to.

 

[NW-Bound]

I don't love any car. They don't love me back.

However, it does not mean I am not upset if some asshats scratch or dent it.

And I don't drive cars with doors and fenders of a different color than the rest of the car, or with a plastic bumper hanging loose. It would be like going out in public with soot on your face. You avoid that if you can.

But if someone loves cars and enjoys them, there's no harm in it. Some people think travel lovers like me waste money for nothing; you could just stay home and watch travel videos.

 

[bolt]

NIB autos are badly depreciating assets.
O'well. Everyones different.
Good luck & Best wishes......


Inflationary pressures dictate VW-Microbusses aproaching pricing near @40K these days Braumeister!
https://www.caranddriver.com/volkswagen/id-buzz-microbus

 

[Keim]

And I don't drive cars with doors and fenders of a different color than the rest of the car, or with a plastic bumper hanging loose. It would be like going out in public with soot on your face. You avoid that if you can.

Hey, NWB, you makin' fun of my 93 Ford F150?

 

[NW-Bound]

Hey, NWB, you makin' fun of my 93 Ford F150?

Good grief!

For $10, you can get some spray paint cans from Walmart ($2.50/can), and use them to get a uniform color on your truck.

People spend more than that at a fast-food hamburger joint.

 

[Keim]

And ruin its patina? Good lord, man! I CAN'T kill the charm.

 

[NW-Bound]

Patina? People just call it rust.

It's going to be even more charmin' when the "patina" eats through the sheet metal.

 

[Keim]

Eh, po-tay-toe pa-tee-na. Whatever works to fancy it up a bit.

 

[mystang52]

I'm on a first name basis with my collision guy for the various dings, etc we get on our 2 cars. Not super-fancy, Lexus ES and Audi Q5, but we do care about their appearance. The Audi, and no doubt other higher-end cars, cost more for maintenance, but it's not like it's double the cost.

 

[MichealKnight]

Relevant Topic for me

Because of was was my business life until 5 months ago..... I have never, ever once bought a car. I've never once had a car serviced. I've only driven brand new cars, and the *max* I've been in one car is 8 months. Once - I was in a minor accident. Cop came, did police report. Asked if I have tow-truck coming and within 10 minutes of that, someone from my staff was there, brought me a brand new car and keys, and told me to go enjoy my evening.

Mind you it was domestic brands - usually, a brand new Yukon Denali, currently MSRP'ing for around $84k.

When I was a kid, my Father was in similar business, so same thing - always a nice new car. Didn't have nice branded shoes, clothes, jackets, the latest toys, NONE of that - but nice new car was just - well- natural, like breathing.

So as part of my 2 year planned exit, DW is in a brand new loaded Enclave, I'm in a a Brand new Loaded Denali (my lease payment for 3 year? $0.00 for both vehicles)

I feel like a cop who lost his badge, a President who lost Air Force one and has to schlepp thru an airport. I get this sick feeling that oh, crap, I'll have to actually buy a car. Maybe get it serviced. Oh God the horror.

My parents, were off the boat immigrants who made good and part of it was frugality. Even when I made lots of money in my own business life - - sure, we did nice things but most people who made 30% of our income - had more designer brands and handbags than we did. So in *some* ways, I have always lived, believed in, and now - with early retiring - appreciate the Millionaire Next Door philosophy. I love 80's t-shirts I buy off amazon, along with a few sweat pants and shorts. Wifey loves Marshall's - but for once a year splurge I will take her to Saks or Tommy Bahama. Lunch yesterday was McDonald's, and used the app to save $4 bucks.

But cars. It's a toughie.

I keep eyeing pricier brands for 3 years from now. I"m just used to being in a nice noticeable car.

But then I think , geez - I can save $3000-$4000 per year, and STILL have a new car every 3 years, just a more mainstream choice versus a status symbol. So what if I see people in lux-brands at the kid's school- drop-off line. They are going to work afterwards, I'm going to breakfast and then to a poker game right?
But it nags at me.

I told one of my contacts in the industry: In 36 months, you'll know how good my investments are doing when I tell you which car I'm getting

So I've got 3 years to keep digesting it.

I tell myself that if *this* is one of my primary sources of consternation, then maybe I should count my blessings. I know that to be true - it's just in this one tiny arena, it's personal.

 

[ExFlyBoy5]

Because of was was my business life until 5 months ago..... I have never, ever once bought a car. I've never once had a car serviced. I've only driven brand new cars, and the *max* I've been in one car is 8 months. Once - I was in a minor accident. Cop came, did police report. Asked if I have tow-truck coming and within 10 minutes of that, someone from my staff was there, brought me a brand new car and keys, and told me to go enjoy my evening.

Mind you it was domestic brands - usually, a brand new Yukon Denali, currently MSRP'ing for around $84k.

When I was a kid, my Father was in similar business, so same thing - always a nice new car. Didn't have nice branded shoes, clothes, jackets, the latest toys, NONE of that - but nice new car was just - well- natural, like breathing.

So as part of my 2 year planned exit, DW is in a brand new loaded Enclave, I'm in a a Brand new Loaded Denali (my lease payment for 3 year? $0.00 for both vehicles)

I feel like a cop who lost his badge, a President who lost Air Force one and has to schlepp thru an airport. I get this sick feeling that oh, crap, I'll have to actually buy a car. Maybe get it serviced. Oh God the horror.

My parents, were off the boat immigrants who made good and part of it was frugality. Even when I made lots of money in my own business life - - sure, we did nice things but most people who made 30% of our income - had more designer brands and handbags than we did. So in *some* ways, I have always lived, believed in, and now - with early retiring - appreciate the Millionaire Next Door philosophy. I love 80's t-shirts I buy off amazon, along with a few sweat pants and shorts. Wifey loves Marshall's - but for once a year splurge I will take her to Saks or Tommy Bahama. Lunch yesterday was McDonald's, and used the app to save $4 bucks.

But cars. It's a toughie.

I keep eyeing pricier brands for 3 years from now. I"m just used to being in a nice noticeable car.

But then I think , geez - I can save $3000-$4000 per year, and STILL have a new car every 3 years, just a more mainstream choice versus a status symbol. So what if I see people in lux-brands at the kid's school- drop-off line. They are going to work afterwards, I'm going to breakfast and then to a poker game right?
But it nags at me.

I told one of my contacts in the industry: In 36 months, you'll know how good my investments are doing when I tell you which car I'm getting

So I've got 3 years to keep digesting it.

I tell myself that if *this* is one of my primary sources of consternation, then maybe I should count my blessings. I know that to be true - it's just in this one tiny arena, it's personal.

That's a lot to take in...

I look at it this way. You *could* go spend $75K on a nice car to look cool going to breakfast. Most likely, it will depreciate over time. Looks are important to some folks, and hey...that's OK with me.

BUT...let's say back in 2016 you bought a reasonable used car for $15K and then put the other $60K in VTI. Today, that car would probably still be running and be worth about $5K. And the "boring" VTI that no one gets to see in the school line? Now worth $145K. This is why I have to come to see a car as merely an appliance. Personally, when I am out and about...I am all about the stealth wealth.

Edit: Here I am next to my "new to me" car appliance bought about a year ago for $10K. I expect to have it at least 10 years especially since I have barely put 5,000 miles on it in 9 months time.