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Car plan in retirement
Old 07-06-2020, 11:13 AM   #1
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Car plan in retirement

Hi! We are looking at retirement next year @ age 55. Currently have 3 cars (no loans):

2020 BMW X3 M40i
2015 Chevy 2500HD
2015 BMW Z4

Don't plan on driving a lot in retirement. but who knows. We pay cash and keep them until they cost too much.

My current plan has us buying a new car every 5 years for $30k net. Not BMWs. Thinks Honda Accord or CRV. This continues until age 80 when we buy our last car.

I have no idea if this is a good plan or a bad plan. It's just the current plan. Would love to go down to 2 cars now but my wife likes her convertible. Maybe it stays until we don't want to pay for BMW maintainability anymore. Only has 24k miles on it. Wouldn't mind stretching each car to 15 years vs 10. But that doesn't sound like us.

So what are you planning (if not retired) or what are you doing (if retired)?

Thanks!

Corn
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Old 07-06-2020, 11:17 AM   #2
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I bought my first new car after I retired because I plan on driving a lot.
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Old 07-06-2020, 11:19 AM   #3
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If you have the money to be comfortable doing this, then do it.

I understand the love of the Z4. My wife owned a Z3. It was her mid-life I have the money car.

For us, one car is good.
We are 71/62 and have been a one-car family for over 10 years. We were driving about 4500 miles per year, but are now down to 1500.
It is easy for us as we live in the city. Everything is close.
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Old 07-06-2020, 11:20 AM   #4
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We were always a two-car, one motorcycle family. A few years back we downsized to one car. Since DW and I usually hang around together for the most part, there is no real need to own two cars. When we reduced to one car, the plan was to test it out for a year, and if it didn't work, we would add an additional car. Turns out we only need one vehicle.
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Old 07-06-2020, 11:20 AM   #5
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Quote:
Originally Posted by corn18 View Post
We pay cash and keep them until they cost too much. ...
Quote:
Originally Posted by corn18 View Post
.... My current plan has us buying a new car every 5 years for $30k net.
These seem contradictory. Is this an intentional change in plan?

Do you need a big truck? If not, I would sell the truck and keep the X3 and Z4 and get rid of them when they start costing too much.

If you really need the big truck then keep the truck and the Z4 and get rid of them when they start costing too much.

We have two vehicles... a 2016 Subaru Outback and a 2016 GMC Canyon. We need the Canyon to trailer our boat and find having a truck handy. The Subaru goes back and forth to Florida and we get along with one car down there but we may get a second car when we get back down there.
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Old 07-06-2020, 11:27 AM   #6
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Normally, on car plan threads, I explain my plan but I want to do something different. I would like you to explain your post retirement driving. A few comments and questions to get you going:

As my name implies, I fully support owning a BMW convertible. But is your Z4 a stick? And the engine would be..... And is it a stock stereo or have you sinfully modified your Z?

The 1500 is a great pickup. You want/need a 2500 HD because?

Why have an SUV that can do 0-60 in 4.4 seconds? For the same money, you could have a 2020 Corvette that can do it in a second or so faster.

Again, I am not criticizing anything you are doing, just giving you the opportunity to explain your feelings and desires. If frugality were important neither of us would own impractical BMW 2 seaters.
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Old 07-06-2020, 11:27 AM   #7
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I have a monthly number built into my budget to cover 2 future car purchases (hers and mine), staggered to not be in the same year. Every 7 years. What models they will be are completely dependent on our whims at the time. We now have an '18 Jeep Rubicon and a '16 Mini Countryman.
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Old 07-06-2020, 11:38 AM   #8
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DW and I have 4 vehicles... a 2019 Subaru Forester and three beaters that aren't really worth anything. We keep them around because they each provide some utility. Maintenance is low and we carry minimal insurance on all 3. There's a '97 Ford Ranger, '01 Suburban, and '06 BMW 325i.

We'll keep the Suburban until the wheels fall off. It's at 195K and should easily get us to 250K or beyond. Incredibly useful vehicle for so many things. The Ranger and BMW will probably be sold in the next year or two, at which point we'll get another new car, probably a Honda Accord or something similar. So at that point, we'd be down to three until the Suburban dies.

After that, our long-term cost projections assume we replace cars every 8-10 years and go down to one car around age 75. At some point, I'm hoping that one of our cars will actually be a subscription to a self-driving car service.
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Old 07-06-2020, 11:41 AM   #9
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Some additional info:

Buying a new car every five years with 2 cars in play = each car needs to last 10 years.

The truck is being kept for now as we might buy a 5th wheel next year before we retire. If we don't buy a 5th wheel, we don't need the truck. Although it's paid for, low mileage and reliable.

The Z4 is bone stock 28i. I think that's the N20 engine. Auto.

Great question on the X3. She wanted an SUV and I really wanted her to like the Mazda CX-5. What a great value. She ended up liking the X3, but didn't want the M40i version. She drives like a grandma. I wanted the baby M version. MORE POWER!!! That was silly on my part. It goes like a bat outa hell, but it is not anywhere near as much fun to drive as the Z4.

We have agreed that expectations going forward are Honda Accord/CRV in Touring trim.
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Old 07-06-2020, 11:43 AM   #10
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Until E.R., DW & I were a 2 car family. Once we retired almost 4 years ago, we downsized to a single, older model vehicle. Within close proximity are grocery stores, etc. Until the virus, we spent most of the previous 3-1/2 years traveling outside the U.S. Housesitters were good enough to take our vehicle out for a spin every couple of weeks or so. Consequently, we've only put 5K miles on the vehicle over the past 4 years.

Considering that it may be a while until international travel can be resumed, we're looking at taking some road trips. In light of our vehicle's age, we'll probably just pick up a rental car here and there for week or two.
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Old 07-06-2020, 11:45 AM   #11
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We keep two vehicles. They're both for different purposes. A 2019 Rubicon is great for off road and winter weather. I just traded my last pickup for a Model Y and it's going to be a very fun vehicle for the road.

We normally are offset on vehicles and average keeping them 8 years each.
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Old 07-06-2020, 11:53 AM   #12
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We normally drive about 5K per year, since we retired.
This is split between 2 vehicles.
I have to force myself to alternate trips during covid, sometimes I just drive around the block as there is nowhere to go right now.

One is 22 yrs old and the other is 5 yrs old.
We only NEED one, but will replace the 22 yr old, when DW can find something she likes.
I have a history of keeping a vehicle for 10+ yrs.
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Old 07-06-2020, 11:57 AM   #13
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I'm single and cars are a low financial priority, other than wanting something reliable. Car replacement every 8 years at $20K each (adjusted for inflation) starting in 2022 was built into my financial plan. Plans don't always work out, of course- my 2012 Nissan Sentra (bought in 2014) developed expensive transmission problems last month and I replaced it with a 2020 Honda Civic- for about $20K! It was probably good timing since my travel budget for this year and next year will be way down- even next year if I feel safe I have a pile of credits I can apply.

I don't do a ton of driving- mostly in-town with maybe 6 trips a year to visit DS and DDIL (360 miles RT) and two from Kansas City to SC.
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Old 07-06-2020, 12:09 PM   #14
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I just made my vehicle retirement change from an economy car to a mid sized truck.
I want to travel, and have the ability to carry a bunch of gear with me. I also like the option of having a way to pull a small trailer, and my boat when necessary.



I do have an unnecessary, what I consider classic, old truck that I enjoy driving and working on.

This could go way if I decide I'm tired of messing with it. Right now the plan is to keep both.



Good luck, JP
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Old 07-06-2020, 12:12 PM   #15
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I have 10 vehicles total including one motorhome. I say have as many as you want and can afford. Sure some of mine are classic cars, but I have what I like. Unless you view cars as just an appliance to get from point A to point B, get something that makes you smile.
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Old 07-06-2020, 12:27 PM   #16
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We had 2 cars for 3 years after we retired, the Jeep had 6k miles on it when we sold it and the Mercedes had $17k on it after 3 years.

We replace both with one BMW and averaged about $5k a year, so we decided to have one car and rent one if we needed more, we never have. The furthest we drive is to the Airport and back after a trip. Everything else is within 5 miles of our home.
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Old 07-06-2020, 12:31 PM   #17
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I don't really see an answer for you, other than another "tell me what kind of car you drive and post a picture of your dog" thread. It all depends on your finances, driving expectations and yearly mileage. For a lot of people that don't drive much, one good car will probably last them 20+ years or maybe the rest of their lives.
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Old 07-06-2020, 12:33 PM   #18
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I don't really see an answer for you, other than another "tell me what kind of car you drive and post a picture of your dog" thread. It all depends on your finances, driving expectations and yearly mileage. For a lot of people that don't drive much, one good car will probably last them 20+ years or maybe the rest of their lives.
I WANT a new car every 3 years whether I need it or not. I get bored. So I agree it is not a general one size fits all.
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Old 07-06-2020, 12:35 PM   #19
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Bought 2 Tesla's in '18. Didn't want to deal with car repairs or gas stations.
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Old 07-06-2020, 12:39 PM   #20
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We're a 2 car family (DH & I), always bought new and kept them forever. Drove total of 10-12K/year. Then decided to replace cars every 10 years. When DH retired 3 years ago we found we're now driving total of ~5K/year (pre COVID!) using the SUV most of the time.

We've decided it doesn't make sense to continue with 2 cars and have decided in the future to lease 1 car. This way no worries about breakdowns and we get the latest and greatest safety features every 3 years which is the #1 priority for us. Current cars are 2016 SUV and 2017 sedan. Plan is when SUV turns 10 we'll get rid of both. Probably BMW lease.
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