New Car Jones

[Sheryl]

I am really itching to buy a new car....  I know it makes little practical sense, and it will loose thousands in value the minute I drive it off the lot, etc. etc.   But I still don't know if I can restrain myself.  My parents have always been convinced that its better to buy new, since you don't inherit someone else's problems... I don't think that's my concern so much as just wanting to start fresh every decade or so.

My first car was a new 1976 Vega which my parents bought me when I turned 16.  I drove it until 1987 when I moved to Washington and my dad refused to let me attempt to cross the continent with it (he was probably right) so I had a loaner from him for a couple years.

In 1988 I bought a new Toyota Tercel station wagon which I drove for 9 years - sold it to a friend who is still driving it now...

In 1997 I replaced it with a new RAV4 which I have been driving ever since. 

The point of my chronology is that I don't by fancy cars and I don't buy them often.  Yesterday I looked at the new "40% larger" RAV and it seems to be exactly what I want.  I will at least wait until they are done trying to create a feeding frenzy over the new model...but I feel my resolve weakening.  There is nothing mechanically wrong with my old RAV - it has 110,000 mi, and a few dings but it's probably good for another 100,000.  It is purple, however!  I am a big fan of purple, but even I am sick of driving a purple car!

Compared to the Tribeca or the Tourreg which I was lusting after, it's a bargain.... 

So will anyone talk me out of this?

 

[REWahoo]

So will anyone talk me out of this?

Unfortunately the only known cure to "new car fever" is still under patent by the auto industry. Good luck on finding any home remedy to help treat the symptoms and thus delay the progress of the disease to it's inevitable conclusion.

 

[grumpy]

Sheryl,

Nobody should try to talk you out or it. Life is about choices (what a cliche!). If you really want to ER, then self discipline is part of the package. If you have a plan to get to ER which includes purchase of a new car every x years then go ahead. If your plan to get to ER is based on driving used cars for minimum cost then you have that choice to make. If you don't have a plan to get to ER then maybe you should be asking your question on another board.

Grumpy

 

[SteveR]

Wait until the new models come out to get a better deal.  
Buy the middle equiped model; not too fancy not too striped down.

Pay cash and keep the car for 8-10 years.  

Buy the Toyota since their frequency of repairs is very low and resales tend to be better than the other cars you could get in the same class.

Enjoy your new car.  

Some things in life just need to be done to enjoy the hardships endured through day to day living.  

 

[Outtahere]

As long as you're keeping the car for 8 to 10 years or more then there's nothing wrong with buying a new car. Get the best deal you can and then pay cash.

 

[Lusitan]

I think it's all about just valuing where you are going to spend your money.

If you're going to buy a new car because you would truly get enjoyment out of driving the newest model, or if you would truly experience great peace of mind in thinking that you'll have less hassle to deal with - go for it, as long as you have the money for it.

But if your instinct to buy a new car is based on true expectations of having a lot less hassle/cost, I'd say that's just not true and now might be a great opportunity to "give used a chance" and see how it works out for you.

Maybe you can pick up a RAV4 model that's a year or two old (and stick shift, since they tend to be cheaper on resale) ... maybe a 2006 model in a year or two? If it works out, you'll have opened your eyes to the fact that, on average, a wise used car purchase often makes more financial sense.

And if it doesn't work out, you'll never doubt your instinct about buying new again!

(I drive a 1996 Toyota Corolla, bought used 3 years ago for $3,500 with 110K miles on it and the only thing I've replaced has been the battery and the starter - total costs were probably around $300. It was the first car I bought since my 1968 Mustang in high school, and so far so good with the used car purchases ... )

 

[Jay_Gatsby]

As long as you're keeping the car for 8 to 10 years or more then there's nothing wrong with buying a new car.  Get the best deal you can and then pay cash.

This may be true, but it might be an even better idea to buy a 1-2 year old model and an extended warranty. You avoid the 20% depreciation just from driving off the lot, get more car for your money, etc... The only difficulty may be in finding a 1-2 year old model of a car that's known for high quality and reliability. For example, a 1-2 year old Honda Accord or Toyota Camry is often priced at $2k less than a brand new one, making the idea of buying used less appealing from an economic standpoint.

 

[cute fuzzy bunny]

Sit down and write the checks for the sales tax, the licensing fees, all the monthly payments, and all the annual registration/insurance bills. Then sit and imagine your new baby just got whacked by a shopping cart while you were in the store. Then imagine your shopping cart whacked car being backed into by some guy driving while eating a burger, drinking a cup of coffee and talking on the phone.

After that, you can burn all those checks and get behind the wheel of your old car with a sigh of relief.

We've got 2 ravs in the family. They're good for 200k miles, maybe a little more. Certainly a pretty good buy for what you get if you cant stand the Unseen Mystical Force driving you to buy a new something...

 

[Andre1969]

One thing I've found that helps kill the new car urge is to just go out and clean the hell out of my current ride. Give it a good wash and wax, shine the tires, vacuum out the interior real good and wipe down the dash and other areas that get dusty and dirty.

I've found that doing this helps me "bond" with the car again, for lack of a better word. And after it's all nice and cleaned up, i feel a lot better about keeping it than I did before.

Also, depending on how old your current ones are, a new set of tires will often improve the ride/handling.

 

[ladelfina]

You could get it detailed, get a can of "new car smell" spray, and give it a new paint job so it's not purple anymore.

 

[Nords]

So will anyone talk me out of this?

Geez, Sheryl, I like semi-sweet chocolate & beer, too, but I can't live with the resulting havoc on my digestive system or the bathroom scale!

Is a new car worth the delay to your achieving FI? If so, kindly turn in your ER membership card & decoder ring at the first cubicle by the office door. And avert your eyes because we're gonna have to change the #$%^ secret handshake again...

Sit down and write the checks for the sales tax, the licensing fees, all the monthly payments, and all the annual registration/insurance bills. Then sit and imagine your new baby just got whacked by a shopping cart while you were in the store. Then imagine your shopping cart whacked car being backed into by some guy driving while eating a burger, drinking a cup of coffee and talking on the phone.

Yeah, what he said. A good cleaning or even repainting may satisfy the urge to splurge.

As you've hinted, I guess it comes down to rational vs emotional. If you're willing to take the hit to your portfolio and your ER date then go forth and spend. Your donation is gratefully acknowledged for its economic boost, and it will enable many auto-industry employees to contribute more toward my SS benefits.

And if it'll help you sleep better at night, then you should buy the new car. Perhaps you may even end up sleeping in it!

But you're talking to a car owner who, when he last asked a detailer for a quote, had to leave the tent before they died of laughter.

 

[cute fuzzy bunny]

I like semi-sweet chocolate & beer

[homer]Mmmm...chocolate beer... [/homer]

 

[Andre1969]

Unless the paint really looks horrible, I would advise against having the RAV-4 repainted, especially another color. To switch to another color and do a really good job, you'd probably be looking at several thousand bucks. I've repainted two cars in my time, and both came out pretty well, but that's because my neighbor restored old cars and helped me out. Both of them were Dodge Darts...a light beige colored 1969 GT and a white 1968 270 hardtop. I'd say total cost for paints, primers, and various junk that went along with them probably came to around $150 per car (this was awhile ago though, the '69 was repainted in 1990 and the '68 in 1993), but I spent countless hours on those cars removing chrome and trim and other parts, and taping windows and such up.

Plus, those were non-metallic paints, and this was before clearcoats and all that sophisticated stuff, so it really wasn't THAT hard to paint them and make them look good. But metallic paints can really be a bear, and a metallic repaint will rarely hold up as well as the original paint, unless you spend A LOT of money on it.

I don't know how much value that RAV-4 would have at this point, but a repaint will usually kill its value, because people will assume it's been wrecked.

 

[F M All]

[homer]Mmmm...chocolate beer... [/homer]

http://news.bbc.co.uk/1/hi/uk/1834232.stm

 

[Nords]

To switch to another color and do a really good job, you'd probably be looking at several thousand bucks.

I had no idea that automotive paintbrushes were so expensive!

 

[HFWR]

Get a Wagner...

They work great, as long as you're spraying water...

 

[Jay_Gatsby]

I had no idea that automotive paintbrushes were so expensive!

Personally, I prefer the Bondo, primer and spray paint look. That way, people don't think you have car insurance and stay far away from you on the roads...

 

[laurence]

I don't know if you saw my thread on car purchase, but I'm very pleased at my conclusion: I bought the curtesy car from the dealer with 7k miles on it and ~10 grand off the price. It was missing some popular options for that vehicle so it wasn't generating a lot of interest. Still smells like a new car, has 80% of it's new warranty left. If you can wait until November/December of this year, I bet you could find you 40% more RAV 4 for a similar deal...

....obviously the practical thing to do is keep driving the "beater" until the engine block cracks, but we can't always be practical.

 

[uncledrz]

Sheryl,

Nobody should try to talk you out or it.  Life is about choices (what a cliche!).  If you really want to ER, then self discipline is part of the package.  If you have a plan to get to ER which includes purchase of a new car every x years then go ahead.  If your plan to get to ER is based on driving used cars for minimum cost then you have that choice to make.  If you don't have a plan to get to ER then maybe you should be asking your question on another board. 

   Grumpy

Grumpy is, well, Grumpy! But he is right about the new car/used car decision. As long as you have a plan and include the purchase of the vehicle in the plan, no reason not to buy new if that's what you want.

 

[SteveR]

OTOH,
You could die tomorrow and never have lived long enough to enjoy the feeling of driving this new car.  

Some times you have to just "Do It".  

 

[free4now]

If you're looking for something to keep you from buying a new car now, try thinking about what you can get in the future if you wait. I find that every few years a vehicle comes out that I would love to buy. I drove a '92 Honda Civic Si until 2004. During the time I owned that car I lusted after the following cars:

Mitsubishi Eclipse
Mazda MX-6
Nissan Z
Accord hatchback
Lexus SC400
The new Civic Si
Honda Insight

These are all cars that I at one time or another gave some thought to buying because they seemed cooler or better than my '92 Civic Si. But you know what, looking back on it now it's clear that none would have worked out any better for me and except for temporary newness factor none would have given me much joy.

I'm very happy with the Prius that I purchased in 2004 and glad I waited... it's exactly the vehicle I will want to take me another decade, and it wasn't available until just then.

And I'm financially independent at 35 in part because of decisions like that.

 

[SLC Tortfeasor]

Ditto what everyone else has said. 

I totally know how you feel wanting people to talk you out of something that intellectually you know isn't smart, but you're having trouble resisting anyway.  This is a very good sign that your brain is in control (even if just barely, and temporarily!). 

Here's what I've done in the past, and it has worked well:  Don't rule the purchase out -- just resolve to put it out of your mind completely for, say, six months or a year.  I'm not saying that you're forever barred from buying this car.  I'm just saying you're not allowed to think about it for the next year or so. 

If you get it out of your head for a good long time, you may realize it's not as great as you thought.  Or you may change your mind and decide you just don't need it as much as you thought.  Or maybe something even better comes along, in which case you're glad you didn't buy now.  Typically, this is how my mind changes when I wait, and so I'm very often glad I waited.

Or, after putting your car fantasy on a shelf for a while, you may dust it off in a year and find that it's still every bit as desirable as it is today.  Then you can go ahead and buy it and really feel extra confident that you did the right thing.

In sum: simply waiting works wonders.  And it's easy.

P.S.  I'm a strong believer in buying lightly used cars.  I know there are different schools of thought on this, but I really think you're more likely to get a better deal by waiting till the car you want is available used.

 

[haha]

Sheryl, I say get the car if you want it. You are a professional; surely you can afford to drive whatever you want. Carpe diem, Babe.

And Japanese cars hardly depreciate. If you bargain hard, you are hardly out anything for driving a new model.

I bought an Integra GSR new in 2001. It was June, and the new line was coming in.(The Integra was being replaced by the RSX) When it was totaled a few months ago, I got $16,400 -about $4000 less than I paid over 4 years ago. So I had a very nice new car for $1000 per year, and I am really glad.

I bought a new Subaru Impreza Wagon- I considered the WRX, but figured I would just ruin my insurance rates with speeding tickets, so I took the base. But it is quite luxurious, AWD, all kinds of goodies including a sub-woofer, 4 wheel discs, ABS, air bags on the air bags-- and it cost me under $19,000 out the door- and as you know, in Washington that includes a hefty sales tax.

My car is 100% made in Japan. I would be OK with paying an extra $2000 for this feature alone- but it cost me nothing.

Ha

 

[CZAR 8]

My 1st car was also a 1976 Chev. Vega. LIME GREEN.
I bought it used in 1977, as it was 6mo. old and had
5900mi on it. I paid $2100 for it and drove it for 5yrs,
then sold it to my brother. I only sold it because of the
rust factor(of which they were known). It was only one
of two cars that looked good in LIME GREEN, the other
being the 71-72 Cutless. I think you always remember
your 1st.

 

[brewer12345]

My car is 100% made in Japan. I would be OK with paying an extra $2000 for this feature alone- but it cost me nothing.

Ha

You sure about that, Ha? My 2003 Legacy was put together in Indiana.