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I think different people have different strategies.... Posted by REM in Seattle [Email]  (#4)  [Profile/Gallery]
(more from REM in Seattle) on Wed, 18 Jul 2001 09:47:09
In Reply to: Others on this BB who were could barely afford their Saab?, Atul, Tue, 17 Jul 2001 23:33:11 Members do not see ads below this line. - Help Keep This Site Online - Signup |
My strategy has been to buy a car I consider well built, practical, reliable, and fun to drive. Then I keep the car for 10-15 years. I don't really care if I have the newest car but I want a reliable car that I enjoy driving. I personally finance my new cars for 36 months or so, because the interest rate on the borrowed money is typical less than the return on my investments (for example I financed my 1998 900SET through GMAC at 2.9 APR for 3 years. Heck I can make more than 2.9% a year in mutual funds or certificates of deposit at the local bank!).
Buying new cars is a losing proposition because of the vehicle depreciation, the corresponding higher insurance rates for newer cars, and in many states higher license fees for newer cars. The exception to this rule would be those individuals who can deduct the cost of their cars through their business, in which case leases work very well.
So I try buy a quality product and keep it well maintained. When the maintenance costs start to approach new car payments, then I get a new car.
Rob Mustard (aka REM in Seattle)
1984 SAAB 900T 'Red' 242,000 miles (rear-ended by a drunk in 4X4, RIP)
1991 Alfa Romeo Spider 'Baby' 81,000 miles
1998 SAAB 900SET 'Valkyrie' 40,000 miles
_______________________________________ REM in Seattle Current: 2013 Volvo XC60 R-Design, Rebel Blue, 3.0L 6-cyl turbo, Automatic 2024 MINI Cooper S Convertible, 2.0L 4-cyl turbo, 6-speed manual Former: 2005 Saab 9-3 Aero Convertible, Steel Gray metallic, 2.0L 4-cyl turbo, 5-speed 1998 Saab 900SET 5-door, Silver, 2.0L 4-cyl turbo, Automatic 1991 Alfa Romeo Spider convertible, Alfa Red, 2.0L 4-cyl, 5-speed 1984 Saab 900T 3-door, Red, 2.0L 4-cyl turbo, 5-speed
, Thu, 19 Jul 2001 09:41:32, Wed, 18 Jul 2001 09:47:09 <-- Viewing This Message
, Wed, 18 Jul 2001 08:57:28
, Wed, 18 Jul 2001 01:30:37, Tue, 17 Jul 2001 23:48:26
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