Poll of the Day > Cars are such a waste of money.

(+) Yeah! (+)

It blows my mind that relatively low income people will blow 15k-30k on a new car. Do they not think about how many months of labor it takes to pay for that (not to mention that it is a depreciating asset and immediately drops in value).
It is even worse when people take out loans for them.
---

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Understandable, but unless you are very well off, it is stupid to pay more than $5k for a car.
---

Literally almost all physical assets are depreciating assets.

This coming from the guy who spent years talking about his expensive clothes and food.
---

Smarkil posted...

This coming from the guy who spent years talking about his expensive clothes and food.

This.

Hell, I remember him having made topics about designer bags, designer clothes, expensive hotels, etc.

Talk about pot kettle black.

it's not that bad. sure it's 5 years to pay it off (if you take out a loan). but it's something you use every day. But you can sell off your car for at least 1/3rd of what it originally cost. Just don't buy a new car and you can save 5% to 10% off a new car.
---

If you buy a used car without a ton of miles it won't depreciate THAT much, although if you go for high end cars like my BMW it can still hurt to sell it eventually.

Got my BMW for 31k about 4-5 years ago (2013 sometime I think), and it can now be sold for at most around 17-19k, so that is a pretty drastic drop.

That being said, if you get say a toyota Avalon (my favorite cars), it keeps its value fairly well if you buy it used. Heck even my super old 1999 toyota avalon can still get sold for 3.5k at this point, and I got it used for about 20k.....over 15 years ago.

But yeah, unless your rolling in the dough, buying new is a waste of money, but if you have the money, it's a good way to waste it!!
---

I think you should be spending 1k, per year, after all said and done, to OWN a car.

This is not including NORMAL upkeep and gas.

I bought a 16k$ 3 year old Camry in 03. Drove it for 13 years. It got totalled. Their fault. 4400$ insurance check. Bought a another one for 5k. Still driving it. So, now, unless I start putting more than 1k per year in prepairs, I am good to go.

Even if you can lease a car for ~100$ a month, that is not that bad. You will just never get anywhere, financially, unless you are saving money.

The people who say that leasing is the best route are either fuckin stupid or phrase things poorly.
---

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Depends on the public transit system in that area, some places have pretty damn good public transit other places have horrible transit systems.

I'm in a rural area and having my own vehicle is my only option to get to work and take care of necessary tasks like getting groceries, checking the mail, or even leaving the area. No busses or flights from anywhere nearby.

They implemented a once-hourly bus route that ends before 9pm and doesn't run on Sunday or holidays. Couldn't even use it for work.
---

For the fun of depreciation: I bought a used BMW that was maintained and had low mileage. It was 11 years old when I got it. Original sale value was 75-80K in 2002 dollars. I got it for 8K in 2013, which was just under the blue book value. That's more than 90% value lost in a decade.

Vehicles do depreciate fast. Luxury cars even moreso.
---

Doctor Foxx posted...

For the fun of depreciation: I bought a used BMW that was maintained and had low mileage. It was 11 years old when I got it. Original sale value was 75-80K in 2002 dollars. I got it for 8K in 2013, which was just under the blue book value. That's more than 90% value lost in a decade.

Vehicles do depreciate fast. Luxury cars even moreso.

The market for luxury cars tends mostly towards people wanting brand new ones, so they depreciate very fast.

Monopoman posted...

The market for luxury cars tends mostly towards people wanting brand new ones, so they depreciate very fast.

Yeah very true. If you buy used the are some great rides you can get for a fraction of the original sale price. You can get some niiiiice cars for not much more than basic models. Just need to be aware of higher maintenance costs. It's not totally out there though... Out of warranty you can use other manufacturers parts and you're not limited to dealerships for service.
---

Doctor Foxx posted...

For the fun of depreciation: I bought a used BMW that was maintained and had low mileage. It was 11 years old when I got it. Original sale value was 75-80K in 2002 dollars. I got it for 8K in 2013, which was just under the blue book value. That's more than 90% value lost in a decade.

Vehicles do depreciate fast. Luxury cars even moreso.

New cars take a huge drop in value the moment you drive them off the lot.
---

CountessRolab posted...

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Understandable, but unless you are very well off, it is stupid to pay more than $5k for a car.

I definitely think it's more pragmatic to get a cheaper solution, but some times you want the luxury of having a car with no previous owner, a full warranty, and the latest technology in it. There's nothing wrong with spending the extra money if you've got it. My current car I bought for $4,800 over 6 years ago, but even I'm starting to look at buying a new car in the near future.
---

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Never take public transportation in Montgomery County, Maryland. Especially Ride-On bus #55 during rush hour (the busiest line of all the Ride-On routes. You're literally packed like sardines)
---

CountessRolab posted...

Understandable, but unless you are very well off, it is stupid to pay more than $5k for a car.

I'm almost well of, but I'm considering buying used for about $5k, cash.
Gonna run this shitty ZX2 into the ground, or until I get sick of buying alternators.

CountessRolab posted...

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Understandable, but unless you are very well off, it is stupid to pay more than $5k for a car.

Do you know what kind of car you'd get for $5k? A P.O.S. with a lot of problems.
---

People with low income should not get expensive cars, but they'll usually need "a" car. Living in the city is expensive, and having the privilege of working at the location you want isn't something everyone has.

The richer you are, the easier it is to go without a car. I live 2 minutes walk from a main subway station, there are zip cars in the parking lot by my building, I'm within walking distance of at least 5-10~ major bus routes, and while I need to take the subway to get to my current job, I can work from home whenever I want and there are decent jobs within walking distance if I wanted to jump ship.

I don't even have a driver's license. But most people cannot afford to live in such a location. So car it is. Get it used though!

don't you spend like $50 a day on designer jam
---

Blighboy posted...

don't you spend like $50 a day on designer jam

bligh, y u so grumpy these days?
---

I read this as "cats"
---

CountessRolab posted...

Blighboy posted...

don't you spend like $50 a day on designer jam

bligh, y u so grumpy these days?

Teen me thought adult me would have gotten laid by now so now he haunts my dreams with terrible nightmares.
---

MasterSword546 posted...

I read this as "cats"

Wait what

Oh shit, my bad
---

WastelandCowboy posted...

Smarkil posted...

This coming from the guy who spent years talking about his expensive clothes and food.

This.

Hell, I remember him having made topics about designer bags, designer clothes, expensive hotels, etc.

Talk about pot kettle black.

---

I used to think this way. Here's a book on why I no longer do:

Im a pizza delivery driver. My car makes me money. Quite a lot for what I do, all things considered (average $25+ an hour for driving around and listening to tunes, and the cost of living here is low, even with car costs factored in).

All my cars were $200-$3k shitboxes bought outright, in cash. I became a delivery driver with a small investment in a shit car. Made little over minimum wage before that (was at rock bottom), scraped, saved and created an opportunity for myself with a shitbox car.

But I had to fix something every 3-4 weeks. Longest I'd go with no maintenance is about 6 weeks. I drive A LOT, sometimes going back for minor fixes (the most RANDOM shit) once a week for weeks on end. I was scraping by (eventually managed some decent savings) but it was a lot to deal with. The cost was that of paying a loan, and I was going out of my way constantly, missing shifts and spending extra money that I couldn't foresee. The car and the job was my savior and my curse.

Then, when staring at a $600 fix, I said "fuck this" and instead bought an $11.5k preowned sedan with a terrible loan at 26% interest. Also got an extended warranty for 3k which covers almost everything in the engine. little under 15k all in all.

I've had to bring it in to get fixed three times. Twice it was covered by warranty. Last time cost me about $120. 3 times in 10 months vs every 6 weeks is around a third of the amount of maintenance in a year, of which I only paid $120 vs a few thousand.

Started working more because I could, because of the car. I now had more money. I started to go out more. Because of the increase of social life, because of money, because of a car, I got noticed by a rival pizza joint (no joke) and got traded/jumped ship. New job, more business, I now average $10 MORE per hour. I found I had... a ridiculous amount more of money left at the end of the month. It went into the loan. I am now comfortable as shit.

I bought the beast at the end of May 2016. I paid it off completely 3 weeks ago. Didn't bother refinancing because.... complications with proving my wages (the initial loan was a friend at a dealership hooking me up, a few thousand down helped too, but at the new job I couldn't prove I made SHIT for money - would actually seem as LESS and I'd be lying my ass off even more than I already did).

Now, because of this car I:

Make more money because its more reliable
Spend less in the long run because there are little repairs
Spend less on gas as its more economical than a shitbox
Look like a professional/adult that can take care of themselves and not a bum living out of a car from last century
Listen to a very nice stock system (was pleasantly surprised) with bluetooth and jam out to the latest albums with wind in my hair all day - also it's my job
Upped my credit a little

Its the single greatest thing I have ever done with my money. My life has done a complete 180 since buying that thing. It wasn't even the car that changed things, it was me refusing to listen to idiots. The kind who avoid something nice because of phrases like "depreciating asset" as if it's written in stone that that is just how things are. Or the kind who think never ending debt through always paying interest on a brand new car is better than the "depreciating value" of just driving the thing into the ground. Gee, I wonder who spreads those ideas? The people that benefit from it the most maybe? Truth is it doesnt matter either way, only that one way benefits banks and one does not. At least my car is an actual indication of wealth (paid). Not a representation of my debt.

Cars costing too much arent your problem, It's your ideology. It's the exact same reasoning people who are resigned to be on welfare forever have, have no concept of riskvs reward, just reward w/no risk
---

tl;dr
---

CountessRolab posted...

tl;dr

There's a difference between a car actually costing too much money and being too incompetent to change your life around where one is more than affordable.
---

TyVulpine posted...

CountessRolab posted...

SilentSeph posted...

Maybe in the city or something, but in the suburbs, getting around without a car is never fun. Public transportation can be a nightmare to deal with, especially to those who work overnight or at other uncommon times where buses (that can take up to an hour for each transfer to come) don't even run anymore.

Understandable, but unless you are very well off, it is stupid to pay more than $5k for a car.

Do you know what kind of car you'd get for $5k? A P.O.S. with a lot of problems.

Yeah, in most cases the money you save buying a cheap ass beater is just going to be spent fixing it all the time. Unless you know how to do all that shit yourself you're probably better off getting something you won't be embarrassed to be driving around in.
---

I bought a new car about 3 years ago (mostly to feel what it was like to drive new) and I haven't had to pay for a single thing on it since I bought it. All oil changes, maintenance, etc. are covered until 2023 thanks to the warranty and maintenance plan. If you plan on driving the car for at least 10 years, then new is probably the best option in my opinion.
---