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How much money you comfortably spend on a veh? #4550787
10/22/17 08:15 AM
10/22/17 08:15 AM
Joined: Mar 2008
Posts: 6,394
Michigan
ZZman Offline OP
ZZman  Offline OP

Joined: Mar 2008
Posts: 6,394
Michigan
We have only bought 2 new vehicles in our lifetime and didn't pay them off. Currently I really don't want to go higher than $15,000 on a vehicle.

I seriously don't know how people can purchase new cars these days.

Last edited by ZZman; 10/22/17 08:21 AM.

2003 Mercury Grand Marquis. PP HM 5w-30 and Fram TG
2008 Sebring Hardtop convertible. PP HM 5w-30 and Fram Ultra
2006 Kawasaki Vulcan 900 LT. Motul 7100 10w-40 and K&N
Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550791
10/22/17 08:23 AM
10/22/17 08:23 AM
Joined: Oct 2015
Posts: 482
MN
WillsYoda Offline
WillsYoda  Offline

Joined: Oct 2015
Posts: 482
MN
$15k will buy a good, safe vehicle that can last 10 years. I think that is plenty to spend.

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550796
10/22/17 08:35 AM
10/22/17 08:35 AM
Joined: Jun 2003
Posts: 34,074
ME
eljefino Offline
eljefino  Offline

Joined: Jun 2003
Posts: 34,074
ME
The car I spent the most on was a 6 year old HHR and while serviceable it was boring and about as reliable as a $750 car. I don't regret it but it hasn't inspired me to repeat the action.

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550800
10/22/17 08:40 AM
10/22/17 08:40 AM
Joined: Mar 2004
Posts: 1,589
Flaherty, KY
92saturnsl2 Offline
92saturnsl2  Offline

Joined: Mar 2004
Posts: 1,589
Flaherty, KY
In my younger days I'd spend around $15k for something 3-4 years old that was in top condition and a nice ride at that. They would generally last a few years before needing anything major or becoming something I wasn't interesting in keeping. I never really built equity in them because they were financed on a 4-5 year loan and I drove a LOT, 35k a year or more. Most expensive that I've bought:

$16k 2001 Frontier 4x4 (supercharged, loaded) in 2006
$14k 2001 Jetta GLX (loaded VR6) in 2004
$15k 2009 Dodge Caliber SRT4 (turbo, fancy model) in 2013

I've found the sweet spot, for me, is vehicles that cost around $5k and paying cash. I can still get 100k miles out of them if they're in good shape and well maintained. They are usually older and not as snazzy to look at, but I can still get nice vehicles that are loaded at this price. I have four kids now, I am no longer as on edge when they do something stupid to the car(s), like rub their hands through the dust on the door panels, just because they can.


1985 F-250HD 7.5L 4x4 135k- Castrol GTX 15w-40 HDEO
04 Odyssey EX 184k Valv. Durablend 5w-30
96 Maxima GLE 255k Castrol Edge EP 5w-20
07 Chrysler Pacifica Limited 4.0L 134k Chevron Supreme 5w-20
Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550803
10/22/17 08:46 AM
10/22/17 08:46 AM
Joined: Sep 2010
Posts: 7,485
S California
OneEyeJack Offline
OneEyeJack  Offline

Joined: Sep 2010
Posts: 7,485
S California
Your question should be a two-part question. Part one for most people is how much are you willing to pay in monthly payments for those that finance cars. I'd be willing to bet that the overall price is important but the affordability question focuses on that monthly payment. Many people consider a lifelong monthly payment as the cost of owning a "good car".

Part two would be how much are you willing to pay for those that purchase a car outright without financing for those very few people that pay cash for a car.

Some people employee both methods, financing the good car and buying a second "beater" for cash.

The only car I ever financed was a new 03 4Runner and I was not comfortable with the idea of making payments and paid it off before the first payment was due. It was about $26K with tax and license. At least I gave financing a car a try. It just didn't work for me.

A few weeks ago I purchased an 06 Scion xB for a little over $3K and paid cash. It was a very clean "self-propelled shipping crate" with well-documented 131K miles. My budget for the purchase of a backup car was $5K. I did some additional expenses, tires, changed all the fluids, cabin air filter and painted the rims and I still have cash left over.

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550805
10/22/17 08:50 AM
10/22/17 08:50 AM
Joined: Mar 2008
Posts: 6,394
Michigan
ZZman Offline OP
ZZman  Offline OP

Joined: Mar 2008
Posts: 6,394
Michigan
I have just never had the luxury of paying cash for a decent car. Being avg middle class and living paycheck to paycheck was the norm.


2003 Mercury Grand Marquis. PP HM 5w-30 and Fram TG
2008 Sebring Hardtop convertible. PP HM 5w-30 and Fram Ultra
2006 Kawasaki Vulcan 900 LT. Motul 7100 10w-40 and K&N
Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550815
10/22/17 09:00 AM
10/22/17 09:00 AM
Joined: Jan 2015
Posts: 979
missouri
ragtoplvr Offline
ragtoplvr  Offline

Joined: Jan 2015
Posts: 979
missouri
Right now I have a truck and a car. The truck is old, a 91 dakota, and is prior salvage with issues. I have a nicer car, buick lesabre but it is now beginning to have minor issues (servo in the ac, plastic elbows in coolant broke, needs new struts, rear shocks. I would like a truck, so when I go out on vacation, I can haul the motorcycle in the back past the boring parts. a 50K truck is not at all uncommon.

Rod

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550817
10/22/17 09:01 AM
10/22/17 09:01 AM
Joined: Sep 2004
Posts: 22,367
Central Florida
Mr Nice Offline
Mr Nice  Offline

Joined: Sep 2004
Posts: 22,367
Central Florida
Many people overspend on monthly car payments for 72 months... or longer.



Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550822
10/22/17 09:03 AM
10/22/17 09:03 AM
Joined: Jan 2004
Posts: 2,717
Richmond, VA
Barkleymut Offline
Barkleymut  Offline

Joined: Jan 2004
Posts: 2,717
Richmond, VA
Most people overspend on everything.


09 Vue(95K) 2.4 4spd AT -PU 5w30 / 09 Flex(52K)3.5L PU / Moms car 04 Pilot(105K) 5w20 PP + Puro
Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550827
10/22/17 09:09 AM
10/22/17 09:09 AM
Joined: Dec 2002
Posts: 42,625
New Jersey
JHZR2 Offline
Global Moderator
JHZR2  Offline
Global Moderator

Joined: Dec 2002
Posts: 42,625
New Jersey
You have to look at a few things:

- your income
- your debts and other spending behaviors
- the change in car prices over time, and compared to incomes

At some point in time, the average new car price was $5k, $15k, $20k, now like $30k. To look at things simply, half the cars are above that price, half are below (not quite but close enough).

Similarly, the average income is what? $50k/yr?

And now there's low cost financing that goes 60, 72, even 84 months...

Let's just say someone saves enough for a $30k car over 5 years. That's $500/month. Then they pay for the car cash. Cars last around 10 years, let's say... so it's doable. Tough if you're earning $50k/yr ($4100/mo before taxes, which should be pretty low if that's all you earn), but doable for something as necessary as transportation.

The thing that is crazy to me is the cost of trucks that people buy. So many full size pickups, Tahoes, etc. relative to the cost of say, a BMW or MB, these vehicles have rocketed up in price.

Personally I'm pro-long term ownership, and pro-old car, for me, that cross section means buy reasonable cars with low,fuel consumption and keep them for as long a step possible. It has worked for me. The longer you keep a car, the less important it's purchase price is. But at the same time, the lower its price is, coupled with long term ownership, the more you can save to do other stuff. Buying used cars which have the need for more repairs over fewer ownership miles doesn't amortize correctly in my book or for the cars we buy. There's no poorer deal than a low mileage used Toyota or Honda, for example. I bought a brand new odyssey for a lower per mile cost than a used one with 30k mikes on it.

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550833
10/22/17 09:15 AM
10/22/17 09:15 AM
Joined: Sep 2004
Posts: 22,367
Central Florida
Mr Nice Offline
Mr Nice  Offline

Joined: Sep 2004
Posts: 22,367
Central Florida
Remember the BITOG member buying a new car every 2 years and eventually had a $750 car payment ?

I forgot his name but he was up to his eyeballs in debt.

Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550839
10/22/17 09:20 AM
10/22/17 09:20 AM
Joined: Sep 2009
Posts: 16,475
OH
fdcg27 Offline
fdcg27  Offline

Joined: Sep 2009
Posts: 16,475
OH
There are brand new '17 MY cars to be had for $15K or less and a number of really decent sedans for less than $20K.
Between $17K and $20K you'll find '17 MY Camrys, Accords, Fusions and Legacys, for example any one of which would make a good long-term daily driver.
It's all a matter of what you want as well as what you're willing to accept and deal with in a transportation appliance, which is all a car is at the end of the day.
In used iron, $15K will buy you some really high zoot Euro stuff if that's what floats your boat.
If I were looking at something sensible, though, I'd probably buy something new.
Remember that sticker price is no more than a salesman's wet dream for most models.


18 Accord Hybrid FF
17 Forester 18K VME 0W-20
12 Accord LX 96K SSO 0W-20
09 Forester 95K M1HM 10W-30
01 Focus ZX3 118K PP 5W-20
96 Accord LX 104K T5 10W-30
95 318i
Re: How much money you comfortably spend on a veh? [Re: ZZman] #4550850
10/22/17 09:28 AM
10/22/17 09:28 AM
Joined: Jan 2017
Posts: 336
Texas,USA
ATex7239 Offline
ATex7239  Offline

Joined: Jan 2017
Posts: 336
Texas,USA
20K is about the high end of my comfort zone. Whether cash or finance.

The Buick in my signature is the most expensive vehicle I have ever owned. It's the Premium with every box checked except 4WD. Purchased it for $32K out the door certified used with extended warranties. But, in all transparency, we also traded in two vehicles as the down payment.

75% of my personal vehicles have be purchased outright. But we have financed a few nicers ones because we wanted something more than we wanted to, or could, pay for upfront.

A good friend of mine just purchased, outright, a brand new F250 Powerstroke $75K. He and his wife are loaded, and he admitted to me that he cringed when he signed the check.

I cannot for the life of me understand how these $30,000-Millionaires sign up for these $50K vehicle & $400K home notes and still manage to sleep at night. I don't mind spending money, but debt scares the bejesus out of me.


'12 Buick Enclave 150,xxx
Valvoline ML SynBlend 5w30
ACDelco PF63E

'17 Ford Fusion (Company Lease) 54,xxx
Oil � Don't know
Filter � Don't care
Re: How much money you comfortably spend on a veh? [Re: ATex7239] #4550852
10/22/17 09:30 AM
10/22/17 09:30 AM
Joined: Sep 2010
Posts: 8,194
Texas
4WD Offline
4WD  Offline

Joined: Sep 2010
Posts: 8,194
Texas
Friends in La have a new Enclave interior is gorgeous

Re: How much money you comfortably spend on a veh? [Re: ATex7239] #4550870
10/22/17 09:40 AM
10/22/17 09:40 AM
Joined: Mar 2008
Posts: 6,394
Michigan
ZZman Offline OP
ZZman  Offline OP

Joined: Mar 2008
Posts: 6,394
Michigan
Originally Posted By: ATex7239


A good friend of mine just purchased, outright, a brand new F250 Powerstroke $75K. He and his wife are loaded, and he admitted to me that he cringed when he signed the check.

I cannot for the life of me understand how these $30,000-Millionaires sign up for these $50K vehicle & $400K home notes and still manage to sleep at night. I don't mind spending money, but debt scares the bejesus out of me.


Me either. That is close to a house purchase around here.

But then again I have never had lots of play money or too much money to know what to do with it.


2003 Mercury Grand Marquis. PP HM 5w-30 and Fram TG
2008 Sebring Hardtop convertible. PP HM 5w-30 and Fram Ultra
2006 Kawasaki Vulcan 900 LT. Motul 7100 10w-40 and K&N
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