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#4550787 - 10/22/17 08:15 AM How much money you comfortably spend on a veh?
ZZman Offline


Registered: 03/17/08
Posts: 5773
Loc: 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.


Edited by ZZman (10/22/17 08:21 AM)
_________________________
2003 Mercury Grand Marquis. Rotella T6 Multi-Vehicle oil
2008 Sebring Hardtop convertible. Rotella T6 Multi-Vehicle oil
2006 Kawasaki Vulcan 900 LT. Amsoil Metric 10w-40

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#4550791 - 10/22/17 08:23 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
WillsYoda Offline


Registered: 10/17/15
Posts: 471
Loc: MN
$15k will buy a good, safe vehicle that can last 10 years. I think that is plenty to spend.

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#4550796 - 10/22/17 08:35 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
eljefino Offline


Registered: 06/15/03
Posts: 32631
Loc: 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.

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#4550800 - 10/22/17 08:40 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
92saturnsl2 Offline


Registered: 03/02/04
Posts: 1267
Loc: 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- Maxlife 15w-40 HDEO [for sale]
04 Odyssey EX 180k PUP 5w-40
96 Maxima GLE 248k Castrol Edge 5w-50
07 Chrysler Pacifica Limited

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#4550803 - 10/22/17 08:46 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
OneEyeJack Offline


Registered: 09/14/10
Posts: 7475
Loc: 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.

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#4550805 - 10/22/17 08:50 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
ZZman Offline


Registered: 03/17/08
Posts: 5773
Loc: 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. Rotella T6 Multi-Vehicle oil
2008 Sebring Hardtop convertible. Rotella T6 Multi-Vehicle oil
2006 Kawasaki Vulcan 900 LT. Amsoil Metric 10w-40

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#4550815 - 10/22/17 09:00 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
ragtoplvr Offline


Registered: 01/14/15
Posts: 528
Loc: 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

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#4550817 - 10/22/17 09:01 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
Mr Nice Offline


Registered: 09/12/04
Posts: 21180
Loc: Orlando, FL
Many people overspend on monthly car payments for 72 months... or longer.



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#4550822 - 10/22/17 09:03 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
Barkleymut Offline


Registered: 01/27/04
Posts: 2704
Loc: Richmond, VA
Most people overspend on everything.
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09 Vue(95K) 2.4 4spd AT -PU 5w30 / 09 Flex(52K)3.5L PU / Moms car 04 Pilot(105K) 5w20 PP + Puro

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#4550827 - 10/22/17 09:09 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
JHZR2 Offline



Registered: 12/14/02
Posts: 41768
Loc: 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.

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#4550833 - 10/22/17 09:15 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
Mr Nice Offline


Registered: 09/12/04
Posts: 21180
Loc: Orlando, FL
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.

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#4550839 - 10/22/17 09:20 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
fdcg27 Offline


Registered: 09/25/09
Posts: 15687
Loc: 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.
_________________________
17 Forester 12K MSS 0W-20
12 Accord LX 86K PP 5W-20
09 Forester 95K M1HM 10W-30
01 Focus ZX3 118K PP 5W-20
96 Accord LX 104K T5 10W-30
95 318i

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#4550850 - 10/22/17 09:28 AM Re: How much money you comfortably spend on a veh? [Re: ZZman]
ATex7239 Offline


Registered: 01/19/17
Posts: 331
Loc: 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 139,xxx
Valvoline ML SynBlend 5w30
ACDelco PF63E

'17 Ford Fusion (Company Lease) 42,xxx
Oil Don't know
Filter Don't care

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#4550852 - 10/22/17 09:30 AM Re: How much money you comfortably spend on a veh? [Re: ATex7239]
4WD Offline


Registered: 09/21/10
Posts: 6363
Loc: Texas
Friends in La have a new Enclave interior is gorgeous

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#4550870 - 10/22/17 09:40 AM Re: How much money you comfortably spend on a veh? [Re: ATex7239]
ZZman Offline


Registered: 03/17/08
Posts: 5773
Loc: 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. Rotella T6 Multi-Vehicle oil
2008 Sebring Hardtop convertible. Rotella T6 Multi-Vehicle oil
2006 Kawasaki Vulcan 900 LT. Amsoil Metric 10w-40

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