Certain Costs Of A Car That I Could Live Without!
When I was in college, I drove a used 1987 Honda Accord. It had 180,000 miles on it, but it ran great. During college, I was working a lot, had some money, so I upgraded to a new 1997 Chevy S-10 pickup. And after about 3 years of working in the real world (and 165,000 miles on the S-10) I upgraded to a used 2001 BMW 530.
And the following things happened:
Gas went from 87 octane to 87 octane to now 91 octane. $$
Oil changes went from $19 to $19 to $79. Granted I need them less frequently in the BMW. $
Insurance has stayed consistent as I have gotten older, the age discount has evened out with the increased car value.
But the one that really gets me: TIRES!
Tires on the Accord were like $50 each. I had some meaty truck tires on my S-10 that ran about $90 each. But I'm buying tires this week on the BMW that are $140 each. If I went with the Continental Brand that BMW recommends, they would be $220 each. $$$$$
Not only do they cost more, but I could swear they wear down faster than any tire I've ever owned.
Okay, I understand that I love my car, and I'm happy to be in a BMW 530, so I'm not necessarily complaining. Mostly, I'm just trying to evaluate whether all these extra costs are worth it. Because in all honesty, my 1988 accord was pretty nice and much cheaper. I'm still 2-4 years away from purchasing another car, but I wonder if I'll remember how much these costs are and buy a car that is more practical.
Can I be happy again in a used Honda Accord?
posted by Please Read @ 8:35 PM
10 comments
10 Comments:
We have a 1997 Corolla and still love it! Wouldn't trade it for anything else.
Yes you can be happy in your old Honda Accord. I am still driving my 1988 Honda Civic Wagovan. A former co-worker of mine had a Saab. Where I live there aren't many mechanics that know how to work on Saabs. So he had to take his car in for maintenance on the mechanics schedule, not his. Everybody who is a competent mechanic can work on Hondas and Toyotas. Your time alone is worth this.
You could be happy in the Accord as long as your frame of mind is right for it. When i was looking for a car a couple years back I wanted a Mazda Tribute and I managed to find a great deal but it didn't have any special options - power nothing! But because it was such a good deal I went for it and I've been mostly happy since (a repair came up that needed to be done)
I'd have a hard time going back from a 530 myself but then again I like BMWs.
Not sure if I'd have a hard time going from a 530 to an Accord (after all, the handling is definitely a different class!) but it would depend on whether your car is to you: (1) a point a to point b vehicle; or (2) a symbol. BTW - There's nothing wrong with it being a symbol either...it's a personal preference!
I totally agree with Matt, it's definitely a frame of mind. Being your fiance, I could quite certainly say that I don't think you could go back...at least not until your late 40s. The other half of that thought process is unfortunately, you work in a world where what you wear and drive (to a point) communicates a sense of trust and establishment.
What jumps out at me in your Net Worth is the car loans. Wow.
My fiance and I were in almost the exact situation at your age-back in 1997. I ran my 92 Accord until 260k miles, and we sold her newer Saturn, banked $1000, and bought her an Accord- an '87 with 75k. These cars were money engines for our fledgling financial security.
Point is, your car loans are lead weights, even with a 175k+ plus income-(that's about 3x what my wife and I were pulling in). Forget about impressing people for a couple of years, you're getting married.
Even with a low interest rate, this is killing your cash flow.
I'd dump both cars, (looks like you would wash out even), and get two much less expensive used vehicles. In a couple of years you'll be able to upgrade I'm quite confident. We scrimped for a few years, now we have paid for newer Landcruiser and a new Accord. (maybe we're just cheap in our family- My bro' pulls in over a $mill per year and drives a $29k Acura, and he felt guilty buying that!!)
It's definitely hard to relate to California's housing market- back here in the Carolinas I think 400k is way too expensive for a home with us making a touch over $200k. We, too, believe our friends are lavish- (us- 200k income, $220k mkt value house)- many of our friends have mortgages 3x their income. We can pay off our house this year(owned it 7 years), or invest the money- think we'll keep it invested.
Bottom line is the cars were the starting point of our financial snowball- it allowed us to stockpile cash for the home, retirement, investments etc. Now with a strong cash flow and large 'appreciating' asset net worth, cars are a very minor part of our financial picture- as they should be.
You can do it-downsize-you will be so glad in a few years time.
RD - I'm actually fortunate to have a great BMW mechanic right nearby, but this would definitely be an issue if I moved. You're right about Honda's. I had a super mechanic when I had my Honda and it was very affordable.
Anon - I agree with you, that the cars are a drain on our cash flow, but I don't think the solution is to scrap them. The more you switch cars, the more you lose out on the sales tax you paid. I think at this point in our lives, because we are financially comfortable, the best idea would be to pay them off and change our attitudes towards cars on the next go round.
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It gets expensive when you go for BMW accessories and parts. You should get more value by choosing compatible parts.
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