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Can’t decide on car

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  • Avatar Dont_know_mind 
    Participant
    Status: Physician
    Posts: 944
    Joined: 11/21/2017

    If you buy a BMW for 43k this year, I estimate in 10 years, you’ll be able to trade it in for 4K. The long term depreciation on cars is wicked, particularly European ones.

    #223676 Reply
    Liked by Tim, Craigy
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6177
    Joined: 01/12/2016

    That Scotty guy knows his stuff. Lexus/toyota is consistently on top of reliability, though much more parity now a days. Trucks are another interesting thing, they can last forever and many seem to.

    #223806 Reply
    TrumpMD TrumpMD 
    Participant
    Status: Physician
    Posts: 18
    Joined: 05/11/2019

    I bought a 2016 Prius ($25k) when I started my first job and paid it off in a few months.  Bought a Sienna a few months ago with cash ($33k).  I’m not into expensive cars, I would rather build wealth.

    "Tax loss harvesting": buy high and sell low to achieve true wealth

    #224019 Reply
    Avatar YIFP 
    Participant
    Status: Physician
    Posts: 19
    Joined: 06/22/2019

    I wouldn’t do either… but if you want a BMW get a 3 year old one.

    #224526 Reply
    Avatar Dicast 
    Participant
    Status: Physician
    Posts: 412
    Joined: 01/09/2016

    I can’t believe I’m actually posting on a car thread but I am about to that point, too. I’ve been looking at another Genesis but my son, The Car Guy, told me that, at my price point, he’d scrap everything we had talked about and go straight for a BMW. According to him “You just cannot beat a German engineered car like BMW, Mercedes, or Audi. The features/technology/performance/looks etc are better than anything else you can get. Only reason I’d say BMW is there is a dealer in Paducah (20 miles away).”

    Any thoughts? We change out cars every 8 – 10 years and my current one is starting to show the wear.

    As for the cost, if you’re on track, I think you should get exactly what you want. Whether you die with $15M instead of $14.9M won’t make you any happier, but enjoying something you use every day will if you can afford to do so and you’re on track for your goals. Frugal is nice as a means to an end, but if it’s not your goal to die with millions, then you need to begin thinking about the purpose for your frugality beyond standing in solidarity with all the other frugal doc’s.

    Click to expand…

    I’m sad to hear you’re moving away from your Genesis. I just put new tires on mine (2012 3.8) at 101k miles. I’m looking for another 60k before I make a decision for something different. Of course we have a 2018 Honda Odyssey Elite and a 2017 Pacifica one up from base model. I plan to drive the Genesis until it literally falls apart and the start driving the Pacifica.

    OP,

    If driving a nice car doesn’t impact your desired retirement date then buy whatever suites you. Having excess savings is only important if your goal is to leave a legacy of some sort. I’m not currently to the stage of buying significant luxury. There are several levels of vehicle between absolute need and extreme luxury. Take whatever works for you.

    D

    Get outside of your bubble.

    #224954 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3030
    Joined: 09/18/2018

    Point of consideration:
    Used car values are a function of age primarily, mileage and condition.

    Age is your downside on the value. Mileage is a great plus. You do know cars can easily hit 200k miles?
    You know your car better than anyone. Keep driving it. One or two repairs will be less than the lose driving a new one off the lot. If it runs 2-5 years you will be way ahead financially. The bonus is if you drive it another 10 years you drive a cool classic! Nice car, drive it into the ground.

    You don’t have a financial decision, you have an emotional choice. Repair wise, you will decide to treat yourself to a different car. New or used? That’s emotional too. But it will cost you something either way.

    #224961 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3030
    Joined: 09/18/2018

    Loss. Dang autofill

    #224962 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8113
    Joined: 01/09/2016
    I’m sad to hear you’re moving away from your Genesis. I just put new tires on mine (2012 3.8) at 101k miles. I’m looking for another 60k before I make a decision for something different. Of course we have a 2018 Honda Odyssey Elite and a 2017 Pacifica one up from base model. I plan to drive the Genesis until it literally falls apart and the start driving the Pacifica.

    Click to expand…

    Actually, after reading the comments on the cost of repairs and maintenance on the BMW, I’m thinking about sticking with the Genesis brand. I’ve been otherwise very happy with my car, but since Genesis split off from Hyundai, we don’t have a local dealer 🙁

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #224995 Reply

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