Comments by "Michael Maas" (@michaelmaas5544) on "Valuetainment"
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@zevkej I bought a Toyota for a reason and I like math. So 9 years ago, before used cars were nuts, I paid $18,000 for my ‘03 Sequoia with 150,000 miles on it I’ve driven it across country several times now and it just turn 250,000.
1. My insurance is way cheaper because I don’t have a loan and don’t have to carry as much as a bank would require
2. I don’t really track routine maintenance cost because you spend that on any car you own new or used. By routine I mean oil changes and fluids, breaks, tune ups, filters etc. so it’s really a non factor because like I said you’re going to do that on any vehicle.
3. Outside of those cost I’ve replaced a tensioner pulley, battery, alternator and front control arms along a few other minor things. All said I’ve spent $2100 over the course of 9 years for an average cost of about $230 a year.
4. So if we take my original $18K plus the $2100 we come up with $21,000. If I were to take that and divide it into payments it’s less than $200 a month
5. I’ve seen them selling for as much as $10,000 but with comparable mileage they go for around $5000 right now
6. So if we take the $21,000 - $5000 ,if I were to sell it, I’ve got $16,000 into it over the last 9 years and that my friend means it cost me less than $2000 a year or less than $200 a month
I won’t even take into consideration what I’ve saved on insurance in the equation
7. Todays average new car payment is $700 for a new car and $525 for a used so in a years time a new car cost you 4X what I’ve paid and used one 3X. But hey you look cooler than me 😎
Yes I know not every car will give you the same results but that’s why you don’t just buy any car. I’ve see Sequoias with as many as 500k miles on them still running strong with the original motor and transmission in them, outside of that what major repairs could I have? 😉
8. As far as how long my car will last, I’ve yet to find out. But I will continue to drive it until it doesn’t make economic sense or I decide to buy another. At which time I’ll find another Toyota!
9. It’s also helped me be just 2 years from being mortgage free so there’s that.
The whole point of my original comment was that new car prices have gotten out of hand and to many people are driving cars way out of their budget. And many of them are doing not not out of necessity but out of wanting the prestige. By all means if someone wants to live to make a car payment go for it won’t hurt me one bit and I could really care less.
I’m not saying no one should be driving a new car, if it’s within your means and that’s how you choose to spend your money go for it. I have so many friends that complain about the costs of everything yet continue to buy things they don’t need or spending to much on things they do need. I used to be one of them, new house, a new boat and new cars until a life changing experience.
This doesn’t just hold true for cars but much of what people seem to spend on in todays world clothes, jewelry, houses, phones etc.
So many people are out there complaining about the cost of eggs but probably go to Starbucks and have no problem spending $7-8 on a drink, paying $100 for leggings from Luluemon, carrying a $800 purse from Channel while complaining on social media with their $1000 phone. I really expect nothing less though when we watch our government spend money like a drunken sailor when we’re $32 trillion in debt that citizens will just follow suit.
I hope you and everyone else driving a new car gets great enjoyment out of it. I choose to spend the money I’ve saved on travel and having experiences over material things. You do you and I’ll do me.
“People buy what they want and beg for what they need” Jim Brown.
And yes I had some time on my hands this fine Sunday morning 🤙🏼
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