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..My 2nd car is making me broke.

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Anonymous
Not applicable

..My 2nd car is making me broke.

-yes Finncaing one car (good condition) and wanted a spare -backup -fun car -bar car.

Yes, was a good car for 900 bucks but -but ....but now I know why. Crap. Anyone else to this before? I was thinking YES, cheap insurance, gas in an extra car...but no. Share.
Message 1 of 9
8 REPLIES 8
MattH
Senior Contributor

Re: ..My 2nd car is making me broke.



@Anonymous wrote:
-yes Finncaing one car (good condition) and wanted a spare -backup -fun car -bar car.

Yes, was a good car for 900 bucks but -but ....but now I know why. Crap. Anyone else to this before? I was thinking YES, cheap insurance, gas in an extra car...but no. Share.




http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/TheRealReasonYoureBroke.aspx
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 2 of 9
Anonymous
Not applicable

Re: ..My 2nd car is making me broke.

I don't know if this is the same thing, but hubby bought himself a '64 Corvair (yep, the car that made Ralph Nader famous!) a few years back with an eye to fixing it up.

He figured since it was an older car and the parts pretty universal to the older Chevys that still lurked in garages everywhere where we were, it would be easy to find parts (sorta) and easy to fix (calibrate a dual carb anyone?). So it was SUPPOSED to be a "fun but cheap car."

Well, it WASN'T. After about 5 years and about $10K later, hubby sold it to a guy for $1K (I kid you not ... it was so hard to take care of that the gaskets rotted and a piston was stuck -- hubby traveled all the time and NO ONE would fix it FOR him) ... this is where I mention that he bought it for $4K. And when he bought it, it was a "show car." That thing won oodles of car show awards.

Well, the kid ('cause that's what he is, really) manages the Sonic Drive-In across the street and we saw it the other day (hubby sold it to him about a year ago). You would NEVER recognize that car except for the paint job (which was distinctive)!!

So since then, hubby has learned his lesson and now drives a late model Jeep Grand.

Would I say that car was worth it? If you'd seen his face when he drove it (when it worked, that is), I'd have to say YES. It ended up costing us a FORTUNE, but he loved that durn car.

So, I think that if you love that car and it brings something out in you that's special, then it wasn't a waste after all. But i do think you're on the same road my hubby was in realizing that it's just no fun anymore. :/

I'm really sorry!!! Smiley Sad
Message 3 of 9
Anonymous
Not applicable

Re: ..My 2nd car is making me broke.

Cars are money-sucking leeches. They are often necessary, but that doesn't change their money-sink ways.

I would never, unless I became fabulously wealthy, have more than one car for any reason. I believe in spending no more than $8,000 for a basic used car (let someone else eat all that depreciation and pay the high insurance and registration fees for insuring and registering a high-bluebook car). Then I drive it for at least five years before getting another one.
Message 4 of 9
haulingthescoreup
Moderator Emerita

Re: ..My 2nd car is making me broke.


@Anonymous wrote:

Cars are money-sucking leeches. They are often necessary, but that doesn't change their money-sink ways.

I would never, unless I became fabulously wealthy, have more than one car for any reason. I believe in spending no more than $8,000 for a basic used car (let someone else eat all that depreciation and pay the high insurance and registration fees for insuring and registering a high-bluebook car). Then I drive it for at least five years before getting another one.


Are you my husband? Smiley Very Happy --at least in terms of buying used.

All our cars were bought in varying degrees of used-ness. Mostly Hondas, and they last forever. My current car is the only one built in this century.

With DD#1 off to med school in New York City and refusing to take a car (good girl!), we now have 5 vehicles for 3 people (yes, five for three.) I'm currently battling to get him to agree to sell the two mid-90's Accords and replace with an early 2000's Civic for our youngest, so that it will get her through the last two years of college and 3 years of law school or grad school.

A six or seven year old Honda seems to last forever, with the random timing belt and whatnot.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 9
FretlessMayhem
Senior Contributor

Re: ..My 2nd car is making me broke.

I was never a used car guy because I figured it would last longer if I bought it new, and I wouldn't have to worry about it breaking down or anything on road trips.

I figure it'll cost me a lot either way, so why not buy new.

This was before I realized how much I like luxury cars.
Here we go again...
Message 6 of 9
MattH
Senior Contributor

Re: ..My 2nd car is making me broke.



@haulingthescoreup wrote:

@Anonymous wrote:

Cars are money-sucking leeches. They are often necessary, but that doesn't change their money-sink ways.

I would never, unless I became fabulously wealthy, have more than one car for any reason. I believe in spending no more than $8,000 for a basic used car (let someone else eat all that depreciation and pay the high insurance and registration fees for insuring and registering a high-bluebook car). Then I drive it for at least five years before getting another one.


Are you my husband? Smiley Very Happy --at least in terms of buying used.

All our cars were bought in varying degrees of used-ness. Mostly Hondas, and they last forever. My current car is the only one built in this century.

With DD#1 off to med school in New York City and refusing to take a car (good girl!), we now have 5 vehicles for 3 people (yes, five for three.) I'm currently battling to get him to agree to sell the two mid-90's Accords and replace with an early 2000's Civic for our youngest, so that it will get her through the last two years of college and 3 years of law school or grad school.

A six or seven year old Honda seems to last forever, with the random timing belt and whatnot.




Well, technically my 2000 Camry was built in the 20th Century :-)

http://www.millenniummistake.net/frame2.htm
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 7 of 9
demi
Established Contributor

Re: ..My 2nd car is making me broke.

My last car (1990 Honda civic hatchback, boy I love that car) I drove for 15 years, and its still running.  Bought new, figure if I am going to drive a car for 15 years, I deserve new...so, my Jetta better last another 12.  Only reason I could see for a second would be an old truck to be able to haul stuff, wouldn't buy, but wouldn't get rid of if I had it.

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Message 8 of 9
Dawn
Established Contributor

Re: ..My 2nd car is making me broke.



NJ___Jon wrote:
-yes Finncaing one car (good condition) and wanted a spare -backup -fun car -bar car.

Yes, was a good car for 900 bucks but -but ....but now I know why. Crap. Anyone else to this before? I was thinking YES, cheap insurance, gas in an extra car...but no. Share.

What kind of problems and expenses are you having with it? 
 
My 19 year old son is tremendously frustrated with our 19 year old car that we turned over to him 3 years ago and thinks he wants to replace it, although he can't afford to.  He probably couldn't get $900 for it if he tried to sell it.  Although, it appears he might be eligible for a program in our county in which he could get a $3,000 voucher toward the purchase of a newer car.  The State of Texas wants these older cars off the road in areas were the pollution levels are higher.  Unfortunately, they are currently out of funding for 2008 and he would be put on a waiting list to receive a voucher.
 
However, this car has actually been a more dependable car than our daughters' newer (1999 and 2001) cars.  He's been driving it three years and other than routine maintenance we have only had to replace the fuel pump and the original starter motor.  It needs new spark plugs, wires, cap and rotor ... and the suspension is shot, but that is temporarily remedied by driving like a grandpa (to keep it from bottoming out.)  I see that as a great motivation for a 19 year old to drive more carefully.  And ... he would still be ahead if he put some money into that vs replacing the car. 
 
It doesn't look too pretty anymore since he and his friends take no pride in things such as that, but it runs reliably 99% of the time ... and when it doesn't my husband has been able to fix it. Yes ... it still has some quirks that are probably easily fixed with a little patience and troubleshooting ... but the expense is probably minimal compared to replacing the thing.  We are keeping our fingers crossed that he didn't do any damage that hasn't shown up yet when he allowed it to over-heat in two hour bumper to bumper traffic ... while continuing to run the A/C because he and his friends were hot.
 
We've only had to have it towed two times in three years (thanks AAA Plus!)  I don't think that is so bad ... but he can't comprehend that the minimal expenses and inconveniences he has experienced is justified by lower car insurance and the lack of a car payment. 
 
Having said that, I can understand that if you already have a newer, more reliable, dependable car ... an older vehicle that requires more nurturing might not be to your advantage ... but for many ... even those expenses for an older car are minimal compared to the cost of ownership of a newer vehicle.
 
DD#1 has a co-worker who recently puchased a relatively new Certified Pre-Owned Nissan who is already hurting because of the prices charged by the dealership to do things like flush the cooling system ... and a brake job for a car she has only had two months.  Now ... that's frustrating when you have a "newer" car that you don't expect to have those types of expenses within months of purchasing it ... especially when you actually pay more for a "Certified Pre-Owned" car.   For her, being a single mom with no man in her life to help her with repairs adds to the burden.   Smiley Sad 
Message 9 of 9
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