OK — I incline to pontificate and expound. When I bought my first “new” car, it was an economy “fun-to-drive” FWD cultural sensation: A 1979 Honda Civic 1200. I had been out of school for seven years, and even today I insist that my salary compensation fell far short of what I thought it should be with my academic credentials, but I admit I was naive about all of it, and probably for the longest time. So I bought that one new, and added three used ones over following years to build a fleet of four vehicles with mostly interchangeable parts. In addition to the 1200 I had two 1500 CVCC versions.
I didn’t even like the car payments I made on that new one. It had a $4,600 price tag and I was paying about $75 / mo.
So now, I’ve acquired only the SECOND new car in my life, I dropped about $41,000 on the base price plus taxes and registration. I wrote a check for that $41,000. I have no car payments. I will have nothing in the way of repairs for the mileage I will put on that vehicle over the next 5 years and then some.
From my early career work-life, I developed an aversion to buying new cars and keeping up with the Joneses. And so my strategy of car ownership has last seen me driving over 23 years a car that is now 31 years past its factory roll-out. And this car has cost me — in nominal dollars of used car price, upkeep, maintenance, part replacement and repairs, total — about $140 / month which was about $115 / month 7 years ago. I did a lot of restoration over that recent time. I will have no repairs likely on that old car for a long time — no less than a lack of repairs on the new car. Insurance has always cost me less than I would pay for a new car, but now I’ve added new-car insurance to my total multi-vehicle policy and premium bill.
Thus, my experience at thumbing my nose at “new car” culture mindful of the Joneses has been a success. The old car rode like a cream-puff Cadillac. And still does. The new one is getting me 38+ MPG, tallied over its first 1,500 odometer miles.
I suspect that many of my neighbors, seeing my frugality with the old orphaned 30-year-old SUV, imagine that I have big monthly car payments for the new vehicle. But I’m telling you — and you already know — I have none — nichts — nada.