Just a fun post here. I have been a SFR investor for 15 years and now have $2M in rental RE while working a full time career. The cash flow was tight for years it seemed but the snowball of debt paydown is rolling big time now and I'll be able to "retire" in 2 years with enough cash flow to replace my salary.

That said, I can't imagine having a car payment and only buy used vehicles. I drove a 1999 Jeep Grand Cherokee (to haul all my rental supplies) for 7 years and the engine blew a year ago with 275k miles. I made a significant upgrade and replaced it with a 2000 Jeep Grand Cherokee with 110k miles and paid $3,600 cash.

I don't need the status symbol of a new vehicle nor the monthly payment and living well below my means is my motto. As Dave Ramsey says, "live like no one else today, so you can live like no one else tomorrow".

I drive a 2006 F150. I'm the same as you, can't stand (or even imagine now) having a car payment. I know so many people that trade cars every 1-2 years which I think is absolutely crazy. 

I agree I can’t image having car payments.

I drove a Ford Thunder Bird for the longest time and my friends and kids would tease me because to get into the car you needed to crawl through the windows. The car was safe to drive just the doors hinges were going and I needed to prevent more wear and tear to the hinges; I was saving for my first house.

Today I still drive a used car (all the doors work) and I now own a multi-family and I’m working towards my next real estate investment.

these posts pop up every year or so. I love them.  I drive a 95 suburban with 260k miles.  I wouldn't mind a payment on something if I needed to replace this and didn't have the cash.  But it still be well used.

It's a tool, not an investment.  It's ok to pay well have good/cool tools you like, but use them till they quit. They won't gain value. :)

Originally posted by @Carol Lyons:

I agree I can’t image having car payments.

I drove a Ford Thunder Bird for the longest time and my friends and kids would tease me because to get into the car you needed to crawl through the windows. The car was safe to drive just the door hinges were going and I needed to prevent more wear and tear to the hinges; I was saving for my first house.

Today I still drive a used car (all the doors work) and I now own a multi-family and I’m working towards my next real estate investment.

I drive a 2014 tundra.  Paid cash.  I absolutely love the truck.  I can fit 6 passengers comfortably and still have a truck bed.

Normally my daily driver is a 2006 Prius. Paid cash. Still feels like a car from the future.

Last year I also had a corvette, jeep wrangler and sl500 as weekenders. I have a van and truck for the biz but they don't count as personal.

I prefer good condition older used cars. They are easier to work on, easier to get work done on, and if I do my research I know which ones are reliable and which ones aren't.

I have a 2002 Subaru WRX and a 2000 Tahoe Limited. I borrow a utility trailer from a friend when I need it. The cars look good, drives nice, and will run forever. If I have a problem parts are abundant and cheap. Why drive a newer car?

You are all driving my favorite autos ---paid for---   2003 Jeep Liberty 100k original miles 

2005 Subaru Legacy GT wagon...

No car payments for ne. Subie does have 320hp though and AWD helps with New England blizzards!

2002 Chrysler 300 and a 1976 Dodge van (work truck). Used cars are fine for me. No payments since 1988.

1999 Dodge Durango. I read an article once that said the new car high only lasts 9 days. I remind myself of that every time I get the urge for a new one.

1997 Toyota Camry with 174,000 miles on it. I will drive it until the wheels fall off. Literally lol 

2003 corolla. Roof is bent from the roof rack when I hauled 10 16 ft 2x8s for a deck on top of it. I also hauled doors, a range, a dryer etc. on top of it - most of my properties are within a mile from the Home Depot. The employees who work there already recognize me - I guess the story about the Corolla that hauled all that lumber was repeated more than once among them!

Not that I planned it that way - it only happened because they did not have a rental truck available that day, and I did not want to delay my project.

I drive a 1989 Volvo 740 with 235k miles and I have a 2005 Ford F350 for hauling bigger loads.  I don't want my tenants to see me in a nice car...

97 Town and Country for tool hauling  (Next vehicle will be a used panel van so I can organize the tools better).   98 Toyota Corolla for normal travel.  A vehicle is just a means to get from point A to B.  I have never understood the expensive sport car thing. 

2001 F150 extended cab with 98k miles or a 1998 Suburban with 28k miles. It was a rebuilt rollover that sat in a barn for years.

2003 Ford Explorer XLT. 98k miles on it. 3rd row of seats is great for folding down and hauling.

My preferred ride:

2004 Volvo XC 70, 167k miles. Big step down from the Land Rover I used to drive when I was a 9-5er. Volvo is nickel and diming me so I thought about buying a sensible under 10k car. But, i was parked at a gas station watching a guy go to his "car payment" to get a smoke and then have to go back in to a miserable job to pay for his car. Good reminder that my life is great and my car is just fine!

1998  Chevy Silverado  with 150k miles, the payment is perfect ZERO.

Love all the posts. I have noticed a common theme in the responses that are both refreshing and reassuring. When I see all my co-workers buying new cars and stuff I just shake my head. Guess it's the consumer versus investor mentality.

You and me - we're a band of brothers in the rental property business but have the wisdom and passion to realize that financial freedom can come long before anyone else thinks is possible.

My personal favorite. A fellow BP member, Mr. Long from LA had a recent post about putting a license plate on his car. What would it say "MY OTHER CAR IS AN APARTMENT BUILDING". Priceless.

2009 Silverado.  It didn't look rough enough so I put a gouge in the door so I could fulfill the slumlord persona better.  Wife has an 06 Acura TL.  I told her, let me buy three more properties in the next two years and I'll replace her vehicle.  Buy two year old cars for cash to save money is how I roll.  

Originally posted by @Brian Albelli :

That's cool is that the new lexus?