What kind of car do you drive?

Investor Mindset
11yFollow

What kind of car do you drive?

Jeff Sims
Residential Real Estate Broker · Greensboro, NC · Member since 2015 · 14 posts · 68 votes

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".

37Reply
3,463 views

Most Popular Reply

Roy N.Pro Member
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
11y

My preferred ride:

57Reply
See this reply in the discussion

499 Replies

Jump to latestLatest
  • Jordan DeLozier
    Investor · Hendersonville, NC · Member since 2014 · 11 posts · 6 votes
    11y

    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. 

    4Reply
  • Carol Lyons
    Real Estate Investor · Haverhill, MA · Member since 2014 · 15 posts · 16 votes
    11y

    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.

    14Reply
  • Shane Woods
    Real Estate Agent · Weatherford, TX · Member since 2011 · 726 posts · 284 votes
    11y

    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. :)

    11Reply
  • Carol Lyons
    Real Estate Investor · Haverhill, MA · Member since 2014 · 15 posts · 16 votes
    11y
    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.

    0Reply
  • Steve Olafson
    Scottsdale, AZ · Member since 2014 · 659 posts · 536 votes
    11y

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

    9Reply
  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    11y

    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.

    1Reply
  • Denny Robert
    Rental Property Investor · St. Louis, MO · Member since 2013 · 194 posts · 100 votes
    11y

    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?

    0Reply
  • Account Closed
    Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    11y

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

    5Reply
  • Flavio Zanetti
    Investor · Andover, MA · Member since 2015 · 269 posts · 67 votes
    11y

    2005 Subaru Legacy GT wagon...

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

    1Reply
  • Mike S.
    Investor · Colonial Heights, VA · Member since 2014 · 115 posts · 68 votes
    11y

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

    3Reply
  • Chad Lopes
    Investor · Birmingham, AL · Member since 2014 · 37 posts · 30 votes
    11y

    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.

    12Reply
  • Account Closed
    Investor · Antioch, CA · Member since 2014 · 97 posts · 37 votes
    11y

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

    9Reply
  • Brian Albelli
    Effort, PA · Member since 2015 · 19 posts · 63 votes
    11y
    34Reply
  • Rumen Mladenov
    Investor · Newark, DE · Member since 2014 · 245 posts · 198 votes
    11y

    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.

    4Reply
  • Erik Nowacki
    Investor · Las Vegas and Tulsa · Member since 2014 · 123 posts · 200 votes
    11y

    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...

    9Reply
  • Mark Forest
    Real Estate Investor · Fenton, MI · Member since 2008 · 946 posts · 153 votes
    11y

    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. 

    4Reply
  • Paul Ewing
    Investor · Boyd, TX · Member since 2014 · 688 posts · 467 votes
    11y

    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.

    4Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    11y

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

    2Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    11y

    My preferred ride:

    57Reply
  • Joey Wharton
    Colorado Springs, CO · Member since 2014 · 57 posts · 48 votes
    11y

    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!

    6Reply
  • Ron S.
    Investor · downriver, MI · Member since 2012 · 34 posts · 12 votes
    11y

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

    3Reply
  • Jeff Sims
    OP
    Residential Real Estate Broker · Greensboro, NC · Member since 2015 · 14 posts · 68 votes
    11y

    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.

    8Reply
  • Bryan N.
    Investor · Hampton Roads, VA · Member since 2014 · 1k+ posts · 418 votes
    11y

    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.  

    4Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y
    Originally posted by @Brian Albelli:

    That's cool is that the new lexus?

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    4Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Jeff Sims 

      I drive a Hyundai and my wife has an accord.. they are 1 year old.. we only keep cars 3 years then trade them in.. I don't have time to do anything other than change the oil so I don't want a vehicle that has to go to the shop or if it does is not under full warranty. And I never want to be stranded anywhere or anytime...

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    9Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free