What kind of car do you drive?

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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".

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

My preferred ride:

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  • Jeff Filali
    Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    I normally never consider a new car a good investment, but learning more about Section 179 has me considering upgrading my 12 year old Escalade in December.  I highly suggest googling "Section 179 business vehicles", some great information.  This works with other business equipment also, not just vehicles.  The bonus depreciation can save you a lot on taxes, especially since you can take the depreciation now, even if you finance it.  Also, it applies to used vehicles as well.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y
    Originally posted by @Jeff Filali:

    I normally never consider a new car a good investment, but learning more about Section 179 has me considering upgrading my 12 year old Escalade in December.  I highly suggest googling "Section 179 business vehicles", some great information.  This works with other business equipment also, not just vehicles.  The bonus depreciation can save you a lot on taxes, especially since you can take the depreciation now, even if you finance it.  Also, it applies to used vehicles as well.

     Section 179 is the reason private aviation is so robust and new airplanes sell... I bought my airplane for 435k.. and wrote off 90% of it year one... there was special rules back then on top of 179.

    I also bought 2.5 million dollars worth of new construction rentals in the GOZONE after Katrina and wrote off 50% year one..

    now recapture is a beotch but you save money now.

    I am thinking Harvey could spawn another GOZONE  and special section 179 for those areas of Texas that will spur redevelopement BIG TIME.. I usually don't care for Texas but if they come out with a GOZONE again I would be compelled to go shopping.

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    3Reply
  • Mark Waldrip
    Investor · Oklahoma City, OK · Member since 2015 · 48 posts · 86 votes
    9y

    Was driving a 2006 Ford Taurus with 125K until I passed it along to my teenager. Now driving our rental property work truck (2010 Silverado) until I find a great cash deal on another commuter vehicle. No car payment since 1999. 

    Totally agree with the statement that you don't want your tenants seeing you pull up in a fancy ride! In my Taurus I looked like I worked for the Health Department! Haha

    2Reply
  • Dan Wickland
    Rental Property Investor · wyoming · Member since 2017 · 76 posts · 73 votes
    9y

    A basic Ford Falcon, for now. I oscillate between wanting a Lambo when I'm financially free, while at the polar opposite not even owning a car because I find them such a pain lol. If I ever did go the exotic route I'd lease.

    0Reply
  • Michael Jones
    Investor · Louisville, KY · Member since 2017 · 199 posts · 253 votes
    9y

    I drive a 2003 Pontiac Montana van. I am sure my tenants think that I do not make much money off of rental property because most of them drive nicer cars than I do.

    I would rather use car payment money to invest in more property.

    0Reply
  • Anthony Wienke
    Missoula, MT · Member since 2016 · 163 posts · 55 votes
    9y

    I drive a 2006 ram 1500 but iv been contemplating trading into a smaller car for better fuel economy. Although, its incredibly handy having a pickup that can plow through snow drifts. Not to mention get me over mountain passes for hunting, hauling, and towing all my toys. Might invest in one of the new ram ecodiesels or wait and see what ford has to offer for their up comming f-150 diesel. Just stinks getting 11 mpg for daily driver duty.

    I also own a 2000 saleen mustang that gets worse fuel economy than my pickup hahaha. But thats just for car shows.

    0Reply
  • Account Closed
    Specialist · Bozeman, MT · Member since 2016 · 237 posts · 153 votes
    9y

    I have a 2003 Dodge Ram 1500. It's helped me remodel 5 units, and rarely do I even need to pop it into 4wd, only in the spring and fall mud. Best tool I own for 100 different jobs I need to do throughout the course of doing business. I'm sure any old reliable pickup would work fine in Montana.

    Wife is shopping for a 2017 Highlander, probably to match all the other suburban moms here in Bozeman.

    1Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    I drive a 2005 Mazda 6 with 160k miles. It’s a V6 and is fun to drive so I hope it keeps going for a while! I also drive a 2007 Ducati Monster 695... They’re both paid for and I’ve never had a payment on either.
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  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    15 q50 16 528i.... tempted to trade the q50 for a ghilia and 528 for xc90 haha.

    0Reply
  • Patrick C.
    Investor · Highland, CA · Member since 2017 · 28 posts · 15 votes
    9y
    2013 Ford F-250. 2012 Maserati Granturismo MC. 2015 Audi RS-7. And 2017 Audi Q7.
    0Reply
  • Sam Shueh
    Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    9y

    Next 1 will be electric. Got the outlet, 2.3KW solar panels. Each charge can cost $4.68 of electricity but solar panels are not fully utilized.

    1Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y
    Originally posted by @Sam Shueh:

    Next 1 will be electric. Got the outlet, 2.3KW solar panels. Each charge can cost $4.68 of electricity but solar panels are not fully utilized.

     there's been really sweet electric vehicle leases, more so because some models are CA specific. People have been able to get cars cheaper than their gas bill haha.

    0Reply
  • Account Closed
    Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    9y

    This is my daily ride, and this is my license plate frame. If you can afford it, enjoy life a little. Enjoy a nice car when you're old is not the same as in your youth. Can't take the money with you when you're gone. Life can be quite unpredictable. You can be here today but gone tomorrow, and it costs $1 to charge 30 miles on this car.

    Here's a true story last Friday. I went to a tenant's house to fix the deadbolt as it was a little jammed. I figure it'll take me 10 minutes and didn't want to pay $75 for the service charge. A Sears Technician was also there the fix the dryer. The tenant told him I'm the property manager and I'll pay for it. He asked me to go to his van afterward because he needed the reception to accept my credit card. As I walked by my car to get to his van, the car's lights went on and the door handles popped out. He asked "Is that your Tesla?" I had no choice but to say yes. I was in shorts and slippers too. LOL! So don't judge the book by its cover.

    Tesla is one of those cars that once you owned one, you wouldn't want to own any other car. This will be my next Tesla. Given my license plate frame, I know I will own it one day. If an immigrant who came to this country without knowing a word of English can do it, you can too. Keep the dreams alive folks.

    3Reply
  • Hau N.
    CA · Member since 2017 · 153 posts · 74 votes
    9y

    @Account Closed That bottom Tesla looks awesome.   I'd be happy with a Model 3, but no can do per the wifey.   Sticking with my old 2013 Hyundai Sonata. 

    1Reply
  • Mark Ferguson
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    I added a Lotus Esprit to my collection earlier this year. Awesome car!! 

    1Reply
  • Kevin M.
    Specialist · Missoula, MT · Member since 2016 · 73 posts · 44 votes
    8y

    I am with @Mark Waldrip on this one. I drive a 2007 Dodge Grand Caravan with a towing package. It's still not a truck unfortunately but gets better gas mileage than a truck. I bought it specifically to evade the cops (don't get a flashy color car either) what cop wants to pull over a Dad late to Soccer practice? ....and no one pays any mind to a "family" man just minding his own business. Looks great parked in any neighborhood if you keep it clean. It has plenty of room to pick everyone up for the party but sometimes it's hard explaining to high maintenance females. Everyone judges a book by it's cover don't fool yourself, that's why I look under rocks. Only thing that ever mattered to me in a car was the after-market sound system.

    2Reply
  • Michael Masters
    Rental Property Investor · Westport, CT · Member since 2017 · 176 posts · 183 votes
    8y

    I have four rules:

    1)  Drop top - love having the sun in my face or seeing stars at night

    2)  Stick-shift - I like to feel like I’m driving the car not the car is driving me

    3)  Buy new - I like to spec the car exactly like I want it.  I will own the car for long enough and I prefer not finding out I have someone else’s headache.  

    4)  Fast!

    On the hunt now, my car is at 6 years of age, any suggestions that meet all my requirements?

    0Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y
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  • Chris Szepessy
    Catskill, NY · Member since 2018 · 636 posts · 668 votes
    8y

    I know this thread is pretty old, but I always enjoyed reading it.  I have a 2006 Ram 1500 and my wife has a 2009 Caravan that are paid for.  I drive a 1995 Subaru daily because it gets more than the 10-12 MPG my truck gets.  

    1Reply
  • Dennis L Lewis Jr
    Nashville, TN · Member since 2017 · 82 posts · 22 votes
    8y

    2004 Honda Civic (daily driver) and 13' 335i (weekend toy)

    1Reply
  • Marcus Payne
    Rental Property Investor · Auburn, AL · Member since 2017 · 26 posts · 10 votes
    8y
    Originally posted by @Dennis L Lewis Jr:

    2004 Honda Civic (daily driver) and 13' 335i (weekend toy)

     ahhh… sold my 335i a few months ago, nice car! 

    1Reply
  • Matt Millard
    Lewisville, TX · Member since 2015 · 344 posts · 264 votes
    8y
    I drive a beater myself & mostly always will because I want the lowest cost per mile & minimal maintenance issues but will put up with some because of my frugal ways of fixing cars like being my mechanic the parts & avoiding shops for anything more than oil changes. I plan to buy my next several cars from auctions & fix them up with a friends help. A $1,500 salvage title Ford Focus for 15k miles beats the dealers with another $1k to get it on the street. My wife wanted a nicer vehicle & we just did an auction for a Kia Sorento that needed a windshield & relays & not to much more. Saved us 25% & those are $28k new. We paid $16k for 24k miles. Now we have a nice trip car & she’s very happy & other than that cars are just a way to get from point A to B with least financial cost possible. I say that & where I live the average car is at least a loaded BMW or Audi!
    0Reply
  • Clifford Paul
    Rental Property Investor · Member since 2018 · 483 posts · 956 votes
    8y

    [IMG]http://i67.tinypic.com/2mg9xcg.jpg[/IMG]

    2016 Corvette - wife's daily driver

    2015 Alfa Romeo 4C - my toy

    2017 Ram 2500 - Travel trailer, dog & horse hauler

    Paid cash except for Alfa, my credit union gave me 0.89 percent for 36 months. It's paid off now.

    1Reply
  • David Friedman
    Property Manager · San Bernardino, CA · Member since 2014 · 473 posts · 238 votes
    8y

    I drive a kia soul with 140,000 miles on it. I did buy it new in 2013 since not having issues with my car in the real estate business is much more important to me than saving $5,000.

    1Reply
  • Michael Martin
    Rental Property Investor · Tahoka, TX · Member since 2018 · 23 posts · 10 votes
    8y
    1991 Nissan Hardbody 129,000 original Miles 2nd owner purchased at 80,000 miles. I love these trucks my last one had almost 400,000 miles.
    0Reply
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