What kind of car do you drive?

Investor Mindset
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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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  • James De Stefano
    Real Estate Agent · Houston, TX · Member since 2017 · 292 posts · 233 votes
    7y

    Dang... now I feel bad about getting a USED car last year even at a good price. You folks are saving some  $$$$ with these depreciating vehicles. 

    But my Mazda 6 is a solid car that gets me almost 30 MPG in the city, I'll handle the $290 / Mo payment. 

    and yes, some ppl are idiots with their high $$$ leases and 2019 fully-loaded cars paying $600+ a month. You should be swimming in money before paying that money, but America is full ppl that consume 1st,  consume 2nd, and invest/save 3rd. :)

    0Reply
  • George W.
    Investor · NJ · Member since 2018 · 869 posts · 921 votes
    7y

    Never understood why people want such flashy new vehicles. Autos are just money pits. New car loans and prices are insane. I always buy them with cash used.

    I got a old beater 4x4 8' f150

    A superduty with utility body 

    And a gas saving car

    0Reply
  • Benjamin Tighe
    Medford Oregon · Member since 2019 · 85 posts · 65 votes
    7y

    2017 superduty. I pull a trailer almost daily, as well as haul up to 5k lbs in the bed so I have always run diesel trucks. Definitely not the most economical when unloaded but when I'm working, It's efficient. Bought when I was a contractor so the tax benefits were huge. I would not buy this truck without the ability to write off depreciation. That said, loan was cheap, and even with $0 down I was only upside down for 6 months. Didn't pay sticker... Wife's car is a 2012 accord sedan. So boring but probably the best financial decision I ever made, besides my house. Battery, brakes, tires, and wipers in 7 years. Less than $1k(I enjoy turning wrenches). I am $9k out of pocket on the truck over the last 33 months because of the tax benefits when I bought the truck and have $13k in equity on it. 

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  • Skyler Mckinney
    Flipper/Rehabber · Virginia Beach, VA · Member since 2018 · 95 posts · 65 votes
    7y

    Old post but I drive a 2018 Subaru WRXSTI yes it was expensive and yes its flashy and new. But when I first started this that was my motivation I love cars. Its one of my passions in life I wold love to own 20 cars. I haven't boughten new clothes in about 3 years so I'm not just buying things to impress people. So for someone to say that its stupid to buy a new car you are wrong, it might an irresponsible use of money but what's the point of having money if you don't buy the things you want. Im not embarrassed by my decision and I don't regret it. It brings me joy and  I have a lot of fun driving it. I have put 30k miles on it in one year so I get my use out of it. Money is money it comes and goes but time is limited so do the things you enjoy. 

    1Reply
  • Robert Collins
    Rental Property Investor · Greenville County SC / Atlanta, GA · Member since 2017 · 403 posts · 120 votes
    6y

    2001 Toyota Camry, it has no hub caps it’s very  reliable  & low key . It’s my humble vehicle. I love it .

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Benjamin Tighe:

    2017 superduty. I pull a trailer almost daily, as well as haul up to 5k lbs in the bed so I have always run diesel trucks. Definitely not the most economical when unloaded but when I'm working, It's efficient. Bought when I was a contractor so the tax benefits were huge. I would not buy this truck without the ability to write off depreciation. That said, loan was cheap, and even with $0 down I was only upside down for 6 months. Didn't pay sticker... Wife's car is a 2012 accord sedan. So boring but probably the best financial decision I ever made, besides my house. Battery, brakes, tires, and wipers in 7 years. Less than $1k(I enjoy turning wrenches). I am $9k out of pocket on the truck over the last 33 months because of the tax benefits when I bought the truck and have $13k in equity on it. 

    The Tesla X qualifies for the 100% depreciation write off day one..  so adding another of those to our stables.. we can take the write off since my wife is a full time realtor and I am full time Broker / developer.. so we have his and hers.. and both 100% write off I figure buying them in the year we write them off saves us about 35k in tax out of pocket that year..  

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    3Reply
  • Andrew Flora
    Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
    6y

    I’m young and trying to add units so I’m pinching EVERY Penny!  I currently hold roughly $3M of cash flow positive long term rentals(about 75% leveraged) and I drive a ‘97 Ford Ranger with 130k miles picked it up for $1,000 cash, it’s ugly but reliable and gets about 30mpg.  Probably going to focus on paying down debt to a safer number before I upgrade.

    1Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    6y

    Just upgraded.

    The old: 2003 Ford Explorer XLT with 120k miles. Mechanic says I had maybe 1-2 years left on the motor after I brought it in to get a rattling noise checked out. (Bought it for 6500 back in 2009). Estimated 12 mpg.

    The new: 2009 Toyota Highlander Hybrid with 100k miles. It is much flashier and comfortable. I will kinda feel bad hauling junk in the back and on the roof like I used to (maybe!) But I still have the 3rd row which is great for the family and dog. Currently getting 22 mpg but should be able to push that up a few more with better hybrid driving skills. Paid 10.5k.

    0Reply
  • Jerry Lucker
    Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
    6y

    @Jeff Sims

    2005 Toyota Tundra

    0Reply
  • Olivia Radziszewski
    Realtor · Chicago, IL · Member since 2019 · 274 posts · 191 votes
    6y

    2012 Mazda CX-9 bought it used with about 100k miles on it. You guys are making me feel like its brand new though!

    0Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    I'm living in East Asia and driving a highly reliable Daewoo that I bought from a colleague for $1800. I spend more than this amount on food for myself every month ;) Food and travel are 95%+ of what I spend money on these days.

    Before this, I owned two cars, each valued at $9K, sold them both (had to).

    0Reply
  • Nathan Nguyen
    Member since 2019 · 2 posts · 1 vote
    6y

    I still drive a 1997 Ford Ranger 4 banger 5 speed manual with 230k miles on it haha. I love to work on cars which is why its cheap for me to keep it running. One of my goals is to have a cash flowing asset that can afford me a newer used ranger but mine still running just fine allowing me to focus on getting assets.  

    0Reply
  • Sharmila Brunjes
    Member since 2019 · 1 post · 0 votes
    6y

    2017 Volvo V60 Wagon. We got it used with the plan of keeping it for our kid's entire childhood. It only had 1000 miles on it but they have no resale value so it was a deal!

    0Reply
  • Jarrod Lugo
    Boston, KY · Member since 2019 · 4 posts · 2 votes
    6y

    I wish I knew about investing a little bit earlier...say a year ago when I decided to get a loan on my Camaro I’m shoveling out $500 a month just for my car and insurance, GRANTED I love my car to death and as a young human I had to have THAT car. hoping to sell it come spring next year it’ll be missed but my wallet and future investments will be happier!!

    0Reply
  • John Sharpe
    Crestline, CA · Member since 2018 · 63 posts · 70 votes
    6y

    1999 Mercedes C230 sedan.  It's a tank.  20 years old and still going strong. 

    1Reply
  • Zackary C Dunn
    Contractor · Tampa FL · Member since 2018 · 126 posts · 64 votes
    6y

    @Jeff Sims I drive a 2018 F350 Limited that’s lifted and says “We Buy Houses” all over it. I agree with keeping minimum payments and investing in things that pay me. If aggressively marketing a new flashy vehicle definitely gets more attention. I have got 3 deals off my truck in a year and get leads everyday. Also wrote $28,000 off my taxes on the standard mileage deduction. When I drove my 2008 around a year ago I had a lot of questions on how I was going to pay cash so fast. Since driving the

    new truck I have never been asked if I was good for the close. I see both sides but if aggressive marketing and revenue is your goal I think newer and flashy is better

    0Reply
  • Jai Reddy
    Edmond, OK · Member since 2012 · 456 posts · 270 votes
    6y

    @Jay Hinrichs

    I thought you were all about Tesla. In fact, I think of how you snagged the Tesla wave earlier on than most, now the market wont stop talking about them Teslas. I would think in the back of my mind that, Jay, having an eye for ‘future appreciation’, could see Tesla’s potential early on

    0Reply
  • Jack B.
    Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    I ride a bicycle.....

    Just kidding!!! :-) 

    I drive a beater Toyota 2010, 109,000 miles. Could buy Lambo's and Bentley's in cash, but drive a car I paid 5K for on craigslist. It was an upgrade from my 2004 Civic I sold after it blew a head gasket a second time (common with that year/model).

    My tenants drive nicer, newer cars than me. Most are luxury cars, Audi's, BMW's, Infinity's, etc. Yet they rent a house from me, the guy with a beater Toyota...strange how that works.

    1Reply
  • Diane G.
    CA · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    Current - 2010 Nissan xTerra off road, 140K miles.. paid $30K cash in 2010..

    Want - 2020 VW Atlas Cross Sports, 2.0T.... Outdoor price of $38K... 

    Should I, shouldn't I?

    Ugh... Lol

    0Reply
  • Justin Reid
    IL · Member since 2018 · 22 posts · 4 votes
    6y

    Im a bit different as my main day job is luxury car sales and my hobbies include road racing and auto cross. Over the last 5 

    years I have owned a 2012 Cadillac CTS V coup(730hp), a 2006 Porsche 911 Carerra 4S, 2001 Lexus IS300 (dailey driver) and now a 2013 Scion FRS. Some I bought cash, some I financed, and I've always made money on them because well, I can buy wholesale. I got into real estate to help feed my auto obsession and my eventual retirement. It is a goal of mine to get a Lamborghini and at my current pace I'm about 4-6 years away. 

    0Reply
  • James McCard
    Investor · New Hartford, CT · Member since 2016 · 282 posts · 104 votes
    6y

    I haven't posted in a while. I have about 20 cars at this point. Scattered around different properties. 

    2Reply
  • Jeff Sims
    OP
    Residential Real Estate Broker · Greensboro, NC · Member since 2015 · 14 posts · 68 votes
    6y
    Hard to believe that I started this post over 5 years ago and after 475 replies later, I thought it appropriate to offer an update.  We now have two 16+ year old drivers under our roof so I passed on two 2000 Jeep Grand Cherokees for them to drive, which left me with the need to buy a vehicle for myself.  After searching for several months, I bought a practically new 2011 Acura MDX a few weeks ago.  130k miles for $13k with all the bells and whistles.  With a roof rack and the back seats folded down it can haul more stuff than my Jeep ever did and I smile every time I get behind the wheel.

    3Reply
  • Jonathan Breton
    Real Estate Agent · Charlotte, NC · Member since 2015 · 70 posts · 25 votes
    6y

    Late to the party but I drive a 2011 Tundra that is $2500 away from being paid off and I can't wait!! Plan to drive it into the ground because it is so convenient to have a truck in the family for hauling stuff around. 

    But I will get a second (cash purchase) daily driver that is a little less to fill

    1Reply
  • Shawn M.
    Investor · Metro Detroit · Member since 2020 · 20 posts · 11 votes
    6y

    Currently I only have three vehicles, but I have had over 20 cars in my liftetime.  Real estate investing end goal will be a car collection.  I used to flip cars back in high school to make money for college.  

    My garage today, subject to change in a few months:
    - 2007 Toyota FJ Cruiser (winterbeater)

    - 1992 Toyota Pickup 2WD (the work truck)

    -1998 Toyota Supra Twin Turbo 6-speed (now a single turbo, and for funsies)

    0Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y

    I dislike this thread and the overwhelming automotive cupidity it so very clearly reveals among many Bigger Pockets users. It's a box with wheels that gets you from Point A to Point B. If you believe your car says vastly important things about who are, well then the most important one is that you're a vain and silly sucker.

    0Reply
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