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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  • Brian Albelli
    Effort, PA · Member since 2015 · 19 posts · 63 votes
    11y
    Originally posted by @Jon Klaus:
    Originally posted by @Brian Albelli:

    2014 C7 Corvette, 2012 Turbo Beetle Covertible, 2013 Escalade ESV Platinum, 2013 F-150, 2012 Cadillac CTS Coupe, 2014 Mustang GT, and a 2011 Can Am Spyder.  

     Ever been tempted to trade the fleet in for an apartment building?

    To be honest, I never had any interest what so ever in becoming a landlord of any sort. Although millions of investors can't be wrong, and history has proven my mindset is not correct. I am really enjoying REI by flipping houses, and hopefully that will progress to more lucrative REI deals such as an apartment building. My mindset has always been I can have it all, if I wanted an apartment building I would find a way to acquire it without changing my lifestyle.

    1Reply
  • Joshua J Bowen
    Toledo, OH · Member since 2014 · 16 posts · 9 votes
    11y

    My wife and I do everything possible to live below our means. Shopping at Aldi, auctions, clearence items. We sold our home and paid cash for a foreclosure that we are slowly fixing so we could eliminate a house payment. I drive a 2003 Ford Ranger with 181k miles. It has 4 wheel drive options so its good for our northern Ohio winters. She drives a 2014 Ford Transit Connect that seats 7 only because we have 3 daughters and its great on gas. My grandfather retired from Ford so we got a sizeable discount. My goal is to have it paid off by the end of the year. 

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

     No, I did not even know that was an option.  It does have a six and a half foot bed though.  Which was more than I was able to find on other trucks of this style.

    I used to drive a fancy Infinity FX and my wife had a Mini Cooper.  We are much more bland these days with the Tundra and a Camry. 

    0Reply
  • Rick H.
    Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    11y

    To be fair to the group, and to be true to the original question, ' What do you drive?' I currently drive a 2015 Lexus Rx350 F as my daily driver car. 

    I used to put most of my highway miles on my 2004 Toyota Tundra, which I sold last week with about 169,000 miles since buying new. I ask my friend Steve (the British sports car collector guy on my RTPG video) to sell the truck because it sat on the street and collected one too many parking tickets on Fridays. After prepping for sale, my buddy's wife claimed it for herself after seeing the nice "avionics" so it really stayed in the family.

    The 2006 Porsche Cayenne Turbo was my other daily driver. Great car but too many problems that plague German cars at around 70,000 miles, despite impeccable maintainence. I posted on my blog about burning a valve on the treacherous Donner Summit, notorious for eating car engines and (ahem) fellow travelers.

    1Reply
  • Kurt Kwart
    Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
    11y

    I take a lot of heat for it but I love our 07 Prius that get 48mpg.  We have the F150 beater work truck too.

    1Reply
  • Michael Walker
    Investor · Mcdonough, GA · Member since 2015 · 23 posts · 5 votes
    11y

    I drive a 1994 Chrysler LHS with 205,000miles.. most people have never even heard of this car. My paint has oxidized so bad that it looks like my car is a rust color. I've been fixing so many parts that a mechanic should fix but I can use that money for labor and put it towards my marketing. I'm ashamed but not ashamed that it gets me and my wife to work everyday. My opinion is a car note is a liability IF...... You don't have the assets that will pay for that liability. Yes I can get a new car with a note but I feel like that would put me to far from my goal of becoming a REI. "The sacrifices we make for the goals we stand by are priceless".. I'll pay cash for my next car to make things more convenient at home, once I start putting myself out there more for my business. Love this forum. A lot of you give me motivation to keep on pushing forward. THANKS BP FOLKS!

    1Reply
  • Jason M.
    Real Estate Investor · Minneapolis, MN · Member since 2012 · 47 posts · 26 votes
    11y
    I drive a 2015 f150 lariat eccoboost and have a 2013 Ford Focus as a "running around town to look at houses or stop by my rentals" car. I don't want my tenants seeing me drive around in a new $50k truck. My wife drives a 2015 MDX. We love new cars and have sacrificed many years to build our portfolio so we can enjoy the rewards. I believe you have to be smart about your spending in the early years of REI while at the same time live for today.
    1Reply
  • Jason M.
    Real Estate Investor · Minneapolis, MN · Member since 2012 · 47 posts · 26 votes
    11y
    I drive a 2015 f150 lariat eccoboost and have a 2013 Ford Focus as a "running around town to look at houses or stop by my rentals" car. I don't want my tenants seeing me drive around in a new $50k truck. My wife drives a 2015 MDX. We love new cars and have sacrificed many years to build our portfolio so we can enjoy the rewards. I believe you have to be smart about your spending in the early years of REI while at the same time live for today. As a side note I recently sold my 2013 F150 for $29k that was paid for in cash. I will use that money to put back into real estate via a buy and hold or flip. I took out a loan for the new 2015 F150 because I found it easier to get a car loan than to finance a new property. A creative way to generate cash and at the same time get s new truck!
    0Reply
  • Tanya F.
    Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes
    11y

    2004 Prius with 235000 miles.  We bought it used in 2010 with 185000 miles (for cash).  We drive with the back seats folded down and put a trailer hitch on the back- used mostly for a bike rack but sometimes we pull a light trailer with a couple of cabinets.  It's been able to transport pretty much all the tools and lumber and everything we need for our rehab projects (so far).

    1Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    11y

    Brian Albelli,

    My car is similar to this picture.

    Except at the bottom front I have daytime running led lights added and the front end is dressed up better. I have the back up camera with zone control, leather seats with all pressure controls for the back and legs, heated seats with dual zone from warm to hot, center console radio with steering wheel control. The steering wheel looks like a space ship with all it's buttons. The main one I use the most is searching the radio and volume controls from the steering wheel. I can also look at my phone address book as when I get in the car the cell phone automatically links up to the car. I can call and answer whatever call with my steering wheel and talk without holding the cell phone or using an ear piece. The car is a 4 cyclinder but it came powered up. I think it has about 265hp. It can get up and move pretty quickly if it needs to.

    We got it right when it came out in November 2013. I only have about 8,500 miles on it now. Gave it to my wife as a wedding anniversary gift in 2013. I just drive it when I need to. What's hers is hers and what's mine is hers! lol The sooner you figure that out the smoother the marriage goes.......... : )

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    0Reply
  • Kendall T.
    Real Estate Investor · Fort Pierce, FL · Member since 2014 · 132 posts · 57 votes
    11y

    We have no car payments we are blessed

    2001 toyota echo, has approx 170k miles on it, bought it for 2500.00 with approx 70k miles on it

    1995 honda odyssey van, bought for 1600.00 with somewhere around 120k +or- miles

    2014 polaris ranger 400 ho, won in a raffle, I have seriously considered selling this, but I own country land, and have 4 kids, and want to move to the country, and buy and sell vacant country land, and this could be useful.

    15 ft jon boat, bought for 2500.00, it is currently for sale for 4250.00( bought my last boat for approx 1000.00 kept it for a few months and sold it for 3000.00, the last boat helped me buy another house)

    0Reply
  • Mel Jeffrey
    Developer · Los Angeles, CA · Member since 2012 · 132 posts · 32 votes
    11y

    I drive a 1999 Toyota Camry with 241,453 miles on it and I love it.

    2Reply
  • Royce Jarrendt
    Architect · Clifton, VA · Member since 2015 · 15 posts · 5 votes
    11y

    I am fortunate to walk to my office but I have a 2010 F150 4-door I plan to drive until repairs out weigh the benefits

    0Reply
  • Tracy Noelle
    Real Estate Investor · Portal, AZ · Member since 2014 · 8 posts · 5 votes
    11y

    I drive a Nissan Leaf, and we're about to get solar panels on our house so it'll kind of be like driving for free. My old man wouldn't let me get a Tesla. ;)

    We also have an Acura MDX that we inherited and a 1900 VW Vanagon Westfalia, which is great for hauling big stuff.

    1Reply
  • Stephen Masek
    Investor · Mission Viejo, CA · Member since 2012 · 627 posts · 204 votes
    11y

    1) 2002 Mercedes-Benz C230 Kompressor hatchback (only $27,742 with tax and license).  The hatchback makes it much more practical than many other small cars, the supercharged engine is fun and thrifty, the transmission instantly responsive, it has nice rear drive handling, and features such as rain-sensing wipers.  I am 6' 1" and still fit in the back seat.  We looked at many other small and medium-sized cars where I did not even fit in the front seat if they had a moon roof.

    2) 2014 Jeep Grand Cherokee Overland V8 4x4 ($51,461 with tax and license).   The 8-speed transmission is a wonderful feature, improving performance and fuel economy.  It is loaded with blue and brown leather with contrasting piping, heated and cooled seats, a giant moon roof, air springs, powerful sound system, keyless entry, rain-sensing wipers, and so forth.  By the way,  a Mercedes-Benz ML with the same overall structure (both designed when M-B owned Chrysler), suspension, and similar equipment costs 50% more!   

    We paid cash for both.

    0Reply
  • Adam Rezner
    Homeowner · Colorado Springs, CO · Member since 2015 · 14 posts · 3 votes
    11y

    2006 Toyota Prius. I love the car, the drive is so smooth, the gas mileage is amazing, and if I fold the seats down I can fit a ton of stuff in the back. I haul everything from lumber to doors to furniture in that thing.

    1Reply
  • Account Closed
    Omaha, NE · Member since 2014 · 201 posts · 85 votes
    11y

    2008 Silverado I bought off an auction. im 29yrs old, never had a car payment in my life. I just think its crazy to borrow money to buy a depreciating asset. kinda seems wierd that is even possible to borrow money to buy something that goes down in value. 

    2Reply
  • Jack Butala
    Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
    11y

    Great thread. The coolest car to drive is one that's paid for in cash from real estate investment.

    1Reply
  • Julie Kern
    Investor · Taylorsville, GA · Member since 2014 · 352 posts · 540 votes
    11y

    2007 Toyota 4Runner - bought used, paid cash to recently replace a 2002 Toyota Sequoia that had 235K miles on it.  My husband has a 2006 Infiniti G35 - also bought used and paid cash.  We only pay cash for cars and only buy used.  

    0Reply
  • Zach Mitchell
    Investor · Orlando, FL · Member since 2012 · 183 posts · 155 votes
    11y

    Can someone tell me how it makes more sense to pay cash ($20k+) for a car when you can get loans at 2.5% for 60 months? If you have $30k for a car and are able to put down $3k and finance the remaing $27k at 2.5%, that leaves you with $27,000 cash to go out and make a return well above 2.5%. You make even 3.5% ANNUALLY on that money and you have essentially borrowed free money and made an additional 1% on it. I will never understand why people are against borrowing free money. 

    7Reply
  • Jaime Penix
    Investor · Tampa, FL · Member since 2014 · 104 posts · 32 votes
    11y

    I drive a bugatti, but that is just my work vehicle....haha

    1Reply
  • Vincent Lewis
    Real Estate Investor · Scottsdale, AZ · Member since 2014 · 16 posts · 8 votes
    11y

    I'm all about no car payments but the women in my world won this round albeit temporarily.  2014 Magenta Camaro (wife's car) & 2014 Mustang (mine until my daughter finishes college in May) then she gets the car and the note that goes with it.  In return for the down payment I put on the Mustang I get my daughter's 2005 PT Cruiser with NO PAYMENT.  No brainer in my book.  LOL

    4Reply
  • Vincent Lewis
    Real Estate Investor · Scottsdale, AZ · Member since 2014 · 16 posts · 8 votes
    11y

    The upside to the purchases is that the warranties on both vehicles cover ALL OF THE MAINTENANCE down to bulbs and wiper blades all I have to do is gas em and go 

    1Reply
  • Ronald PerichPro Member
    Investor · Granite City, IL · Member since 2014 · 658 posts · 301 votes
    11y

    @Jon Klaus It was MSRP at $44K, 

    $5K off sticker, 

    $2K Trade,

    $3K Private Rebate,

    $11.5 from the govmint

    $22.5K total

    And I average 110 MPG, so I have saved about $200 a month in gas while increasing my electric only about $35 a month.

    3Reply
  • Ceril S.Pro Member
    Rental Property Investor · Ithaca, NY · Member since 2014 · 180 posts · 80 votes
    11y

    We have 4 kids so - Honda Oddysey for the win. We have 2.

    a work honda ody (2006) will fit a sheet of plywood or Sheetrock no prob. And the people hauler a 2013 Honda ody for road trips and carpooling.  

    For fun I have a classic 1991 Mazda Miata with about 70k miles on it. Great for spending one on one time with each kid and quality time with my wife.  

    1Reply
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