My wife drives a 2008 F-150, and I have three trucks all used for work. A 2009 F-350, A 2010 Dodge 2500 and a 2014 Dodge 3500. Only the 3500 has a note but since its for work i guess its good debt :P
NoW if the question was "What car do you hate" I would say Subaru, the commercials they run make me want to barf!
2012 Audi A4 quattro S-line. Great all around schlepping car.
2008 Toyota Prius. currently at 125k for miles... I don't plan to get rid of it til I get at least 300K on it.
I have a 2003 Nissan exterra supercharged. Been payed off for many years. I have hauled 4 rehab jobs with it and carried more stuff than I ever imagined! It's been a perfect work truck and I will drive it till the wheels fall off. My wife has a 2007 civic. Gets you where you have to go cheaply.
I drive a 2012 Tundra, more American than GM! It is supposed to seat 5 but I keep so much junk in it, I can't even give my wife a ride!
I drive a 2008 Ford F-150. Its great for hauling supplies for my various projects at my rental prop. As far as payments go, my monthly mileage reimbursements from my company just covers the payment. However, I wouldn't say I break even with all the upkeep and maintenance needed every so often. But its as close to a "free" vehicle as you could get (without winning a raffle)...
I am in total agreement with all of you used car drivers. I have a little 2007 Honda Civic that I love. BUT, does anyone out there think that driving an older car can affect your credibility as an investor? My husband and I are both Real Estate Sales agents and I insist that he take my car when meeting clients since he is still driving my grandmother's '97 Chevy Lumina! That thing is BAD! We feel that as long as a car is running, why spend money on a new one, but I'm afraid that my husband especially may lose credibility as an agent and investor if certain people lay eyes on that car! I want him to upgrade to a used pickup in good shape for appearances sake. Plus, he does a lot of the work on our flips himself and could use the space of a truck bed.
As a real estate agent it may make sense. As an investor... who cares? It is nice to have a truck though.
My only goals with a car are pay cash, truly afford it, and at least two years old.
But, I think if you can truly afford it you should get whatever you want, if you want a crappy 20 year old car then go for it! If you want a newer luxury or sports car and can afford it go for it!! Although very low on my list of motivations one thing I want is to be able to buy whatever car I want and not have to worry about the cost.
Just my opinion but I think for a REA it is a good idea to have a decent clean car, doesn't have to be a BMW or anything super fancy. I have met with agents that had messy old beat up cars and it does give the impression that they are not very successful. I know that doesn't mean it is true and you should not judge someone by the car they drive but that's was my first impression and I understand the car someone drives doesn't mean anything.
Love this thread! I drive a 2005 Ford Expedition during the week! Paid in full. I have other cars but NO PAYMENTS :)
This is funny. I actually had to buy a newer car about 2 years ago. My previous car had over 250K miles and was about 13 years old. Now I drive a 2009 Hyundai Elantra (cheap and gets great gas mileage.) Unfortunately, I rack up so many miles with work that I by the time it's paid off... I might get $500 for the trade. Sounds like I will have to run this one till it quits as well.
2013 golf TDI, going to run it into the ground. It was a large upfront expense but I love it and can't see myself ever getting rid of it.
2015 GMC Yukon XL. 3 kids will do that to you.
I like most of the post specially the ones that say you buy cars cash, used and paid for it in full... But at the same time we work, and invest isn't there room for a little enjoyment? I am all for it like Dave Ramsey says live like no one else so then you can live like no one else but that is postponing everything for later... In this particular case I am more like Tim Feery (4 hour week book, which by the way I just started to read due to so many podcast mentioning it) who says you can have it all now and you don't have to save and post pone for later what you can have today or Kiyosaki who have mentioned in several books he lets his investment pays for his toys. So my plan is acquiring investment properties to pay for my toys... Hopefully I'll be able to buy a Porsche (used of course to save money) and I'll have one of my tenants to pay for it.
I drive a 2002 Ford Sport Trac with 160,000+ miles and also have a 2007 Ford Ranger 6cl that I purchased for $5000 with only 8000 miles on it(Would have made a nice flip !). My wife drives a newer car but all paid for with cash as I have never financed a car
Every time I think about upgrading to a $15-20k vehicle I think about the rental that I can by for that price and the $550-600 a month rental income. The rental purchase always wins !
I have a 2012 GMC Yukon XL Denali. A lot of the people pitching how great it is to drive a 25 year old POS with 300k miles on it probably don't have small children that they put in it. I have 3 little kids and am not going to put them in something unsafe or unreliable. I need something that's going to to start and run as expected, I don't have time to waste half a day getting my truck towed and repaired. It has enough space for the family but can also be used to haul plenty of materials. I would like to add a full sized pickup as a work truck, something used with a few dents in it. It'd be nice to have something that I can get a pallet dropped into or haul some trash/brush without running and picking up a trailer.
It's one thing when you're starting out to try not to get in over your head with a depreciating asset but at some point when you're doing well you could probably spend some of your money on something. I drove a Honda Civic for 8 years and it was fine at the time. I spend a lot of time in my vehicle and while I don't want/need a Ferrari I prefer to drive something that's nice. Yes it's an extra expense but it also provides value to me, much like a nicer dinner out or a vacation.
@Dina Fantegrossi think RE salespeople need to drive a car that is at least as good or better than (preferably better) than your customers. Tell your husband to dump the Lumina.
When I first started selling RE as a kid I remember one of the agents drove a beat up old Dodge station wagen with junk in it. I asked someone why this guy drove such a piece and they said "Oh he is an investor."
I want my tenants to know I am frugal so their cars are better than my old work van. The beauty of being an investor is you can look anyway you want. One of the richest apartment owner/developers in Portland drives a VW Bug with plates that say "Don't Bug Me."
2004 Subaru Forester XT with 40K on the clock. I take the train to work, keeps the miles low. Bought the car outright used about 2 years ago! Best car I've owned utility wise.
@Roy N. I'm with you. Those things get great gas mileage.
Call me crazy but I'm 26 and I love cars! Currently driving a 2014 Mercedes E350 Coupe.
Every time I get in it, it reminds me why I enjoy working hard. It motivates me to keep going and keep shooting for the stars. Materials aren't the gas to my engine, however for me certain things keep me motivated & driven, no pun intended :-)
FYI: All my tenants know me as the owner's representative, NOT the owner. I have designated Property Managers however I do go to each property 1-2x a month to check on things as well as to bring my handyman to do certain things to save money.
The Lumina is going bye bye as soon as I can find a nice looking used pick up for a good price! On that note, can anyone weigh in on which pickup makes and models tend to last the longest? Thanks!
I have a Toyota Tacoma. What helped me to choose a Tacoma is the 6 foot, "plastic" bed that won't rust or dent. It's got plenty of power out of a V6 and the dependability of a Toyota. Prior to the Toyota, I owned a Dodge. I'll never go back to a Dodge. It had too many defects the dealer said was "normal," like the window regulators breaking every 6 months.
My husband drives a 2004 Silverado. We bought it a few years ago with 92k miles on it, paid cash of course. Great for hauling stuff. We bought it after my 1994 Camaro (with 200,012 miles on it) got totaled (I wasn't hurt, thankfully). At that point, I started driving his 1997 Blazer (with 193k miles on it)
I drive a 2007 Camry. My grandmother bought it brand new, so when she passed away a couple years ago and our Blazer was on its last legs, I opted to take her old granny-mobile with just 27k miles on it and we junked the Blazer. I figure the Camry will be convenient when we have kids (which we hope is soon).
Then there's my 1959 Ford Galaxie. My great-grandparents bought it brand new, and my dad (who used to be a mechanic) and I fixed it up when I turned 16 and I drove it to high school, making me the 4th generation to drive the car. When I got married and bought a house, my parents signed it over to me since I finally had a garage to put it in. Here's my great-grandmother with it when it was brand new (originally black):
And here's me driving it when I was in high school:
Red's my favorite color. :)
I've always been a simple "get from point A to B" kind of chick. That being said, I still tool around in my 1993 Toyota Corolla, with about 184,000 on it. Still runs great--Toyotas are durable as hell! (It also holds emotional value, being that it was my mom's car before she succumbed to cancer 5 years ago.)
I'd much rather drive it and spend money on things that matter (like REI)--than have some hefty car note just to impress others. Many of the folks who look flashy on the outside are often living paycheck to paycheck, sadly!
Originally posted by @Jeff Sims :
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.
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