What kind of car do you drive?

Investor Mindset

What kind of car do you drive?

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".

3,924 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:

See this reply in the discussion

499 Replies

Jump to latestLatest

Sort by

Christopher Davis
Bryn Mawr, PA · Member since 2012 · 1 post · 0 votes
11y
2012 Audi A4 quattro S-line. Great all around schlepping car.
0 Reply
Account Closed
Grand Junction, IA · Member since 2008 · 4 posts · 0 votes
11y
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.
0 Reply
Steve Kachniewicz
Investor · Park ridge, IL · Member since 2014 · 84 posts · 33 votes
11y
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.
0 Reply
Jason Dugan
New Braunfels, TX · Member since 2014 · 27 posts · 3 votes
11y
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!
1 Reply
Stephen G.
Property Manager · Buffalo, NY · Member since 2014 · 21 posts · 6 votes
11y
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)...
0 Reply
Dina Fantegrossi
Residential Real Estate Agent · Myrtle Beach, SC · Member since 2015 · 29 posts · 5 votes
11y
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.
1 Reply
Steve Olafson
Scottsdale, AZ · Member since 2014 · 659 posts · 536 votes
11y
@Dina Fantegrossi
As a real estate agent it may make sense. As an investor... who cares? It is nice to have a truck though.
2 Reply
Michael J.
Rental Property Investor · Louisville, KY · Member since 2008 · 342 posts · 123 votes
11y
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.
@Dina Fantegrossi
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.
0 Reply
Timil Jones
Real Estate Investor · Duluth, GA · Member since 2014 · 18 posts · 10 votes
11y
Love this thread! I drive a 2005 Ford Expedition during the week! Paid in full. I have other cars but NO PAYMENTS :)
2 Reply
Ross Denman
Real Estate Consultant · Whitestown, IN · Member since 2014 · 547 posts · 933 votes
11y
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.
0 Reply
Jeff Arndt
Investor · Pittsburgh, PA · Member since 2011 · 117 posts · 78 votes
11y
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.
1 Reply
Kenneth Drysdale
Residential Real Estate Agent · Weston, FL · Member since 2015 · 9 posts · 5 votes
11y
2015 GMC Yukon XL. 3 kids will do that to you.
3 Reply
Miguel MariaBusiness Member
Real Estate Broker · Hollywood, FL · Member since 2014 · 34 posts · 6 votes
11y
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.
0 Reply
Greg H.Pro Member
Moderator
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
11y
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 !
0 Reply
Patrick L.
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11y
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.
1 Reply
Jeff S.
Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
11y
@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."
0 Reply
Dmitriy P.
Rental Property Investor · West Caldwell, NJ · Member since 2014 · 66 posts · 18 votes
11y
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.
0 Reply
Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
11y
@Roy N. I'm with you. Those things get great gas mileage.
Podcast Guest on Show #223
0 Reply
Nik S.
OH · Member since 2014 · 454 posts · 227 votes
11y
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.
0 Reply
Dina Fantegrossi
Residential Real Estate Agent · Myrtle Beach, SC · Member since 2015 · 29 posts · 5 votes
11y
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!
0 Reply
John A.
Investor · Sierra Vista, AZ · Member since 2013 · 168 posts · 126 votes
11y
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.
0 Reply
Kimberly T.
Investor · Colorado Springs CO · Member since 2014 · 535 posts · 253 votes
11y
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. :)
0 Reply
Vonetta Booker
Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes
11y
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!
4 Reply
Vonetta Booker
Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes
11y
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.
THIS!
0 Reply
Ken Lowe
Involved In Real Estate · Naples, FL · Member since 2014 · 41 posts · 7 votes
11y
2001 BMW Sport Wagen. Looks acceptable to Clients and is a work truck substitute :)
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.

Log In Join for Free