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flamesfever · 01-31-2021, 02:05 PM

I purchased my first car (a 1939 chev coupe) at the age of 16 in the mid 50s, using money I borrowed from my grandfather. I paid him back, by working at a canning factory the following summer. At the time, I was the first person in high school to own a car. I found that, from the moment I owned a car, I was always broke, and could never seem to save any money.

I have noticed that cars represent different things to different people. For some, the car they drive represents who they are. For me, it is simply a means to get from point A to point B. I figure I have saved an enormous amount of money over my lifetime by never buying a new car. It stemmed from some math I did in high school. I took the average salary from an average household, assumed an overall profit of 10% per year, and found that if a family bought a new car every 3 years, that they would never accumulate any wealth...they would simply be working to keep the car companies in business.

I have always looked for a car, that someone had taken great care to maintain, and then decided, for whatever reason to sell it to me. It usually takes a lot of patience to find the right car. Maintain is the key here, and I have been lucky in that regard. I have owned a lot of great vehicles over the years, including a chevrolet, ford, dodge, buick, oldsomobile 98, jaguar (I admit to that one being the only one I bought to make me look good).

When I retired, I purchased my first new car, with the money I had saved. I did a lot of research and decided that the Japanese cars were superior in all aspects, particularly when it came to depreciation. So my first new car was a Toyota Highlander. When I drove the car off the lot, I made the salesman drive around the block with me, as I realized that I just lost $5000. I kept the car for 10 years, which I believed in doing, and sold it privately. i figured the car cost me an average of just under $ 5000. per year to own.

I realize that this is deviating from the intent of this thread. However, I tell this story because I see so many young people struggle with the cost to own new cars, and end up with nothing to show for it.

01-31-2021, 02:05 PM	#155
flamesfever First Line Centre Join Date: Aug 2004 Exp:	I purchased my first car (a 1939 chev coupe) at the age of 16 in the mid 50s, using money I borrowed from my grandfather. I paid him back, by working at a canning factory the following summer. At the time, I was the first person in high school to own a car. I found that, from the moment I owned a car, I was always broke, and could never seem to save any money. I have noticed that cars represent different things to different people. For some, the car they drive represents who they are. For me, it is simply a means to get from point A to point B. I figure I have saved an enormous amount of money over my lifetime by never buying a new car. It stemmed from some math I did in high school. I took the average salary from an average household, assumed an overall profit of 10% per year, and found that if a family bought a new car every 3 years, that they would never accumulate any wealth...they would simply be working to keep the car companies in business. I have always looked for a car, that someone had taken great care to maintain, and then decided, for whatever reason to sell it to me. It usually takes a lot of patience to find the right car. Maintain is the key here, and I have been lucky in that regard. I have owned a lot of great vehicles over the years, including a chevrolet, ford, dodge, buick, oldsomobile 98, jaguar (I admit to that one being the only one I bought to make me look good). When I retired, I purchased my first new car, with the money I had saved. I did a lot of research and decided that the Japanese cars were superior in all aspects, particularly when it came to depreciation. So my first new car was a Toyota Highlander. When I drove the car off the lot, I made the salesman drive around the block with me, as I realized that I just lost $5000. I kept the car for 10 years, which I believed in doing, and sold it privately. i figured the car cost me an average of just under $ 5000. per year to own. I realize that this is deviating from the intent of this thread. However, I tell this story because I see so many young people struggle with the cost to own new cars, and end up with nothing to show for it. Last edited by flamesfever; 01-31-2021 at 02:16 PM.