We all have a car … otherwise, we’d be cycling to work. But how much car? Do you buy new/old or somewhere in-between? After all, our car is one of our largest purchases … if not, largest purchase outside of our own home.
So, here’s 7 case studies from our 7 Millionaires … In Training! ‘grand experiment’.
Let me know what you think …
Scott – like so many of the 7MITs featured here – loves his BMW’s … in fact, even AJC happens to have one, at the moment! The best thing, for Scott, is that his employer provided his current BMW for ‘free’ … but, is there really such a thing as a ‘free lunch’? We explore that very issue …
Ryan also likes BMW’s, which cause Josh to recommend buying a new one because it means NO “maintenance bill for 4 years, 50,000 miles” … is this a good deal?
Josh is obviously the other BMW-fan; we use his post to re-introduce the 5% Rule for cars and other possessions; should Josh have broken the rule to get int his first car? You might be surprised by the answer (it’s in the comments)!
Lee sure knows how to run a truck into the ground! Take a look at his attitude towards financing vehicles and how long you should hold on to your truck for …
Mark – the savvy investor – shows the other BMW-lovers how to buy a good used one off e-Bay and negotiate the price lower AFTER you have already ‘bought it’ … nice!
Diane and I have a discussion around what comes first, the “debt or the car”? It’s moot … Diane know what she needs to do!
Jeff has the cars the boat and the airplane (well, the airplane is supplied by the Navy!) … but, at what point is it better chartering a boat than owning one?!
… oh, and I finally come clean on my own car-related successes and failures, here
Let me know about yours!?
I feel compelled to point out that there ARE other options besides owning a car and biking. I’m 28 and have never owned a car. I work in a company of 20 people, and every single one of us uses public transportation to commute to work. Most of my coworkers own cars, but they don’t need them to commute.
I realize this isn’t possible for everyone, but it is possible for some of us, and I don’t like the implication that everyone NEEDS to own a car, especially considering how much damage our overreliance on cars does to the environment.
Ifsolitude has a good point. My Daughter is always ranting how much she needs a car, but I have done pretty well over the last 5 years not owning a car. I save so mch on expense related to cars, it has really helped me keep my spending in line.You have insurance(always getting more and more expensive) gas , repairs, license plates and drivers licenses,washing,waxing ect.who needs it?