$5,000 budget - retired early - now I want to drive a NEW car every year. (2014, auto)
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It is just hard for me to understand your urge to get rid of a car, that you drove basically for recreation, after only one year. (and I am a car nut with a few cars in my collection) If you find an exciting car, it stays exciting for longer than one year. I've had my one hot rod for over 30 years, and when I turn the key it is still fun.
I also agree that the math is not there with your budget. After a swap or two, you would be underwater. You might also consider buying a year old sports model and let someone else take the initial hit.
An undertaker once told me that they can only fit some much paper cash money in a casket before being buried. Remember the highest denomination is the $100 dollar bill. So if ones casket is filled to capacity and there is extra money - that extra money has to go somewhere or to someone. AND it was pointed out to me that the casket full of money may have some money "missing" before it is placed into the ground.
So if there is no one nor no civic or charity that one wishes to give any excess money to before their demise - then spend it on any wild thing one wants.
Spending money on a depreciating asset to the tune of $10,000 - $20,000 per year is a personal choice.
Go for it and have fun in ones declining years. Impress your neighbors, your friends, your relatives . . . with your continual "new" cars. Go for it.
It is just hard for me to understand your urge to get rid of a car, that you drove basically for recreation, after only one year. (and I am a car nut with a few cars in my collection) If you find an exciting car, it stays exciting for longer than one year. I've had my one hot rod for over 30 years, and when I turn the key it is still fun.
I also agree that the math is not there with your budget. After a swap or two, you would be underwater. You might also consider buying a year old sports model and let someone else take the initial hit.
I have 1 silly reason...in 30 years I’ll be able to say I drove 30 of the most amazing vehicles of the last 30 years. It would also really give me something to look forward to with how fast vehicles are being improved.
2019 Ford Raptor....looks like new ones can be had for $6k off sticker...around $60k.
As a point of reference for resale value - it appears 2014 Raptors with under 60k miles go for about $45k. That’s a 6 year old model!
So would it be fair to assume that in November of 2021 a 2019 Raptor (only 2 years old) with ~20k miles will be worth around $50k? I tend to think so give or take a few grand.
So:
2019 Raptor ~$62,000 out the door price with tax (3% in NC)
Drive for 2 years
Sell Raptor for $50,000
Total out of pocket = $12,000/2 = $6,000 per year.
Even if we assume the Raptor is worth $45,000 in 2 years...that’s still a max out of pocket price of $17,000.
Now let’s figure any old nice boring mom car like a Highlander would probably cost someone $10,000 in depreciation over 2 years....
Well for an enthusiast would it be worth $7,000 more to drive a Raptor for 2 years?
That’s $300/month extra! About what many spend at Starbucks per month. You only live once....why miss out on the golden era of cars? They are better than ever now.
It is just hard for me to understand your urge to get rid of a car, that you drove basically for recreation, after only one year. (and I am a car nut with a few cars in my collection) If you find an exciting car, it stays exciting for longer than one year. I've had my one hot rod for over 30 years, and when I turn the key it is still fun.
I can see his point. I like way too many cars out there to own them all at once, so I own them sequentially. They aren't women and don't (usually) get jealous so you don't have to settle down with just one (or a couple) machines for the rest of your life. I've owned over a hundred cars in the last 40 years and while there are a few I still miss, there are so many more I've never had the chance to own that it's not a problem to look forward to the next fun/cool car. And if you choose well, the fun cars pay for the next fun car so you really never dip into savings or regular income.
I was thinking of assuming a lease as well. Makes perfect sense and he doesn't need to worry about overlap because he will be keeping another car. Can drive a bunch of new luxury-esque cars for $400-$500/month.
2019 Ford Raptor....looks like new ones can be had for $6k off sticker...around $60k.
As a point of reference for resale value - it appears 2014 Raptors with under 60k miles go for about $45k. That’s a 6 year old model!
So would it be fair to assume that in November of 2021 a 2019 Raptor (only 2 years old) with ~20k miles will be worth around $50k? I tend to think so give or take a few grand.
So:
2019 Raptor ~$62,000 out the door price with tax (3% in NC)
Drive for 2 years
Sell Raptor for $50,000
Total out of pocket = $12,000/2 = $6,000 per year.
Even if we assume the Raptor is worth $45,000 in 2 years...that’s still a max out of pocket price of $17,000.
Now let’s figure any old nice boring mom car like a Highlander would probably cost someone $10,000 in depreciation over 2 years....
Well for an enthusiast would it be worth $7,000 more to drive a Raptor for 2 years?
That’s $300/month extra! About what many spend at Starbucks per month. You only live once....why miss out on the golden era of cars? They are better than ever now.
Your audience for a private party sale for a $50k truck is going to be very limited. Your trade in value will also be quite a bit lower than your figure.
You can always try it, if it doesn't work you keep driving it or take a bath and do something different.
I was thinking of assuming a lease as well. Makes perfect sense and he doesn't need to worry about overlap because he will be keeping another car. Can drive a bunch of new luxury-esque cars for $400-$500/month.
I will look into this. Not really looking for luxury yet though as I’m still very young...I want cool and sorta rare vehicles that my 21 yr old self would’ve driven if I had the money to blow. C8 Corvette, Raptor, Civic Type R, Tundra TRD Pro (army green) - stuff like that.
No point in ever sinking money into “mods” because I would be changing vehicles often. And the rate of change in the auto industry seems to far outpace what the aftermarket can do (fuel mileage, reliability, safety, smoothness, etc). For example, I’ll gladly take a bone stock 2020 5.0 Mustang over a 2014 model with $15,000 worth of “mods”.
So in essence my “mod” is keeping enough money available to allow me to switch cars every year. If I fall in love with one maybe I’ll drive it two years...or longer.
Your audience for a private party sale for a $50k truck is going to be very limited. Your trade in value will also be quite a bit lower than your figure.
You can always try it, if it doesn't work you keep driving it or take a bath and do something different.
I’m looking at somewhat rare vehicles that definitely have a limited market. But I also believe that allows them to be “cool” while also holding their value somewhat. Check out something like a 4Runner Pro, Tacoma Pro, Raptor, etc.
Like I mentioned earlier - I did a 300 mile search and I only found 1 or 2 2014 Raptors for under $45,000 (less than 60k miles). I think cool vehicles are going to hit a wall with how much they depreciate.
One of these YouTube auto reviewers did a bit where they bought the cheapest Raptor in America - it was something like $20,000 after they repaired it and did maintenance stuff...filthy interior, smoker owned, 220,000 miles.
So even the guy that totally neglected his $50k vehicle and drove the wheels off for 10 years “only” lost $30k...or $3,000/year.
Last edited by eddiehaskell; 11-12-2019 at 10:14 AM..
I’m looking at somewhat rare vehicles that definitely have a limited market. But I also believe that allows them to be “cool” while also holding their value somewhat. Check out something like a 4Runner Pro, Tacoma Pro, Raptor, etc.
Like I mentioned earlier - I did a 300 mile search and I only found 1 or 2 2014 Raptors for under $45,000 (less than 60k miles). I think cool vehicles are going to hit a wall with how much they depreciate.
One of these YouTube auto reviewers did a bit where they bought the cheapest Raptor in America - it was something like $20,000...filthy interior, smoker owned, 220,000 miles.
So even the guy that totally neglected his $50k vehicle for 10 years “only” lost $30k...or $3,000/year.
Maybe the new Corvette?
The FJ Cruiser was like that....as is the current Jeep Wrangler and pickup. They hold their value well, and almost make more sense buying new.
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They aren't women and don't (usually) get jealous so you don't have to settle down with just one (or a couple) machines for the rest of your life. I've owned over a hundred cars in the last 40 years and while there are a few I still miss, there are so many more I've never had the chance to own that it's not a problem to look forward to the next fun/cool car. And if you choose well, the fun cars pay for the next fun car so you really never dip into savings or regular income.
