Quote:
Originally Posted by AG74683
(Post 1700141)
I know this isn't the standard post for this forum, but I thought I'd ask since the group here is either in my same situation, or has "been there done that" and knows if this would be something I regret ten years from now.
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I laugh at the "if you have to ask" kneejerk reaction whenever this question comes up. Most of the time it's in response to some high school graduate making $19K per year selling hats at Lids in the mall, and in those cases it's easy to see that he really can't afford it. But at your salary level and earning potential, nobody here can really give you a definitive "yes " or "no" answer. You're right in the gray zone, and you're really the only person who can answer that based on your expenses, your credit history and your understanding of finance.
However, there are a few considerations that haven't been brought up.
I own a 2000 Cherokee myself, so I have been in a similar situation to yours. I had to get a second car because at 14 years old, the XJ became unreliable as a daily source of transportation. Your Jeep is aging, even if you have low miles. Do you have alternate transportation if you have to take the Jeep out of service for repairs? Do you have space to repair it yourself? Do you have the time?
Even if you do have alternate transportation, consider the potential cost in money and time of keeping it running. What will repairs cost you? Will alternate transportation cost you anything? What if you have the dreaded 0331 head on your Jeep, and it cracks like mine did? What if you have to pull out the dash to replace the heater core (or pay $1500 for someone else to do it)?
The book value of these Jeeps is rapidly dropping also. The book value of mine dropped about $600 over the past two years. You may not be offered as much in trade as you're expecting, especially if it has issues. For me, it made more sense to keep my Jeep than to try to trade it. (It's now getting a second life with a Golen stroker and a lift, so it worked out all right. :thumbup:)
All that is to point out that with an old truck of a model with known issues, you may
need a second car or replacement car, depending on your transportation situation. You may not be planning to use it as a daily driver right now, but it might become one quicker than you think. You said your commute is short, which is a plus. In my situation, I had no choice but to get something economical and reliable because I drive fairly long distances every week for my job. I have put 8000 miles on my BRZ since February.
Once upon a time, relatively recent used cars could be great deals. But because of the demand for used cars over the past several years, clean, low-mileage used cars cost almost as much as new ones. They just aren't that great a deal any more. For a while there, Clark Howard was recommending against used cars altogether. I ruled out used cars early on in my decision because the cars that fit my needs didn't have enough of a discount to justify the lost miles.
When I became serious about buying, I first got pre-approved for a car loan at a local credit union before ever taking a test drive. I was approved up to $40K at 1.45% on a 48 month loan, so I knew how much I had to work with and could easily and quickly recalculate the payments (using online payment calculators) for anything cheaper. It was so easy that I did the whole pre-approval process online and over the phone and didn't actually meet the loan officer in person until the morning I went to pick up the car. Having actual, concrete numbers that I could pull the trigger on at any time made the whole "can I afford this" question much easier to answer.
When I put everything together, the BRZ was a perfect match for me. It gets very good gas mileage on the highway. It's fun. It's cheap. I could have gone cheaper and bought an econobox, but with a few exceptions most econoboxes don't actually hold up all that well or hold their value over time, and many of them do not get anywhere near the gas mileage that this one does. And I'm keeping the XJ for getting around town on our horrible roads and maybe for some off-road fun, depending on how far I mod it.
You mentioned above that you're also considering trading your XJ for a new Wrangler Unlimited. If you can afford the Wrangler, you can afford the BRZ, because the prices are pretty close. The BRZ is going to get much better gas mileage and will be a LOT more fun to drive on the street (unless your streets are full of potholes and worse like mine). I'm guessing you're considering the Wrangler in part because you're hesitant to give up off-road capability. I also considered getting a new Jeep for exactly that same reason, but I decided to get the BRZ AND keep my XJ instead.
So when people here tell you that you can't afford it, take that with a grain of salt. They do not know your needs or your entire situation. It may just be that you can't afford
not to get another car, and if that's the case, the car you
actually want may end up being the best choice after all.
Quote:
Originally Posted by Jac
(Post 1700632)
All sports car purchases are unnecessary and bad investments.
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Baloney. That is simply an untrue statement.
