The New Math of Driving Your Car Till the Wheels Fall Off

[Johnny2X2X]

7. Engineer here

Do well, am not wealthy, and my peers at work are generally the same.

People have this idea that people making good money are sitting around bragging about their new cars, the opposite is true with engineers. We brag about how old our cars are. Very few of us ever buy new, that depreciation when you take it off the lot is just too much to stomach. A paid for and well maintained vehicle is the greatest thing for your finances. Haven't had a car payment in several years and it's pretty amazing. Some people say engineers are cheap, I say we're good at math and practical.

And the bragging about how old your car is is real. It's hilarious how many times I've heard it at work. One of the few wealthy people I work with who is near retirement and whose husband is a retired banker drives a 2002 BMW that has almost 300,000 miles on it, she's super proud of it.

My home is my priority because it's an actual investment and not just money down the drain like a new car is. My in laws have different priorities, they rent their home and both drive brand new Lexus's. They make enough money to buy a home, they just don't budget well enough to save and then they drive ridiculous cars whjose payments together are almost $1000 a month. I have a savings account just so I can pay cash for my next car, instead of making car payments I pay this savings account every month.

But I do understand the anxiety of having a crappy car. I've been there. There's the constant anxiety of wondering what will go wrong next and if you'll be able to afford the repair. How will I get to work? How will I get to school? It's a constant hum in the back of your head everyday, that the next repair is going to break you. So a lot of people when they first start making decent money go out and buy a new car to eliminate that anxiety they've been coping with for years. But don't do it, you'll be so much better off buying a used vehicle with low miles than a new vehicle. You'll have a much better chance to have it paid off and still be driving it for several years after if you buy slightly used.