Get Your Motor Runnin'…
Get Your Motor Runnin’…
Jeff discovered something that I found out by accident fairly early on, and that’s “I could buy a high-end used European sports car for less then a low-end new econo-box” … I used that little ‘trick’ to buy myself a 10 year old (1972 model … it was 1982 at the time) Porsche 911 S (that was the one with the ‘hot cam’ that would push you in the small of the back and take your breath away when it hit 3,500 revs) when all of my friends were buying their new Ford Taurus equivalents (ho hum … guess who was getting all the looks on the freeway?).
For me the dynamics were: $13k purchase + $6k subsequent maintenance (gearbox rebuild cost $4k alone!) but sold for $29k (really!) … compare that to a $13k boredom-box-on-wheels that would sell for $7k in the same time frame. A $17k financial advantage, and a hell of a lot of fun in the meantime …
Now, tell me your second hand car war-stories – and, don’t forget to help Jeff decide where he’s going right/wrong … hint: look at the boat first!
Now, gotta go … forgot that this was Jeff’s post and I can hear him warming up his singing voice with some off-key scales 🙂
______________________
Head out on the highway
Looking for adventure
In whatever comes our way
Ok, I’m done singing, I promise.
Heading out on the highway is definitely in my future (or maybe my past by the time this is published). As I write this I’m knee deep, no make that shoulder deep in boxes. The computer should have been packed up by now, but I owe Adrian and the team a post. We head out Friday, Feb 13th on our move to Massachusetts. I know, I know, who in their right mind starts a new life on Friday the 13th?
Unfortunately for me I won’t be racing up and down the freeway with the wind in my hair like Adrian, nor behind the wheel of a freebie ultimate driving machine like Scott, but I’ll be motoring none the less. Have you noticed how many members of “team millionaire” either own or pine for a BMW?
For my next adventure on the road, I’ll be driving a mini-van. A 2004 Honda Odyssey to be precise. It’ll be loaded for bear with personal belongings, two kids, a dog, movies running on the DVD player and a boat in tow that looks more like a utility trailer than a sea worthy vessel.
Bottom line…I get to look like the gypsy.
My wife on the other hand will be traveling in style. My style that is. She’ll be driving my 2001 Mercedes Benz E320. She says she would prefer to drive the mini-van but pulling the boat scares her. She thinks it will be safer for me to drive the tow rig. Likely story… 😉
In general I love anything with a motor in it. I’m intrigued by the mechanics and I’m in love with power. Over the years I’ve owned everything from a classic American muscle-car to Japanese econ-boxes to European sports sedans. Yes, I’ve even owned a BMW at one time. 🙂
As a brief aside, if you are a car fanatic and ever have the chance to see the BMW Museum in Munich, Germany, I highly recommend it. I had a great visit there in Oct 2008…but that’s a story with pictures for another day…
My first car was a 1969 Mercury Cougar with a 351 Windsor under the hood. She was fast, very fast, and way cool. Sequential turn signals and pop up light covers! I’m sure that was boss in 1969. I was excited at 16 when my Dad paid $2700 for her. She taught me and my brother (four years later) to drive. I routinely did donuts in empty parking lots and raced other cars while my brother established the Olathe, Kansas land speed record in her. He out-ran the police in that old Cougar racing home one night to make curfew.
Between crossing the police or our mother, who was born in a dirt floor Montana ranch house, he chose the lesser of two evils. Cross the cops. I made this same choice several times growing up…but never ran across the police during the race home.
May my first car rest in peace. She caught fire and was destroyed after both my brother and I left her behind for college. My Dad started her one day in the front driveway and the carb overflowed onto a hot engine. The fire department handled the rest.
After my brief muscle car phase, I turned to the Japanese. A Honda Accord hatchback that my father bought brand new when I was a sophomore in college. Yes, I was spoiled at this point in my life, but remember, he set my other car on fire. 🙂
Four years later I was a fresh faced Ensign in the US Navy and I needed to buy my first “Ensignmobile.” I had dreams of a new car but just couldn’t justify living a car poor existence for a low-end new vehicle. At that point I started learning about the used car market. When I discovered I could buy a high-end used European sports car for less then a low-end new econo-box, I was hooked.
BMW was my first love. That Ensignmobile was a 1988 535i (5 speed manual). While I owned it, I couldn’t imagine ever driving anything but a BMW. But then one day a Mercedes caught my eye. Could it be? Could I enjoy something other than the Ultimate Driving Machine? Three Mercedes later (all used I might add) I can tell you that there is indeed life after BMW.
I typically buy used cars so I can buy “more car” than I could afford otherwise. My E320 sold new for close to $55K in 2001. When I picked it up in 2005, I paid just under $23K. Sure it had 69,000 miles on the clock, but that’s nothing. When I look at the new cars available for less than $25K, I’m convinced that my approach to car buying works well…at least for my desires.
We did violate the “used car” approach with the Ody. It was closeout time, the end of the model year, and the end of the production run for the 99-04 Ody body style. So while we purchased it new, it was at a discount. We’ve certainly lost more money on the mini-van than on the Mercedes, but the hardest part has been watching the pristine body get dinged in the parking lot over time. We will most likely return to the used car purchasing model.
We own both cars free and clear. We made some aggressive pre-payments during the life of the loans and paid both cars off early. In retrospect, the pre-payment pain was worth it. By paying off the loans early and shifting the money to savings we were able to stash away enough cash to enable us to seize a significant real estate opportunity when it presented itself.
My future car purchases are well down the road. I’d like to downsize the Mercedes, an E-class is more car than I need. But in reality, I have no “need” to buy anything right now and with my cash reserves depleted, I’d have to finance a new-to-me purchase. Also, Boston has a decent commuter rail and subway system that I plan to experiment with. So I think I’m set for vehicles right now.
Although, I do own a boat. I bought it when it was a year old with only 25 hours on the clock for half of what the original owner paid…. I’m starting to get “two footitis” and may need to….
Nice rides Jeff. I assume the boats coming with you to Mass. Are you going to keep it on your property or store her somewhere?