I love having a car that’s paid off. I don’t think about it and it’s good. I like that my desire not to have a car payment is a sure fire way to put the brakes on wanting to get a new car.
My latest automobile fantasy is configuring a Mini Cooper S Convertible. I like that they give you the price as you choose your options. It’s a cold sober reality check. I don’t want to spend that much!
I am going to keep on outwitting myself like this. I probably should get rid of my car since last year I spent more on the car than it was worth. But I struggle with the notion of disposability for a durable good like my car. I don’t like the way we as a society don’t value what we do have and how to care for it. I try to take care of my car, my computer, my spinning wheel, furniture, condo, etc. I want them to last forever. It amazes me that people get new computers all the time. I like mine. I’ve had it for 3 years and it serves all my needs well and faithfully. Unless it really starts freaking out, I should be able to use it for another 3, even with Windows Vista.
Honestly, it’s not going to kill me to drive my car for another 5 years. It’s safe to operate. If it wasn’t, sure I’d get rid of it in a heartbeat, but my little blue Altima has been very good to me for the last 6 years. Another 5 years of expenses really isn’t going to be a lot. Say another 2 sets of tires for $1200-1500, then additional maintenance annually for about $1500 x 5 = $7500, insurance $4500-5000, and gas, which is variable, but say $1200-$1600/year. What’s that spell? $19,200-$22,000. That’s not bad. $3840-$4400 a year, a large chunk of which I’d still have to spend on top of a car payment even if I got a new car.
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I can only wish we had both our cars paid off right now. We have an 05 Malibu and an 06 Honda Ridgeline. I sent the 15k check in to pay off the car this week, but now I just need to pay the credit card. Once that’s paid off (by late september), then onto the Ridgeline!
Keep your car! (although the Mini is an awesome car. Ask Nick at Punny Money).