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30 sats \ 5 replies \ @Bell_curve 30 Oct \ parent \ on: AskSN: What’s something you have invested years of your life into? AskSN
My car is 2005 model
It’s in decent shape but it’s time to retire the car
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Mine is mini SUV that I inherited. Terrible fuel efficiency
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Did you go to some funky places with this SUV though?
Be careful. Do a cost analysis before selling. Even if gas prices are $5 per US Gallon it might be cheaper to maintain it than to:
- Buy a new or late model and pay $1,000 a year on property tax
- A $30,000 new car financed is a $45,000 car with personal property tax and financing that now goes into and up to 7 years!
- You will pay less to service your older vehicle and cost will average for a new vehicle
- In my state we actually pay a penalty for a new car that is fuel efficient because I'm not buying enough gas that's taxed to cover road expenses
An example is that in 2008 my wife had a Nissan Maxima and it required premium has which was heading to $4.50 a gallon. It was not so efficient at 25 mpg on the highway. The car was stolen and we got it back and I decided to sell it and get a new economic car.
After analysis of taxes, new car price, taxes, maintenance... I could have saved $12,000 in 8 years and bought Bitcoin at a lot less.
That's hindsight but the lesson learned is that I have an old Ford Truck, My now older 2008 Nissan and I'm spending not too much, about $1000 a year on maintenance for each car (soon to be $2000 a year) and still still cheaper than buying a new car or newer used.
Personal Property taxes are the big killer.
My wife wanted a new car and we bought one for her and in 10 years I could have bought 2 for the taxes alone! We even paid up front, no financing. Furthermore I told my wife that we could have bought Bitcoin at $16,000 instead.
Lol...
So be it.
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