Comments on: How I Almost Bought an $80,000 Car

By: Derek Chamberlain

Derek Chamberlain — Wed, 28 May 2014 11:11:02 +0000

EL,

Yes, MMM has a good way of slapping people with the reality of their stupid financial decisions. It’s crazy that I can literally buy like 13 used Toyota Corollas for the price of one Tesla 🙂

By: EL @ Moneywatch101

EL @ Moneywatch101 — Tue, 27 May 2014 17:41:23 +0000

I always mention Mr. Money mustache to folks who are in denial of financial freedom. Spending 80K for a car, then you should have went with a Tesla, and never pay for gas again. Kind of frugal, but still insane in the membrane if you ask me. I’m a mazda, toyota, honda fan for life. When I become a multi-millionaire, then I’ll upgrade to an Audi.

By: Derek Chamberlain

Derek Chamberlain — Wed, 07 May 2014 14:54:10 +0000

Jon,

If you count investing it at 7% interest a year for the next 15 years, that’s $220,722. That’s a pretty nice chuck of change. I think you’re right, it probably is more like 5 or 6 years earlier. Thanks, you just made my day 🙂

By: Derek Chamberlain

Derek Chamberlain — Wed, 07 May 2014 14:52:37 +0000

Dan,

Yes – the true cost of ownership is what should actually be evaluated. In this case, the M3 oil changes cost $150 because it uses a special oil!!! Tires are $1,000 for it! Definitely higher than your average car. Our family has never considered one car… maybe this is something I should put on the table to see how we could make it work?

By: Jon @ Penny Thots

Jon @ Penny Thots — Wed, 07 May 2014 01:15:27 +0000

Great story. I’ve found that writing about personal finance also has helped me be smarter with my money. I bet saving the money and not buying the car allow you to retire a lot sooner than 2-3 years early.

By: Dan @ Our Big Fat Wallet

Dan @ Our Big Fat Wallet — Wed, 07 May 2014 00:29:43 +0000

Wow close call! That is one nice looking car but you made the right choice even if it’s the boring one. We only have one car and every time I think about getting another one I remind myself about the insurance, oil changes, regular maintenance, tires, parking etc. That usually helps me snap out of it 🙂

By: Fionna Merciolles

Fionna Merciolles — Tue, 06 May 2014 13:31:13 +0000

You are most welcome. But the matter of fact is we shall all Thank You for writing such a good blog post and guiding us in restricting our temptation and instead have a sound retirement planning with our family for a better future.

By: Derek Chamberlain

Derek Chamberlain — Tue, 06 May 2014 12:47:25 +0000

Thanks Fionna! Resisting the temptation can be hard for all of us at times, but I think you’re correct in stating that it is the best decision for my family to forgo the flashy stuff.

By: Fionna Merciolles

Fionna Merciolles — Mon, 05 May 2014 17:39:00 +0000

I suppose we all come to such a point in our lifetime when we have to decide what is more important. Is it the show off and living beyond means or plan our lives so that we can earn a better and quicker retirement? You have made the right choice of not buying a $80,000 sports car and instead plan a better retirement with your family. I appreciate this prudence. In fact, it’s a learning curve for all of us who are tempted to buy something exorbitant for temporary pleasure and then suffer the rest of our lives due to lack of planning. I appreciate the effort put in this blog post.

By: Derek Chamberlain

Derek Chamberlain — Mon, 05 May 2014 11:19:02 +0000

Laurie,

Thanks for stopping by and the mention 🙂 I guess I’d rather take the risk and hopefully save money vs. going new. I can definitely understand the motivation to buy new to avoid unforeseen maintenance issues. One of the best ways to save money in life is to make friends with a mechanic 🙂