How old is your car? Do you think of it as a status symbol, or simply as a way to get from point A to point B.? Back in the fifties, middle class people upgraded to a new car every 2 or 3 years. The bigger the car, the better. Gas guzzlers with tail fins and lots of chrome were a sure sign of success. Driving an old car was an embarrassment, indicating that you were a financial loser. So what about now? Should you buy a new car?
Did you know the average car payment is now between $350 to $550 a month? Even though there was a trend toward smaller cars like the Volkswagen and Honda in the eighties, people still buy new cars. And, let’s face it, A Cadillac or Lexus is going to buy you some big time respect.
Would you believe I’ve never made a car payment in my life? Even though I lived from paycheck to paycheck for many years? My first husband came with a second hand car purchased for him by his parents. That was the era when everyone drove new cars—except us. We took the teasing from friends, but we stood our ground. All the time we were driving that car into the ground, we were socking away cash for the time when we simply had to buy another one.
This went on for 20+ years, until we divorced. By then, we had two cars, and I got a Chevie Impala we had bought (cash) from my brother, who had leased it. I think it cost $3,000. I got the Impala, and drove it for the next 95,000 miles, which was a pretty long time in a small town. When, my youngest was 16, she got that car, and I paid cash for a new one by refinancing my house which had a very low mortgage. This was all before I remarried my current husband.
Fast forward to 2019. I’m still driving a 2009 Buick. My husband, who is handicapped, had to get a new SUV a couple of years ago, but l get a little nervous trying to back it in and out of tight spaces in parking lots.
I could easily afford a new car, but I love the familiarity of the one I’m driving. And since we have a garage, my car is still shiny, except for a minor scratch or two. If anyone looks down on me for not driving a fancy new car, then that’s not the kind of person I would want for a friend,. And the money we save means we can help our grandchildren from time to time when the need arises.