About to make an emotional purchase. Midlife crisis?

[+ Reisr30]

So I hit middle age last year and I am about to trade in my paid off car and buy an expensive car. Part of me says I am crazy but the other part says I only live once and I could drop dead tomorrow. Am I nuts?

[craigville beach]

So I hit middle age last year and I am about to trade in my paid off car and buy an expensive car. Part of me says I am crazy but the other part says I only live once and I could drop dead tomorrow. Am I nuts?

 

how much driving do you do? would you consider a short term lease for yourself to test if this is what you want

[DallasClient]

You only live once. My philosophy has always been to enjoy the things in life that bring you joy. If you can afford it and doesn't put a strain on you financially, why not? Also, expensive cars usually retain a large resale value if kept up well.

[+ tassojunior]

So I hit middle age last year and I am about to trade in my paid off car and buy an expensive car. Part of me says I am crazy but the other part says I only live once and I could drop dead tomorrow. Am I nuts?

Nuts is only if you haven't thought about it, but sometimes even impulse decisions are right. (*Not usually, but sometimes*)

Edited February 15, 2021 by tassojunior

[Best Kisser]

I hit 50 and it was Beamer for me!

[+ Reisr30]

@craigville beach, I drive about 10k per year. I hadn’t thought about a short term lease ?

[+ tassojunior]

@craigville beach, I drive about 10k per year. I hadn’t thought about a short term lease ?

If you have status and a great corp code with a big rental co. (like National) and a friendly (ie-tippable) big location, renting as needed can also be fun. For 2 years I got mostly BMW 420 convertibles almost every week in warm weather from National for about $150/wk. New clean maintained one every week. Like a kid in a candy store picking out the lux car for the week. Some have under 100 miles. If you travel a lot even better.

[+ DERRIK]

I’ve read about entrepreneurs in LA

 

five nights a week the pick up a car

 

detail it. Do oil and stuff

 

return car by 6am every morning

 

must be nice

[KrisParr]

All good advice so far. I applaud the rent-a-car idea. Always wanted a Benz convertible, so I rented one for a week. Then I tried out a BMW ‘vert ... they were fun as hell. The Benz won - I have one more year to go on a leased 450 - best. car. ever.

[+ AntonGraza]

I would strongly look into a lease. 1) Auto companies want you to lease so they can use your credit rating to boost their overall ratings. They offer really good deals for us middle age guys.

 

2) To keep the lease cars "nice", dealers may offer free oil changes. Based on your mileage, you would not reach some of the max mileage limits or wear through a set of tires.

 

3) Expensive cars depreciate about 21% in the first year, not to mention some European makes start having issues after 3-4 years.

 

4) Do your really trust anyone to have screwed a car together very well during Covid?

 

Lease, have fun now. You have many years for practical transport in the future.

[+ bashful]

So I hit middle age last year and I am about to trade in my paid off car and buy an expensive car. Part of me says I am crazy but the other part says I only live once and I could drop dead tomorrow. Am I nuts?

 

Not at all nuts. Human.

 

If it's possible, rent the same model for at least a week or more, and see if it's love, or just infatuation.

[Lchnsf]

I was thinking of buying a guitar.

[JayCeeKy]

Don't forget that insurance and repairs are usually much higher for expensive cars. The best cars (in both reliability and comfort) are often not the most expensive. Buy something nice (and reasonable) and use the money you save on travel and escorts. Read Consumer Reports March Edition before you buy anything.

[+ tassojunior]

If you have status and a great corp code with a big rental co. (like National) and a friendly (ie-tippable) big location, renting as needed can also be fun. For 2 years I got mostly BMW 420 convertibles almost every week in warm weather from National for about $150/wk. New clean maintained one every week. Like a kid in a candy store picking out the lux car for the week. Some have under 100 miles. If you travel a lot even better.

and you have no idea the joy of having a $20 tip in your hand as you look in a Mercedes and say " this one's nice, but it has over 5000 miles on it, can we get a little newer one?" used cars?

[MikeBiDude]

I’ve read about entrepreneurs in LA

 

five nights a week the pick up a car

 

detail it. Do oil and stuff

 

return car by 6am every morning

 

must be nice

I had this service available daytimes at an Orange County, CA office I worked at once upon a time.

[JayCeeKy]

Per Consumer Reports

The Upside of Leasing

On the surface, leasing can be more appealing than buying. Monthly payments are usually lower because you’re not paying back any principal. Instead, you’re just borrowing and repaying the difference between the car’s value when new and the car’s residual—its expected value when the lease ends—plus finance charges.

The Major Advantages of Leasing

• You drive the car during its most trouble-free years.

• You’re always driving a late-model vehicle that’s covered by the manufacturer’s warranty, which may include free oil changes and other scheduled maintenance.

• Having a predictable monthly payment with no surprise repair costs can make it easier to stick to a household budget.

• You can drive a higher-priced, better-equipped vehicle than you might otherwise be able to afford. This may allow you to opt for lifesaving safety features that aren’t available on lower trims or used cars.

• You don’t have to worry about fluctuations in the car’s trade-in value or go through the hassle of selling it when it’s time to move on.

• There could be significant tax advantages for business owners.

• At the end of the lease, you just drop off the car at the dealer.

 

Disadvantages to Leasing

• In the end, leasing usually costs you more than an equivalent loan, if only because you're always driving a rapidly depreciating asset.

• If you lease one car after another, monthly payments go on forever. By contrast, the longer you keep a vehicle after the loan is paid off, the more value you get out of it. Over the long term, the cheapest way to drive is to buy a car and keep it until it’s uneconomical to repair.

• Lease contracts specify a limited number of miles. If you go over that limit, you’ll have to pay an excess mileage penalty. That can range from 10 cents to as much as 50 cents for every additional mile. So be sure to calculate how much you plan to drive. You don’t get a credit for unused miles.

• If you don’t maintain the vehicle in good condition, you’ll have to pay excess wear-and-tear charges when you turn it in. So if your kids are apt to go wild with the magic markers or you're a magnet for parking lot dents and dings, be prepared to pay extra.

• If you decide that you don’t like the car or if you can’t afford the payments, it might cost you. You will probably be stuck with thousands of dollars in early termination fees and penalties if you get out of a lease early—and they’ll all be due at once. Those charges could equal the amount of the lease for its entire term.

• With a few exceptions, such as professional window tinting, you need to bring back the car in “as it left the showroom” condition, minus usual wear and tear, and configured like it was when you leased it.

• You’re still on the hook for expendable items such as tires, which can be more expensive to replace on a better-equipped vehicle with premium wheels.

[+ azdr0710]

can you still keep the paid-off car (if it's sensible and practical) for real-life stuff and have occasional mid-life-crisis fun with the fancy new car?......

 

and, by the way, I didn't know there was still a specific year for "middle age" to hit!....many years ago, age 40-60 was called middle age, but has that changed?.....

 

[+ Reisr30]

Unfortunately the car I am very close to buying I can’t rent and it’s being discontinued in the US market after 2021. It’s the Toyota Land Cruiser and it’s known for its reliability and being as tough as a tank.

@azdr0710, unfortunately I can’t keep my paid off car; I will need to trade it in.

[+ MysticMenace]

Not nuts at all...but as some folks said, depends on what you'd wanna use it for and how frequently...leasing / rental cars are fantastic options too.

 

Speaking of nuts, can't wait for my mid-life crisis to come. I am thinking private island resort, 20 of my top providers, gang-bang. 2 weeks. Probably won't need a car to drive after that...might struggle to walk for a while...lol.

[The_Impeccable_G]

I am not sure it was mid life related but I decided to get rid of driving. Sold my expensive mercedes and started using a limo service. I live in the city centre and enjoy the convenience of not having to drive.

[+ MysticMenace]

Unfortunately the car I am very close to buying I can’t rent and it’s being discontinued in the US market after 2021. It’s the Toyota Land Cruiser and it’s known for its reliability and being as tough as a tank.

@azdr0710, unfortunately I can’t keep my paid off car; I will need to trade it in.

 

I guess other things to think about is maintenance...if Toyota is discontinuing the service, it may be harder to get parts.

[+ Reisr30]

I am not sure it was mid life related but I decided to get rid of driving. Sold my expensive mercedes and started using a limo service. I live in the city centre and enjoy the convenience of not having to drive.

If I lived in a city this would be my dream?

[+ Reisr30]

I guess other things to think about is maintenance...if Toyota is discontinuing the service, it may be harder to get parts.

Good call the beauty of the LC is it shares part with the Tundra and does have the complexity of other luxury cars. They are designed to last 20+ years and why you see them in countries like India, Australia and the Middle East.

[+ Reisr30]

Not nuts at all...but as some folks said, depends on what you'd wanna use it for and how frequently...leasing / rental cars are fantastic options too.

 

Speaking of nuts, can't wait for my mid-life crisis to come. I am thinking private island resort, 20 of my top providers, gang-bang. 2 weeks. Probably won't need a car to drive after that...might struggle to walk for a while...lol.

Love your GB idea here ?

[OCClient]

Yes!