About to make an emotional purchase. Midlife crisis?

[+ azdr0710]

I didn't know they were going to be discontinuing it this year.......I also have a Toyota 4WD (a second car for mid-life-crisis fun off road) that was discontinued several years ago and its value is going up, actually!.....

 

I agree that it'll be a one tough mothuh.......but keep in mind maintenance costs, gas, insurance, registration (tags)....4WD requires extra maintenance regularly......will you be going off-road?......don't forget to use the 4-H and 4-L for several miles at least once per month......use it or lose it!

[+ bashful]

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.

 

The good point is it's cheaper than a Lexus model that's no doubt based upon it. I have no idea what alpha/numeric name of a Lexus model is, but it reminds me of one of my neighbor's who had a larger Lexus SUV for sale, I think it was a GX something. Sold fast. Don't know what he was asking, but I guess it was about 10 years old.

 

Most likely, it's sold worldwide, so parts will be readily available for years if repairs are needed.

 

It may take a bigger hit in depreciation at first, because it's being discontinued, but that's just near term, especially if you rotate cars often. If you keep cars for a long time, shouldn't be a big factor, and will probably save you money overall.

 

Personally, my deal breakers are seats (because of my back) on a long trip, ease of entry/exit, and visibility. Know your deal breakers, and test drive it long enough to get a feel for that.

 

Happy motoring.

 

(Oh, strictly a personal point of view, but don't get that ugly rack, or basket, or whatever that thing is on the roof.)

 

P.S. Good looking SUV

Edited February 16, 2021 by bashful

[+ tassojunior]

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.

In DC there's little status to any sort of car. It's having a driver.

[marylander1940]

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?

 

out of curiosity what's consider middle age nowadays when 40 is the new 30?

[+ tassojunior]

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.

 

or park

[nate_sf]

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.

 

As far as expensive cars go, I'd think this is a good choice. Yes, you'll lose a lot of value in the first year if you're buying it new, but this is the kind of thing you could hold onto for a long time if you wanted. Toyotas run forever and the maintenance is pretty reasonable. They also hold their value pretty well. The Land Cruiser might even do better than average in retaining its value... I was looking for a used one last year and they seemed to carry a premium, at least where I live.

 

So the question would be, can you afford it without busting your budget? If so, then why not. Only other thing to consider is gas consumption if you're not used to driving a big vehicle... it can be a surprise when you fill up at the pump, and then fill up again. But if you're only driving 10K miles/year it's probably not a big concern.

Edited February 16, 2021 by nate_sf

[+ WilliamM]

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.

Me, too. I haven't driven in seven or eight years. Although I very, very, very seldom us a limo service

[+ BenjaminNicholas]

My advice: Eat the cake.

 

Years back, I decided to start buying the cars I actually wanted to drive, whether I was around to drive them a lot or not.

 

I also agree with The_Impeccable that finding a repeat, trusted car service is a game-changer.

[Bargara Leatherboy]

If you want it, can afford it , go for it.

 

Life is too short for regrets.

 

Having been to friends funerals (younger than my 60 years) I say live and let live.

 

When I lived in the inner city, supermarket 1 block away bus and taxi’s at the doorstep, I did not own a car, but every few months I would rent a car to run errands or get out of town for the weekend sort of thing.

 

Now that I live in the suburbs and work shift work, a car is essential. However sometimes we will rent a fun car for a weekend away, we justify that by having a hatchback for our regular car, which is great for local trips, awesome for parking and not very thirsty at the gas station, but not a lot of fun for a decent trip.

[The_Impeccable_G]

Me, too. I haven't driven in seven or eight years. Although I very, very, very seldom us a limo service

I also use the underground a lot. Often a combination of limo+underground. Underground eye-candy and acquaintances belong to another thread.

Edited February 16, 2021 by The_Impeccable_G

[Guest]

Many of us naturally gravitated to a “mid life crisis” car being flashy and pretentious. I applaud that, for you, it’s rock solid fun!

 

Go For It! If you intend to keep it for the long haul, just don’t lease. If you don’t like it, I’m betting you’ll nearly break even on the trade after they discontinue or modify this model.

[Guest]

...belong to another threat.

I hope that’s a typo

[The_Impeccable_G]

out of curiosity what's consider middle age nowadays when 40 is the new 30?

Maybe when I started thinking to darken my greying hai. ?

[The_Impeccable_G]

I hope that’s a typo

predictive spelling... ? thanks

[jjkrkwood]

Whatever makes YOU happy ! I have driven only 28K since 1998, so a car would NOT be on my list for "self-gifting". but I have been known to drop a few "dollas" on expensive things I really wanted, whether considered frivolous or not by myself and others. Noone else is gonna "treat you", so why not be good to yourself ?

[+ Charlie]

For years we bought sensible cheap Toyotas every three years. Then in 1985 we made a windfall profit on the sale of a property, and I wanted to put the money in our retirement account. My spouse said, "For once in my life, I want to own a really nice car. I want a Mercedes." He was 50 years old. So I made a deal; I said, "I will agree to buy a Mercedes, if you agree to keep it for several years instead of buying another new car in only a few years." So we did buy a Mercedes. And nine years later we bought another one. And then another one.....

[+ Vegas_Millennial]

Dave Ramsey, a radio talkshow financial "expert", says 1) never borrow money for anything with a motor, and 2) don't consider buying a factory-new car until your net worth is at least $1M US.

Suze Orman, another famous TV financial "expert", says not to finance a car for a period longer than 3 years.

 

So, it sounds like you want to buy a factory-new luxury vehicle. If you can pay cash and not even notice the change in your investments (example, less than 10%) then buy it! If it would cause you financial stress in the event it is damaged or stolen, then don't buy it.

 

Just like you shouldn't have a 5-year payment plan to finance a weekend vacation or a fancy dinner out, don't finance this toy. Pay cash and enjoy it. If you can't pay cash, you won't be enjoying it very long before regret sets in

[+ bashful]

Dave Ramsey, a radio talkshow financial "expert", says 1) never borrow money for anything with a motor, and 2) don't consider buying a factory-new car until your net worth is at least $1M US.

Suze Orman, another famous TV financial "expert", says not to finance a car for a period longer than 3 years.

 

So, it sounds like you want to buy a factory-new luxury vehicle. If you can pay cash and not even notice the change in your investments (example, less than 10%) then buy it! If it would cause you financial stress in the event it is damaged or stolen, then don't buy it.

 

Just like you shouldn't have a 5-year payment plan to finance a weekend vacation or a fancy dinner out, don't finance this toy. Pay cash and enjoy it. If you can't pay cash, you won't be enjoying it very long before regret sets in

 

My four prior cars, I paid cash, but when I bought my current car, my credit union had very low interest rate car loans, so I financed as to not take the money out of savings. Lately, I find myself looking each month at how much I still owe. Cash from now on.

[nate_sf]

My four prior cars, I paid cash, but when I bought my current car, my credit union had very low interest rate car loans, so I financed as to not take the money out of savings. Lately, I find myself looking each month at how much I still owe. Cash from now on.

 

Similar with me on the last car I financed. The bank had a really good interest rate. But then when I got tired of looking at the balance of what I owed, I started making double principal payments. It got paid off faster than I’d imagined. So not quite paying cash, but the pain of financing went away soon enough.

[+ Vegas_Millennial]

My four prior cars, I paid cash, but when I bought my current car, my credit union had very low interest rate car loans, so I financed as to not take the money out of savings. Lately, I find myself looking each month at how much I still owe. Cash from now on.

Agreed. When I was younger, I bought furniture, appliances, and paintings on 0% interest credit cards. I had the cash in my savings account, but thought I would beat the system by earning interest on the money while the debt was at 0%. Never again. It gave me a false sense of security, and caused me to eventually overspend my liquid savings down to nothing. If I had to pay cash for those purchases, I probably would have bought fewer paintings and wouldn't even miss them today

[+ Reisr30]

Thank you all! After a couple of sleepless nights and running the numbers I decided not to buy the car this month and told the dealer. Maybe in two months I will change my mind but not having a car payment is priceless peace of mind in uncertain times ?

[+ nycman]

Thank you all! After a couple of sleepless nights and running the numbers I decided not to buy the car this month and told the dealer. Maybe in two months I will change my mind but not having a car payment is priceless peace of mind in uncertain times ?

Smart man.

 

Whenever I want something “pretty” that I don’t need, I make myself work to get it.

 

New headphones?....workout hard everyday for 30 days straight.....then you can get them.

 

New fancy car?....keep the one you have for a year after it’s paid off.....save up....then you can get it.

 

Works for me.

[+ sniper]

Thank you all! After a couple of sleepless nights and running the numbers I decided not to buy the car this month and told the dealer. Maybe in two months I will change my mind but not having a car payment is priceless peace of mind in uncertain times ?

If you have the discipline, put the amount of a payment aside in a savings account each month and maybe before you know it you'll be able to buy it outright. I got in the habit of setting a budget for discretionary spending by figuring it out as a daily amount and then each day putting that amount of cash into an envelope. And I could only spend on certain things(e.g., fast food, gambling) by taking cash out of that envelope. The physical reminder makes it harder to spend than having it on a card.

[MikeBiDude]

I would have said “buy it”. I just bight a new car, well over 50% cash/trade in down payment, the balance a loan that’s very short term, aggressive payment schedule, 18 months done. This works for me.

The comments about a new car losing 15-20% of its value in the first year is far too kind. I often joke it happened when you feel the wheels of your new car leave the dealer driveway and hit the street! Just try and turn around and sell it back, lol.

[Rudynate]

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.

 

 

A boss I had didn't own a vehicle and didn't drive - he took cabs everywhere he went. It seemed really wasteful to me, but after I did the math, I realized his transportation expense was probably way less than it would have been if he owned a car.

 

My husband and I started hiring a car and driver to take us to the airport because it only cost a little more than a cab, for a lot of additional luxury and convenience. Then the rates for the car and driver went way up and we went back to cabs.