Should I sell my car?

[LivingAlmostLarge]

I don't know if it's wrong to want nice luxury cars. I haven't had the privilege of driving something nicer and honestly I'm sort of tired of it. I think it depends where you are financially.

I still can't afford it so I guess it's a moot point! :P

[lovcom]

I don't know if it's wrong to want nice luxury cars. I haven't had the privilege of driving something nicer and honestly I'm sort of tired of it. I think it depends where you are financially.

I still can't afford it so I guess it's a moot point! :P

Nothing wrong with wanting a nice expensive luxury car.

However actually buying one is profoundly bad for one's financial future in regard to building wealth, and security....

...unless of course, one is already there financially.

The single biggest reason the middle class buy luxury cars is to make this statement to their friends, family, and neighbors: I am better then you!

This is mostly an American phenomena, and it is indicative of our materialism, status-by-car, and other shallow thinking.

Oh, and don't feel bad if you can't afford a Lexus, Mercedes, or BMW, because more then 75% of those that bought these cars can't afford them either.

[steve8820]

Nothing wrong with wanting a nice expensive luxury car.

However actually buying one is profoundly bad for one's financial future in regard to building wealth, and security....

...unless of course, one is already there financially.

The single biggest reason the middle class buy luxury cars is to make this statement to their friends, family, and neighbors: I am better then you!

This is mostly an American phenomena, and it is indicative of our materialism, status-by-car, and other shallow thinking.

Oh, and don't feel bad if you can't afford a Lexus, Mercedes, or BMW, because more then 75% of those that bought these cars can't afford them either.

I am sorry, but my car purchases have been for my enjoyment and not for me to say "I am better than anyone". They were purchased because they drove extremely well, felt very solid, etc...

Granted, these cars were purchased before our son was born 6 mos ago. My thoughts and feelings on a LOT of things changed with that life event. One being not really needing to drive a car that handles well. However, the past purchases, agreed poor decisions, are "sunk costs" and what we do moving forward is most important.

[AtlantaLife&Health]

If i were you, I'd sell the 3 series. Save on insurance and car notes.

[paymydebt]

I'd say sell the car now as it's all about saving today. You don't know about tomorrow till it arrives and maybe your plans will change by then.

[lovcom]

I am sorry, but my car purchases have been for my enjoyment and not for me to say "I am better than anyone". They were purchased because they drove extremely well, felt very solid, etc...

Granted, these cars were purchased before our son was born 6 mos ago. My thoughts and feelings on a LOT of things changed with that life event. One being not really needing to drive a car that handles well. However, the past purchases, agreed poor decisions, are "sunk costs" and what we do moving forward is most important.

I'm glad to see your thinking is in transition to more of a family minded paradigm. This shows you're putting your family first, and your financial future is that much more assured. Bravo!

[Pitman]

The single biggest reason the middle class buy luxury cars is to make this statement to their friends, family, and neighbors: I am better then you!

I couldn't disagree with your statement more.

Generalizations like this is quite sad, and rather ignorant.

[disneysteve]

Nothing wrong with wanting a nice expensive luxury car.

However actually buying one is profoundly bad for one's financial future in regard to building wealth, and security....

...unless of course, one is already there financially.

The single biggest reason the middle class buy luxury cars is to make this statement to their friends, family, and neighbors: I am better then you!

This is mostly an American phenomena, and it is indicative of our materialism, status-by-car, and other shallow thinking.

Oh, and don't feel bad if you can't afford a Lexus, Mercedes, or BMW, because more then 75% of those that bought these cars can't afford them either.

I don't agree that people buy nice cars to impress their friends and neighbors. I think most people buy them because they like them.

That said, I do agree with you that most people spend way too much money on their cars and it negatively impacts their financial well being.

You are also right about this being a largely American phenomenon. Go to any other developed country and you will hardly see any of the monstrous size vehicles that folks here insist that they "need" to get around with their families. Somehow, families in plenty of other places get around just fine without a Lincoln Navigator or Hummer.

[lovcom]

I don't agree that people buy nice cars to impress their friends and neighbors. I think most people buy them because they like them.

That said, I do agree with you that most people spend way too much money on their cars and it negatively impacts their financial well being.

You are also right about this being a largely American phenomenon. Go to any other developed country and you will hardly see any of the monstrous size vehicles that folks here insist that they "need" to get around with their families. Somehow, families in plenty of other places get around just fine without a Lincoln Navigator or Hummer.

Well, take the Toyota Camry, and it's Lexus equavalent for example (there are many other examples). Same engine, transmission, same drive train, same reliability, and yes the Lexus will have a few more features, and worse MPG, and similare size, and even looks, yet it can cost $10,0000 to $25,000 more. The ride is the same, the Lexus will have more power though...is the difference in price worth the "extras"? Yes for some that "need" the distinction between themselves and their neighbors.

This was typical all over middle class America...and it was about "I am better then you". Vanity is one of the reasons middle America suffers from this current downturn. It's less about loving cool cars and more about flash, appearances, and such. Often these shallow people will do something really stupid, like lease a Mercedes or BMW, pretty much anything to get into one...and because they don't own a business they can't write off the lease pmts...this is pure vanity, plain and simple.

Now don't get me wrong...I love cars, fast, expensive, luxurious...I love going to the car shows and such, but to actually buy one now...no way!

But someday I will! After I become truly rich and have my entire future covered financially...you betcha I will! lol

[disneysteve]

lovcom, I'm not really disagreeing with you. I'm just not so sure it is all about vanity. I drive a Camry and I've been in the Lexus and it is a much nicer car. More comfortable seats, nicer instrument panel, better sound system, etc. Given the choice, I would happily take the Lexus over the Toyota. I honestly don't give a darn what anyone else thinks about what I drive. All I care about is if I like it. The reason I don't have a Lexus is because of the price. I'm not willing to spend that much on a car. That said, I have been thinking about getting a Lexus when I replace my Camry. However, I buy used and if I do get a Lexus, it would have to be older than a comparable Camry to get the price in line with what I want to spend. In other words, I might look at 2-3 year old Camrys so I'd have to look at 3-5 year old Lexus to get the right price range, but I might be willing to do that to get the nicer car.

Bottom line is, and I think we agree on this, there is nothing at all wrong with having the finer things in life IF YOU CAN AFFORD THEM.

[lovcom]

lovcom, I'm not really disagreeing with you. I'm just not so sure it is all about vanity. I drive a Camry and I've been in the Lexus and it is a much nicer car. More comfortable seats, nicer instrument panel, better sound system, etc. Given the choice, I would happily take the Lexus over the Toyota. I honestly don't give a darn what anyone else thinks about what I drive. All I care about is if I like it. The reason I don't have a Lexus is because of the price. I'm not willing to spend that much on a car. That said, I have been thinking about getting a Lexus when I replace my Camry. However, I buy used and if I do get a Lexus, it would have to be older than a comparable Camry to get the price in line with what I want to spend. In other words, I might look at 2-3 year old Camrys so I'd have to look at 3-5 year old Lexus to get the right price range, but I might be willing to do that to get the nicer car.

Bottom line is, and I think we agree on this, there is nothing at all wrong with having the finer things in life IF YOU CAN AFFORD THEM.

Yes, we do agree, and I think you would be the exception and not the rule in regard to getting a luxo car because given your vocation and your financial smarts, you would only get one if you could afford it, and you can! lol

However my comments are about the majority, and not guys like you (the minority) and me. There is no doubt the Lexus is a great car, and many of my associates have them and they ride nice, etc. I just don't want to pay $25% more for a car that is just 10% "better".

I know of one father that got one back in March ($60,000)....his two teen kids need braces badly....but he can't afford those braces...you see, he told me he "deserves" the Lexus. He told me he "loves" his family so much that he wants them to ride in "style". Of course he made the purchase for himself, but he is so, so "altruistic". lol

Being a father myself, I felt disgust when he told me this :-(

But this is not just about Luxo cars...people do this too with big trucks, big suv's, cars that are more then they need and cost a lot of $$.

There was a time I too had that mentality :-( If only I could have even half of the money I wasted on such car buying practices...

[disneysteve]

I know of one father that got one back in March ($60,000)....his two teen kids need braces badly....but he can't afford those braces...you see, he told me he "deserves" the Lexus. He told me he "loves" his family so much that he wants them to ride in "style". Of course he made the purchase for himself, but he is so, so "altruistic". lol

Being a father myself, I felt disgust when he told me this :-(

I agree with this completely.

[Bimmer]

I would sell both BMW's. I don't know your economic standing, but if you and your wife don't make a combined $300,000+ a year, I would not advise you to keep such cars. In the interest of saving money, I would never buy those because they cost a lot more to fix, maintain, and they both guzzle gas, and a two kid family does not need such room as the X3 provides.

I would suggest you replace both of those inferior cars with brand new or near new two of the following: Civic, Fit, Yaris, Corolla. The cost of ownership of any of these cars is a lot lower then your BMW's, drink a lot less gas, give nearly the same space (you'd be surprised when you ride in one), cost a lot less to insure, are more reliable, and durable, and are made with higher quality then even the $100k BMW's.

You can maybe get two of those cars I listed new for what you might get when you sell both BMW's.

If you want to save money, provide safe transportation for your family, and want the best reliable and durable car that will have the highest longevity, stay far, far away from german cars, and embrace the Japanese cars I listed above.

PS. I owned several BMW's and I have had nothing but problems with them, and the cost to fix and maintain is wildly high.

Inferior??????????????? LOL

Guzzle gas? My 2000 328i with 120k miles gets 30-34mpg on the freeway (depending on speed and hills).

High cost of ownership? A little more in terms of gas (premium), tires (bigger/more expensive than a basic compact) and insurance, but I've had three BMW's with over 100k miles and they were/are very reliable. Wish I could say the same for my Geo Prizm (Corolla clone) and old Accord. And I won't even start on the domestics. Plus, I bought the 328i two years ago for $8000. Its still worth ~$7000. I will say our Odyssey is holding up well, and it takes a beating.

Durability: Save the 95 325is and its cheap interior, my BMW's have held up great, particularly the paint. I will say our Honday Odyssey is holding up well, and it takes a beating.

Used luxury cars are fantastic buys. It just takes a little research to know what to look for and patience to find the right car.

I pay a little more to own one, but things like power/leather/heated seats, premium sound system, xenon head lights, sports car-like handling, and so on, are well worth it to me (I forgoe other things in life like iPhones, golf, name your hobby here, to enjoy a fine car).

To each their own I guess.

That said, OP should sell the car for financial reasons, not because of the "inferior" bit. And then OP should look at a used Acura TSX when car shopping again.. That is a car that combines the luxury aspects with the good points of the econoboxes listed.

[steve8820]

Inferior??????????????? LOL

Guzzle gas? My 2000 328i with 120k miles gets 30-34mpg on the freeway (depending on speed and hills).

High cost of ownership? A little more in terms of gas (premium), tires (bigger/more expensive than a basic compact) and insurance, but I've had three BMW's with over 100k miles and they were/are very reliable. Wish I could say the same for my Geo Prizm (Corolla clone) and old Accord. And I won't even start on the domestics. Plus, I bought the 328i two years ago for $8000. Its still worth ~$7000. I will say our Odyssey is holding up well, and it takes a beating.

Durability: Save the 95 325is and its cheap interior, my BMW's have held up great, particularly the paint. I will say our Honday Odyssey is holding up well, and it takes a beating.

Used luxury cars are fantastic buys. It just takes a little research to know what to look for and patience to find the right car.

I pay a little more to own one, but things like power/leather/heated seats, premium sound system, xenon head lights, sports car-like handling, and so on, are well worth it to me (I forgoe other things in life like iPhones, golf, name your hobby here, to enjoy a fine car).

To each their own I guess.

That said, OP should sell the car for financial reasons, not because of the "inferior" bit. And then OP should look at a used Acura TSX when car shopping again.. That is a car that combines the luxury aspects with the good points of the econoboxes listed.

Good info to hear, particularly since I decided to keep the car and just paid it off last week. Hopefully I will get the same luck in reliability that you had.......

[lovcom]

Inferior??????????????? LOL

Guzzle gas? My 2000 328i with 120k miles gets 30-34mpg on the freeway (depending on speed and hills).

High cost of ownership? A little more in terms of gas (premium), tires (bigger/more expensive than a basic compact) and insurance, but I've had three BMW's with over 100k miles and they were/are very reliable. Wish I could say the same for my Geo Prizm (Corolla clone) and old Accord. And I won't even start on the domestics. Plus, I bought the 328i two years ago for $8000. Its still worth ~$7000. I will say our Odyssey is holding up well, and it takes a beating.

Durability: Save the 95 325is and its cheap interior, my BMW's have held up great, particularly the paint. I will say our Honday Odyssey is holding up well, and it takes a beating.

Used luxury cars are fantastic buys. It just takes a little research to know what to look for and patience to find the right car.

I pay a little more to own one, but things like power/leather/heated seats, premium sound system, xenon head lights, sports car-like handling, and so on, are well worth it to me (I forgoe other things in life like iPhones, golf, name your hobby here, to enjoy a fine car).

To each their own I guess.

That said, OP should sell the car for financial reasons, not because of the "inferior" bit. And then OP should look at a used Acura TSX when car shopping again.. That is a car that combines the luxury aspects with the good points of the econoboxes listed.

ConsumerReports, Edmunds.com, and many others would say otherwise.

And you couldv'e had what you claim (and better) for less money if you had gone Japanese instead. Less money spent means a lot more to save and invest.

Financially speaking, there is no defense to buying a German luxo car, except by only the truly rich that just want it.

This is a forum about saving money, so yes, the cost of a car, it's ownership, it's dependability, it's MPG do matter, and that is why I mention all this.