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$50k+ is a lot of money for a new vehicle...

17K views 137 replies 48 participants last post by  bill_de 
#1 ·
I am trying to justify spending that kind of money on a new Overland. I am currently driving a 2002 Honda Accord. It gets me where I need to go, but has a small oil leak that just annoys the hell out of me. I could probably drive the car a few more years if I had to and might anyway. Also, I have a toddler and would love to upgrade to keep him a little safer, not to mention taking it out on camping and fishing trips.
Without getting to detailed into my finances, my wife and I make about 4-5 times as much a year as an Overland costs, but even with that it is hard for me to think of making a $1000 car payment over the next 3 years. I know I would love the new jeep, I went out and test drove one a couple of months ago. My brain just keeps getting in my way of going out and ordering one.
So, how do you guys justify spending so much money on a jeep? I am serious, as I am looking for a couple of good reasons to convince myself to get one. Every time I have just about convinced myself, I think about how having $50k less on my mortgage or $50k invested would probably be the better option.







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#44 · (Edited by Moderator)
Back OT, do u really need an overland with all that stuff u mentioned or are you getting all caught up with the car shopping experience. As someone who is also in his early 30s, I couldn't justify the purchase of an overland. I purchased a Larado X, v6 and saved nearly 14 grand and it has all the comforts I could ever want. Leather(well, didn't really want leather, too hot during the summer here in so cal), cruise, 4x4 orii, sunroof, 9 speaker sounds system, and more. From what I have gathered on this site, it's now called a limited or something like that. Either way, shop around, put dealer against dealer to get your best price. Then pull the trigger.
 
#45 · (Edited)
The bottom line is you have to live a little too. Kudos for being financially responsible, but at what point are you going to start enjoying your life too? Remember your life can end at any moment...if you spend your life saving and scrimping so that one day you can enjoy it...you may very well never get there. i know a lot of people like this, never go out to eat, never go on vacation, drive old beat up cars...so they can look at money in a bank account. I'm not that person, I have my amount every month that I save and invest...and the rest I spend and enjoy with ZERO guilt.

If driving a car is just about "getting where you need to go" and eating food is just about "not starving to death" and your home is about "keeping the snow off of you when you sleep"...what is the point of being alive? Why work to achieve?

Thats not to say that you should just say "**** it" and go nuts...its everything in balance. You have no debt other than your mortgage, you can afford the Jeep...if you want it...get it. BUT...if you get it don't feel guilty about it...enjoy it.

Obviously, I spend on cars...but I derive a great deal of enjoyment out of my cars. Some people belong to country clubs, some people have boats, I have nice cars. Its not about "justifying" it, because buying a $50,000 car is never going to be a "smart financial move", its a luxury purchase and not a practical purchase. It costs a lot...there's no sugar coating that or explaining that away. Some things cost a lot because they're really great. The Jeep is a great value for what it is, but what it is is an expensive luxury vehicle in this trim...no getting around that.
 
#47 ·
The OP sounds quite young yet (the mention of toddler). He has "just" started making a good wage (the mention of 2 or 3 years). The worst thing to do (in my opinion) is drop 50K on a car.

I stand by my original comment; get a used GC (2011+) for just over half price. Or buy another used honda and push it around for a few years yet. If you use your new income wisely, stuff it all away in investments or pay off your mortgage early etc., you will be much better off in life later on. While it's true you may not live past 30 / 40 / 50 / 60, statistically speaking you probably will. (And if you yourself do not live to take advantage of your good financial situation, you always have kids / spouse / family / charity who will appreciate it.)

You will thank yourself later on for the wise financial moves you make when you're younger.
 
#48 ·
You will thank yourself later on for the wise financial moves you make when you're younger.
But, if you 'stuff it all away' you may just as likely look back with regret for the things you missed out on.


The key word should be 'balance', and I don't mean the balance in your bank account. ;)


---
 
#49 · (Edited)
If you're making your monthly mortgage payments, you have no other loans (second mortgage, student loans), you're paying all the monthly bills on time and have no credit card debt, you're both contributing at least the minimum to your company's 401K to receive full matching funds (maybe even purchasing your company's stock through ESPP), saving for the kids college fund, and you both have sufficent amounts of insurance...and you still have disposable income after all that...

...I say go for it! You only live once!
 
#58 · (Edited)
I lease both our cars now. Several reasons:

1. I always want to trade them around the 3 year mark. Again, like I said I can afford to do that so since I want to do it, and derive enjoyment from doing that, I do that. You just have to realize this is a very expensive way to own vehicles. Seeing that I am going to do that anyways, my analysis has shown me leasing is the cheapest and easiest way to achieve that sort of vehicle ownership where I get a new one every 3 years.

2. I like the flexibility I have at turn in time. I can just turn them in, I can trade them in, or I can buy them and keep them (which I never want to do). Typically I have found that after about 6 months remaining I can actually trade them in and get my payoff and get out with no cost...so really I don't even worry about mileage.

3. I don't have to worry about repairs, etc

4. My wife and I are both 1099, and thus we each can write off a vehicle for business. Leasing makes this a lot simpler.

It works for me, wouldn't work for everyone. To canistel who is so worried about what happens to everybody but me when I die, when I lease and I die the lease agreement is void and the car just gets turned in...removing that crushing burden from my family ;)
 
#60 ·
I can believe that his 2002 Jeep Wrangler is worth today what he paid for it 3 years ago. My cousin loves Wranglers and buys them and sells them all the time used. They hold their value incredibly well, and modified Wranglers even if its just a small lift and big tires ALWAYS have a demand.

He buys them, keeps them for a couple years, and sells them for what he paid all the time. He has like 5 right now.
 
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#62 ·
So I just deleted all the non Jeep, non topic, non essential, nonsense from the thread...which was a lot of posts. Lets try to keep it somewhat on topic if possible. The thread is so riveting and informative I didn't want to chance it going flammable on me. :rolleyes:

Carry on boys and girls :thumbsup:
 
#63 ·
So, how do you guys justify spending so much money on a jeep? I am serious, as I am looking for a couple of good reasons to convince myself to get one.
Here's the thing.

We can talk all day long about the hows and whys that we got our Jeeps, but you're the final arbiter. Our reasons aren't your reasons.

The Jeep is an expense. It's money down the well.

It's difficult to buy pretty much anything new today for under $30K, anything in the midrange size, with a few bells and whistles.

If you don't think the vehicle is worth what you need to pay for it, then don't buy it.

It's not like you're trapped in a desert filling station with some guy charging $500 for a radiator hose.

Is the Jeep worth it? It is to us, otherwise we wouldn't have bought it. We can grouse about the prices we pay, but yet, here we are, Jeep owners, paying "high prices", yet there's no gun to our heads.

I justify mine by the fact that it has what I wanted in a vehicle, and it was the cheapest one that met my criteria. Would I have like to pay less? Yes. Would I have liked Jeep to offer my features more ala carte, or perhaps on a lower spec? (Notably the ELSD on the V6) Yes.

But do I feel cheated or swindled or between a rock and a hard place? No.

Cars are a waste of money. NEW cars especially. Especially today. If you were Smart(tm) you'd wait until 2017 and get a 2 year old '15 model, so there's no chance of getting an early adopter '14, plus the new rev would be coming out driving the prices down even farther.

As they say in "Next door millionaire" (or something like that), buy 2-3 years old, buy one every 3 years, pay cash, sell cash, buy Japanese. That advice would keep you in Camrys and Accords until you're done.

It's good advice.

I don't follow it. I'm doing that consciously.

My cars aren't about resale value, I keep them too long.

I wanted what the Jeep has. Nothing does what it does at a better value. I will not use it to its potential. My potential is lower than it's capability, but I like it that way. Bang/buck, in the current market, the JGC, even at silly prices, is a steal. Either Jeep has a great value, or everyone else is ripping us off.

If the Overland is too high, get the Limited. It already has more stuff than I know what to do with as it is. But that's me.
 
#67 ·
Here's the thing.

We can talk all day long about the hows and whys that we got our Jeeps, but you're the final arbiter. Our reasons aren't your reasons.

The Jeep is an expense. It's money down the well.

It's difficult to buy pretty much anything new today for under $30K, anything in the midrange size, with a few bells and whistles.

If you don't think the vehicle is worth what you need to pay for it, then don't buy it.
Absolutely, drive it, if you fall in love with it and you can 'afford' it, then buy it. That's what happened to me. If not, keep buying 2nd hand japanese cars for utility value only.

I'm a saver, hate having debt. But I had to have my Jeep. Even the missus couldn't stop me.
 
#68 ·
I think this thread should've/could've been summed up with one sentence.

It's your money and your decision.

Had you asked about features or others experiences with the jeep then I could grasp all the 10 hour long responses. This just seems ridiculous to me is all.

Maybe it's just me but I get annoyed with all the nanny responses. People telling strangers how to spend and save.

All you nannies out there could start telling me what to do, tell me to move on if I don't like the convo. I guess it's like a car accident. I see it and I can't look away.

To the op, if you want a financial adviser you should hire one. If you want a jeep you should buy one. If you want a nanny then you just found 30 of them on this thread and they are going to spank you verbally if you do something they said you weren't allowed to.

This isn't a jeep conversation, it's a jerk convention that used to have a hot Jessica Simpson picture in the middle of it.

Was that too harsh?


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#69 ·
I agree! To the op shut the f up! First world problems to the max! Your making all that money and want to complain about the cost of the jeep?? Just keep driving your piece of trash and go die with that cash in your pocket. Your type of person must be a blast to hang around.
 
#72 ·
I don't think the OP asked others to tell him what to do with his money, he is asking how others justified the expense to themselves. Some people have no problem justifying blowing their money, others do.
 
#73 · (Edited)
Canistel-

He asked how you guys justify spending the money. I took that to mean he wanted to know what drove our buying decision. Maybe he wanted to hear if anyone had buyers remorse afterward. It sounds to me like your trying to sell him an annuity or a life insurance policy almost.

I just don't like the nanny mentality. Funny how it sounds like you took offense to that. Think about that. Why does it bother you? Maybe your a nanny for a living....how many children do you take care of?


And who on this thread is the dried biscuit? The people telling the op they love their jeep? The guys telling him to enjoy life? You'd have to know an awful lot about people's finances to say they have poor financial sense. I'm going to go out on a limb here and say you know zilch about anyone on this thread. Stop the assumptions please, and stop the nannying until your kids show up in the morning.

To borrow a phrase from a great financial guru-
You have the advice giving skills of a dried biscuit.

Don't give advice to people until you've done your homework. Have all the info you need to make an educated and helpful recommendation. Don't act like you know then talk like you know when you really don't know.

How does it feel to have someone tell you how to do things?

I'm done being your nanny now, you're welcome.



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#79 ·
not sure if it's been mentioned, but in canada, the v6 overland STARTS at $58K. with taxes, it's $65.5K. that's $60.3K USD. you i was able to get employee pricing because of an acquaintance that works there, but still ended up paying $58K OTD (incl. taxes, fees)

also, it's been like 12 weeks and my factory ordered overland still isn't here yet. i might cancel the order and go look at the bmw x5.
 
#98 ·
Balderic said, and I quote-"I was just curious how people justify spending blah blah blah" ok so it's not an exact quote....but it's right there, for anyone to read in plain English. How is that being overlooked?

I never saw anything in any of his posts asking for financial advice.

He wanted to know how we justify the purchase. US! Get it?

A lot of over zealous wanna be financial advisers took it upon themselves to tell him how to spend his money. Annoying at first, now just boring. It's like eating a dried biscuit. Get it?

I think the proper response to his post would've been to explain how we all decided to buy. US! Get it?

Hello?? Earth to nannies??? Anybody in there?




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