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Old 06-09-2014, 10:23 PM
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$50k+ is a lot of money for a new vehicle...

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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Old 06-09-2014, 10:41 PM
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Re: $50k+ is a lot of money for a new vehicle...

First off, order a Limited with Lux II, Tow IV, 8.4 w/Nav and 20" wheels and you will almost have an Overland. That's what we did. And if you negotiate it will be around $40-41K and not $50K. Second, pay cash. Then you don't have to kick yourself over paying interest.

If you'd rather put the money on your house or into investments and reap decades of leveraged return, I can't fault you. That's how we got to where we could pay cash for a Jeep.

Either way, good luck.
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Old 06-09-2014, 11:14 PM
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Re: $50k+ is a lot of money for a new vehicle...

4-5 times the value of the Overland or of the monthly payment. Big diff. I'll assume the former, not the later.

It really comes down to what you want to spend your money on.

I am assuming you're both pretty bright to make that money AND to question such a large expense (that's what a vehicle is...an expense).

Say you keep your GC for 12 years like your Honda. That's what....$350/month assuming the GC would have ZERO value at then end of 12 years which would not be the case. You also have higher insurance, fuel costs, etc.

There's a lot of factors that go into buying a new vehicle especially when it is $50K which obviously such a price is NOT a necessity.

It does depend on how prudent you are with your other spending. If you're saving 20% of your pre-tax earnings, then you're probably good to go on spending on one thing that doesn't make financial sense.

I will say, vehicle safety has improved a lot over the last 12 years...since your 2002 Honda.

The bottom line is, it is not a prudent financial move if that is your only analysis. It just depends on what you want and how much enjoyment you'll get out of it.

Sounds like someone wants a new GC, but needs someone to give them the OK.

Here it is....OK.
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Old 06-09-2014, 11:36 PM
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Re: $50k+ is a lot of money for a new vehicle...

If you're not going to tow anything and you want a new car, there are less costly alternatives.

A subaru outback would probably fit most peoples needs. We have a 2010, but with 2kids and a trailer, we wanted something bigger. I've admired the 2011+ grand Cherokees for a while, but was surprised to find that the weren't any bigger... So we got the durango.

If you don't mind a slightly used car, pick up a 2011 JGC. It'll be a serious step up from your current ride, and the original owner eats the initial depreciation! That's really the smart thing to do... But I look after my stuff and keep it forever. Just got rid of a 2002 Mazda protege and bought the D.

Safety is a valid concern, especially side impact standards, which were seriously revised for 2012. Some cars were built with the new standards in mind (so they wouldn't need to be revised), but our 2002's certainly weren't. With all the jacked up trucks around here, I really wasn't keen on driving the old Mazda with the kids in the back.
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Old 06-10-2014, 12:03 AM
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Re: $50k+ is a lot of money for a new vehicle...

another thing I will say is that if you are paying 50k on the overland you are overpaying! It should go for as low as 45k if you shop around!

search around here to know what people are paying
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Old 06-10-2014, 05:52 AM
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Re: $50k+ is a lot of money for a new vehicle...

I would NEVER pay $50,000 for a Jeep...

With that said, I only paid $43,900 for my straight Overland (no extras), and I'm sure others got an even better deal.

I don't know where you're getting this "$50,000" figure for an Overland, and I can't see how someone who makes as much as you say you do wouldn't be able to afford a vehicle at that price.



My wife and I make similar money, I have a kid and a mortage too...but we have no problem with my wife owning a 2014 BMW 328iX Sport...and me owning a 2014 Overland.
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Old 06-10-2014, 07:43 AM
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Re: $50k+ is a lot of money for a new vehicle...

The dollar figure is "relative"...lots of vehicles these days get into that same price range, especially for upper trim levels. Pickup trucks, SUVs, sedans, etc. Doesn't matter. Nature of the beast...

Choose the JGC trim level that best meets your needs. But consider that the "high" for one trim level may not be as good of a deal...long term...as the "low" of the next trim level up. Or vice versa in some cases. So be sure to compare all the options that are close to what you want to have in the vehicle.

BTW, I'm not sure how you would end up with a $1000 car payment...unless it's zero down and a short term loan. Be sure you're getting all the available incentives, too.
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Old 06-10-2014, 08:07 AM
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Re: $50k+ is a lot of money for a new vehicle...

Quote:
Originally Posted by GCLimited View Post
I would NEVER pay $50,000 for a Jeep...

With that said, I only paid $43,900 for my straight Overland (no extras), and I'm sure others got an even better deal.

I don't know where you're getting this "$50,000" figure for an Overland, and I can't see how someone who makes as much as you say you do wouldn't be able to afford a vehicle at that price.



My wife and I make similar money, I have a kid and a mortage too...but we have no problem with my wife owning a 2014 BMW 328iX Sport...and me owning a 2014 Overland.
I never said that I couldn't afford the Jeep. I could just about pay cash for it. It would only be about 1/11 of our take home pay. I said that I was having a hard time justifying spending that much money, not just on a jeep but on any car. The problem is, I really want the jeep. $50,000 is just a huge amount of money for me to wrap spending on a vehicle that will depreciate in value so quickly. On the upside, I will probably drive it for the next 10 years or so. One of these days I will have a week moment and buy it, just not sure if I will do it soon and get a 2015 or hold out and wait for the next gen model.

And I was getting the $50k figure by adding options:

Invoice:
Overland - 43940 + 995
Diesel - $4005
ATG - $1776
OR II - $975
DVD - $1776
= $53,467 * .945 (group buy) = $50,526
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Old 06-10-2014, 08:10 AM
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Re: $50k+ is a lot of money for a new vehicle...

better call suze ormond she will give you the answers you are looking for

just figure the longer you wait the more expensive everything gets, since you seem more prudent and pratical with money then alot of other folks why not look at used
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Old 06-10-2014, 08:21 AM
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Re: $50k+ is a lot of money for a new vehicle...

Although I am not a fan of leasing, that is how a large number of people get behind the wheel of cars they could not "afford" to buy.
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Old 06-10-2014, 08:21 AM
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Re: $50k+ is a lot of money for a new vehicle...

Quote:
Originally Posted by balderic View Post
I will probably drive it for the next 10 years or so.
Bought our last Grand Cherokee for $21K, drove for 14 years and sold it for $2,500. Going to keep this new one a similar amount of time. To me, $41K for 10-15 years of driving is the price you gotta pay for a nice ride these days.
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Old 06-10-2014, 08:21 AM
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Re: $50k+ is a lot of money for a new vehicle...

Quote:
Originally Posted by balderic View Post
I never said that I couldn't afford the Jeep. I could just about pay cash for it. It would only be about 1/11 of our take home pay. I said that I was having a hard time justifying spending that much money, not just on a jeep but on any car. The problem is, I really want the jeep. $50,000 is just a huge amount of money for me to wrap spending on a vehicle that will depreciate in value so quickly. On the upside, I will probably drive it for the next 10 years or so. One of these days I will have a week moment and buy it, just not sure if I will do it soon and get a 2015 or hold out and wait for the next gen model.

And I was getting the $50k figure by adding options:

Invoice:
Overland - 43940 + 995
Diesel - $4005
ATG - $1776
OR II - $975
DVD - $1776
= $53,467 * .945 (group buy) = $50,526
Yea, that's the thing...these vehicles "call our name" and "resistance is futile"...
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