Re: [DMCForum] Fwd: [DML] Re: New Delorean

["Jim Isbell, W5JAI" <jim.isbell@xxxxxxxxx>]

I couldn't agree more.  I am 71, retired for about 8 years,
multimillionaire.  I NEVER had a job that paid more than $55,000 a year and
did not inherit a bundle from my parents.  I just drove used cars, like old
Bentleys, Chevys, Continentals, etc that I thought might someday have
value.  Most of them did and I sold a nice collection that I had only
$10,000 in over 15 years and got enough to pay off the mortgage about 25
years ago and have been house payment and car payment free ever since.  All
those years (50 years of driving mostly 10 year old cars) I did buy two new
cars, a new Citroen ID19 and a 1985 Ford escort.  Both of these were cheap
and lasted over 200,000 miles each.  The Ford had an over all cost of less
than 10 cents a mile including fuel.  The rest of them were REAL cheap and
were sold at a profit after a couple of years use.  But the key to my
success was that all that money I was NOT putting into car payments went
into mortgage payments on real estate, mostly raw land in the path of
development.  But even more interesting, was that all those years, because I
was driving unusual cars, my friends thought I was spending a bundle on my
rides.  I wasnt.  The bentleys, over a dozen of them over as many years,
were bought in England for less than $500 each, shipped back, and I
"restored" them in the garage.  The word restored is in quotes, because all
I did was make them into a decent daily driver then waited for the value to
rise so I could sell them at a profit.

Today, however, I am again considering the purchase of a NEW car.  Why?
Because for the first time in my 71 years I can get one with a lifetime
warranty.  Chrysler is now selling their product with a lifetime warranty
and I am considering either a 300C or a Magnum.  If I replace all non
warranty items from O'Reilly Auto which gives lifetime warranty on their
parts, it will not take long until the entire car except for the tires and
battery will have a lifetime warranty.  I am now kicking myself for ever
getting rid of the J.C.Penny lifetime warrantied battery I once had....#8-)

Some of you are saying, "at 71, that isn't much of a warranty."  But I plan
on living until 120 so that will be 49 years and besides, by then, because
of all the real estate I will be disposing of, I will be able to be driven
around in a limo.

Buying a new car of ANY kind is a loosing strategy.  Yes, I bought two of
them and I didn't do bad, but they were NOT profit makers.  A new car looses
20% as it is driven off the floor and you will never make it back.

On 9/6/07, Ryan Wright <ryanpwright@xxxxxxxxx> wrote:
>
>   Sending here, since the DML doesn't want it there (& I don't blame 'em).
>
> -Ryan
>
> ---------- Forwarded message ----------
> From: Ryan Wright <ryanpwright@xxxxxxxxx <ryanpwright%40gmail.com>>
> Date: Sep 5, 2007 2:29 PM
> Subject: Re: [DML] Re: New Delorean
> To: dmcnews@xxxxxxxxxxxxxxx <dmcnews%40yahoogroups.com>
>
> Ed,
>
> > I didn't want to wait till I was 40 to be able to buy one for cash
>
> Why would you have to wait until you were 40? Unless you're already in
> your late thirties? If you can get a 4 year loan for a car, then you
> can probably buy it for cash with 3 years of savings. Anyway, I'm not
> telling you what to do. It's your money, your life. I'm just some
> silly guy offering unwanted advice on an email list. :)
>
> Jack:
>
> > I was only making roughly $26K a year and I worked my ass off to get my
> car.
>
> I'm not saying there are people who "should" or "should not" own a
> DeLorean. This isn't elitism here and I'm not being snobby or telling
> you what to do with your life. But consider something: If you invested
> that ~$350 a month car payment into good mutual funds instead of
> sending it to your bank, and if you did that for 4 years, you'd have
> ~$21,600 in cash. Assuming you started at age 21 and ended at age 25,
> and assuming you then left that $21,600 alone and didn't add a dime to
> it for the rest of your life, when you turned 60 you would have nearly
> $1.4 million dollars in that bank account.
>
> If you CONTINUED investing that car payment, $350 per month, until age
> 60, you'd have $3.6 million.
>
> So you people can talk all you want about how you can "afford" a
> $20,000 car on a $30,000 income but it still doesn't make it a good
> stinkin' idea. You're going to regret it when you're 60 and living on
> what's left of the social security system while I'm sitting off the
> coast of Fiji sipping expensive champagne in a multi-million dollar
> yacht. You don't have to be rich to do that, because I'm NOT rich and
> I WILL be sitting in that yacht. If you can afford a $350 a month car
> payment then you can clearly afford to retire with millions in your
> bank account.
>
> Isn't that something? A blue collar worker earning twenty six grand a
> year could retire with millions and millions of dollars, if only he
> was wise enough to drive a $2,000 paid for car instead of making
> payments on a $20,000 DeLorean...
>
> Food for thought.
>
> -Ryan
>  
>



-- 
Jim Isbell
"If you are not living on the edge, well then,
you are just taking up too much space."


[Non-text portions of this message have been removed]



 
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