When I went to the street to get the mail on Saturday, the latest issue of The New Yorker was in the box. Walking up the sidewalk to the house, I idly began to remove the subscription cards. I stopped, though, when I came to a full-page cardstock advertisement. I read the front of the ad. I read the back.
At the kitchen table, I carefully removed the ad from the magazine, carried it upstairs, and sat down at my computer. I typed in the listed URL, and for the next two hours, I was at the mercy of the advertiser. What was this ad for? The 2007 MINI Cooper.
I’ve mentioned before that I hate my current vehicle — a 2000 Ford Focus. I bought it in a hurry after my 1992 Geo Storm was totaled by a wayward tractor-trailer rig. I’ve loathed the Focus since day one.
Three years ago, as I began my debt-reduction crusade, Kris and I made a pact. As soon as I had paid off all my debt, I could buy any car that I wanted. I never dreamed that day would come so soon, but it has. I’ll be debt-free by Christmas (except for the mortgage), which means I’ll have some tough choices to make.
During our recent trip to London, I fell in love with the MINI. It seemed to be everywhere, and I was enamored with its compact style. I began to believe I had to own one. But I’m not in the same place I was three years ago. I have a different perspective on money. Do I really want to eliminate my debt only to immediately purchase a new car? That doesn’t sound smart.
On the other hand, I drive a lot, and the Focus is like an anchor around my neck. Also, I do feel that it’s appropriate to reward myself for achieving a goal. Kris and I had a long chat yesterday. We both think I’ve licked the debt monster and have shown I can work to pay things down. I have the go-ahead to buy the car.
Of course, in order for this to happen, I actually have to be willing to spend the money. I could probably pay off a new car in just a couple years, but I’m not sure that’s something I’m willing to do. This frugal living stuff has become a habit. And although I hate my car, it seems foolish to get rid of it after only seven years.
Last night I sat down to work out the numbers. It’s clear that buying a car would impede my larger goals.
One of my goals is to drive less, for example. I want to reach a point where it doesn’t matter what sort of car I have. I want to work from home, writing. I want to walk to the grocery store. I want to ride my bike to reach more distant destinations (like the comic book shop). How does buying a car help me achieve these goals? It doesn’t.
Not buying a car lets me reach these goals more quickly. By not buying a MINI Cooper, I’m roughly $25,000 closer to paying off my mortgage. By not buying a MINI Cooper, I have more to set aside for retirement. If my dream life is to stay at home and make my living as a writer, then I need to do things that will make this a reality. Buying a MINI Cooper is counter to my objectives.
Someday I really will buy a car that I want. That day has not yet arrived, however. Maybe I’ll do it when the Focus dies. Maybe I’ll do it when I turn 45. Or 50. Maybe a wealthy aunt will buy me a MINI Cooper — I certainly wouldn’t turn it down. If only I had a wealthy aunt…
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[...] $1165. That’s a lot of money, especially for a car I don’t like. (It’s 5% of a Mini Cooper!) But what other choice did I have? “Go ahead,” I said. “Go ahead.” Though [...]
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I understand completely your MINI fever, its a great car! Was reading through this article and was astonished to find that the MINI Cooper costs $25,000 – I live in the UK, and that would roughly translate to £12,670. The thing that hit me, though, was that a company are selling a car in America for comparably the same price as in other countries!! It’s usually completely different, I want to buy a Volkswagen Golf (a VW Rabbit in the USA) at around £19,000 for the right spec, engine etc. In US $, this car would cost around £37,510 (!) but VWUSA can offer the same car, with a larger engine, more equipment and a greater choice of accessories, for around $20,000, which works out as £10,130 – about £9000 less than the UK version, which has less things standard and a smaller engine! How fair is that?
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[...] year, I spent the afternoon leafing through it. Unlike past years, I think I managed to avoid the new-car itch. Here are their top-rated vehicles in ten categories (with last year’s top cars in [...]
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[...] @My Dollar Plan Money Mistake Monday – The I Fell For Another Car Lease Syndrome @My Two Dollars Shaking the New Car Itch- A Tale of Priorities @Get Rich [...]
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I drove a 2001 Ford Focus ZX-3 before getting a my current vehicle, a new ’06 MINI Cooper S.
The Focus had minimal options and was just a car to drive. It had no pick-up, at any speed, but it got from A to B. I also had to change the ignition on it (see #25, which is completely true).
The MINI is REALLY fun to drive, gets ~36 mpg (mostly highway). The 2007 models switched from super chargers to turbo chargers and therefore get better gas mileage.
In response to #98 Clare: you should try to find a MINI owner’s group in your area. Mine ( http://www.michiganmini.org ) has a “resident mechanic” who knows everything about MINIs, including where to get the least expensive parts and service, which is *never* the dealership. First place to look for MINI groups would be http://www.northamericanmotoring.com
The MINI is my first new car, and I think it will be also be my last.
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What about the $4,500 Obama is giving away? Is this the time to buy a new car?
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A good rule of “thumb” is to never buy anything with an engine in it. Anything with an engine loses its value while you look at it and while you sleep. An engine refers to an automobile or truck or motorcycle or ATV. A motor refers to an electric motor. The only reason to buy a new car or motorcycle is if you can “steal ” it by the price of it. Also if you do need a car then buy something made in Japan. I have a friend who has owned two Subarus. He puts 300,000 miles on each one and then gives them to his daughter to drive. I asked how many exhaust systems did he have to replace. He said he never replaced any exhaust systems. What about engine trouble. He said he never had any engine trouble. So how does he get 300,000 miles on each Subaru. Each month he changes the oil and filter, the air filter and the gas filter. Does he use synthetic oil? No the lowest cost oil sold at the autopart stores that conform to the manufacturers specifications. I bought a used 1998 Plymouth Breeze with 72,000 miles. Today it has 174,000 miles on it. Im waiting to hit 200,000 and go from there. Yes I had to buy rear drum and springs and two wheel cyclinders and two brake discs and pads and three hub bearings. Yes I had to buy a battery and tires but what car can go 200,000 miles without some maintenance items? I only paid $2200 for the car so I cannot complain.
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7-12-09 I’m still driving my well maintained 1990 Acura Legend L & have saved tons of $$ over the years by Not buying or leasing a new car every 3-5 years. Now, I’d love to get a new BMW 335i ($40k) & after NOT making car/lease payments for the last 15 years, can easily afford the payments or to just cut a check for the full sales price BUT, after all these years, I’ve become so addicted to having both no auto payments & making interest & earning on the $$’s, I’ve lost the ability to pamper myself & be a little $$ stupid. Help!
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