{"id":244388,"date":"2022-09-26T05:00:38","date_gmt":"2022-09-26T12:00:38","guid":{"rendered":"https:\/\/www.getrichslowly.org\/?p=244388"},"modified":"2023-12-05T14:11:32","modified_gmt":"2023-12-05T21:11:32","slug":"my-miata","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/my-miata\/","title":{"rendered":"Why I bought a NEW car"},"content":{"rendered":"

I am 53 years old. Never in my life have I allowed myself to buy a car I truly love…until now. This is the story of how I allowed myself to make a huge<\/em> purchase just for the joy of it. And it wasn’t even a purchase I’d intended to make. Let me explain.<\/p>\n

During the peak of the pandemic (early July 2020), I paid $35,990 for a used 2019 Mini Countryman SE All4. The Countryman \u2014 which I call a “Maxi Cooper” \u2014 isn’t a bad car, but I regretted buying it almost immediately. I’d intended to replace my 2004 Mini Cooper with a newer version of the same model, but allowed myself to be talked into a compact SUV.<\/p>\n

For two years, I drove the Maxi Cooper and tolerated it. It wasn’t a bad car by any means, but it was a bad car for me<\/em>. I’m not an SUV guy. I’m a small-car guy.<\/p>\n

Last month, I took the Maxi Cooper for an oil change. While I was waiting, the dealer offered to buy it back from me. I wasn’t expecting that.<\/p>\n

As you probably know, the used-car market in the U.S. has been crazy for a couple of years. According to the U.S. Federal Reserve, prices on used vehicles are up 55%<\/em> since July 2020<\/a>. Prices for new vehicles have also increased during that time, but by only 18%<\/a>.<\/p>\n

Because I write about money, I’m aware that used-car prices are high, but I hadn’t considered that I<\/em> might sell the car I purchased only two years ago. I’m the sort of person who buys a car and keeps it for a decade or more. But when the Mini dealer told me they’d pay $33,000 for a car I’d bought 26 months earlier, I was intrigued.<\/p>\n

I contacted one of my buddies, a former car salesman. “What am I missing here, Jeremy?” I asked. “This seems like a pretty good deal.”<\/p>\n

“It’s not just a good deal,” Jeremy said. “It’s a miracle<\/em>. It’s as if you leased that car for $115 per month. You should take the offer. Now. Before they change their mind.”<\/p>\n

Before you read my story, you might want to read this similar story from Liz at Frugalwoods: Why we bought a NEW car.<\/strong><\/a> Here’s a relevant excerpt:<\/p>\n

“In normal economic times \u2013 or rather, in past economic times \u2013 used cars were remarkably cheaper than new cars, which made the depreciation on new cars astronomical. In other words, new cars would lose a tremendous amount of their value as soon as they were no longer new.<\/p>\n

“Used cars, on the other hand, had a much more gradual depreciation curve, which meant you could buy a used car for a reasonable price and then, if needed, re-sell that used car at a reasonable loss. Currently, thanks to supply chain issues, a shortage of computer chips and inflation, used cars are no longer a deal.”<\/p><\/blockquote>\n

<\/span>Unprepared to Purchase<\/span><\/h2>\n

After the Mini dealer offered to buy my vehicle, I immersed myself in car information. As I did, I made myself a promise: For the first (and perhaps only) time in my life, I was going to buy a model I wanted without<\/em> making compromises.<\/p>\n

You see, every car I’ve ever owned has involved some sort of sacrifice. When I was young, the chief compromise was cost. I couldn’t afford more expensive vehicles, so my options were limited. In more recent years, I’ve compromised by buying used. Then by purchasing a compact SUV instead of a sports car. And so on.<\/p>\n

This time, I didn’t want to compromise. I wanted to buy exactly<\/em> the car I wanted. But which car would that be?<\/p>\n

Because I hadn’t intended to get rid of my Maxi Cooper, I’d done zero thinking about what kind of car I might buy to replace it. Normally, people figure out what kind of car they want before selling their old one. I was doing things in reverse. I was applying my self-centered shopping<\/a> strategy to buying a car!<\/p>\n

For a time, I considered not<\/em> replacing the car at all. I still own a 1993 Toyota pickup. It’s ugly, but it works. Plus, Corvallis is a small city with excellent infrastructure for alternative transportation. I walk 20+ miles per week through town and would happily walk more. This summer, I’ve been biking for longer errands too. Going car-free was certainly an option I considered, as was buying another 2004 Mini Cooper. Ultimately, though, I decided to use this opportunity to upgrade to a some sort of new car.<\/p>\n

Before we go any farther, it’s important to note a few things about my relationship with automobiles.<\/p>\n