{"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 I’d intended to replace my 2004 Mini Cooper with a newer version of the same model, but allowed myself to be talked into a compact SUV.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 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 My ideal car remains a 2004 Mini Cooper \u2014 but with modern technology updates to bring it into the world of 2022. Unfortunately, that car doesn’t exist. Modern Minis are larger than they were twenty years ago. Worse, their customer satisfaction scores have eroded. (I also like the Audi A1<\/a>, but it’s not available in the U.S.)<\/p>\n I spent an intense 24 hours researching my options. As I read about cars, I created a list of requirements for my next vehicle. I had a handful of criteria, most of which you can probably guess based on my comments above.<\/p>\n Early in my research, I discovered the Consumer Reports<\/em> car finder<\/a> tool. This three-question quiz (which is only available to subscribers) proved helpful.<\/p>\n <\/a><\/p>\n According to this tool, the five cars best suited to my needs were the Kia Niro Electric, the Ford Mustang Mach-E, the Mazda Miata, the Tesla Model 3, and the Hyundai Ioniq 5.<\/p>\n Although I was tempted, I ruled out the Tesla because (a) it’s too expensive and (b) it has mediocre reliability. I eliminated the Kia and Hyundai because they didn’t earn top owner satisfaction marks. And the electric Mustang isn’t actually a sedan; like my Maxi Cooper, it’s an SUV. (I’m not sure why Consumer Reports<\/em> recommended SUVs to me when I deliberately left them out of my search parameters.) That left one car: the Mazda Miata.<\/p>\n Here’s the thing: I’ve always been drawn to Miatas. I like how they look. They’re consistently highly-rated by both customers and professional reviewers alike. And they check all of the same boxes for me that the Mini Cooper does.<\/p>\n The Miata quickly soared to the top of my very short list. Also on that list were the Mini Cooper (which I still love despite its drawbacks) and the more-practical Subaru Outback (which is the unofficial state car of Oregon).<\/p>\n Here are comparison pages from Consumer Reports<\/em> and Kelly Blue Book:<\/p>\n <\/p>\n <\/p>\n Looking at those stats, I think you can see why the Miata quickly became the only car I was seriously considering. The car’s only major downside was a middling road score. Reading the Consumer Reports<\/em> review,<\/a> I recognized that the reasons<\/em> for this low road score \u2014 road noise and lack of space \u2014 didn’t bother me.<\/p>\n The MX-5’s sparkling combination of nimble fun and thriftiness has made it a favorite at our test track \u2014 and the current model holds to the standard.<\/p>\n The Miata is a completely impractical car. It seats two (tightly), it will barely haul a load of groceries, and it’s loud inside. Yet we’re smitten with this plucky ragtop.<\/p>\n There isn’t a better fun-per-dollar performance car on the market that delivers the Miata’s magic. After a long winter’s nap, the MX-5 will revive your senses the first spring day you drop the top and hit the curvy roads.<\/p>\n This Mazda is one of the last intimate driving experiences; you feel like part of the machine that’s melding with the road. The Miata’s steering gives immediate turn-in response, and the car remains playful and predictable even when pressing the limits of the tires.<\/p><\/blockquote>\n I stopped looking at other models and began trying to find reasons not<\/em> to buy a Miata. I couldn’t find any.<\/p>\n The Miata reviews on YouTube all reinforced what the written articles had said. But it was this review from a car-care channel that made me decide at last that the Miata was the car I wanted: “It’ll bring joy to your heart every time you drive it.”<\/p>\n<\/span>Unprepared to Purchase<\/span><\/h2>\n
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<\/span>A Very Short Search<\/span><\/h2>\n
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