Will writes:
I currently own two vehicles and am thinking of returning to just one, or maybe not. I own a 2005 BMW 330i sedan with 98k miles and a pristine 1986 Chevrolet Silverado 2WD short bed with 65k miles. I use the truck to work on the house I am renovating and keep the car…well, because I like it and it is more comfortable to commute to and from work.
I am making payments on both vehicles and while I could conceivably pay both off right now with little trouble, I wonder would it be a) cheaper to keep both with their associated maintenance costs, insurance, etc. or b) sell both vehicles and buy a late model car/truck/suv that is comfortable, relatively fuel efficient, generally reliable, has ABS and an airbag(s). I do a fair amount of highway driving but I need something that can haul some tools, old house paraphernalia, a dog, and a mountain bike. Also, I prefer to drive a manual, but it’s hard to find something useful with a manual.
Thoughts?
Sajeev Answers:
The urge to sell both and buy an SVT Lightning or a Silverado SS is a lot to overcome. Ditto the knife-twisting need to tell the world how a late model minivan (not the overpriced Honda and Toyota variants) is perfect for your needs. And of course, late model Panther Love with a Class III hitch. But let’s be serious.
You want a cargo carrier with a BMW-worthy interior for long trips. Said hauler must be affordable and not a nightmare when servicing. The Dodge Magnum sports an interior too awful for public exposure, Subarus are more quirky than luxurious, so the Volvo V70 (2007-present?) fits the bill nicely. The turbo motor may drink premium too quickly for your tastes, so the I-6 is a competent alternative. Finding one with maintenance records is almost as important as knowing a good Volvo mechanic in your neck of the woods, lest the repair bills make you pine for your old Chevy.
So sell your cars, because trade-in will be murder. Start with the BMW and use the proceeds for the Volvo’s down payment. The Chevy is fully depreciated, fairly desirable and will have no problem fetching top dollar if it’s as clean as you state. So use that as your Volvo-hunter, provided a test drive validates my point. Best of luck.
Steve Answers:
Your question confuses the H-E- double hockey sticks out of me.
First you are making payments on two vehicles. One of which is apparently old enough to be eligible for the Hertz Presidential Club. I hope you meant 1996 for that pickup because otherwise I would strongly suggest a paddleboat as your next ride.
Now you tell us it would be easy for you to sell these two vehicles and buy something new. Do you only have a few payments left and want to just keep Jonesing that debtload of yours? Your ideas on this read like Nirvana lyrics. Random thoughts and fatalistic spending ideas just don’t work if your needs are simple. To put it in automotive terms, you’re trying to buy an I-drive of headaches when a few simple buttons would do.
Your real answer is… a trailer. In fact I just saw one in front of a nearby pawn shop that is only $300. Install a tow hitch from JC Whitney. Take a gander through Craigslist for a well-kept trailer. Then refer to the European guides for towing. Why? Because in Germany in particular, a BMW 3-Series sedan is often a family car. Trailers and caravans are quite common there since full-sized pickups in a land laden with small roads and $6 gas is what my German father would call ‘verschwenderisch’.
As for the dog, go get a thick blanket and tuck this covering in the back seats of the six year old Bimmer. Either that or secure a dog crate on the trailer. For a fraction of your current costs, you may now have an opportunity to enjoy the finer things of German culture. Great engineering. Fiscal pragmatism… and beer money.
Need help with a car buying conundrum? Email your particulars to mehta@ttac.com, and let TTAC’s collective wisdom make the decision easier… or possibly much, much harder.
Nice El Cabeemo !
+1 for El Cabeemo.
I bet BMW could sell those by the shipload.
Sell the truck and keep the 3 series, using some of sales proceeds to buy a roof rack, bike rack and box for the 3er. Unless you need a truck a lot, borrow someone else’s when you need it or rent it as needed.
I’d imagine the mileage you get in the 3 is close to double what the truck yields, drives a lot better, is more fun, easier to park, etc.
Don’t buy another vehicle if you have at least one that works for you!
Do you only have a few payments left and want to just keep Jonesing that debtload of yours?
So, maybe he prefers to spend his disposable income on a nice new car. What’s wrong with that?
Obviously I can’t speak for everyone, but now that I am debt free I aim to stay that way because of the freedom that brings me. I’d rather not have to be tied to a job because of the unnecessary obligations I have created for myself. That can be fun as well, and with no debt I can save and pay cash for my indulgences.
pay cash for my indulgences.
With automakers offering 0% or 1.9% financing – why bother giving up the security of your liquid assets?
The way I see it is this, if I can’t afford to pay for it outright I’m not buying it (either with cash or a 0% loan). This is the decision I have come to after having 2 car notes and a lease. I just feel better this way.
No offense carguy622 but it sounds like you’ve swung from one extreme to another. You made mistakes buy having to many loanS AND a lease, that’s 3 cars. You my friend are bad with money. It’s like someone telling me that had 3 maxed out credit cards that just finished paying them off telling me credit cards are evil.
Loans and credit cards are not evil, just like a chainsaw is not evil, are they dangerous, sure, should everyone be allowed to run a chainsaw, NO they should not, but used wisely a chainsaw is an effective tool.
In short just because you can’t be trusted with a chainsaw doesn’t mean that everyone else shouldn’t be allowed to use one to our benefit. At least you can recognize your short comings, some people cannot, and that is their failing point, not loans or credit cards.
@neevers1: I never said that loans don’t have merit, I just don’t want the headache of a car payment that I don’t need right now because I want a new toy. For what it’s worth all of my car loans were paid in full before I bought my next vehicle and I always put at least 50% down… I did not have all three loans simultaneously (god help me).
Everything in moderation.
Great solution Steve. Thanks for reminding us of the trailer option. I laugh every time someone says they have a full size truck to do work around the house. What a waste of money. The acquisition cost, fuel, insurance, maintenance, etc. of a full size truck to run to Home Depot a few times a year? Just get the trailer. Or rent the truck at Home Depot those few times you need it. The money saved would be astounding.
Pay off and keep the truck. It sounds like you have enough to do around the house to justify having the open bed. If you shrink your fleet to just an SUV it won’t be long before you have to haul something that you won’t want to put inside. The insurance and maintenance costs on a truck of that vintage are almost nothing, particularly if you go for liability only insurance once it’s paid for. Pay it off, take care of it, and keep it for 20 years. You will have hauled enough crap by that time to have gotten your money out of it.
As for your car, if you like it, pay it off and keep it. Live without car payments for a year or two and see how that feels. If you don’t like the car, then trade it in, but keep the truck. If you get rid of it, you’ll regret it within six months. I have a 1995 GMC 2WD short bed and I will never be without a beater pickup truck in my personal fleet.
I don’t understand why you’d want to continue to make payments on two cars at the same time. But I do understand the need to have a pick-up when your home is your long-term project. I personally have a 2002 Tacoma 4×4 x cab, and it’s nice to just stop at one of the BORG home centers for a sheet of plywood or some 2×4’s. It’s also nice when you see a nice couch on the curb on bulk pick-up day that would be just perfect for your basement (what my wife call ‘hobo Christmas’)
The truck is just about perfect for me. It’s great in the snow, gets decent fuel economy, costs almost nothing to maintain, and my 90 lb dog is happy as a clam in the x-cab behind the seats sitting on a carpeted plywood platform that fills the whole area for his use as a nice flat bed. Truth be told, a cheap pick-up that’s paid off and gets crappy fuel economy will almost ALWAYS be cheaper to operate than having a second car, even if that car is dirt cheap and gets killer fuel economy.
that said, I also have a very nice 2011 A4 that gets used for the majority of my commuting. ;)
Wait… payments on an ’86? Seriously?
+1 Exactly what I was thinking. You can find mid 80’s Silverado’s for chump change.
I get it. You’re bored and looking to the B&B for an excuse to buy a new car you really don’t need. You came to the wrong place.
You’ve got the perfect situation — a terrific daily driver and a well depreciated pick-me-up for weekend hobbies. Enjoy them.
Pay them off. Why would anyone owe money on a 25 year old truck? Why would anyone owe money on a German car with 100K miles on it? Pay them off and enjoy life without car payments.
Once they are paid off, start an investment account for yourself, entitled “my dream car”. Put the equivalent of your usual car payments into this account every month. Once you’ve saved enough money to buy your dream car with cash, go for it.
“Once you’ve saved enough money to buy your dream car with cash, go for it.”
With BMW offering 1.9% does all that hassle really make any sense?
Only on the offhand chance he doesn’t want to spend his life enslaved to car payments.
Look, nothing against buying a new car (I’ve done it myself a few times) but the plain truth is that after the new car smell wears off, so does the high of having a new car. All that’s left is that fat payment book staring you in the face.
Steve:
Your answer was HI-FRICKIN-LARIOS. “Your ideas on this read like Nirvana lyrics.” Yep, I’m stealing that one.
Steve says “Then refer to the European guides for towing.”
Only if you’re going to install the European hitch, and you won’t be finding that in the JC Whitney catalog.
My vote is to pay off the loans and keep them. If you can only pay off one then I’d pay off the pickup. The other thing I would consider doing is selling the short bed pickup and getting something with an 8 ft bed. Hauling building materials around on a short bed can be a pain.
Hey, I have a similar situation as you. A full sized cargo van for hobbies, Home Depot trips, and vacations. And a smaller car for commuting.
My advice is to pay off the cars and keep them for a few years. You are probably looking at changing rides just to get a new car again. That’s a good way to extend your payments to forever!
Keep the bimmer and the Silverado. Enjoy them. Stop ogling new cars so much and save yourself some money.
You are probably looking at changing rides just to get a new car again. That’s a good way to extend your payments to forever!
So, is it worse than spending money on any other hobby? Some people go to concerts, some people own ski, bass or sail boats, some like to travel or eat out and some enjoy driving a new car that they enjoy.
I guess I just don’t understand the TTAC objection to an auto enthusiast spending money on a car.
There’s a big difference between “spending money on a car”, and “remaining perpetually in debt for a revolving parade of depreciating assets”. Rule of thumb for purchases applies to cars just as mcuh as any other unnecessary expense: “if you cna’t pay cash, you can’t afford it”.
Keep the BMW. The E46s are very reliable and it will give you better mileage and greater comfort (and safety) than the old truck. If you need to haul get a roof rack or a small trailer.
“You can find mid 80′s Silverado’s for chump change.”
Not pristine ones w/65K. Won’t be too long before the Chevy truck will is worth more than the BMW…..LOL
Keep the PU. Mine was absolutely essential when I redid my first home. The trailer thing sounds good in concept but that’s a far cry from reality.
I agree… if the truck is truly pristine, buy a good bedliner, keep it pristine but dont sell it. You cannot find those anymore, talk about reliable.
Do NOT buy a bed liner. That’s the surest way to guarantee the bed will rust out. LineX or Rhino Liner are your best bet. On a short bed it’ll cost you a few hundred dollars tops and it’s virtually indestructible.
“Either that or secure a dog crate on the trailer”
I can’t believe that no one has busted you on this yet. You might want to check in with Mitt Romney on this idea.
Steve’s solution is brilliant, with the exception of sticking the dog crate on the trailer, and yes, the Mittster did something that is just as bad–thanks! ClutchCarGo. But if you don’t like it, consider an Element with a stick. They are pretty damn responsive, and you can hose out the interior.
I owned an Element and you cannot “hose out the interior” as that will corrode electronics. You can use a leaf blower pretty easily and a wet sponge.
I vote for keep the Bimmer and get a small single axle utility trailer. It can haul ~ 1k-2k lbs safely which will suffice for what you need. Even better get a trailer that folds up so you can stow it out of the way in the garage. Add a small tough box and you also have a luggage trailer for long trips without the car cluttered. Needing a full size pickup just to run to the hardware store doesn’t make sense unless it is your profession or you haul large items that need a pickup’s open cargo area.
Just sayin….when I scrolled down and saw that picture (please tell me it’s a photo-shop?) it skeered me alot.
Some things are just too hideous and evil to be allowed to exist. That…..thing…..is one of them.
I cover all the bases. I have the E46 wagon with full Yakima kit for the MTB and box, this is used for the highway trips to CO (you mentioned highway need) An old Toyota 4×4 for the ugly stuff and rock crawling – it cost play money to buy and nearly nothing to operate, and a Honda Element for middle battleground use. If you enjoy the BMW don’t kid yourself that a late model SUV will do the trick, but then again that new Explorer looks pretty nice………
How much do you want for the 86 Chevy? Cause I’m in the market and I have some chump change. Now for the LSX drop-in!
Consider this, I have towed a 1500 lbs boat on a trailer with 2000 Civic DX hatchback. Home Depot rents trucks by the hour. Uhaul is always around the corner. Does not sound like you need the truck to just do home projects.
Not sure if this guy is married, but there is no way my missus would allow construction supplies in her Lexus RX.
He has the best of both worlds, a nice car and a pickup. Why he still has payments is a mystery but having two vehicles like that is possibly cheaper than one brand new one and way more convenient if either one is ever in the shop.
I have an Audi and a Ford Ranger, and fortunately they are both paid for.
We roll with a 2006 Mustang GT and a 2010 Sport Trac Adrenalin. The STA will tow nearly 7 K, thus my boat and cargo trailer and it rides very nice on full IRS with a nice little 4.6 V8 and 6 speed auto. The wife loves it. With the right setup it’ll haul 8’+ of anything and really, how many freaking times does a person go to the store and haul plywood? Where I live they’ll deliver for free. Now the spontaneous roadside pickups I get but I can jam and tie in just about anything. 21 mpg on the highway as well (but soon that’ll be low). An STA is like a 7/8 size truck which means it’ll actually fit into a garage/parking space pretty easy. I long for a supercharger.
Keep the BMW and sell the truck. If you need something that does not fit in the car, have it delivered. I will be cheaper than maintaining, insuring and driving the truck.
The best kind of car to have is the kind that’s paid for. Keep the Pickup and sell the BMW, its going to start killing you in maintenance costs. If you really need an SUV, get a late model Blazer, they’re plentiful, cheap, reliable and fairly comfortable to drive, if your dog messes it up a bit you won’t be heartrbroken, and you can get a trailer for it to haul the sheets of plywood home.
I’d keep the 330i, especially if it’s an E90. Most new cars you’re going to buy are likely to offer a lesser driving experience, especially if you’re thinking about an SUV. Only thing I could come up with in favour of selling it now is that a new dreier will be launched at the end of this year, it might decrease the value of the older ones a little.
As one of those Europeans Steve is talking about (though, not German), I get confused by trucks…However it would seem you’re getting enough value out of it for what it’s costing you.
I think if you choose to replace these two cars for one new one, you’re going to end up with a compromise that isn’t going to be an improvement over the current situation. If you desperately want something a bit newer and bigger right now, I might think about replacing the 330 with an E61 535i…
Keep both vehicles – pay them off as soon as possible, and use the car for commuting and the truck as the “work” vehicle. Having two vehicles with no payments frees up cash for other purposes, like saving for retirement, more or better renovations on the house, or anything else you can think of.
I am guilty of owning a pick-up truck that doesn’t get used for its intended purposes except on weekends. It’s ten years old, so it’s cheap to insure and relatively inexpensive to maintain. It’s convenient to have around, especially when I have to go and get materials from Home Depot, or take a load of refuse to the dump, because I can do it on my time, not some rental truck time.
As has already been pointed out if you’re making payments on an ’86 chevy, you are clearly insane. Even a ’96 if you can “easily pay it off” then do so, to both you’re vehicles, otherwise you’re just giving the bank money for no reason.
As far as a vehicle to fit your needs I’d look at a used Subaru Forester turbo, fits all your specs, it’ll be as fun/fast as the bimmer, and most were sold with manuals.
Sajeev makes an excellent suggestion that goes uncommented on: the minivan! I know, many recoil in horror at the very idea, but older minivans with most of their seats removed are great workhorse vehicles: almost as much useful cargo space as a pickup, and you don’t hesitate to get them dirty as you would a nice new SUV. And they’re cheap cheap cheap.
@flatout05,
Yes, but why buy a cheap Minivan instead of just keeping the old truck at this point?
I doubt anyone driving a BMW is ever going to happy driving a minivan . The local Toyota dealer gave me a Sienna minivan as a loaner once when my car was in the shop and I was horrified at the amount of body roll going around corners . Made me wonder how people calling themselves auto enthusiasts can ever get used to driving those damn things . Minivans suck !
Well, Zombo, as it turns out, I am in the market for a used Sienna, and yes, I do consider myself an auto enthusiast.
Having 3 kids will do that to you.
Ohh I forgot, another TTAC cliche. All the commentors on TTAC are debt free (yea right).
Seriously,
1.get out of your mother basement, and get in debt for your own home.
2.Trade the 1994 Grand Marquis that is so popular on this site in for a decent new car with note and meet a girl. (you can get that diesel wagon or 2000lbs rear driver with 220 hp you say you will buy the second some one builds it)
The other TTAC cliché is that all the commentators are jerks. :)
LOL at 86er.
+1 Debt free is nice if you can make it happen, but right now I’d be happy with car and home being the only debt. I’m not comfortable buying a $1500 TV on the credit card but borrowing money to buy cars and houses is pretty much a fact of life for most normal people. I’m very happy to have a credit union that will loan me a few thousand for major car repair if I need it, and at a very reasonable rate.
If you can afford no debt, great, but don’t judge others for having their own. (And I’ve got a nice girl + an exwife, and live 2000 miles away from my mother.)
+1 on the trailer. for home renos it is way better than a pickup. you can sit the trailer in the driveway all week and load it up with garbage from demo and then take it to the dump whenever you get time. I had 3 trucks before I got a minivan and a trailer and I would keep the trailer even if I got another pickup. Paid 300 bucks for the trailer used and I have more than gotten that back in beer and favours from loaning the trailer to friends.