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Frequent Social Butterfly

Re: Is a car too expensive after ten years of retirement?

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Re: Is a car too expensive after ten years of retirement?

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@shirl1669 - Is "enter a body" part of what you type in, or part of your "signature" at the end?

 

Do you have multiple devices from which you post? If you do, try using the other one, and see if what you type in shows up.


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Re: Is a car too expensive after ten years of retirement?

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Why aren't my posts showing up. Help.

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Re: Is a car too expensive after ten years of retirement?

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Treasured Social Butterfly

Re: Is a car too expensive after ten years of retirement?

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et95429808 wrote:
I believe that you should have a car payed for when you retire. I would advise you not to go and buy a new car because it you were to die then your children will have to finish paying on that car. Think wisely before trying to be a big shot.

I'm sure that when someone dies, their car can be sold. Not sure how leases work, but my guess is that the lease agreement is terminated when the person who signed it dies. In fact, if someone becomes unable to drive, that alone is probably justification for terminating a lease or them selling the vehicle. The only thing owed would be the difference between book value & the outstanding loan amount.


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Conversationalist

Re: Is a car too expensive after ten years of retirement?

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I believe that you should have a car payed for when you retire. I would advise you not to go and buy a new car because it you were to die then your children will have to finish paying on that car. Think wisely before trying to be a big shot.
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Bronze Conversationalist

Re: Is a car too expensive after ten years of retirement?

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Depends on your financial situation and where you live, doesn't it? My wife and I both have vehicles. I live in California and can't imagine not having a car. There is virtually no public transportation where we live. The closest bus stop is two miles away, close to the closest grocery store. I have no idea how often buses run because I've seen about four or five in the four years we've lived here. We could not survive without a vehicle.

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Re: Is a car too expensive after ten years of retirement?

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You pose several interesting questions. The advice on looking at reliable used cars is good but cost of acquisition and maintenance are not the only considerations. How is your health especially vision and reaction time? The health question trumps cost because if you cannot drive safely then do not drive. That was the situation with our mother. She could afford her old car but her vision and reaction time had seen beteer days. She was a moving hazard when she drove. Public transportation was available but not desireable. She sold the car to my nephew and called my brother or a cab when her friends could not pick her up for their bridge game. 

 

Living on a fixed income supplemented by investments can be a challenge in inflationary times. Typically when companies have poor earnings then the nation is in a recession. Prices rise slowly but dividends are less. When earnings are high, inflation is not far behind. If your investments were all fixed income (bonds and pensions) then inflation is an enemy. Better to have a mix of bonds and stocks to offset the risks. Only a good advisor can help you sort out what is best for your risk tollerence and stage of life.

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Info Seeker

Re: Is a car too expensive after ten years of retirement?

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We just sold my wife's 18 year old Toyota Corolla and got a new Corolla for her. It was in good shape mechanically but had some cosmetic issues that we didn't want to spend money on. A friend of hers bought the car for her daughter to commute to college. They had a mechanic check i out and he gave it a good review so they bought it. Served us well for a long time and will hopefully do the same for them.
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Re: Is a car too expensive after ten years of retirement?

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Sometimes your location drives (no pun intended, really!) much of the decision process -- I live about 30 miles from a major city in the northeast, yet sometimes I'm amazed that we even have electricity out here. There were land line party lines less than two miles from my house up until about ten years ago. So, yeah, automobiles are not an option. And please do not suggest bicycling, mass transit,  or such. There is no public transportation within 20 miles, and  around here, the entire month of February is pretty much below 0 degrees F 24/7.

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