Cars. They serve a simple purpose, to get one from Point A to Point B. While their purpose is pretty straightforward, the bells and whistles that come with them are anything but. From heated seats to cars that parallel park themselves, features don’t come cheap.
Cars are also the most expensive depreciating asset most of us will ever own. So today, I thought we’d take a look under the hood and see how dirty we are riding…
Just one rule, many of you probably have more than one car in your family, if that’s the case, answer the question below ONLY in regards to the vehicle with the highest resale value. For those of you that lease, just pretend you owned the car.
Extra credit: Share the make and model of your car. Do you have a car payment? If so, how much?
Voted, but couldn’t be arsed converting Nz$ to USA $ and don’t even know if it would make sense.
We ave one car, a Toyota Rav4. Think it is 1996, but has low miles for age. Bought 18 months ago for $6000, probably will sell it in a years time. Is mechanically sound. Should get at least $3000 for it.
1997 Saturn sl2 no car pavement and hoping it will run another year soni can save up for a newer (2005-2007) car without having a car payment.
2005 Scion xA; no car payment.
2010 Nissan Note, 77,000 Km. No car payment. Resale value around 11-12K USD. If bought new around 20K USD. Hope to drive it till the end of 2018 if not more.
2001 Lexus RX 300 Silversport – 140k miles – estimated value $7000
2000 Infiniti G20t – 240k miles – estimated value $2000
purchased both with cash way back when
will be driving till repairs outweigh value
I drive a 2010 Ford Escape. I still owe $8000 to my LOC for it. Will be paid off in 8-9 months.
We just bought a 2012 ford focus titanium and owe 20K, yikes! We also have a 2008 subaru impreza which is paid off.
2002 Honda Civic. My parents bought it for me new when the 2003 models were coming out (so they got a good deal). I’ve driven it for 180,000 miles, and have had very few problems so far (knock on wood), but am saving for the next one.
2012 jetta tdi (diesel). Car payment is $960 and we will add to that so it is paid off by Christmas.
Toyota Camry 2010, 42K miles. I owe about $5000 on a 3% loan.
2005 Acura Rsx Base Auto 89k miles. Paid off since 2009. I was pleasantly shocked to see KBB value of 9k for my car.
2000 honda accord with 150,000 miles. my parents bought it new, paid cash. i received as a college graduation gift after my mom drove it for 6 years, so no payments on it ever. I would be completely happy if she lasted the rest of my life. I’m only 30, but a girl can dream. The thought of spending that kind of cash on a new (even slightly used) vehicle makes me nauseous, though I’m begrudgingly saving for it. Plus I take care of my car, so it looks fairly new – no one believes it’s a 2000.
2012 hyundai elantra with all the bells and whistles and about 25,000 miles on it. Owe just under $7500 on it with just under 3 years remaining at 2.9%. Plan to have it paid off a lot sooner than that. And will keep it like my last car until the repairs outweigh the cost of it. (with how much abuse I put my cars through the last one only made it 6 years though)
I have been car free for almost 4 years and I love it
2008 GMC Sierra Denali crew cab with every option available. Private party resale (based on offers we’ve had) is probably close to 40K. This truck has only around 30K miles on it and is showroom clean.
Other car is a 2007 Buick LuCerne and we have no car payments on either.
2005 Honda Civic w/ 110,000 miles on it. Wife bought it new in 2005, has been paid off since around 2008. Also have a 2005 Honda Odyssey that we bought 8 months ago with 85,000 miles on it. Traded in my 2006 Civic for it and paid the balance in cash, so no car payments on this one ever.
1998 vw cabrio, never had a payment
2007 Prius paid off. worth about $10k, but that fluctuates with current gas prices 😉
2013 BMW 328i, $812
2010 Ford Flex, $365/month, new to me car, owe ~ $22K (YUCK!)
2009 Toyota Yaris with 80,000
Car payment of $285/month.
I could have purchased with cash, but took the 0% APR loan with no fees. Why turn down free money?
A paid off 2002 Dodge Neon with just 126k miles on it. I plan to drive it until it dies or I die, whichever comes first. By then I should have paid off my student loans and I might finally accept a car payment, but hopefully no sooner than needed.
2010 VW Jetta TDi. Financed half of it and paid if off in 18 months. Originally paid $22.5. Car sells for 15-18 today, 3 years later.
1997 Jeep Grand Cheerokee, 160k miles on it in pretty good shape. We’ve never had a car payment and I plan on driving it until it dies.
We own a 2003 Chevy Malibu and a 2002 Toyota Echo, both between 80 and 100k miles, worth probably well under $5k each. The Malibu was bought by my husband’s parents back when he was in college; I financed $3500 to buy the Echo and paid it off years ago. These cars have given us very little trouble but I still hate that we have them and wish we could be car-free!
I drive a 2006 Toyota 4Runner with about 120,000 miles on it. Don’t know the value but it’s paid off, no monthly car note!
Car-free for almost 1 year now! Of course I moved to a city with a decent subway system (Beijing). Oh, and the driving is so horrible here there is no way I would want to participate!
I drive a bicycle to work and back every day…
But when I have a family I will probably have to buy a car, because public transportation in Israel is not the best.
We own two cars fully. We would probably get at least $10K for our cars
2008 Mitsubishi Lancer 70,000 miles est,
2007 Honda Civic Coupe 65,000 miles
I have a 2007 Honda civic ex that I paid off 2 years ago. It’s resale value is really high though ($10,000+) because it only has 53,000 km on it. I live 5km from work and bike in when the weather cooperates, which in Halifax, NS, isn’t as often as I’d like… 🙁
Mine’s a 2013 Altima with 23K miles. Paid cash. 35-38 mpg hwy, 32 is typical for my commute.
We haven’t had a car payment (apart from the one we make to ourselves) since 2001.
This is actually one of our GOOD financial decisions ;). Last September we sold our paid off GMC Sierra Truck for around $14,000 and bought a Chevy Trailblazer for $9,000. We used the difference to pay off a student loan. Yippee!!!
I have a 1999 Nissan Maxima…no car payment….I think it would be awesome if it lasted till 2019, haha but I dont know if thatll happen. It has 143k miles on it..obviously i plan on driving it till it dies 🙂
I like this poll! I like to see what cars that other people have and their car payments…it is insightful and I like to be a little snoopy. 🙂
A 2009 Hyuandai Accent that’s all paid off! Like others have said, I’m taking care of her and driving her until she dies. She’s only at 87,000, so I feel like I have another 150K minimum before I need to be looking at a new car. (And am I the only one that names their car? Her name is Amy!).
You’re not the only one that names your car, we do it too 🙂 We have a Honda CR-V named Holly. We’ve had an old run down F-150 named Monster Truck, two old Ford Rangers that were both called Danger Ranger, and a Kia Sephia called Sophie. Apparently we’ve had a lot of vehicles, maybe we should start investing in nicer ones 😉
2008 Honda Fit, 69,000 miles. no car payment. have started saving for the next car, but hope this one will last a while yet.
05 Honda accord. Paid off now but payments were $300/month.
Paid for 1999 Ford F-250 7.3L Powerstroke.
I drive a 1998 Toyota Corolla. It has around 166,000 miles and still runs really well. My Grandma gave me this car as a gift, so no car payment for me. I plan on driving this car until it cannot drive anymore. After all, it was a gift from someone that I love 🙂
I have a 2004 dodge neon with just over 100,000 miles on it. Never had a car payment on it.
We have a 2009 chrystler town and country minivan that we bought used 18 mo ago for $20’000. Only 40,000 miles on it when purchased. It is fully loaded with stuff we don’t really need, but because we put half down we only owe about$9000 on it. It was a necessity for us as our other car could no longer fit 3 carseats. Should be paid off in three years and i bet my daughtter learns to drive in it in a decade.
Our other car is a Saturn SL1 2001 with 175,000 mi on it. Paid off years ago and still runs like a dream, gets 37 mi a gallon easily.
I voted the $22k+ category. Husband has a 2006 Range Rover. Perfect timing for this post, as I was JUST going to open a tab for CarMax. My 2006 Durango needs $6K worth of work and it is not ideal for 4 little kids (it would technically fit all of us…but we really see a van in our immediate future). Unfortunately with the new home purchase we have basically no down payment and will have to take out a car loan. Not super fantastic debt wise…but probably the route we are going to take. We owe $17k on the RR and will most likely take out a $25k loan on a van.
2005 Toyota Sienna with 136,000 miles on it. I plan to drive it well into the 150s, longer if it is still mechanically sound. We have no car payments, and are saving up to buy a newer car with cash, probably in the next year or two.
2004 VW Jetta – 110k mi – Has been paid off for several years. Still looks/runs great.
2011 Honda CRV 4WD – 38,000kms – Lease – $394/month; lease will be up in Aug. 2015 – we won’t buy it out and we’ll downsize to a regular car – chose $22K for resale (purchase price in 2011 was $29,900)
2008 Nissan Versa – bought used in Sept. 2012 with only 58,000kms on it – Paid $12,500 cash – no payments
1992 Mitsubishi Gallant. Paid NZ$1300 for it around 6 years ago and probably worth about the same now, though I plan to drive it into the ground.
My car- 2008 BMW 328i (about 44000 miles) and hubby’s 2011 Acura MDX (about 32000 miles)- both are paid in full and run great.
I drive a 2008 Ford Fusion with 79,000 miles that the KBB says is worth a little over $10k. My parents paid cash for it when I graduated from college (2009). I love my little car and want to drive it as long as possible. We’re saving up to replace my husband’s 1996 Volvo 850 (but crossing our fingers that it lasts for 1-2 more years).
Both cars paid for. 1998 Honda Prelude with about 100K miles and a 2005 Toyota Matrix at 160K miles. I drive about 20K per year on the Matrix (work stuff, longer commute) and my husband is under 5K/year on the Prelude.
I have a 2003 VW Golf TDI that I bought new.
It has just shy of 350 000KM on it now.
Aiming to hit 500 000 before I start looking for something new.
It is completely paid off and has saved me thousands in fuel costs over the years due to getting great milage.
1997 Honda Accord 234k miles!
2013 Hyundai Sonata
2007 Toyota Tacoma, 83,000 miles, paid off
2004 VM Jetta 110,000 miles, paid off
We are lucky, I get a new company car every two years which we can drive for personal use as well so we really just have my wife’s car which is paid off 2005 Ford Escape.
2013 Ford Escape SEL 13,000km monthly payment $505
2007 BMW X3 SUV – Kelley Blue Book says it’s worth $16,500
2006 Subaru Impreza, 45,000 miles, purchased for $12,800, KBB value of ~$11,000 now. Car payment of $155 a month.
2012 Rav4 with 22,000 miles, paying 370/mo
Toyota Paseo No payments 175,000 miles, 96′. Planning to drive it until it stops so another 3-4 years. I couldn’t imagine a $400-500 car payment. My next car will be paid for in cash or with a hefty down payment!
VW Passat our only car, need it ‘cos disabled,- I wouldn’t get out otherwise. Bought it at 2 years old for cash 9 years ago, will run it until it drops.
2007 Kia Spectra, paid for in cash three years ago for $9k (now has 105k miles). Will keep it until it dies. Husband has a 2001 Dodge Ram, paid for in cash $2k and runs fine. Only problem? We haven’t yet started a vehicle replacement car fund if either car dies.
2000 BMW 528 sedan w/ 198K miles (US spec but in Germany)… paid about 6.2K cash in Spring 2011 and I’ve spent maybe an additional 2K since then on repairs… plan is to bring it back stateside and ride it till the wheels fall off!
2008 Honda Fit. Paid in Full. Had a four year leased, then we bought the car. i love my Fit. it’s well named, and I want to drive it for another fifteen years. I can’t imagine another car I’d like as much. The fit fits.
As to naming cars, our previous car was a 92 Honda Civic LX, and we named her Salty. repairs got to be more than a new car would cost, so we sold her.
2009 Nissan Versa-fully loaded. Bought brand new during cash for clunkers. Paid 18k took out a 5 year loan but paid it off in 2 so no payment. I have seen similar models go for 10-12k but without all the extras I have. We love her so much we got hubby the same one just in a different color but all the bells and whistle I have. We did take out a small loan since I didn’t have any installment loans on my credit report so it costs us 259/month for 12 months with 3 months left 🙂
2006 Toyota Corolla (Almost paid off!), payment is way too high to admit too! Stupid Expensive lesson learned!
2008 Honda CRV with 55K miles. Bought new to me, and I’ll have about 3K left by the end of this year. Payments are roughly $150US/Month but I normally throw more money at it.
Its interesting to see all the types of cars people have.
Volvo XC90 3.2 AWD with most options including rear park assist and entertainment system. 57,000 miles. Purchased off lease in March 2013 for $21,000 cash. Book value is $21,500 for trade in, $24,500 for private sale. We’re not sure if we’ll drive it for a couple of years and trade it in for same vehicle, newer model or drive this one into the ground. About to have a teenage driver in the family – not sure yet how that changes the calculus…
1999 Honda Accord 155k miles bought in cash ($1,500) from a friend (back when it was at 150k miles 2 years ago). No car payments! Have done no major maintenance to it since purchase. We do get the miss-the-smell-of-a-new-car moments but when we think of the monthly payments that run up to hundreds of dollars, we just can’t go back to that again. Even with money now, it’s so hard to make the decision to get a new(ish) car. It’s really just a tool to take us to point B faster than bus/bike/walk, which we do semi-regularly.
2003 Acura TL-S / 103K US Miles….Worth about $5K but driving it till the wheels fall off.
Interesting that many posters above have vehicles in the early 2000s/late 90s. I love cars but can’t justify dumping too much $$ into a nice ride ($30K+).
I have a 2010 Toyota Camry that I absolutely love and will drive it to the ground. Toyotas and Hondas are the way to go if you want to save money for a long-term: fairly inexpensive if you buy it 1-3 years old, super reliable and hardly need any maintenance. I would highly recommend to anyone. I would never exchange it for any fancy car, that’s for sure!
1995 Honda civic no payments
1995 Volvo no payments probably couldnt much for either but it doesnt matter.
2008 328i… its a few years away from being paid off.
2011 Subaru Impreza Outback Sport. No payment. Started out with a loan but paid the $11k balance last November.
2011 Infiniti G37, $15K owed from a starting balance of $23k @ 2% interest rate. Could pay it off tomorrow if I wanted to but I’ve got that cash earning me 8-12% interest in blue-chip stocks.
04 orange beetle convertible turbo. Bought 2 yrs ago and paying $263 for 2 more years.
2012 Mini Cooper. I have 1.5 years left on a 0% loan. Monthly payment is $436.
I have a Ford 2010, and I just love it! When I got into debt about 5 months ago, I almost sold it but at the end I decided to get a car title loan instead from San Jose Title Loans http://cartitleloan-sanjose.com, and I’m so glad I did as I was able to keep driving my one and only baby for the period of the loan, and I didn’t have to give it up 🙂
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