Greg's new car costs less than a couple nice suits. Which is exactly how he wants it
Age: 24
Location: Washington, D.C.
Occupation: Consultant
Once he started his new job at a global consulting firm earlier this year, Greg finally had the grown-up salary he needed to buy a new car. A longtime Volkswagen fan, he briefly considered leasing a 2009 Jetta. But in the end, he shelled out all of $1,800 for a gold 1991 Dodge Spirit, which his girlfriend immediately named "Randal."
As rides go, it wasn't the sexiest. But Greg paid cash for the car, which meant no car payments. And because Randal’s book value is about the same as a nice suit, he skipped collision insurance, which dropped his monthly premium to $40.
Greg’s not naïve—he expects to pour some money into repairs and maintenance. He already paid $700 to replace the car’s computer. But he thinks he’ll come out ahead in the end. He created a spreadsheet detailing the per-month cost of the car over time, combining sticker price and upkeep, and if he can squeeze two more years out of Randal without any big-ticket repairs, he’ll have knocked the per-month price down to his goal of $100.
Plus, in Washington D.C., where car break-ins are as common as lobbyists, there’s the peace of mind factor. If anything happens to the old Dodge, he said, “I wouldn’t be nearly as irritated as if it were a new car.” No offense, Randal.
Have you ever named your car? Was it a he or a she—or, worth more than $1,800? Share your stories in the comments below.
Do you have a money quandary? A success story? A cautionary tale? We'd love to hear from you. Send an email to editors@bundle.com and include a photo.
Your wheels shouldn't make you broke. More on driving and saving:
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- Do you know how fast you were going? No, sir
- How much car will $25,000 buy you these days?
- Saving for a Porsche, one bus pass at a time
