I’ve been contemplating getting a new car for a few weeks now.
Some backround: I’m single, and have a good job that pays in the range of 150K per year before taxes. I’m 48, and have started to look and plan towards my retirement. My goals that I’ve set myself for the future are finding a life partner, marriage, and starting a family. I also have a interest in music production, and would like to release an album of songs in the future.
I don’t drive that much on average. during the week, 16 miles round trip to and from work. On the weekends, I tend to do things within a 20 mile radius.
I’m driving a 2009 Honda Fit sport at the moment. I bought it used in 2011, with 25K miles on it, and at this time it’s got 48K miles on it, and it’s completely paid for.
So I’m thinking about trading it in for a new, or recently used car. I’ve been doing some research into safety features of cars, and have found that driving a small car would be worst if a collision occurred. So, I’m considering an SUV, perhaps a mazda CX-5. But, the new Honda Fits looking very enticing.
But then again, I could spend the thousands of dollars in better ways, than buying something that I don’t really use that much.
IMHO, you’d be crazy to sink money into another car with a low mileage, paid for, one already at your disposal. You don’t use the car enough to run up the mileage high enough to demand major work and even if you did, major work is cheaper than a new car. At 48, saving for a decent retirement trumps newer cars.
You don’t strike me as a car enthusiast. So if you’re looking strictly for cheap and reliable transportation, a Honda Fit is probably as good a fit for you as anything else you’re thinking of trading up to. A CX-5 is a neat little SUV. Can’t really go wrong with it. Hyundai and Kia make some good ones as well. I always like to recommend that people consider the VW Golf line of cars. Great daily drivers and more fun for the buck than most asian or american brands in the same class.
But if you want to save some money, keep driving the 2009 Fit. With 48,000 miles on it, you have another 100,000 miles to go on it with relatively little to worry about as long as you maintain it regularly (mechanically/scheduled service) and keep it in good condition inside and out (pride of ownership, etc.).
I would stick with what you have until the yearly costs/repairs (not counting gas and such) go up to something like $1,000 a year or so. And I’m betting you are no where close.
Get a Vette or a BMW and see what kind of woman you attract. Could change your life goals. If you are going to have a midlife crisis anyway then go all out. Don’t stop at a Honda Fit and think about what might have been later.
Financially, you should definitely not get another car. 50,000 miles on a Honda is just barely broken in. And remember the older your car gets, the less the taxes and insurance will be.
Now if you just want another car and can easily afford it, then go for it. Just remember that the more expensive the car, the more expensive the upkeep, taxes, and insurance.
I’m not sure I entirely buy the premise of getting an SUV. Yeah, if you get a big truck-based SUV like a Suburban or something, that tips the whole F=MA equation in your favor in a crash but a car-based SUV like the CX-5 isn’t that much heavier than a comparable car. The higher ride height introduces some less favorable handing characteristics and a tendency to want to roll in a crash.
The previous generation of Fit didn’t do all that well in the new partial-offset frontal crash tests, but it’s still hardly a deathtrap in the greater scheme of things. (I believe Honda did also fix that in the current generation.) If safety were your main goal, you’d probably be better off looking for a larger car than an SUV. Something like the Accord, or else (since we are trying to attract a partner in LA) pretty much all your upscale brands like Lexis, Acura, Audi, etc make great solid mid and full size sedans.
You certainly don’t need another car and getting something new isn’t the most financially smart move. However, not every decision needs to be about saving money, and you can certainly afford to splurge a little and drive something newer and a little more exciting if you want. Plus, according to the 2015 IIHS Top Safety Picks, if safety is a concern you can do better than the Fit. You don’t drive a lot, though, so you’re already minimizing opportunities to get into an accident. So I guess my advice would be to make sure you’re maxing out retirement savings options and then consider if your hobbies or interests would suffer if funds are being diverted to the new car. I don’t know how much goes into recording an album but if it’s a lot, then maybe hold off on the car.
If you’ve got your retirement savings maxed out, have emergency money stashed away, etc., and can still afford a new car, AND you really want one, then go for it.
That said: a 6-model-year-old car, paid for, < 50K miles: I’d stick with it, honestly. At the very least, figure out what your payment would be on a replacement, and put that aside every month for a few months to feel the budget impact. You’ll wind up with a larger down payment that way if you do decide to go for a new car.
While a Fit may not be the safest in some accidents (I haven’t done the research, just judging by what others have said), you might be surprised: we walked away from a head-on collision in a Civic, then 5 years later my husband walked away from another accident in that same Civic which wound up totalling it.
Our cars right now are a 1998 Civic (replacement for the one that was in two major accidents), and a 2006 CRV. Both have well over 100K miles on them, and we’re not planning on replacing them any time soon.
Well ------ since someone mentioned it ------- have I ever mentioned that I really prefer my Harley to any car? And if your balance isn’t that good there is a new trike model that is affordable and kicks ass. And speaking of which, there is something with a bike that just attracts interesting members of the opposite sex. Do a google image search (but not at work) on the Bean Blossom Bikerfest/Bike Fest to get a general idea.
(I am not entirely kidding. I have gone years at a stretch with no car - just public transport and motorcycles. Given a trike or hack and even with PA winters, it isn’t a bad way to go.)
If you are going to have a midlife crisis anyway then go all out. Don’t stop at a Honda Fit and think about what might have been later.