Comments on: Should I Buy a New Car Before I Retire [Consider This First]

By: yoga woman

yoga woman — Mon, 13 Feb 2023 21:58:37 +0000

In reply to PAT.

Hello Pat,

Good point! Times have changed since I wrote the article. With the average price of a used vehicle costing over $30,000 and interest rates on used cars at over 9%, I would hunker down and wait it out until the economy improves. Unfortunately, we can’t always do that when we need a vehicle. Additionally, used car prices may never come down to pre-covid prices. Good luck and thanks for your input.

Best,
Marlene, Yoga Woman

By: PAT

PAT — Mon, 13 Feb 2023 15:50:21 +0000

The currently problem is that the interest rate on used cars is MUCH higher than the new vehicles. How do I factor that in?

By: Dan

Dan — Thu, 29 Jul 2021 10:55:25 +0000

My car has 113k on it, but it still runs great. I bought it used in 2016. It’s a 2013 SUV. I see no reason to sell it if I maintain it properly, I can drive it another 5 years, at least. I plan to retire in 3 years. The last thing I want is a monthly car payment. I can invest that $500 instead of wasting it on a car payment. No thanks! I’m good!

By: Yoga Woman

Yoga Woman — Tue, 29 Dec 2020 23:58:59 +0000

In reply to Chris. Hi Chris, Thanks for your insight. Safety features with bells and whistles are a definite consideration when making an investment in a vehicle, whether new or used. And I agree that worrying about repairs is a problem that we all need to consider. Dependability is essential. Happy to hear that you will not delay your retirement due to a car note. My point is to retire with what you value but without the peer pressure of purchasing needless extravagances.

By: Chris

Chris — Tue, 29 Dec 2020 02:11:48 +0000

I came across this because I wanted a more dependable(new vehicle) before retiring in around 2 years. I do take road trips and also wanted the safety features with bells and whistles. Didn’t want to worry about repairs or anything for possible the next 5-10years. Just spent over 2 grand on a used vehicle turbo that would have been covered if it was a certified pre-owned but it wasn’t. Now I have some leaks that will cost me around the same just to repair those. I hate worrying about things so these are my reasons. I may except that i may have a lower car payment after retirement because I’m going to put extra payments prior. But i will not be delaying my retirement.