I realize that I'm inviting ridicule here, but I never really got why people spend so much for a car.

I have a minivan that is now 10 years old. We put 15,000 km on it a year. That's for two drivers.

We keep on thinking about buying a new car, and then we realize we don't need a new one. We really only drive on the weekends for groceries or to go to hockey games. Maybe a few weekends away.

If I spent $80,000 on a new Porsche Cayenne, I just don't see how my drive to Loblaws or my kid's hockey game would be all that more enjoyable than my 10 year old minivan.

Hell, it would be worse, because I'd be furious when the kid spilled something all over the back seat.

Yeah, I'm a grumpy old man.
- Atomic Wedgie

I agree with the part on buying a new car..we have never owned a new vehicle.. our car is a 2006 and truck is 2007.. we drive about 70K a year on them (55 +15)

I cant agree with the minivan part

I was looking into that, where did you get it?
- LeafMan

Straight off of Kijiji.

I agree with the part on buying a new car..we have never owned a new vehicle.. our car is a 2006 and truck is 2007.. we drive about 70K a year on them (55 +15)

I cant agree with the minivan part
- senstroll

Or the Porsche part (that is most ridiculable part of the post imo)

I have a friend there, he used to run the Toronto Parking Authority. Swanky place..

My step Dad's place in Forest Hills is going up for 2 Milly in a couple of months.
- bixll

The beach has been an amazing place to put money into real estate for the last 20 years !

Then I'll punt it and retire out your way !

Good move.

I wish I was not stupid buying a new car a couple months ago.
- Aetherial

Meh, sounds like you guys are still in pretty good shape

I wouldn't exactly say this is a myth because in many cases this can be true but in most I think this is false. With renting there are zero maintenance costs, utilities (50/50) or condo fees. Considering you can rent a one bed condo for $1200 flat give or take a couple hundred bucks I'd have to imagine that is quite a bit less than a monthly mortgage payment + condo fees + utilities + maintenance.

No idea yet which is better but the "debate" seems to boil down to Owning = Asset vs Renting = Savings Account Building.

(Disclaimer: This is just personal experience looking into mortgage prices vs renting over the last year or so)
- markmark

We pay 1400 for our 1 bedroom, and it's one of the cheapest buildings around. Most places in TO will at least charge you electricity- which is all we're on the hook for here. Water, heating, and cooling are all included.

thing is, I wasn't counting mortgage payments, because you're paying into your equity. I was looking at the maintenance/utilities side of things.

Overall you might pay a couple of hundred more per month, but you get a lot of that back when you sell.... with renting every cent you pay is a cent lost.

That helps for sure... you get a similar deal as a prof usually, the benefits package is pretty solid. If I can get a good job as a prof then we'll be living very nicely
- lumlums

I think you want to

1) be able to provide for your kids, including school. and helping them get started on their own house/career

2) Leave something for your kids

3) Live comfortably in retirement.

I think we will live modestly in retirement. One trip maybe, and then 3 months renting some place warm in the US. and hope to leave some cash and the house to our son

One thing about TFSA's ... our plan is to use one of our TFSA's to start contributing to one for our son when he is 18. It makes such a huge difference getting started as early as possible but it is so rare for a young person to have the cash to contribute.

The beach has been an amazing place to put money into real estate for the last 20 years !

Then I'll punt it and retire out your way !
- .HOHO.

You can build that house for 400k down here, with more land.

I don't get Magic Jack.

what is it?
- Aetherial

It's Voice-over-internet-protocol. You plug it into the back of your computer, and then plug your phone into it. Voila - you have a land line.

The beauty of Magic Jack over the other VOIP services is no monthly fees. It's about $70 for the box, and then they ding you with (I think) about $40 for a yearly service.

I'm kinda just throwing figures out here, because I cancelled our phone about six years ago and ran with Magic Jack for about 3. I finally realized we never even used it, so even $100 a year was too much to pay.

We always worry about a babysitter not having a cell phone, but they always do.

Even then, you could just buy a cheap cell and shove it in a drawer - if a babysitter comes over without a phone, plug the cheapo phone in and go out for the evening.

drop it HOHO unless you would care to join him

Straight off of Kijiji.
- Atomic Wedgie

What is the exact name of it, if you don't mind. I would like to add one.

Ours was a 2009 when we got it back in 2012, still had some of the manufacturers warranty and we paid $10.5k for it (with 50k clicks on the engine)... It was part of an estate sale and the folks just wanted it gone so we asked them what they'd take and when they said that much we went straight to get abankers draft
- lumlums

Sonds like a steal, my rents bought a Jeep Liberty that way too.

I dont care about my new vehicles, i spent more on beer and drugs monthly easily, I work hard and make good money and doubt i'll live much into my retirement so (frank) it.

I used to always want one of those with the tent you can put off the back


- Bigzby

They have a kia soul that has the tent, as well.


It's great for backyard camping, because that way nobody has to know you own a Kia Soul.

You can build that house for 400k down here, with more land.
- bixll

No doubt , but I don't need to ...
I have a 4 bedroom place on lake just outside of Tusket !

Put $100K into it to expand and renovate and we're good to go !

It's Voice-over-internet-protocol. You plug it into the back of your computer, and then plug your phone into it. Voila - you have a land line.

The beauty of Magic Jack over the other VOIP services is no monthly fees. It's about $70 for the box, and then they ding you with (I think) about $40 for a yearly service.

I'm kinda just throwing figures out here, because I cancelled our phone about six years ago and ran with Magic Jack for about 3. I finally realized we never even used it, so even $100 a year was too much to pay.

We always worry about a babysitter not having a cell phone, but they always do.

Even then, you could just buy a cheap cell and shove it in a drawer - if a babysitter comes over without a phone, plug the cheapo phone in and go out for the evening.
- Atomic Wedgie

Don't need a computer, just a router.

It's $35 a year U.S.

We pay 1400 for our 1 bedroom, and it's one of the cheapest buildings around. Most places in TO will at least charge you electricity- which is all we're on the hook for here. Water, heating, and cooling are all included.

thing is, I wasn't counting mortgage payments, because you're paying into your equity. I was looking at the maintenance/utilities side of things.

Overall you might pay a couple of hundred more per month, but you get a lot of that back when you sell.... with renting every cent you pay is a cent lost.
- Schenn-Sational!

I watched this a while ago and found it interesting but it also seemed pretty simplistic. A lot of people were cutting it up in the comments (so I took it with a grain of salt) but interesting none the less.

http://www.theglobeandmai...of-money/article22832602/

drop it HOHO unless you would care to join him
- Dozzer

#freehoho

(j/k)

Sorry Caitlin ...

No doubt , but I don't need to ...
I have a 4 bedroom place on lake just outside of Tusket !

Put $100K into it to expand and renovate and we're good to go !
- .HOHO.

Awesome. Drive that 4 cyl car down and stay..

Or the Porsche part (that is most ridiculable part of the post imo)
- Bigzby

I take the subway to work every day, and run home.

Why would I want a Porsche depreciating in my driveway every day?

Easier to just waste the money on hookers and blow.

I take the subway to work every day, and run home.

Why would I want a Porsche depreciating in my driveway every day?

Easier to just waste the money on hookers and blow.
- Atomic Wedgie

We are definitely on the same page. Except I dont run anywhere for any reason until I'm an ounce over 215

What is the exact name of it, if you don't mind. I would like to add one.
- LeafMan

Kodi

(used to be xmbc)

Is that what you were referring to/

A friend has been telling me about it, I just have not got around to trying it.

I take the subway to work every day, and run home.

Why would I want a Porsche depreciating in my driveway every day?

Easier to just waste the money on hookers and blow.
- Atomic Wedgie

Easier no, more fun, prolly..

If we end up in Cali permanently you bet your ass I'm getting a tesla and using all the free solar-powered charging stations

I'll happily spend that much on a car when it can be powered by the motherbozaking sun!!!
- lumlums

Yea, that's one pricey car I see myself saving up for. Not paying gas would be nice.

And they're supposedly working towards a 30K model. So... not even that prohibitive.



Till then, I'm gonna run my Sonata into the ground put 50K on it in the 1.5 years I've owned it and no problems so far.



edit: That's a lie. The driver's side window sticks sometimes and I need to press the button twice.

Awesome. Drive that 4 cyl car down and stay..
- bixll

I'd have to drive to Halifax for service !

I agree with the part on buying a new car..we have never owned a new vehicle.. our car is a 2006 and truck is 2007.. we drive about 70K a year on them (55 +15)

I cant agree with the minivan part
- senstroll

Having two young boys, a minivan makes so much sense.....so much room and convenience.....but now that Im a single dad with two kids......I dont know about the minivan now....