In alt.home.repair, on Sat, 18 Nov 2023 13:25:49 -0800 (PST), bruce
bowser <bruce1.9bowser@gmail.com> wrote:

>6) Buying New Cars
>Cars are notorious for their rapid depreciation. Buffett recommends buying =
>pre-owned cars and holding onto them for as long as they=E2=80=99re reliabl=
>e, instead of falling for the allure of the new models.

When it comes to Black people who overspend, or appear to, on cars,
theres a particular reason. Used to be and maybe still is to some
extent that no matter how much a black person earned, he could neither
buy nor rent a home in a "good" neighborhood. OTOH, car dealers were
happy to sell to him becuase once he got the car, he'd leave (if he was
even allowed in the showroom in the first place.)

So even if you couldn't have a great house, you could still have a great
car (and many people spend at least 1/4 or 1/2 as much time in their car
as they do at home but not sleeping.)

That is why, as I recall learning 50 years ago, Black people were likely
to some extent to drive fancier cars than white people of the same
income or even higher income.

>5) Overspending on Clothes
>Buffett, along with other billionaires, leans towards simplicity in his war=
>drobe. Choosing classic, durable clothes over flashy, expensive brands can =
>result in significant savings.

The same attitude might have copied over for some regarding clothes.
When everyone knows you're a billionaire it's tacky to show off by
buying fancy clothes, but that doesn't apply to most people.

>7) Unused Gym Memberships
>Buffett promotes an active lifestyle but cautions against unused gym member=
>ships. Free or low-cost fitness routines can be just as effective if regula=
>rly practiced.

It's not just poor people who waste a lot of money on gym memberships.
In fact I'll bet it's middle income who waste a bigger share of their
money on this. Right after the holiday, any holiday, people feel fat
and resolve to lose weight and get fit, and only what, 40, 20%, 10%
actually go very often. Automatic payment by one's bank has probably
made this a lot worse.

On 11/18/2023 11:53 PM, micky wrote:
> In alt.home.repair, on Sat, 18 Nov 2023 13:25:49 -0800 (PST), bruce
> bowser <bruce1.9bowser@gmail.com> wrote:
>
>
>> 6) Buying New Cars
>> Cars are notorious for their rapid depreciation. Buffett recommends buying =
>> pre-owned cars and holding onto them for as long as they=E2=80=99re reliabl=
>> e, instead of falling for the allure of the new models.

Worked with a guy that was in need of a car and went from one POS to
another. What he spent a month on smokes and booze could have easily
bought him a nice new Buick.

On Sun, 19 Nov 2023 10:48:07 -0500, Ed P <esp@snet.xxx> wrote:

>On 11/18/2023 11:53 PM, micky wrote:
>> In alt.home.repair, on Sat, 18 Nov 2023 13:25:49 -0800 (PST), bruce
>> bowser <bruce1.9bowser@gmail.com> wrote:
>>
>>
>>> 6) Buying New Cars
>>> Cars are notorious for their rapid depreciation. Buffett recommends buying =
>>> pre-owned cars and holding onto them for as long as they=E2=80=99re reliabl=
>>> e, instead of falling for the allure of the new models.
>
>Worked with a guy that was in need of a car and went from one POS to
>another. What he spent a month on smokes and booze could have easily
>bought him a nice new Buick.

My Dad's former business partner and his wife both smoked at least a
pack a day.They were not drinkers. After 30 years and 3 kids they
still had a mortgage (siseable) on their modest home and were driving,
lor lack of a better term - a "clunker".They had always made more
money than my dad - who was mortgage free after raising 8 kids.

He sat down with them one evening and went over thair finances and
spending and showed them that if they has not smoked their house would
be paid for, they could be driving a new car every year, and have a
decent holiday every 2 years or so.
They both quit - cold turkey.

Dad bought his first new vehicle - a brand new 1969 GMC Handivan when
he was 41 and got the compensation cheque for his hand injury and
other than work trucks never ownd a new vehicle untill he was in his
'50s and I wasn't around to keep his old stuff running.

I've owned one new car in my tife and decided there were lots of
other things to spend my money on than first year (and second to fifth
year) depreciation on new cars -- -- ---

On 11/19/2023 5:27 PM, Clare Snyder wrote:

>
> My Dad's former business partner and his wife both smoked at least a
> pack a day.They were not drinkers. After 30 years and 3 kids they
> still had a mortgage (siseable) on their modest home and were driving,
> lor lack of a better term - a "clunker".They had always made more
> money than my dad - who was mortgage free after raising 8 kids.
>
> He sat down with them one evening and went over thair finances and
> spending and showed them that if they has not smoked their house would
> be paid for, they could be driving a new car every year, and have a
> decent holiday every 2 years or so.
> They both quit - cold turkey.

Varies by state, but many are in the $7.50 range and a pack a day is
fairly common. $225US a month. $2700 a year. If both smoke . . .
>
> Dad bought his first new vehicle - a brand new 1969 GMC Handivan when
> he was 41 and got the compensation cheque for his hand injury and
> other than work trucks never ownd a new vehicle untill he was in his
> '50s and I wasn't around to keep his old stuff running.
>
> I've owned one new car in my life and decided there were lots of
> other things to spend my money on than first year (and second to fifth
> year) depreciation on new cars -- -- ---

Nothing wrong with that. My friend buys them used but she does like
nice cars. Her last purchase is an Audi A8 with a new sticker of 100k.
With 8000 miles, she paid a lot less.

I've been buying more modest cars new. Bought one in May and was going
to pay case, but to finance there was a $700 incentive. I took it, paid
if off in a few months and came out $642 ahead.

On 11/19/2023 2:27 PM, Clare Snyder wrote:
> On Sun, 19 Nov 2023 10:48:07 -0500, Ed P <esp@snet.xxx> wrote:
>
>> On 11/18/2023 11:53 PM, micky wrote:
>>> In alt.home.repair, on Sat, 18 Nov 2023 13:25:49 -0800 (PST), bruce
>>> bowser <bruce1.9bowser@gmail.com> wrote:
>>>
>>>
>>>> 6) Buying New Cars
>>>> Cars are notorious for their rapid depreciation. Buffett recommends buying =
>>>> pre-owned cars and holding onto them for as long as they=E2=80=99re reliabl=
>>>> e, instead of falling for the allure of the new models.
>>
>> Worked with a guy that was in need of a car and went from one POS to
>> another. What he spent a month on smokes and booze could have easily
>> bought him a nice new Buick.
>
> My Dad's former business partner and his wife both smoked at least a
> pack a day.They were not drinkers. After 30 years and 3 kids they
> still had a mortgage (siseable) on their modest home and were driving,
> lor lack of a better term - a "clunker".They had always made more
> money than my dad - who was mortgage free after raising 8 kids.
>
> He sat down with them one evening and went over thair finances and
> spending and showed them that if they has not smoked their house would
> be paid for, they could be driving a new car every year, and have a
> decent holiday every 2 years or so.
> They both quit - cold turkey.
>
> Dad bought his first new vehicle - a brand new 1969 GMC Handivan when
> he was 41 and got the compensation cheque for his hand injury and
> other than work trucks never ownd a new vehicle untill he was in his
> '50s and I wasn't around to keep his old stuff running.
>
> I've owned one new car in my tife and decided there were lots of
> other things to spend my money on than first year (and second to fifth
> year) depreciation on new cars -- -- ---

Ditto for me. One new car (well, one new motorcycle too) in my life.

Clare Snyder <clare@snyder.on.ca> writes:
>On Sun, 19 Nov 2023 10:48:07 -0500, Ed P <esp@snet.xxx> wrote:
>
>>On 11/18/2023 11:53 PM, micky wrote:
>>> In alt.home.repair, on Sat, 18 Nov 2023 13:25:49 -0800 (PST), bruce
>>> bowser <bruce1.9bowser@gmail.com> wrote:
>>>
>>>
>>>> 6) Buying New Cars
>>>> Cars are notorious for their rapid depreciation. Buffett recommends buying =
>>>> pre-owned cars and holding onto them for as long as they=E2=80=99re reliabl=
>>>> e, instead of falling for the allure of the new models.
>>
>>Worked with a guy that was in need of a car and went from one POS to
>>another. What he spent a month on smokes and booze could have easily
>>bought him a nice new Buick.
>
> My Dad's former business partner and his wife both smoked at least a
>pack a day.

So, in 1985, a pack was less than a dollar, so that's just under $700/year
for the two of them. By 2000, it was twice that.

They were not drinkers. After 30 years and 3 kids they
>still had a mortgage (siseable) on their modest home and were driving,
>lor lack of a better term - a "clunker".They had always made more
>money than my dad - who was mortgage free after raising 8 kids.
>
> He sat down with them one evening and went over thair finances and
>spending and showed them that if they has not smoked their house would
>be paid for, they could be driving a new car every year, and have a
>decent holiday every 2 years or so.

I find that the math doesn't work.