Go Read! {07.08.19}

The car that I use mostly for business was purchased in 2003.  I don't really have to drive all that much everyday living where I do and given that the offices of Lumen Capital Management are located where I don't have to drive to work.  I haven't made a payment on my car since 2009 so I've saved myself likely over $50,000 by not having to spend money on a monthly check to a bank or auto loan company.  My car still runs well even if time, weather and notoriously crappy Chicago roadways have taken their toll on its appearance.  That car only has 87,000 miles on it during that time.  Now, however, it's under a death sentence.  It barely passed its last state mandated auto inspection and I'm told that by the time it's up for review in two years it will need a new catalytic converter.  I'll need to get something else before that inspection since the cost of getting that installed will likely be more than the car's going to be worth by then.

I'm researching what I want to do and in that vein I found this article "Why your Luxury Car is Unlikely to Materially Boost your Happiness". Interesting and informative.    I think you should all read it.  The synopsis of the article is that a car is a depreciating asset so don't spend a lot of money on one.   I largely agree with that, particularly if you are more likely to want to turn over a car every few years.  I'm not a car guy but I know plenty of people who are.  In my situation I think I have three things to consider:

-Do I want to pay up for a new car with the expectation that I'll own it for at least 8-10 years.
-Do I want to go with a used luxury car.
-Do I want to lease.

Each has advantages and disadvantages and I'll keep you abreast of what I do as the months go by.  One thing I know is that I've missed 3-4 generations of upgrades in cars during the period I've been out of the market so I'm expecting a large learning curve regardless of what I buy.  The other consideration is going to have to be what Chicago winters do to cars.

Back Wednesday.