Delaying Car Purchase?

[Johnapool]

Most people who buy a new car every three years or so never own a car, for real, only on paper.

 

[CrimsonEclipse]

Most people are bad with money.

 

[Joshua Caldwell]

Did just that last year. I purchased the fiesta because my car sit s a lot. I take my Bike when ever I can. The Fiesta is a small car but I like it. City traffic it drops to about 32 Mpg but highway I have managed 41 Mpg with it.

I plugged in an automatic to measure my car... 13.6mpg city, 28.4mpg highway. Pretty much no matter what I get these days doubles my city MPG.

 

[Ekh]

Any of you delaying a car purchase waiting for the Elio? I had my heart set that the Elio would be my next car. Fortunately, my current car still works, but I'd like to get a new car at some point. It's been one year since I placed my reservation for the Elio, and the outlook is looking only dimmer.

My Subaru has required a MAF sensor replacement (with some new wiring), a new catalytic converter, new brakes and a head gasket replacement (Subaru's are notorious for that) in the past 6 months. Total: over 3,000. Tires have about a year to go. Car's not worth it. I was counting on my Elio being available when the Subaru started getting its old-age medical problems. I'm on a very limited income, so what am I going to do?

I'm sure lots of us are in similar positions. We invested money and faith in Elio, and some of us just don't handle "them's the breaks" very well. But screaming "fraud" and "scam" is just infantile. This is an entrepreneurial venture with huge levels of risk. The true miracle will be if Paul pulls it off!
I want -- and need -- a new car, and I don't see how I can delay replacing the Subaru for another year and a half or more. Come on, Paul, get it done!

Where in hell is a decision on the ATVM loan guarantee? I'm thinking of putting some energy into finding out. (and good luck with that). Maybe a Freedom of Information Act request for all DOE emails, minutes, and internal review summaries on this application? You all will tell me "don't rock the boat," but I'm not sure that's a valid concern at this point. If the boat is already swamped, I'd like to know so I can start swimming for shore!

 

[Ekh]

I can see if you own a business and use the car for the company, but why in the world would you lease a car for personal use?
To me leasing a car is just throwing money away; you put a thousand or three down, you make the payments, you can't drive it over x amount of miles, you still have to insure it, and you can't modify it. At the end of the lease you turn it back in and don't have a thing to show for it.
I just don't get why you would want to do that.

You do it because you realize that owning a car is NEVER financially sound (unless it's a collectible). Cars are depreciating assets. They lose value every day. You not only pay for the car, you pay for the maintenance -- and after 3 years the car is worth less while the expenses are climbing. So leasing, if you don't drive over 15,000 miles a year, does the following:

1. Controls your cost. In a 30,000 mile lease you are unlikely to need brakes or tires and the car will be under warranty the whole time. So all you have is insurance, gas and oil changes, which are the same either way (leasing and buying).
2. Allows you to have a new vehicle every time the lease expire, every 2 or 3 years.
3. Keeps you from getting into the frustrations of owning a clunker. By the time your car is paid for (5 or 6 years in most cases), it's seriously aging. So you put more and more money into something that gives you less and less satisfaction. (My current situation).

My wife leases her car, and she's going to be stung by an over mileage charge. My subaru is now paid for, but the maintenance costs are getting really steep. (See other posting on this topic). So she's actually better off than I am.

Where's my Elio? I can own it, maintain it, insure it, and get rid of it in three years for a fraction of the cost of leasing or buying anything else. Even if I got zero back for it after three years, I am STILL ahead financially, compared to leasing or buying a standard sedan.

 

[HHH]

Any of you delaying a car purchase waiting for the Elio? I had my heart set that the Elio would be my next car. Fortunately, my current car still works, but I'd like to get a new car at some point. It's been one year since I placed my reservation for the Elio, and the outlook is looking only dimmer.

Yep, The Ford Crown Vic with 165,000 miles needed new coils and an intake manifold this year. The Yamaha Majesty will be replaced by the Elio, but in my mind I always wonder if I could get away with only the Elio as transportation.

 

[WilliamH]

My Subaru has required a MAF sensor replacement (with some new wiring), a new catalytic converter, new brakes and a head gasket replacement (Subaru's are notorious for that) in the past 6 months. Total: over 3,000. Tires have about a year to go. Car's not worth it. I was counting on my Elio being available when the Subaru started getting its old-age medical problems. I'm on a very limited income, so what am I going to do?

I'm sure lots of us are in similar positions. We invested money and faith in Elio, and some of us just don't handle "them's the breaks" very well. But screaming "fraud" and "scam" is just infantile. This is an entrepreneurial venture with huge levels of risk. The true miracle will be if Paul pulls it off!
I want -- and need -- a new car, and I don't see how I can delay replacing the Subaru for another year and a half or more. Come on, Paul, get it done!

Where in hell is a decision on the ATVM loan guarantee? I'm thinking of putting some energy into finding out. (and good luck with that). Maybe a Freedom of Information Act request for all DOE emails, minutes, and internal review summaries on this application? You all will tell me "don't rock the boat," but I'm not sure that's a valid concern at this point. If the boat is already swamped, I'd like to know so I can start swimming for shore!

On the ATVM request, the loan officer at the DOE is a presidential appointee. And as you probably realize, the guy at 1600 just doesn't like internal combustion. Even if under his financial stewardship normal people can't afford the alternatives if they are lucky enough to have any job at all.

 

[Inigo93]

By the time your car is paid for (5 or 6 years in most cases), it's seriously aging.

What in the hell are you doing to your cars?

 

[Johnapool]

When I was working, running my own businesses, I averaged about 35,000 miles per year. Five years of that put lots of miles on vehicles. It is interesting to look at cars for sale on Craigslist and see how many mile lots of relatively young cars have on them.

 

[Rickb]

On the ATVM request, the loan officer at the DOE is a presidential appointee. And as you probably realize, the guy at 1600 just doesn't like internal combustion. Even if under his financial stewardship normal people can't afford the alternatives if they are lucky enough to have any job at all.

The guy at 1600 doesn't like internal combustion? As you apparently don't realize, overlooked, or are not willing to admit our President's economic policies bailed out the internal combustion car companies saving millions of jobs that helped to provide for our economic recovery.

If or when the ATVM Loan is approved I assume you will give both our President and his appointed DOE loan officer credit deserved for getting it done.