3 years ago, my wife and both had two paid off cars. Hers was a reliable 2001 Toyota Corolla that put me to sleep behind the wheel, but she liked it. Mine was a 2004 Subaru WRX that I had recently paid off and was set to own for several more years. SUDDENLY the WRX started falling apart, including stranding me out in Coachella one day with a dead alternator. I spent 6 hours at Marcelo's Auto Repair watching Mexican television all day long. Every stereotype is true about Telemundo! Naked chicks, constant explosions on the news, and more slaps than I could count. Fun fact: Marcelo is a Spaniard who didn't seem very fond of Mexicans, but there isn't much English being spoken out that way, so they got along well enough I suppose. Hilarious guy, by the time I went home I had felt we were old drinking buddies.
At the time I was commuting some 45 miles each day, but figured "hey, the car is paid off, I'm sure it won't continue to fall apart every single month!" Oh how wrong I was. Sure, the $450 / month car payments were long gone, but the bills just kept piling up. I then got a new job that only required 30 miles of daily travel, although it did involve a heavy climb once per morning that I had oft witnessed bogey'd vehicles perched upon the side of the road, smoking furiously. I kept on eye on that, but the Subaru held up for the first month or so. Then, the HORRORS started up once again. I finally had enough after it spewed green death in the parking lot at work (at least I made it up there that morning). I quite literally called my wife that day: "I'll need you to come get me from work tonight, and we're heading straight to the Mazda dealer to buy a new car."
And that is what we did. Thankfully our favoUrite sushi restaurant is right across the street, so after hour upon hour of haggling, and me finally saying "okay, you've got a deal... if you get me the silver one" we waltzed across the avenue awaiting the delivery of my New Silver Bullet, which they had to drive in from LA. Unfortunately we had to wait until the next morning to get my car, the driver didn't arrive until after the dealership was closed. No problems, we picked up said rocket in the morning and were well upon our way.
So one car payment a month was fine, I had the reliable thing and longer commute, her car was used for her daily work travel and nothing more. Unfortunately some family stuff happened about a year later and she had to say goodbye to her Faithfully Blue Tank. It still lives in the family, her sister pilots it up in Sacramento, going strong as per usual. But this time, especially since one new car was already around, we decided to purchase a used vehicle. Mine would be used for desert runs, hers would be for shorter trips.
That is when another horror struck. Neither of us had been in the used car market for years, we had no idea what had just transpired! CASH FOR CLUNKERS, so touted by everyone else, had literally decimated the used car market from the buyer's perspective. What used to be plentiful and cheap now was a veritable holocaust of epic proportion! We searched for 3 months for a proper used vehicle to no avail. Inventory down, prices up, Obama what have you done to us middle class saps?!?!?!
So, finally, after much debate, again we made a trip to our local Mazda dealership. By this time mine had proven to be a good soldier, we were even in a 4 car pileup on the 91 that involved 3 total'd cars and ours that came out virtually unscathed (a few days at the local collision yard, nothing more), so we knew that these Hiroshima Bred Vehicles were solid! This time we debated between purchase and lease, turns out the lease was much much cheaper so that is the path we chose. And once again, upon awaiting financial clearance, we trotted over to Sushi Kimo for a wonderful meal. They only speak Japanese in there, only fitting!
We now have a garage full of Mazda and the accompanying monthly bank account drain. And of course right after we took drivership of the second one my commute was cut down to 5 miles per day, which I could literally walk if I so wished. The faster, more expensive, least efficient vehicle is completely unnecessary! Yet I love it so. And so, the story of America's Debt Trap continues...