The Dave Ramsey Dichotomy...

[jinjuku]

True, things are getting more complex, but that's not what I'm talking about.

I'm talking about the fact that to replace the spark plugs in newer engines, the intake manifold has to be removed. That's by design. It's not "difficult" to do, but the odds of a driveway mechanic screwing things up increases significantly when the amount of parts required to be removed increases.

I remember replacing the spark plugs in my wife's 4cyl saturn. It took 3-5 min at most. My old Dodge truck with a 3.7? 3 hours. The engine is set so far back in the bay it's almost impossible to get to the back plugs. It doesn't help that they're set so deep into the head. The new 3.6 motor is even worse. In some Ford diesel trucks you have to lift the cab to change the injectors. Why?

My next vehicle may be a 91 or older restored K5 Blazer. Something unique, with utility, fun, and won't depreciate.

 

[panteragstk]

My next vehicle may be a 91 or older restored K5 Blazer. Something unique, with utility, fun, and won't depreciate.

Nice. Always wanted one of those. My (new to me...ish) is a 2007 5.9 diesel dodge. Shouldn't really drop much from here. It should run forever, but I've got some things to do before I can be confident everything that costs major $$ to replace has been addressed.

My friend had a K5 Jimmy that he did an engine swap from carburetor to TPI. It was a fun project for him. I looked and Jimmy's and Blazers are expensive now. Or, at least they seem expensive.

 

[Irvrobinson]

My next vehicle may be a 91 or older restored K5 Blazer. Something unique, with utility, fun, and won't depreciate.

I understand it. My ex and I had a string of trucks like that, for her. 1987 Bronco, 1996 Tahoe 2DR Sport, 1999 Tahoe 2DR Sport, all purchased new. The 96 Tahoe was stolen out of a guarded employee parking lot. The 99 was all black, and it was the last year they made two-doors. Within a few years she would get occasional offers for it from strangers. When we were shopping for the 87 Bronco (this was waaay before the SUV craze) the sales guy was not believing this 5'3" woman wanted a truck like that. He got a look that would freeze boiling water.

 

[Mr._Clark]

David Ramsey would not approve, but how about buying a Ferrari, driving it for 6 months, then selling it?

Roughly speaking, a decent 458 would be about $175K. Insurance and maintenance for 6 months might be $5K. I doubt it would depreciate very much in 6 months, but who knows how hard it would be to find a buyer?

If you miss out on a 10% investment return on the $175K, the opportunity cost is significant. On the other hand, given that I generally s*ck when it comes to picking stocks, the opportunity cost might not be that outrageous for me (that's just the evil little "spend it now!" voice talking)

 

[Irvrobinson]

David Ramsey would not approve, but how about buying a Ferrari, driving it for 6 months, then selling it?

Roughly speaking, a decent 458 would be about $175K. Insurance and maintenance for 6 months might be $5K. I doubt it would depreciate very much in 6 months, but who knows how hard it would be to find a buyer?

If you miss out on a 10% investment return on the $175K, the opportunity cost is significant. On the other hand, given that I generally s*ck when it comes to picking stocks, the opportunity cost might not be that outrageous for me (that's just the evil little "spend it now!" voice talking)

I say go for it, because if you do something a little dumb now and then it makes the smart decisions you make look better by comparison. On the other hand, this is jinjuku we're talking about, and he makes me look adventurous, so it seems.

A $175K 458 is possible, but that would be a pretty cheap one, from my glance at the market. More likely you'll find one worthy closer to $200-225K. If you only keep it for six months you may not need to do any maintenance. Even a $175K 458 may have less than 20K miles, so the chance of it needing major maintenance is small - unless it was tracked. If it was tracked you're possibly screwed, because everything on a Ferrari is very expensive, and only the dealer has access to the documentation and training. Before you buy one you really need a pre-purchase inspection. I'd figure something like $500-1000 just for that. Parts cost example - scrape one of those wheels by parking using the braille method? In the $6K range each for a new one. Flawless used are like $3K, if you can find one that matches. If the double-clutch transmission ends up needing work because it was beat on the track, good luck with that. I've only known one Ferrari owner personally, and he bought it to track it. (He let me drive it on the street, and I totally fell in love with it. I should also mention that you should be comfortable with a lot of attention if you want one. I told the owner I felt like I was Jennifer Lopez naked, for all the attention I got, driving around Sarasota, CA, which is one of the richest places in the US. This was in about 2007.)

Then there are other considerations. Like insurance. Mainline insurance companies may be unwilling to insure it. Specialty insurance is surprisingly pricey. And registration, property tax, and sales tax. Kentucky (I think jinjuku said in lived in KY) has cheap registration, but a 6% sales tax, which I'm guessing he'd have to pay at registration time. $200K x 6% = $12K.

The other thing I noticed in my 458 market glance, there are a lot of them on the market. And I just looked at autotrader.com, which is not exactly a hot Ferrari listing service. I think every 458 in Scottsdale must be for sale right now. So when you're ready to sell it might take a while to make a deal, like months.

Nah, I don't think I'd do it.

 

[Mr._Clark]

I say go it, because if you do something a little dumb now and then it makes the smart decisions you make look better by comparison. On the other hand, this is jinjuku we're talking about, and he makes me look adventurous, so it seems.

A $175K 458 is possible, but that would be a pretty cheap one, from my glance at the market. More likely you'll find one worthy closer to $200-225K. If you only keep it for six months you may not need to do any maintenance. Even a $175K 458 may have less than 20K miles, so the chance of it needing major maintenance is small - unless it was tracked. If it was tracked you're possibly screwed, because everything on a Ferrari is very expensive, and only the dealer has access to the documentation and training. Before you buy one you really need a pre-purchase inspection. I'd figure something like $500-1000 just for that. Parts cost example - scrape one of those wheels by parking using the braille method? In the $6K range each for a new one. Flawless used are like $3K, if you can find one that matches. If the double-clutch transmission ends up needing work because it was beat on the track, good luck with that. I've only known one Ferrari owner personally, and he bought it to track it. (He let me drive it on the street, and I totally fell in love with it. I should also mention that you should be comfortable with a lot of attention if you want one. I told the owner I felt like I was Jennifer Lopez naked, for all the attention I got, driving around Sarasota, CA, which is one of the richest places in the US. This was in about 2007.)

Then there are other considerations. Like insurance. Mainline insurance companies may be unwilling to insure it. Specialty insurance is surprisingly pricey. And registration, property tax, and sales tax. Kentucky (I think jinjuku said in lived in KY) has cheap registration, but a 6% sales tax, which I'm guessing he'd have to pay at registration time. $200K x 6% = $12K.

The other thing I noticed in my 458 market glance, there are a lot of them on the market. And I just looked at autotrader.com, which is not exactly a hot Ferrari listing service. I think every 458 in Scottsdale must be for sale right now. So when you're ready to sell it might take a while to make a deal, like months.

Nah, I don't think I'd do it.

Awww man, yer supposed to play along with this, not bring in all that depressing reality stuff! (I do like your suggestion that it would make all my other financial decision look good in comparison, that was more of what I had in mind)

Okay, let's try this again. So if I bought a used McLaren . . . [sound of my balloon getting shot down]

 

[jinjuku]

On the other hand, this is jinjuku we're talking about, and he makes me look adventurous, so it seems.

Don't know about that. I'm still married to my 1st wife and have a kid.

 

[Alex2507]

I'm still married to my 1st wife

How does your 2nd wife feel about that?

 

[GO-NAD!]

How does your 2nd wife feel about that?

Bah-Dump-Bump...

 

[Irvrobinson]

Don't know about that. I'm still married to my 1st wife and have a kid.

So I have two children and two step children. Do I win yet? I could throw in the period where we had five family members full time in universities concurrently. Now that was adventurous.

 

[highfigh]

This will blow your mind:

Consumer Reports did some sleuthing on credit score based car insurance. They found that with some providers that a high score + a DUI was less expensive than a perfect driving history and a blemished credit report.

Sure, why not? The motto of the insurance industry- "We're not here to make friends, we're here to make money".

 

[jinjuku]

How does your 2nd wife feel about that?

Go ahead and ask your mom.

 

[jinjuku]

So I have two children and two step children. Do I win yet? I could throw in the period where we had five family members full time in universities concurrently. Now that was adventurous.

How many new cars does that equal?

 

[Irvrobinson]

How many new cars does that equal?

It depends on the cars...

 

[panteragstk]

How many new cars does that equal?

When I had my first two kids in daycare when they were 6wks and 15mo old it was around $2300/mo. I told people I could have a VERY nice car for that money. It was more than my mortgage at the time. A lot more.

 

[jinjuku]

It depends on the cars...

Is that one or two Ferrari?

 

[Irvrobinson]

Is that one or two Ferrari?

I'm guessing it would all fit into one new Ferrari, even assuming fees, books, room, board, and spending money.

 

[ski2xblack]

So I have two children and two step children. Do I win yet? I could throw in the period where we had five family members full time in universities concurrently. Now that was adventurous.

Sorry, kids, but your mother and I are plum out of tuition money for you. But we did get each of you this Dave Ramsey book. Good luck!

 

[Mikado463]

Okay, let's try this again. So if I bought a used McLaren . . . [sound of my balloon getting shot down]

I got a nice 54 year old Chevy I'll sell you ...............

 

[Mr._Clark]

I got a nice 54 year old Chevy I'll sell you ...............

'67 Camaros are kind of cool.

'54 pickups are also cool.