Car fund
My car fund is going to be a major focus in 2010. I currently have about $1,400. Though it could be wiped out by a massive repair bill! Sometimes I feel like it is a game — can my car last until my car fund is ready, or will some major problems crop up first? I hope I win!
I take a very un-L.A. attitude towards cars: I’m extremely disinterested in them, and I don’t know a lot about them, and I don’t care much about them. This has allowed me to keep driving my college car (now 10 years old and approaching 100k miles) for years. I’m convinced this has saved me s ton of money over the past few years.
Still, my car will be replaced eventually. For an older car, it hasn’t need too many repairs: $300 for brakes in the middle of the year, plus oil changes. I spent $152 on registration, and that’s about it for the year. It is due for a timing belt at $110k, and things could start breaking any time. I’m hoping it will stay healthy through 2010, and in 2011 we’ll consider a newer one.
I haven’t set a firm goal for my car fund, but I can tell you all my extra cash (post honeymoon, post wedding) will be going there. I’m looking to spend about $15k on a used something or other, but that is very much TBD.
Stacking Pennies 
That sounds like a great plan to me – I don’t care for the newest models or next best thing, my car does a great job and when I’m ready for a new car I will most likely buy used. Hopefully your current car holds out until you get enough funds to buy another one!
Sounds like you’re on your way! When you do start to look for a car, I found AutoTrader.com to be really helpful. (Kind of a local eBay/craigslist for cars.) I do enjoy cars, and I found my dream car on AT(a Mini Cooper convertible with a stick shift!) without too many miles on it for $16,500 after some negotiating. I probably could have gone with a Toyota Corolla or a Honda Civic and saved some cash, but I enjoy driving it every day, so for me it was still a good deal.
You are so lucky you had a car – I had about 2 weeks to find and buy a car. I went with new because I know nothing about cars and knew I’d get swindled on a used car. I got screwed on financing because my credit was laughably short & I had no down payment. The only thing I did right was chose a no-haggle dealership, so I got a decent price.
Let us know how the plan progresses!
It would have been so stressful to buy a car right away! Most people I know had college cars, but most also upgraded within a year or so.
The plan is more of a non-plan for now: start saving like mad and keep reminding myself that I’ll get a newer one eventually and mine is fine for now.
If your car only has 100K miles… I think it’s just a baby!
My car has 223K miles. I’ve been spending around $1,000 per year in repairs. My mom raised the possibility of me getting a new car a few times (mostly because she’s worried about me driving such an old car), but I’d rather hold on to it as long as I can. Not to mention, I’ve gotten quite attached to my Honda. 🙂
If you take care of your car and don’t get into any accidents, I think it still at least have 50K in it. What kind of car is it? Japanese / German?
American. Yeah, my dad was big into “buy american” and helped me pick it out back in the day.
It will probably last awhile — I think we’ll know a lot more about our plans in a year or so, and the decision will become clear. I worry about driving an old car on road trips, but not so much on my daily commute
Mine is American as well, and I plan to drive it to 200k, it is at 100k now. I spend about $1200-2000/year to keep it running. But that is cheaper than financing a car would be + full insurance I’d have to have while financing. And there is just NO WAY I’d be able to pay cash for my car.
It is a 2002, and I’m planning on driving it until 2016. We’ll see. I may change my mind in a few years, but I hope that it lasts! =)