Car Purchase Afterthoughts

Latest Car Purchase Afterthoughts

By Richard A Balch, CFP

It has been over a month since I have purchased my 2018 Dodge Charger and love the car!?Aside from its racy look and quick acceleration the car drives very comfortably and I have even had the opportunity to drive it in some dicey Wisconsin icy and sleety winter conditions with its all-wheel drive capability.?The purchase of the car makes for an interesting philosophical afterthought I want to share in case others may be thinking a similar decision-making process.?So here goes.

The car I traded in was a 2018 Ford Escape which served me well for six years.?I had envisioned driving the car for a couple more years and perhaps passing it on to one of my sons eventually.?It too was an all-wheel drive which was useful when making sales calls to see my clients in Upper Michigan on snowy logging roads.?The car was having troubles starting and I thought it was he starter.?I brought it in to my client who does automotive repairs as I had done previously.?When I described my problems and the fact there was no “TTTTTTT” sounds when I tried to start it, it became apparent this was a different problem.?The tech discovered that a solenoid set atop the fuel tank which monitors vacuum was worn out.?This required dropping the drive train and replacing the solenoid.?The car had 240,000 miles and was starting to rust by the doors due to the nasty briny salt solutions sprayed on roads during the winter.?The tech said I should consider replacing the vehicle.?I had considered this reality and studied the assortment of cars my client sold on his lot.?I zeroed in on the 2018 Dodge Charger right away on his website.?The car was still on the lot and test drove the vehicle.?My wife was with me and she appeared excited I selected thus vehicle to be the first one to try.?I did read-up on the reviews of the 2018 Dodge Charger and noted the comments were in general favorable.?I drove the Charger around the neighborhood and immediately enjoyed it.?However, I felt guilty at the symbol this car would represent with showing up to the clients.?My clients often make it a point to discuss the attributes of whatever car I was driving and this was a strong consideration.

When I was working with my father and we discussed cars I was told a car is only a utilitarian tool that should be that main criterion when selecting a vehicle.?I had often heard from my colleagues that a fancy vehicle may cause thoughts of extravagant luxury and excessiveness when showing up to my clients.?“So this is where my investment success goes towards!” were phrases I ran in my head hearing my clients commenting when I left them.??In lieu of this, I then test drove the more practical Toyota Camry and Toyota Rav.?I could read my wife’s body language and see she did not quite the luxury as the Dodge Charger.?“I’ll support you in whatever car you choose,” my wife commented in the end but what she really said was “however I would be much happier if you picked the Dodge Charger!”?So I ultimately picked the Charger.

Why did I select the Charger??I reflected that being in my 50’s I thought that it was time to pick something I could selfishly imbibe.?The only other time I selected a vehicle I emotionally wanted to satisfy for my ego was in 1992 when I graduated college and bought a new 1992 Pontiac Grand-Am.?Back then, the sleek body design of the car and manual shifting made me want a vehicle with an image of a successful college graduate enjoying the fruits of his labor.?The Grand-Am was a car I certainly enjoyed, but when I eventually got married and traded that in for the more practical 1996 Honda Accord.?It was time to get serious, I thought, and wanted a car that boasted of economical gas mileage and practicality of having future family members being driven in.?From there, I always selected practical cars: 199 Ford Windstar van, 2004 Honda Odyssey van, 2007 Buick Lacrosse sedan, and the 2014 Ford Escape. All those prior cars served me well, but I never felt fully satisfied in picking a fun vehicle.?So when it came time to pick another vehicle I decided it was time I once again treat myself.

It is funny to note the immediate responses from my friends and family on my selection.?My 23-year-old son who is in the USMC commented I picked a car that his junior enlisted (18 and 19-year olds) in the USMC bought in the questionable car lots outside the base.?Another son commented that since I enjoyed watching THE DUKES OF HAZZARD TV show in the 80’s was the reason I went with the Dodge Charger.?My bar clients at the Polish Legion of American Veteran Post 186 tavern teased me saying I should have kept the Ford Escape and try and fix the car myself to get another 100,000 miles out of it.?They are farmers who believe in saving a buck and promoting self-resiliency.?My best friend commented I bought a race car and was going through a mid-life crisis.?I cannot argue with him there for that fact because my auto-insurance doubled after buying the Charger due to the quick accelerating reputation if I was a lead foot.??Regardless of this feedback from a small minority, I realized life is short and you have to enjoy it to some degree.?For the most part, my friends and family were happy I finally picked something that I could relish for myself.?The best part of this experience was that I could afford the car without financing and feel pride at reaching a point of my life I can now do something for me.

So in conclusion I know a car is a utilitarian tool that should not overwhelm one’s emotion in picking something that should satisfy an ego.?But as long as I was able to reconcile that with the other aspects for selecting the Dodge Charger, I feel good with my purchase.?My father, who had once told me the wisdom of picking a practical car, is enjoying himself in a 1976 Cadillac Eldorado convertible - so I wonder what he thinks of that!?Buying a car is a very complicated process and I can appreciate the consideration now when I hear my clients desiring to purchase a unique vehicle for their purposes.

Richard A Balch, CFP, CLU

Woodmen Financial Resources

1234 S Ridge Road

Green Bay, WI?54304

1-920-499-8833 Ext 110

[email protected]

Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc.,

PO Box 64284, St. Paul,?MN 55164(800)-800-2638 Member FINRA, SIPC

Woodmen Financial Resources and Woodbury Financial Services, Inc. are unaffiliated entities

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