What are the most common big-ticket items and one-time expenses?

I have a story about used cars.

For years two friends and I ran a little bet. On friend bought new cars, the other used from a dealer and I paid cash for all my rides. For years, we kept track of not only purchase price, but interest paid on loans, repairs, tag tax and title and insurance costs. It started because of a discussion over what the best approach to buying cars was. Nothing formal, just a little running total kept on dingy notebooks, honor system all the way. Guy who spent the least on cars wins a steak dinner.

New car guy immediately fell way behind and stayed there. He's never been remotely close to the lead.

Used from a dealer and I were neck and neck for a long time. The more frequent repairs my old junkers needed (and the cost of replacing them every 2-4 years) offset his payments, interest and slightly more expensive insurance.

I've had more cars than I can remember, he's had 3 since the bet started. He's a five cars in a lifetime kinda guy.

His current car is what finally sealed the bet in my favor, but only because he bought a certified pre-owned BMW of the speedier variety. Even with that, it took a while for him to fall behind.

Thing is, my friends drive nice cars. I don't. I currently have a 1994 Dodge Dakota. New car guys has a 2013 Ram that makes my Dakota look like a toy truck. The BMW my other friend has is everything you'd expect from a BMW (including expensive to maintain). That's something you have to consider. If a nice ride is important to you, don't follow my lead.

However, I have an affinity for older things that still have inherent value (like an old truck with fairly low miles). I have hand tools I inherited from my grandfather that are older than I am. I like both finding old things for sale and making them continue to work. Adding life back into them. I'm not a hot rodder or a gear head, I just like to keep things up.

So my approach to cars reflects that. It's also thrifty, but takes skill and patience.

Without a willingness to go elbow deep in the transmission of the car you just bought, you're probably better off buying a decent certified pre-owned, some even have warranties.

Never did get my steak though...

/r/personalfinance Thread Parent