This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Why I Plan On Driving My Car Into The Ground





Over the weekend, a friend and I were enjoying a couple of beers in my neighborhood. As we sat outside people watching, he drooled over every fancy car that drove by.

“That's a whatever-whatever,” he would tell me. “It costs $100,000.”

I live in Los Angeles, where these symbols of affluence are common.

“I can't help it,” I told him. “All I can think of when I see a car  that expensive is that the driver made a terrible financial decision.”

“But what if the driver is rich and can afford it?” my friend argued.

We then got into a conversation about fancy cars, happiness and  frugality. I argued that, no matter how much money I might make in the near future, I plan on driving my Corolla into the ground.

“You wouldn't trade it in for a nice, sleek Mercedes?” he asked. I said no, and he looked suspicious. But here's why I think I'll drive my car until it wears out.

It's got sentimental value

The non-money answer is that I love my car because it used to be my brother's.

Both of us had Corollas. I paid for the down payment on mine and spent five years paying it off completely. Since college, Old Trusty and I had been through a lot together; he had a good 150,000 miles on him. So I wanted to take him with me when I moved to California, but my parents thought he was unfit to make the trip. My car was a 2004, and my brother's was a 2008 with considerably fewer miles. For some reason, when my brother went off to college, my parents bought him a new truck (how come I never got a new truck, guys?). Mom and Dad insisted I accept his newer, less worn-out Corolla, saying it would give them peace of mind.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs