Expensive Toys = Expensive Repairs
This should be a "No Brainer", but expensive toys create expensive repairs.
I have a colleague with a very expensive automobile. It has low profile, performance tires and he has suffered three blowouts in the past six months or so-- $700 per tire. The vehicle also takes three times the oil that a comparable sized vehicle takes-- it is no $19.99 oil change . . .
I am sure the insurance and other costs on this vehicle are also super-sized.
The point is, what most people don't realize (or don't find out until it is too late) is these expensive items have high maintenance costs.
Moral of the story: Realize that expensive toys are expensive to maintain-- consider renting them. They say that if you play-- you pay! Boy, are they right.
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I have a colleague with a very expensive automobile. It has low profile, performance tires and he has suffered three blowouts in the past six months or so-- $700 per tire. The vehicle also takes three times the oil that a comparable sized vehicle takes-- it is no $19.99 oil change . . .
I am sure the insurance and other costs on this vehicle are also super-sized.
The point is, what most people don't realize (or don't find out until it is too late) is these expensive items have high maintenance costs.
Moral of the story: Realize that expensive toys are expensive to maintain-- consider renting them. They say that if you play-- you pay! Boy, are they right.
Related posts:
A Simple Approach to Purchase Decisions
Is This Purchase An Investment?
Buying New or Used?
10 Questions to Ask a Salesperson
Just Say No!
Posted by DDFD at 12/17/2009 3:27 PM 
Categories: Automotive, Personal Finance, Frugality, Personal Philosophy
Tags: Automotive Personal Finance Frugal Frugality Personal Philosophy
Categories: Automotive, Personal Finance, Frugality, Personal Philosophy
Tags: Automotive Personal Finance Frugal Frugality Personal Philosophy
This is an excellent point - something we don't always keep in mind - the total cost of ownership. I put this in the foreground when I made purchases of 4 pieces of used construction equipment to help me with my do it yourself projects around the ranchette. In particular, I knew that my backhoe would need some maintenance and refurbishing when I bought it. Front tires were replaced at a cost of about $850 for both. A rear tire was $1,000 installed.
The equipment lets me tackle projects that I would otherwise need to contract out, and I can do them at my pace and when I want to. They are my "toys" but they are tremendous work savers.
Renting such equipment can be cost-effective, but when I was told that a ride-on trencher would cost me nearly $3,000 for a week, I simply found one to buy for the cost of a three week rental.
With no insurance or licensing, the equipment only requires changing oil and the occasional repair with a welder. With good care, they should last a lifetime and save much more than they cost. And, the resale market for such equipment is always good.
Clair Schwan
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