It seems that people in the upper echelons (economically speaking) of our society are rediscovering the joys of driving cars with more than 50,000 miles on them (or, in WSJ parlance, "old" cars). Apparently, it is all the rage in these penny-pinching times to hang on to your vehicle for more than 3 years. Here's my favorite line from this piece of informative, hard-hitting journalism:
An extended warranty...along with the cost of more-frequent oil changes and replacement parts, still usually costs less than the monthly expense of financing or leasing a new car.
Imagine that! Really? Costs less, did you say? You mean, I can save money by maintaining my old car properly rather than trading it in for a brand-new model? Gee! Is that what one learns in business school? I've got to go get me an MBA.
The article goes on to report that some of these frugal masters of commerce are going so far as to hold onto their cars until that old speedometer hits 100,000 miles. You read that right, 100K. In other words, 30,000 miles less than what is currently on my 12-year-old minivan....
And the other van, the one we call "new"? It's at the 50,000-mile mark now. We consider it just about broken in. And now, thanks to WSJ, Larry and I feel like rich folk simply by virtue of not driving it down to the nearest dealership and trading it in for a newer model. We're trendy, that's what we are.
Stay tuned for more breaking news from this country's leading financial newspaper. I'm sure there will be future articles with titles such as Eating In - The New Way To Lower Food Bills and Public School Costs Considerably Less Than Private School.
As part of our ongoing No Executive Left Behind initiative, are there any other subjects we can suggest to the WSJ editors?