In 2015, I wrote a viral “Why I Bought a Cheap Second Hand Car” article. It’s still the most commented article on mr-stingy.

I guess it’s one of the most relatable articles I’ve ever written. And people get very passionate about their cars.

This one is the sequel. After almost a decade of driving my used car, what have I learned?

What did I get wrong? Do I wish I’d done anything differently?

I’m Still Happily Driving My Old Car

Nine years on, I’ve roughly doubled my salary. Much more financially stable now.

I still drive my 1.3L, 18-year-old, Malaysian-made car though. It’s perfect for me — I drive <100 kilometers a week, it’s cheap to refuel, and effortless to park and maneuver around the streets of Kuala Lumpur.

I like nice things, and have upgraded many parts of my life. But why not my car?

As my earnings and quality of life have gone up, I think a lot about lifestyle creep. Yes, money is only a tool to make your life better. But I’m intentional about how I upgrade. And in terms of car, what I have is more than enough.

I’ll argue that if you put things into perspective, if you allow yourself a bit of childlike wonder, you’ll realize that most things we take for granted are miracles of human ingenuity. Even an old car.

I’m mostly happy because I have simple desires. I try to find joy and be grateful for the simplest things.

Own Things; Don’t Let Things Own You

Perhaps my favorite thing about driving an old car: I don’t worry about it.

Scratches. Dirt. Theft. The amount of mindspace I need for these = basically zero.

There’s this image in my mind of who I don’t want to be: an asshole luxury car owner.

You know, the type where even the smallest inconvenience drives them crazy? Nothing against luxury car owners — many are lovely people. But if driving one makes you behave like an asshole, you probably can’t afford it and are compensating for some insecurity.

Basically I like being a chill guy. And having low car-related costs helps me stay chill.

Own your car. Don’t let your car own you.

Where I Was “Wrong”: Safety

The biggest thing I was “wrong” about is safety.

At 31 years old — just something I didn’t think about.

Today, I’m okay in an 18-year-old subcompact car because it’s just me. If this was my primary “family car” though, I’d want something newer, bigger and safer.

Similarly, if I buy a car for my daughter one day — I wouldn’t want something that breaks down a lot. Money is cool, but keeping your loved ones safe is priceless.

Of course, you don’t have to splurge on the safest car in the world — a lot of risk can be mitigated by good practices: Check your tires. Stay below the speed limit. Drive defensively. Avoid dangerous areas at dangerous times. Service your car regularly.

Maintenance Has Been Easier Than Expected

The little mindspace that I need for my car — it’s for repairs and maintenance.

The older your car, the more it needs fixing.

Thankfully, it’s been very minimal for me. Of course, it’s partly luck. But I also wanna pat myself on the back for good decision making:

• I own a super-common car. Parts and labor are cheap.
• It’s known to be rock-solid reliable, with Toyota as one of their partners. You know Toyota’s reputation for reliability, plus I drive very defensively.
• I was blessed enough to have bought my car from my sister. She takes good care of things.

In monetary terms, buying second-hand (including repairs and maintenance) has turned out to be much cheaper than buying new. I say this having owned several other cars around the 20-year-old mark. Even the high-maintenance ones were cheaper than buying new.

Save on Things That Don’t Matter; Splurge on Things That Do

I love Ramit Sethi‘s classic quote:

“Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.”

Having a sweet ride doesn’t matter to me. It actually mattered more to me when I was young and insecure, but it 100% doesn’t matter to me now.

Today, I spend <1% of my gross earnings on transport. Extremely low vs guidelines for transportation costs — typically about 15%. I love the gap between what I can afford vs what I actually pay. It’s security.

What have I done with the extra money?

I’m not that aggressive in saving or investing, so it’s mostly gone to giving — family, friends and charity. These are meaningful to me — I’ve learned that the more I splurge here, the happier my life is.

How To Think About Buying a Car (It’s Not an Investment)

Looking at it from an asset-allocation perspective, I could never justify buying a new car.

In the first few years, depreciation is too steep.

I understand why it’s easy to evaluate a car like an asset: Because a car is usually the second-most expensive thing someone will buy in their life. So people start thinking about things like resale value.

If you wanna enjoy a car though, evaluating it from a spending perspective is better. Asking the question: “Will buying this improve my quality of life?”

Not everything is an investment decision. There’s an art to spending money the right way.

What About Status — Do People Look Down on You?

So many people buy cars for status, so you can’t deny it: a nice car does make people treat you better. I hear it’s useful for business.

True story: A girl I liked once told me, “Girls don’t like you because you drive an old car.” She was partially right — some girls don’t like me. But they’re not the right type for me anyway.

This is good for everyone. Life Lesson 1: filter out people who aren’t right for you.

Life Lesson 2: Buying things you can’t afford to impress other people is one of the worst ways to spend money.

After his son was born, Morgan Housel wrote him a letter:

“You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does — especially from the people you want to respect and admire you.

Humility, kindness, and empathy will bring you more respect than horsepower ever will.”

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Pic from Pexels: Adam Sokoloski