Is it worth having a car in NY
Is it worth driving up to NY to have your car there? Thinking of going up north to hike and shit whenever I have the time.
Is it worth driving up to NY to have your car there? Thinking of going up north to hike and shit whenever I have the time.
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No
No, no, and no.
Trust me, I passed a phase where I wanted to do exactly that. Get a car to go off every weekend and not have to depend on others. But the cost and inconvenience of having a car ultimately outweighs the benefits unless you make good money. And by good I mean VP+.
To give you an example, I got several quotes for car insurance and the lowest was around $650/month... and that doesn't include gas, maintenance, parking, monthly payment, and tolls. I made the math and I'd be paying around $1,500 for a 2016 Corolla. That's how bad it is.
There are some exceptions to this. If your parents live in NY (mine don't) then they could be the policy holder and the cost drops dramatically, also if the car is paid off. But even then it's still a stretch.
Dude where did you get this $650/mo insurance quote and/or are you a felon? lol
haha no. I think it has to do with my age (low 20s) more than anything. But I consulted with Geico, Progressive, and both were up there. Geico quoted me in the 700s. Ridiculous, absolutely.
People will say no, but if you have extra money, then it can be nice. I keep a car in NY. Costs me $125 for insurance, $300 for parking, $500 for loan payment, so ~1k / month. I rarely use the car, but I like the feeling of freedom that it gives me. Plus it's a hot car and fun to drive. Hate feeling cooped up in my apartment with no escape. And I like heading up north to hike / ski when I can. Just be prepared to pay.
Car guy here - what kinda hot car are we talking about? Curious as I may in your shoes soon.
I got an Audi A4 prestige. What are you thinking about?
GT3 - would like to say that despite us both being associates it looks like, I'm probably 5-10 years older than you (and still single) and have been pretty prudent about saving so that's how I'm attempting to justify it, lmao. Well that and I think I'm getting promoted next month. I'm certain when you're my age, you will have a fleet of more expensive cars than me (if you so choose).
Now that would be a fun car. Also, bold move. Love it.
Get a Zipcar account, will be many multiples cheaper than a car that burns money 28 days of the month.
No, you won't have the time.
For rando drives, there's always zipcar.
So what if I don't own a car but want to go hiking/farm during weekend on my own?
only worth it if you have a reason to go out of town on a regular basis, and at abnormal times. If you are only going up once in a while to hike, you're better off renting a car/zipcar/public transit (metro north, LIRR, NJ transit). At a few hundred per month for payment, more for insurance (RE: DUI serial killer above paying $650/month), plus parking garage (or stress of parking--which you need to find 2x per week in Manhattan), you're looking at minimum $500 per month (only if cheap car, low insurance, street parking).
That being said, I split a car w/family member, have cheap insurance, and street park (like a cheap pleb). It's only worth it b/c I have family ~1hr outside of the city and have to head up 3-4x month.
TL;DR - how much is your hiking worth per year?
In your 20s No, in your 30s Yes. You should be making +/- $300k/year (based on my experience) before you can comfortably own a car without it eating you alive.
Not worth owning a car at all unless you live in the suburbs of Queens/Brooklyn/Staten Island.
Thanks to Bloomberg owning a car is a nightmare in the city. More areas have parking meters, you even have to pay for parking on a Saturday and Sunday. Additionally, there are days where you have to move your car to the alternate side for possible street cleaning, and if you don't move it you'll get either a ticket or your car tolled.
Not worth it, at least not early on in your career. I have one in the city, but I pay for parking ($500/mo) and it is mostly for the flexibility to get out of the city, but honestly it is easier to get out of the city by train, and you can always rent a car for relatively cheap. It is more useful right now with covid as I leave more often, but I still wouldn’t recommend it until you make more money. Also, you end up getting busy and not using it for weeks (or months) and you run the risk of having your battery die. And finally, if you end up liking cars and getting something nice, the garages charge more for “exotic” cars...
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