Earlier this year, I did one of the most adult things I’ve ever done and I paid off my mortgage. Lest anyone take this as a so-called “humble brag”, it was a decision I didn’t make lightly. This was also after years of living within my means, no car, and significant changes in both leisure spending and personal habits. At the time of my payoff, I saw fit to remind those of my friends and connections on social media who had ever put a “laugh” reaction at something I had posted about shopping at a thrift store, my lack of streaming subscriptions, or old technology (I had a flip-phone into 2014) that there were ultimately big-picture benefits to all of those things. Others can have their monthly subscriptions, daily Starbucks, and iPhones. I own my own home.
A good buddy in Arizona who works in the financial field had suggested that I might be better off buying a bigger place instead of paying this one off, as it might make for a better long-term investment. Brian is wicked smart and lives in a palace with his beautiful wife and young son, but it didn’t take a whole lot of thought for me to circle back to my original line of thinking. My place may not be huge, but it’s perfect for me. It has more than enough space for one and beautiful views of the neighborhood. It’s handy to public transit, Lake Michigan, a couple of grocery stores, myriad restaurants, and many other amenities. My building is even fully accessible for those with challenges with mobility, as I take a wider look at life’s possibilities. I won’t forever be exactly as I am now.
Even for part of my last long-term relationship, separate households had worked well for both of us. As my specific life story has played out through today, it is much more important to me to have a place and things of my own than to have to worry about what someone else under my same roof is doing. (Arrangements like that are probably not as uncommon as one might think.) After close to two decades, these square feet seem to be just about the magic number, as I’m also able to entertain guests for up to a week with all of us in relative comfort. The lack of more space or an additional bedroom is also an important safeguard against anyone else getting too comfortable here, or developing any ideas about staying for any extended period of time.
At some point during my forties, I had started paying more attention to things like home furnishings, art, and general decor. When quarantine happened a few years ago, it acted as an accelerant to me getting this place to look much more age-appropriate than it probably ever has. Sometimes when I get home from the office, I look around and half-jokingly ask myself, “Who lives here?” All this is to say that I’m proud of this little slice of heaven, and spending leisure time here on weekends is so much more enjoyable today than the hours I used to while away at the local bar. Drinks are expensive, which also hasn’t been wasted on me as I’ve seen my wallet get fatter the longer I’ve been sober.
I had originally thought to write something about how my place was like the “Ghia” of condominium units – compact and luxurious, but then our subject car made an appearance and it seemed a much more appropriate comparison. I do like the Mustang II, but a Park Avenue Ultra is: a.) a Buick, imbued with Flint heritage as much as I am; and b.) generally not mocked. Our featured car is from the last year of the first front-drive generation of C-Body which had arrived for ’85. The top-shelf Ultra had arrived for 1989 featuring a host of upgrades both inside and out, including and not limited to special 15″ alloy wheels, distinctive chrome trim on the bodysides and b-pillar, smoke-effect taillamp lenses, nicer leather interior surfaces, increased sound insulation, and two-tone paint.
Though all 1990 Electras and Park Avenues were powered by the same 165-horsepower 3800 V6, the Ultra package also included a useful safety improvement to an antilock braking system. All of the Ultra’s extras raised the tab by almost $6,100 (28%) over the Park Avenue, to close to $27,800 ($65,500 in 2023). Just under 2,000 buyers in 1990 thought the extra premium was worth it, out of a combined total of 49,100 total Electras / Park Avenues sold that year. The base Electra Limited sold 2,600 units, and the T-Type managed just under 500, but it was the run-of-the-mill Park Avenue, with 44,000 sales, that proved to be the most popular. Our featured car is a rare bird and was in the kind of truly stunning shape in which I haven’t seen one of these cars since probably the 2000s.
The redesigned ’91 Park Avenue brought to the table an additional 8.3″ in length, 2.5″ in width, 1.4″ in added height, and 225 more pounds for much more apparent heft and presence. The turning circle, at 39.4′, was the same for both the 1990 and ’91 models, as was the combined EPA fuel mileage rating of 19 mpg. Curiously, the interior measurements were about the same, even with the ’91 model’s larger size, but the most significant change was in the back: the newer car boasted 20.3 cubic feet of trunk space, versus the ’90 models’s 16.0 cubic feet, an increase of better than 25%. This would have mattered to many monetarily established buyers, especially considering that a larger, traditional, rear-drive sedan like a same-year Mercury Grand Marquis boasted 21 cubes back there.
Brian had told me a bigger place might be a better long-term bet for me, but between generous closet space and a large, on-site cubicle on the ground floor, my life basically fits in the “trunk” that came with this purchase. Would it be nice to have more space for things? Maybe, but then the existential question becomes just how much stuff one person needs, especially when so much of it is tucked out of sight. This ’90 Park Avenue has enough of a footprint to give it an air of class. Would I have traded it in for the redesigned ’91 back then? It’s hard to say for sure, given that both cars are decades removed from the present. This Buick has clearly been recognized as something special by its owner(s).
I feel like my footprint, though much smaller than that of some of my friends and peers, is totally appropriate for who I am and the life I’ve built and been blessed with. Would it have been nice to live in a building with just a touch more pizzazz in its exterior, much like the ’91 Park Avenue brought to Buick dealerships? Maybe, but the longer I’ve lived here and the more I look at the pictures of this car, I have come to appreciate the relative luxury and simplicity of what’s there which, in both examples, is much more than enough.
Downtown, The Loop, Chicago, Illinois.
Friday, October 6, 2023.
Congrats on the payoff. Mortgage burning parties used to be a thing in my parents neighborhood & day. I could see the original owner of this Buick upgrading to the Ultra from an older LeSabre after paying off his own mortgage. Much as you describe, the top Buick always struck me as a car for sober mature adults. Those who sprung for the bigger place were more likely to pay extra for a Caddy. Essentially the same car except with a less reliable engine.
Thanks, Rob. That’s a great point about the Buick 3800 being a more reliable engine. I wonder how long it was before that was well known.
Congrats, Joe! That’s awesome! These (mostly PAs and Electras) cars were everywhere in rural Iowa when I was in high school circa early 2000s.
Thank you, Sam! I also remember these being everywhere. And then, all of a sudden, they were gone. The condition of this one made it stand out even more.
Like Forrest said, one less thing!
These Ultras were over-the-top luxurious. The flip-up touch-pad controls for the 20-way power seats were slick. I wonder if the touch controls for them were reliable.
Robert you got me there, sent me to the googles because I was not aware of that feature! Crazy!
https://s.yimg.com/ny/api/res/1.2/BPcRtdqFJytbfq4sw2pUZg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTM2MQ–/https://media.zenfs.com/en/jalopnik_622/530e580d67824705af0a2995217a16cd
I’m trying to figure that out. So there are three different back support adjustments?
In my experience, seats with a gazillion adjustments are often not as comfortable as a seat with just a few adjustments that is shaped right to begin with. Of course, what’s “right” for me may not fit someone else at all.
The Cadillac Sixty Special had a similar level of adjustments. It also had the same Italian designer that designed the interior of the Ultra. Lumbar, side bolsters, even the head rest was power operated.
These cars and the BOC cousins were ubiquitous in their day, and prolific at the Rental Car Agencies. I drove them as rentals when new and thought they were somewhat uninspired. In 1985 I was in the market for an upgrade from my Crown Vic and bought a terrific Olds Toronado, which was in a whole different league than this design. That Olds towed my 19′ Celebrity boat all over KS and MO, and our SkiDoo Snowmobiles all over WI and the UP of Michigan. It was a sad day when I had to shoot that horse at 150,000 adventurous miles. But next up was even better: a 1994 Roadmaster Wagon. That story for another day, but one of the better efforts out of Flint.
I like that you got the final, ’85 edition of the Toronado before the big shrink, and that you got many years and miles out of it.
Congratulations, Joe! Well done!
At the start of the pandemic, I was situated to pay off my mortgage, and I almost did, because I didn’t know what my future would bring. But I decided to sit on the money, because I didn’t know what my future would bring!
Turns out I made the right move, because I wound up putting the cash into staggered Certificates of Deposit, which currently pay more interest than the interest rate on my mortgage is! It doesn’t amount to much, but a handful of dollars is better than none.
(Of note, I’m in a weird situation where the combination of condo fees, taxes and insurance is significantly *more* than the principal and interest portion of my mortgage. So, while paying off my mortgage would have *felt* like a nice accomplishment, it doesn’t really make sound financial sense.)
Thanks, Evan! And that’s a great point about condo fees and assessments. Many of my friends who own stand-alone homes don’t necessarily understand what a condo owner actually owns (walls-in) and that there are monthly assessments paid for maintenance of the actual building and common areas. Payoff was the best option for me.
LOVE those cars, and the wonderful 3800 powering them. It’s even OK that they aren’t Supercharged like later variations. I come by my 3800 love honestly, having owned back in the day:
Bonnie SSE (whiteout)
Olds Ninety Eight (3 in our family)
Olds 88 Royale (dark blue)
Olds 88 Brougham COUPE (maroon with FE3 suspension option)
LeSabre T-type sedan (gray)
I have some decent cars now but would love to have any of those back, or heck all of em 🙂
And I’m doing great on the house, only a couple hundred Grand left to go!
There’s a certain visual cleanliness to the B- and C-Body cars of that era that appeals to me even more as time goes by. I saw it in the LeSabre I wrote about a few weeks ago, and in this Park Avenue. And with the great 3800 under the hood, it qualifies these Buicks as a success in my mind.
Congrats on the mortgage payoff. In the late 90s, I mentioned to a coworker how I was pouring extra money into the mortgage payments every year, to get that thing payed off. She said “and lose the tax deduction?”. I said that, first, I had so few other deductions that only part of the mortgage interest actually made a difference in my tax, and, second, even if it was all deductible “paying a dollar in interest to save 25 cents in tax is dumb”.
After the mortgage was gone, I put all the freed-up cash flow into retirement savings. Retired at 58, a dozen years ago.
Thanks so much, Steve. And saving even more for retirement is where I see things going for me, as well. So glad to have one hurdle behind me.
Congratulations on the payoff!
This generation Electra and 98 were one of those Oldsmobuicks that were superior to the Cadillac on the same platform, with the perfected 3800 instead of the HT4100 family and smoother styling with fewer attempts to apply Brougham cues to a smaller car.
Thanks so much! I love that Buick’s 3800 has gotten love in the comments, as it deserves to.
Well done. Your thrift reminds me of myself, once I got out of our very expensive big money pit house in Silicon Valley after losing my corporate job. It took a drastic reduction in living expenses to make my self-sufficiency project in Eugene with rentals to work. And the few small debts on them were paid off ages ago.
I’m not quite as ultra thrifty as I was some years back, but my old bought-used iPhone does give it away that I haven’t gone overboard either.
Don’t listen to your friend. Everyone has to find their own way, and you’ve found yours. There’s nothing more important than living according to your own principles, likes and budget. To each their own.
We live on about 25-30% of our income, but I put the surplus to use helping the next generation (not just our own offspring) get their financial footing. Can’t take it with you.
Thanks so much, Paul. And yes, for sure – I know I made the correct decision for me by paying off my mortgage and not making an unnecessary upgrade to a bigger place. And to your other point about leaving something for the next generation, that’s exactly my thought process and goal. And not to leave debt.
Great write up, and congratulations! I WAS on-track for early pay-off, then a divorce kind of messed it up. That said, my peace and tranquility came at a cost. I’m looking to relocate and downsize in a few years, and I’ll do ok when I sell this place, pay off the remaining small mortgage, and buy the new place with the remainder.
Like you, my romantic interests must have their own digs….
I know three happily-married couples who don’t live together, either because they prefer that arrangement (one of them) or they work too far apart to make living together practical (the other two), instead having their own places near work and meeting up on weekends. Not an uncommon arrangement especially in expensive urban areas.
Thank you, Dave. And thanks also for the backup on my idea about it being great to have one’s own place. I know that arrangement wouldn’t work for everyone, but for some (like me), that’s the only way to go. And, yes – totally agree that peace is worth what can sometimes be great cost.
“I paid off my mortgage”.
Smart, very smart. A home that is your own is a true luxury, much more so than other types of luxuries that don’t keep you warm in the winter, cool in the summer, or depreciate [much] in value as you live in it and use it for many many years. And for people like I, who made bad marital decisions, no one can kick you out and keep the [fully paid-off] home for themselves and their new and improved husbands 2.0.
Twice.
“My building is even fully accessible for those with challenges with mobility, as I take a wider look at life’s possibilities”.
None of us will be young and healthy forever. I’ve seen elderly friends (me? I’m not elderly – but some of my friends sure are) face challenges with steep stairs, rampless entrances, steep awkward curbs, narrow hallways, tiny elevators, distant public transportation and related services that were not seen as issues a few years ago
“safeguard against anyone else getting too comfortable here,”.
Perhaps a reason my second wife though I was not nice to my Irish in-laws, who multiple times stayed us when visiting the USA on holiday and taking over our marital abode, was when I asked her “Do the Irish understand the concept of hotels? … you know, where one pays for room(s) and services, and food?”
Not only that, while they lived in our home, ate our food, drank our beer, they bad-mouthed the USA saying Ireland was a much better place to live.
My dear wife did not like that at all. A smaller home with no extra bedrooms might have prevented this discord.
“Others can have their monthly subscriptions, daily Starbucks, and iPhones. I own my own home.”.
Both of my sons rolled their eyes and dismissed their old man’s old-man ideas when I tried to describe how money in the bank, and/or wisely invested, can grant a person true peace of mind and a stable life, rather than getting giant F250s, a bigger house, eating out most nights, or a collection of 8 (or was it 10?) motorcycles.
Truth be told, I do have an [older] iPhone, but that is just to keep my iWatch company.
Great post Mr. Dennis. Park Avenue Ultra? What Park Avenue Ultra?
Robert, thank you so much. I always take away great insights from your comments. The thing / possibilty that you describe in your first paragraph is exactly the kind of thing I would seek to avoid. I don’t want to be in control of other people, but in control of myself as it relates to my own decisions and planning.
And there are only so many Life Alert commercials I can watch before I’m convinced that fewer stairs will be better as I advance in age.
I’m a big fan of the ’85-90 C bodies too – these are the cars GM should have kept around for another decade instead of the Ciera and Century. Great space utilization, great outward visibility with low beltlines and thin pillars, great Buick 3800 engine, smooth quiet ride, decent handling, easy ingress and egress through those rectangular doors without the heavily sloped windshield and roofline that makes getting into modern sedans challenging (and IMO is part of the reason their sales went into steep decline). And a very plush and comfortable interior. My only dislikes are the lack of folding rear seatbacks and low-liftover trunk (both common features by then on Japanese cars) and the cheap-looking dash that looked like it was right out of a Chrysler K car. For that reason I prefer the subsequent generation which has a lovely three-tier dash that wraps around into the door panel. I also love the ’91-96 styling inside and out, though as noted lots of pork was added to get that look and only the cargo hold benefits. The 85-90 cars have a trim, crisp look though that’s among the best of GM’s sheer-look designs of the ’80s. The front-hinged hood that wraps around the front fenders a la Saab 99/900 is a nice touch not shared with the 98 or De Ville.
I had a great chance to buy an elegant townhouse in a very desirable location (for numerous reasons) but people around me convinced me to hold out for something better with a garage. Then the housing market around here shot up by 50% in two years and my finances took several hits from other places making buying a home difficult. Although I didn’t reap the numerous benefits of homeownership, at least I didn’t throw much money away on renting. I rented a cozy two-bedroom basement apartment near a university where I then worked on a research project and subletted the other room for most of my monthly rental cost, usually to a student. I then did the same thing with a detached house renting out the two rooms on the main floor while I had a room downstairs; we shared the kitchen and living room. The two roomies brought in about $1500/mo covering most of my costs. When I recommend this arrangement to many people who can’t afford a nice place on their own, the usual response is that “I don’t want *strangers* living in my home”. The thing about having housemates is that they only stay strangers for the first few days, then they start belonging, and more often then not I start to like having them there, many became close friends (and in one case, even more that). I find it interesting living with people from all walks of life; I’ve done this for 15 years now and often the hardest part is saying goodbye when they move out.
One woman I know did the same thing, only did it better – bought a house she couldn’t afford (back when banks were giving out subprime loans like candy) rented out four upstairs bedrooms for $500 each, covering her $2,000/mo mortgage,while she lived in the finished basement with a kitchenette. I caught up with her a few years later and due to adjustable rates now had to pay about $2,200/mo, but was now getting $600/mo for each the four bedrooms. Yes, you’re doing the maths correctly – she’s getting paid $200/month to live in her own home.
Here’s something I read just read on the news: the median net wealth of a US homeowner is 40 times that of a non-homeowner – a gap that has increased by a third from 2019 to 2022 (https://www.nbcnews.com/business/economy/buying-house-good-idea-even-with-high-prices-interest-rates-rcna121903) . I finally have a small reserve of savings and really should finally buy a home this year. The prices are ridiculous, but get even more ridiculous every year so I might as well be along for the ride.
Great stuff. I curious now to see what the dashboards on these C-bodies look like, though I can sort of envision it. I didn’t do the brochure thing this time around for this essay, which would have given me a clear picture.
I think it’s great that you and others like you found living situations with housemates doable, and that you ended up making connections. One of the biggest struggles for me personally after college was adjusting to no one else just being around all the time. It was a double-edged sword. Sometimes, I couldn’t wait to have privacy, and then sometimes when I couldn’t find a friend around, it was hard. Life adjustments.
I hope you find a purchase you really like!
As someone who is generally debt-averse, I understand your way of thinking – congratulations! I look forward to the day when I can say the same.
I definitely go with the mentality that it’s a good idea to buy nice (though not ostentatious) stuff, and hang onto it for a long time… whether it’s housing, cars, or other durable goods. In the long run, I find it’s a rewarding way to guide oneself. But clearly not for everyone.
And it seemed to be that the original owners of these Buicks tended to keep their cars for a long time. Maybe it was a generational characteristic, but many of these were purchased by upper-middle-income retirement-age folks who likely suspected that it would be their last new car, and it not terribly uncommon to come across nicely-maintained examples of these Buicks at estate sales, etc.
Thanks, Eric. And there’s wisdom in what you suggest in terms of sometimes spending a little more for quality (without ostentation) to make that thing last.
Congradulations on being free and clear on your home!
It’s good that you’ve found the sweet spot of what you want and enjoy in your abode.
Thank you so much! I feel like I have very much found, as you say, the sweet spot / balance between what I’ve spent, saved, and have.
It’s a good feeling, isn’t it? We paid off both of our houses a few years ago, and it sure was a relief going into retirement.
As for these Buicks, I’ve always really liked these and the similar fwd 1st Gen Olds versions, and owned a ’90 98 that was a delight… that is until the trans failed at 85k, a pity as I loved the car. Wish that trans had been more durable, it ruined what was a really nice yet practical luxury car. Shame on you GM
It’s a great feeling. And 85,000 miles for a transmission failure seems really premature, even for an ’80s GM car, and especially from one of the more upscale makes.
Oh and I still have a an 8 yr old flip phone, drink Genesse beer, the newest car is 12 yrs old, and watch only OTA TV (never had cable)… being thrifty is a way of life!
My brother!
Congratulations on paying off your mortgage Joe, have you any plans for the surplus in that bulging wallet? Sorry that’s a cheeky question and nobody’s business except your own. However wondering if you were near the top of the parking space list and planning a CC.
After I paid off my mortgage I even downsized, but I think being ‘careful’ with money (as we say in the north of England when you have deep pockets but short arms) is ingrained and I have no desire for the latest tech, subscriptions or frothy coffee.
As for the Buick, great to see any 30+ year old car in good condition being used. It’s getting love from the other CCers. I’ve never seen one, but the C pillar looks wrong to my eyes the curved top of the back door doesn’t match the sharp points at the A and B pillars. Sorry Buick lovers.
The curve in the rear side window does pick up on the curve of the C pillar though. I like the look better than Cadillac’s rounded corner at every edge.
Thank you so much! My plans for the extra $$ are to bank most of it, only because there’s no telling what lies ahead. I live well, and have traveled more to visit with loved ones this year, which I hope to continue. I had gotten to the top of my building’s parking list, but didn’t get or have a car, so I lost that opportunity. It did occur to to lease the spot and rent it out, but I didn’t want to deal with that, either. I’m better off just saving, and I sure I could find off-site storage for a classic car that I’d take out during nice weather months, if that’s what I chose to do. Everything happens the way it’s supposed to.
As the owner of 2 Buicks of the ’90s (a Century and Lesabre, I’ve always liked this generation Park Avenue as well. They were a good combo. of nice styling, good size, and the superb 3800 engine (my Lesabre has the same engine, love it!). Its always nice to see one like this still in great condition. I don’t know how you manage to snap several shots as you see a car passing by. You must have your camera “at the ready“ at all times.
By the way, I laughed when you mentioned using a flip phone until about 2014, well that is exactly what I am using to write this right now! Another great Buick article, as always!
Thanks, Mitchel! I do, in fact, often have my Canon camera strapped over my shoulder. I have it down to motor memory when it comes to getting the lens cap off, focusing and clicking away. The thing I think I miss most about my old flip phone is its tiny size!
Congratulations on freedom, While my abode far from underwater I doubt I’ll pay it off without selling it. I consider the 80s FWD GM luxury cars a bit of a low point but one the they emerged from.
I’m most familiar with the final generation early 2000s cars and those are noticeably bigger, especially the longer wheelbase Park Avenues. This is offset by the 3800 Series II which makes an honest 200hp even after 20 years and 200,000 miles. “Luxury”is a variable thing spread across our motley fleet. The Buick LeSabre has automatic headlights an auto dimming rear view mirror and a partial power seat, but my F150 has leather seats , a compass and an outside air temperature display the Buick lacks. The auto down windows are more perplexing, The Buick is the only one with auto down on the passenger side an dour Mazda CX-5 is the only one with auto up.
I don’t think the Park Avenue wheelbase was any longer than the LeSabre’s; the extra length was all in the rear overhang for a larger trunk.
I have often found the auto-down windows perplexing, regardless of whether all are working. It always takes a very light touch to open or close the windows *just a little bit* without it going to fully open or closed positions.
As the others have said, Joseph, congratulations on paying it off. For those of us who grew up in rental property, owning your own place is quite the achievement. While I don’t know the American scene, I’d ignore that advice to get something bigger and ask yourself “What’s the big picture here? What is MY aim in life – not his, or hers, or theirs, but mine?”
Okay, I’ll admit I’ve always marched to the beat of a different drum, but I’ve never understood these folk who speak of ‘the first step on the property ladder’ as though a ladder is a good thing to be on. Why be an economic cog in somebody else’s machine? It sounds like you bought the ideal property for you in the first place – well done! Some folk are never content; if you’re already content, consider yourself to be one up on those others.
That Buick reminds me of a friend’s Volvo 940. While it looks out of the mainstream, it had an update that brought it more into the aesthetic mainstream than it used to be. it would be very comfy and have all the goodies you would want inside. While no longer aspirational, it remains rational. And maybe that’s more important. 🙂
Thanks so much, Peter. And I think we’re of a similar mindset. I get that families and situations can change, but to your point, I don’t think I would have opted for a “starter” place with the intent of moving in a few years, or whatever. Moving is a pain. Refinancing can be a pain. And I also find value I’m the comfort of familiar environments and views. I look around my place and I also see evolutions, both in what my place looked like and what my life looked like. I’m good where I am.
congrats! its a great feeling knowing i have an extra $500/mo to spend on gummies, ryobi tools and condo projects! it tok me a while to get used to the cartoonish styling of these- full size cabin with stunted front and rear. size where it matters!
Thank you! Extra money is always welcome, though I am mostly being a squirrel. The greenhouse of this Park Avenue is like that of a Skylark, but super-sized.
Terrific job Joseph, being rewarded for your patience, and due diligence finishing off your mortgage. Good people deserve that piece of mind. Very nice you are assured a nest egg and security. Congratulations!
Amazing, that GM was still selling these cookie cutter designs as late as 1990. Your Mustang, and my newly bought Dodge Shadow would have looked more stylish at the time. Even as a retiree’s car, an image well past their best before date. Sharp pics!
Thank you so much, Daniel! The redesigned ’91 Park Avenue looked truly stunning and much more distinctive at the time of its release than this generation, but I also feel that time has been kind to the looks of this one. Your Shadow would have been a newish design by ’91, but my ’88 Mustang would have been in the *tenth* year of the Foxstang’s design (with tweaking, of course). I remember thinking the ’87 refresh bought the Mustang right up to date with only a few details being throwbacks (door frames, relatively upright windshield).
First of all, congrats on paying off your mortgage. It sounds like you were thrifty and saved your money, and “did without” to reach that goal. Telling us was not a humble brag, it was sharing an achievement. You are also satisfied and appreciative with what you have, without this state of mind nobody can be truly happy.Too many people always want more, and more, and are never satisfied. They can never enjoy the fruits of their labors. Their dissatisfaction poisons the beauty of the life that they are currently living. We all know people like that, but it’s best to keep our distance from them!
Sometimes, just enough is plenty! As I’ve gotten older I’ve come to appreciate the good things in my life, and to be thankful, and enjoy them.
Just like it’s nice not to have a mortgage it’s also nice not to have a continuing car payment. Holding onto a car that’s paid off can also help you to save for that mortgage pay off.
For some reason I’ve always found these Buicks to be very attractive, especially w/o the vinyl top. They are just “nice cars,” comfortable and practical. Nice to see one that is probably still with the original owner.
Jose, thank you so much, and from your comment, I can see we share much the same outlook. Being happy and appreciative of what I have makes those assets seem that much more valuable, when I can be mindful to do so.
How many times have I made some purchase thinking it would change my life in some significant way? I’m not going to lie… Sometimes, it has felt that way, but more often, whatever thing I bought didn’t change my life and left me feeling disappointed with that.
It hadn’t crossed my mind to think this P/A might have been driven by the original owner. That would have made this sighting even more cool.
Here’s one of my favorite Buick ads. It’s a real “Old Man’s Special!” It makes more sense to me every year that I get older.
Congratulations Joe! We too paid off our mortgage this year; I dumped extra money into it every month for a long time, but it helps that we live in a low cost of living region. Unfortunately, we both would like to buy something a little more rural with a pole barn or two, so eventually we’ll be in debt again if we have our way. That will have to wait for another day – we’re both somewhat frugal (aside from my fleet) and there’s no way we’ll upgrade at current interest rates. I just hope they come down someday!
My co-congratularions to you, Aaron! Another good friend of mine did the same this year (same friend group as with Brian who I referenced in this essay), so I feel others also see the value in having made that step. Frugality definitely has its benefits, and it is a mindset. Like Paul mentioned above, I’ve started to let myself “live” just a little. Because I’m going around only once. Did a lot of traveling this year!
Congrats on the mortgage payoff! Not enough people think this way – owning your place of residence outright is a thing that brings great peace. I also think you make the right call on not upsizing. In a few years you will reach an age where less is more (or maybe you have arrived there early.) There were times 10-15 years ago when I wondered if we should move someplace larger. Now I wonder if we need to find something smaller.
The Buick? These were everywhere in my world back in the late 80s and early 90s. At the time I preferred more traditional designs, but I have come to an appreciation of these.
Thank you, JP! And funny you should mention downsizing, because a significant amount of my peers have “kids” that are now college-aged and big houses. Even my own nephews and nieces are getting older. My footprint will likely remain static, and I’m great with that.
At age 65, I’d been in the target market for these….darn, they don’t make them anymore. When my Dad was my age he was the target market, but he never owned a Buick (nor any luxury or near-luxury car), in ’84 he ended up buying the worst car he was to own, a Pontiac Sunbird he bought new. Though he’d had entry level cars when he was younger it was the biggest step down in size (he went from a Caprice to the Sunbird) though my sister and I were on our own by then, so only my two youngest sisters were still at home, so some size reduction made sense. He also stopped buying wagons for the “main” family car, so that was kind of a double reduction.
I wasn’t really interested in these cars almost 40 years ago when they were offered, but now that I’m interested they don’t make them (new, anyhow) anymore. That’s kind of usual for me, as I’m an infrequent buyer even if a vehicle is offered that meets my needs, unless I’m ready to shop (for any car) I miss out. Guess that leads into your retiring your mortgage, add my congratulations to the list, but that’s probably what helped get me there, avoiding extra expenses while paying it off. My parents actually didn’t do that, rather my Dad kept refinancing his home, such that it won’t be paid off for almost 10 more years. Plus, they kept moving (for his job) into his 50’s, which wasn’t conducive to paying off the mortgage (in general they moved to more expensive area than from whence they came). Dad also indulged in some luxuries (luxury car wasn’t one of them, but buying a new car every few years was) including putting in a pool, which in Texas is used more of the year than from where we came, but also added expense to his mortgage since he had it financed. Well, everyone is different, I’m sure he thought I was too tight with money (probably true) but it is nice not having so many fixed expenses as you get older. Way to go…maybe you can put some of the money into cars (that you would have put into your house) though of course you still have to budget for repairs and taxes.
Thank you so much. Reading about your dad’s refinance story and multiple moves, I think to a large extent, this was part of the American Dream – to move up as the breadwinner’s employment longevity and earning power increased. I used to bemoan the fact that my parents rarely spent money on “indulgences” that we kids could enjoy, but as it turns out, many of those lessons in frugality ended up being passed down to me.
And to be clear, I was never either a huge spender nor an absolute tightwad, meaning that when I was out doing more social activities with people, I would spend whatever to participate. When I became more selective with my company and leisure time and spending a few years ago, it made it easier to just bank extra funds. Quarantine ended up being a blessing to me in so many ways.
Just looking at the J-Body/N-Body-like styling, perhaps ‘Cimarron Ultra’, would have been better nomenclature. lol
Thanks so much, everyone! I’m traveling right now and also had some issues with the server and with posting comments and getting a weird error (grrrr), but I appreciate and accept both the congratulations and enthusiasm for this generation of Park Avenue. I’ll give it the ol’ college try again tomorrow. Thanks for taking the time to read this.
Kudos to your sobriety and ability to look at your own life with clear eyes .
I missed how many S.F. your condo is .
Away, up and forward .
-Nate
…Just about the magic number of square feet. And thanks!
3,500 then 🙂
Kudos Joseph!
We paid off our house and it has been a better performer than some of the tech stocks that were bought at the same time. Live and learn.
With the new higher standard deductions, mortgage interest must be deductable only for those with really high incomes.
Thanks, Fred! Regardless of how those tech stocks perform, it must feel great simply not to have that bank note. That’s me, anyway.
Not to hijack your thread but ;
It doesn’t talke much more than diligence to pay down/off a large loan ~ $10 extra each month adds up faster than most realize because addition is cumulative .
Sadly, too many of my Mates have plenty of $ to blow on booze, ciggies and other non essential things but flat refuse to ever make any principal payments .
When I was younger vehicle loads were structured so you paid all the interest first, then you’d begin to chip away at the principal .
-Nate
This is a good addition to the conversation… I remember celebrating when the balance of my mortgage payments had shifted from mostly interest to mostly principal. And then my PMI went away, and then the rest is history.
Most home loans are designed so that any payment in excess of the usual monthly note, go directly to the principal, that’s why even a measly $10 / month extra pays HUGE dividends over time .
_Always_ play the long game .
-Nate
Arrg PMI is EVIL!!
I have managed to avoid it I think all but once, and then did a refi soon after that eliminated it even then.
I discovered that front-loaded interest when I paid off a car loan after a year to improve our credit for a home loan in ’85. Rude, but not as bad as the 12.875% interest mortgage. We were able to refi at 8.5% two years later. Interest rates were real when we were young, yet the economy still boomed after ’82.