I had dinner a few weeks ago with a partner from Mayfield, a venture firm that invested in Consorte Media, down in Burlingame. I drove down and was meeting a work colleague there. When I arrived at the restaurant, my colleague was waiting outside. His first comment: “I saw what you drive.” “And?” I inquired. “It’s not what I expected,” he said.
He went on to say that my car didn’t suit me. I guess this is where I should tell you that I drive a 1996 Honda Civic Dx that has a manual transmission, manual steering and manual windows. There’s not an automatic anything about it. Except, of course, for automatic judgment: the driver is poor, uncool, or whatever. I guess the missing plastic side strips and extensive paint chipping don’t help. It’s clean but it’s a bit beat up.
At any rate, I felt a bit defensive about his comment but then I got reflective. What did he expect me to drive? What car is supposed to go with my personality? My career? My looks? Something to highlight my olive skin tone?
The reality is that I’m afraid to upgrade. I bought my car the summer before law school when I had no money. And it symbolizes a lot to me: where I came from, how hard I’ve worked. It can be embarrassing driving it from time to time, like when I pulled up in it at the Menlo Country Club for the Sutter Hill Ventures Christmas party. But other times it’s a good way to get around; I don’t have a car payment; and it has an uncanny ability to weed out superficial folks.
And sometimes the universe reminds me I’m blessed. One afternoon, I was picking up my Honda from a parking garage when a parking attendant ran up to me. “You own the black Honda?” he asked. “Yes, why?” I answered. “Can I buy it from you?” he asked. I was surprised. Why would anyone want to buy mi chatarra? “My Honda?” I replied incredulously. “Yeah, man,” he said, “Those things last forever.” I felt so proud. I smiled and said, “No way.”
Still, I know at some point I am going to have to buy a new car. I read an article by Suze Orman recently that said you shouldn’t buy a car unless you have the means to pay it off in three years. But what can I afford? There are different ideas out there. Consumer Reports suggests that your total debt should not exceed 36% of your gross income. You can use that as a guide to get to a monthly car payment. Other financial experts say your car expenses (car payment plus gas, insurance and maintenance) should not exceed 12-15% of your net monthly income. Or if you’re a bit lazy like me, you can calculate what you can afford with this handy dandy calculator.
Buying a new car is crazy expensive if you’re trying to live within your means (and we all do that, right? No? check out Tiene Dinero ) So what’s a girl to do? Well the Federal Car Allowance Rebate System program which is supposed to start this month gives car buyers cash for “clunkers” – cars that no longer meet environmental standards. You can check at www.fueleconomy.gov to see if your car qualifies. My 1996 Honda? Doesn’t qualify. Yet.
I guess your next question should have been, Have you seen what Ted Turner drives?
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