Filed under: Car Buying, Etc., Dodge
Man buys new truck with only pocket change
Paul Brant, 70, bought his last new truck 13 years ago. Ever since then he's been saving up for his next new one, which he bought Friday with $26,670 in rolled quarters and dollar coins. Clinton County Indiana Sheriff's deputies escorted Brant to Mike Raisor Dodge where the estimated half a ton of rolled coins was traded for a 2008 half-ton 4X4 Dodge Ram.
One of the dealer's sales reps, Keith Gephart, said they appreciated Brant's patronage, but all those coins presented a problem. "No bank wants to take them," Gephart told "The Times" newspaper in Frankfort, Ind. "We've got a Loomis armored car coming."
Brant, 70, says he is as thrifty as his father was, who, Brant says, used to take his family on vacation with the change he'd saved up.
By the way, when Brant bought his previous Dodge truck in 1994, he paid for the whole thing with all the quarters he'd saved up over 23 years. And with the nickels, dimes and pennies, he bought his wife a new Dodge Neon.
[Sources: "The (Frankfort) Times," and "The (Lafayette, Ind.) Journal and Courier"]
Reader Comments (Page 1 of 4)
MemphisNET 5:09PM (12/23/2007)
That is freaking hilarious. Good-on him!! My change always ends up in Tim Hortons pockets.
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El Gringo 9:36PM (12/23/2007)
Chances are this guy has some sort of coin operated business. Gum ball machines, vending or a car wash he operates.
I collect all my change and even I can't touch that, which is saying a lot!
Mike 3:46AM (12/24/2007)
I call BS. If he saved 4 quarters a day it would take him 73 years to save $27k. No one generates like $8 in pocket change a day through normal transactions.
waiownsyou 5:13PM (12/23/2007)
Thank God he didn't decide to save up pennies. 2.6 million in pennies would make life that much more awesome.
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the_english_speaking_monkey 5:14PM (12/23/2007)
I've always wanted to do something like that. Buy a car and pay entirely with pennies, or a house and pay the whole thing off in one shot with nothing but one dollar bills.
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500 8:00PM (12/23/2007)
Wow, that would be insane. But I did have a roommate several years ago who decided to pay for a parking ticket by mailing in a big box of loose pennies, to make a statement I guess.
Kevin 5:21PM (12/23/2007)
It would have been hilarious if he had $26,660 in quarters and decided to finance the $10 over 60 months at a 15% finance charge.
On another note, I wonder how far the dealership would go in cutting someone a break, if those $10 meant the difference between paying "invoice" or $10 over?
"Oh shucks, let's send him through finance!"
The banks would laugh.
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Bryan 8:39PM (12/23/2007)
Banks have a minimum of $5000 to finance.
HotRodzNKustoms 5:26PM (12/23/2007)
This story is just plain awesome. Reminds me how the Russians bring wheel barrels full of cash into hummer dealers.
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Daniel Cote 10:52AM (12/24/2007)
Uh, what's a wheel "barrel"?
Franz 5:27PM (12/23/2007)
Now this is a good story. All my loose change goes towards cases of beer.
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Jim in Tampa 5:32PM (12/23/2007)
Good for Paul Brant.
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sd 5:39PM (12/23/2007)
This makes no sense.. since he was holding coins in his home he was earning zero interest on the loose change. And in fact, it wasn't loose change at all. To make a saving of just over 26K in 13 years requires a DAILY contribution of over 5 dollars. I can't think of a time where I've wound up with 5 dollars or more of loose change in a single day. Clearly, this guy was turning some of his dollar bills into coins so he could make a statement with it. He could have invested as little as $17K over the 13 year period and with even some conservative compound interest rates, he's have over 28 grand for that money..
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MemphisNET 5:43PM (12/23/2007)
That required far too much thinking.
John 6:02PM (12/23/2007)
I was thinking exactly the same thing.
rndmnme 6:50PM (12/23/2007)
Uhh, no it doesn't.
It's fairly simple. If Mr. Brant would have done the "smart" thing and invested the money, or simply deposited it into a bank account he would have more money because of interest.
- 1:05AM (12/24/2007)
A truly frugal person wouldn't buy new cars.
R 5:52PM (12/23/2007)
cool story, shame he bought a dodge.
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Azrael4h 6:01PM (12/23/2007)
Maybe since he had 13 years of good service with a Dodge, he decided to stick with what worked well for him? I have no complaints with any Dodges that have passed through the family, from the '69 Coronet with over 300,000 miles when sold, to my old Dakota, which was totaled at 170,000 miles. In fact, if not destroyed in a wreck, our Dodges have been sold. Not one failed us.
Frank 9:52PM (12/23/2007)
Dude, it's his money. He gets to buy what he wants. I say more power to him. As far as I am concerned he can buy what he wants, whether it's an unreliable car like a Land Rover or VW, or a reliable car like a Buick or Lexus (if you believe JD Powers). Heck, he can buy a Lambo if he has enough coins.
Doing this with spare change IS a good way to save money, but If you do it put it into a savings account so that it can collect interest.