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re: Is buying a $24k car on $50k salary dumb?
Posted on 3/11/15 at 2:07 pm to Epic Cajun
Posted on 3/11/15 at 2:07 pm to Epic Cajun
quote:
I'd really like to know the personal lives of the posters who always suggest buying a used car and driving it into the ground and that it's stupid to buy anything new; rather than buying something that someone may like. Do they not have any hobbies that cost money? Do they buy all of their clothes from thrift stores? Do they live in a "tiny house"? People have different priorities, I guess some don't realize this.
The guy is posting for monetary advice on a money board, and got what was expected. If he was posting on a pickup message board, or a car forum, he would get different answers. If he gave us the caveat:I care about getting laid more than saving money then we would tell him to go for it
24k car plus tax is like over 2/3 of his take home salary, and it's a used car with expensive repairs, why would the money board tell him to go for it?
2
Posted on 3/11/15 at 2:13 pm to TheIndulger
quote:
why would the money board tell him to go for it?
i think in his mind, EpicCajun is trying to justify his own poor financial decisions...
that's the only thing i can think of here
Posted on 3/11/15 at 2:19 pm to Sigma
quote:I hear ya, but life ain't promised at 55 either.
To make that 65 a 55.
Anyways, that's a tangent.
24k vehicle on 50k/year isn't a terrible thing. So many other variables can make it a bad, decent, or good idea.
People on here like to generalize, lump, and assume, any and everybody's situation in to the same bucket or situation. Just not the way the world works. This isn't a one size fits all world.
In my humble opinion, I think you're a fool if you spend your late 20's and 30's maxing out 401ks & banking every disposable penny you make to the point that you severely limit yourself from being able to enjoy hobbies, taking a vacation, or eating that fancy dinner. Finding a balance that works for you is all that matters.
Also, in my humble opinion, asking the MT board for advice on disposable income advice is not a recommended idea either.
Posted on 3/11/15 at 2:19 pm to Sigma
quote:this guy gets it
To make that 65 a 55.
Posted on 3/11/15 at 2:21 pm to TheIndulger
quote:
24k car plus tax is like over 2/3 of his take home salary
Oh no. You did some bad math unless he's got a 13.5 month note
.Posted on 3/11/15 at 2:27 pm to GenesChin
quote:
In today's world, a stock luxury vehicle isn't so much different from a nice midsize car with a package or two thrown on. Only real difference is the logo
This just isn't true.
Posted on 3/11/15 at 2:28 pm to LSUAfro
quote:
In my humble opinion, I think you're a fool if you spend your late 20's and 30's maxing out 401ks & banking every disposable penny you make to the point that you severely limit yourself from being able to enjoy hobbies, taking a vacation, or eating that fancy dinner.
Compounding interest is your friend is all I can say to this.
I heard a very successful guy say one time that rich people are rich because they do rich people things. In turn, poor people are poor because they do poor people things. I enjoy many hobbies and nights out with friends but when it comes to major purchases I am very frugal.
Posted on 3/11/15 at 2:28 pm to TexasTiger34
quote:
i think in his mind, EpicCajun is trying to justify his own poor financial decisions...
Or you just completely missed his point. Posted on 3/11/15 at 2:37 pm to AngryBeavers
quote:Damnit.
Compounding interest is your friend is all I can say to this.
Never thought of this. Taking tours through Asia, S. America, and Europe when I have to take 3 blood pressure pills a day, can't eat spicy food and have an arthritic knee is not high on my list either. Or worse, not here at all.
I save plenty. College/roths/tradtional 401ks etc and have plenty of life insurance. I just don't live my life today so that I can live it later.
Finding a happy median is/was my point. This board seems to find itself on one extreme when it comes to questions like this....which is understandable as it's a MT board, but it's also good to realize that's not for everybody.
This post was edited on 3/11/15 at 2:39 pm
Posted on 3/11/15 at 2:44 pm to LSUAfro
quote:
Taking tours through Asia, S. America, and Europe when I have to take 3 blood pressure pills a day, can't eat spicy food and have an arthritic knee is not high on my list either. Or worse, not here at all.
This is a very selfish way to view it IMO. Why blow money on a depreciating asset (quickly depreciating in this case), when you could be more conservative with your money and save some to take care of yourself/loved ones in the future? I'm not saving money so that I can go on tours through Europe. Just my $0.02 which is probably more than it is worth.
Posted on 3/11/15 at 2:45 pm to LSUAfro
I think most posters here have a happy medium and do plenty of travel, myself included. The OP asked if buying this car is dumb. IMO and most others it isn't the best move he could make. Posters have even laid out better options on a luxury vehicle than the one he is looking at. The OP clearly has tunnel vision on this particular car.
This post was edited on 3/11/15 at 2:46 pm
Posted on 3/11/15 at 2:56 pm to yellowhammer2098
quote:You mean, enjoying my life with my wife and children today is more selfish than waiting till I'm 65?
This is a very selfish way to view it IMO
Hell, I didn't know when we traveled would determine my level of selfishness. quote:
Why blow money on a depreciating asset (quickly depreciating in this case)
Travel is not an asset. It's an expense paid for with assets.
quote:I'm worth a pretty penny dead, children do/will attend very good private school, and my 401k is doing just fine for my age. What else do I need to do to take care of myseslf and loved ones to pass the unselfish line?
hen you could be more conservative with your money and save some to take care of yourself/loved ones in the future?
quote:What in the world are you saving it for? Pass on to your children, so that they can pass on to their children? When do we get to enjoy it?
I'm not saving money so that I can go on tours through Europe.
Posted on 3/11/15 at 2:59 pm to LSUAfro
quote:
Travel is not an asset. It's an expense paid for with assets.
Was referring to the OP buying a car.
ETA: Gonna assume OP lives in Uptown NOLA. With 50K salary, between rent, going out, good food, etc. I personally wouldn't have much left over to pay for this expensive of a car.
This post was edited on 3/11/15 at 3:06 pm
Posted on 3/11/15 at 3:02 pm to AngryBeavers
quote:
I think most posters here have a happy medium and do plenty of travel, myself included. The OP asked if buying this car is dumb. IMO and most others it isn't the best move he could make. Posters have even laid out better options on a luxury vehicle than the one he is looking at. The OP clearly has tunnel vision on this particular car.
Probably, but I went off on a tangent from other's comments because I can't help myself when I get to reading some of the Dave Ramseyesque posters on this board
.
Posted on 3/11/15 at 3:04 pm to LSUAfro
quote:
Finding a happy median is/was my point. This board seems to find itself on one extreme when it comes to questions like this....which is understandable as it's a MT board, but it's also good to realize that's not for everybody.
You've answered your own question.
It's important to remember this board gives advice that is filtered through a financial prism. Money Talk
It was asked if everyone recommending a Camry or Accord has zero hobbies/vices, of course we do. The difference is we don't look for financial validation on MT. Personally, I go to the Food Board and talk about the excess of food and drink I enjoyed.
This would have been a fine thread for the OT to discuss "non-gay" auto options.
Posted on 3/11/15 at 3:12 pm to Oenophile Brah
quote:Yeah I know, but that's why I like to post.
You've answered your own question.
It's important to remember this board gives advice that is filtered through a financial prism. Money Talk
I just like to play the devil's advocate on here since many can't seem to fathom even the slightest notion of frivolous spend for entertainment.
quote:
I go to the Food Board and talk about the excess of food and drink I enjoyed.
And FTR your food habit would not be approved by the MT board
Posted on 3/11/15 at 3:18 pm to LSUAfro
I drink a slurry of 2 buck chuck and ramen noodles. Pretty swanky.
Posted on 3/11/15 at 3:20 pm to LNCHBOX
quote:
This just isn't true.
When comparing 2YO+ models to current models, it absolutely is in regards to interior. Tech that is 2 years old is outdated and that is where the bells and whistles come from. There definitely is an engine/performance gap but it is closing + smoothness of ride is marginal at best in today's world.
Is a BMW 5 series a better car than a Toyota Camry with nice features? Absolutely. If both were manufactured by Toyota, would the gap between a 2/3 YO 5series and Camry worth even 30k? Absolutely not
Posted on 3/11/15 at 3:24 pm to GenesChin
quote:
it absolutely is in regards to interior.
If you don't factor quality of materials, maybe.
quote:
Tech that is 2 years old is outdated and that is where the bells and whistles come from.
Well you're not comparing apples to apples.
quote:
There definitely is an engine/performance gap but it is closing + smoothness of ride is marginal at best in today's world.
You don't measure an Audi or BMW's handling by how smooth the ride is. You clearly don't know much about vehicles, so it makes sense that you purchase the way you do. But don't act like everyone should agree with you.
quote:
Is a BMW 5 series a better car than a Toyota Camry with nice features? Absolutely. If both were manufactured by Toyota, would the gap between a 2/3 YO 5series and Camry worth even 30k? Absolutely not
I'm failing to see a point here.
Posted on 3/11/15 at 3:28 pm to LNCHBOX
quote:
You clearly don't know much about vehicles, so it makes sense that you purchase the way you do.
This sums up the whole thread. I see a car as something that gets me from point A to point B and as long as it does that reliably I'm fine with it. Others see cars as a toy worth spending extra money on to get a certain kind.
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