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Posted on 3/10/15 at 7:25 pm to Brightside Bengal
Sounds like a pretty bad idea. I personally wouldn't do it on a 100k salary, but that's just me.
Posted on 3/10/15 at 7:27 pm to Brightside Bengal
What kind of car are you looking at?
Look at a brand new VW or lease one if they are offering 0 drive away fee. Be careful with it, but periodically you can get a steal and then just buy the car after that.
I did a zero down lease when I graduated college and it worked out well for me on the purchase. Payment wound up being about $300/month for 36 months after a 36 month lease. I was making a little bit more than you at the time though.
I'd advise getting something cheap and brand new. Forget status, most new cars look decent and will run forever compared to the risk of buying a used lemon IMO.
Look at a brand new VW or lease one if they are offering 0 drive away fee. Be careful with it, but periodically you can get a steal and then just buy the car after that.
I did a zero down lease when I graduated college and it worked out well for me on the purchase. Payment wound up being about $300/month for 36 months after a 36 month lease. I was making a little bit more than you at the time though.
I'd advise getting something cheap and brand new. Forget status, most new cars look decent and will run forever compared to the risk of buying a used lemon IMO.
Posted on 3/10/15 at 7:29 pm to Brightside Bengal
A 5 year old car for 24k?
No way.
No way.
Posted on 3/10/15 at 7:49 pm to Brightside Bengal
quote:
As in buying any german vehicle is a bad decision? If no, what is a more appropriate range on a german car?
yes, buying a german car is a bad decision for someone with limited income. but I am sure that like most people, you are here to get some affirmation that you are doing the right thing as opposed to listening to those that will tell you it is pretty stupid.
Posted on 3/10/15 at 7:50 pm to Brightside Bengal
quote:
As in buying any german vehicle is a bad decision?
No. But buying a used one near the end of the warranty period is.
A. They're just not as reliable as they used to be. They're overengineered and finicky - particularly BMW, but Mercs and Audis, as well. Porsche probably a little better, but that's not what you're talking about now, is it?
B. Repairs on these thing remain pretty expensive. Although probably not as bad as in the 70s and 80s when, they were more reliable, but that was a good thing because they were cost-prohibitive to repair - almost so to maintain. But, still pretty stout expenses to repair when compared to a Japanese or American car.
C. IF you're making $50k AND want to spend $24k on a car - make it a used Lexus, or a new Toyota or Honda. Thank me later.
This post was edited on 3/10/15 at 7:53 pm
Posted on 3/10/15 at 10:54 pm to Brightside Bengal
quote:
As in buying any german vehicle is a bad decision? If no, what is a more appropriate range on a german car?
Japanese. Toyota. I don't think 24k is that unreasonable. Having said that, you should be getting a new or damn new car for that money at your income. Don't be that guy that buys a 5 year old 5 series just in time to shell out 2-3k a year for repairs
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