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Started By
Message
Expensive New Car
Posted on 4/2/17 at 8:18 pm
Posted on 4/2/17 at 8:18 pm
I'm considering buying a new car. I'm looking at the 2018 ZL1 1LE.
When I was 16, I bought an Accord that I drove until 2007 when I bought a 2002 Tacoma. I still have both and both run fine, but lately, I've been wanting something fun for the weekends.
No debt. Income is 90k. I match my 401k and max my IRA. Not really a financial expert.
Am I making a mistake, or should I go for it? Maybe find something older for less money?
When I was 16, I bought an Accord that I drove until 2007 when I bought a 2002 Tacoma. I still have both and both run fine, but lately, I've been wanting something fun for the weekends.
No debt. Income is 90k. I match my 401k and max my IRA. Not really a financial expert.
Am I making a mistake, or should I go for it? Maybe find something older for less money?
23
Posted on 4/2/17 at 8:22 pm to Argonaut
It's your money and obviously you know it's not a great idea financially, but shite why not.
Posted on 4/2/17 at 9:05 pm to Retrograde
Congrats on the humble brag . Have fun drag racing 16 year olds at red lights .
Posted on 4/2/17 at 9:11 pm to BearCrocs
quote:
humble brag
It's just a Tacoma.
Posted on 4/2/17 at 9:15 pm to Argonaut
You only make $90k and you want to spend $60k+ on a depreciating asset?
Yea. Not smart.
Yea. Not smart.
Posted on 4/2/17 at 9:17 pm to Argonaut
Just Lease a Rolls
Posted on 4/2/17 at 9:21 pm to lnomm34
I read 10% of pre-tax per year is reasonable. Not so much?
Not really looking at this as an asset.
Not really looking at this as an asset.
Posted on 4/2/17 at 9:23 pm to Odinson
quote:
Just Lease a Rolls
Even if I wanted to waste that money, they have nothing that interests me.
Posted on 4/2/17 at 9:27 pm to Argonaut
Eh. At the end of the day it's your money to enjoy. But a new car will lose its luster quickly. It's all plastic shite at the end of the day. Before you know it, it'll be annoying squeaks, cheap leather seats cracking, electronic issues annoying you, etc.
Buy a classic.
Buy a classic.
Posted on 4/2/17 at 9:31 pm to lnomm34
Is there a "smart" amount to spend on a weekend vehicle?
Considering one of these at the other end of it.
Considering one of these at the other end of it.
Posted on 4/2/17 at 10:52 pm to Argonaut
What the hell, go for it.
Posted on 4/2/17 at 10:59 pm to Argonaut
10 Speed auto or 6 Speed manual? I say go for it. Being a car guy and financially responsible can be difficult sometimes. I struggle with it all of the time.
Posted on 4/3/17 at 5:54 am to Argonaut
Do you own a home? Do you want to own a home? A large car payment will impact house much house you can afford.
Other than that I'd say go for it if that's what you want.
Other than that I'd say go for it if that's what you want.
Posted on 4/3/17 at 6:36 am to NewIberiaHaircut
I'd likely go with the 6 speed. The Tacoma and Accord are both manuals, and it doesn't bother me in the city. I've read the 10 speed automatic is very good though.
Posted on 4/3/17 at 6:39 am to VABuckeye
No home, and no desire for one in the near future. I move around every few years for work. If I end up on the Gulf Coast somewhere, I've considered buying a condo on the beach and renting it out until I retire.
Posted on 4/3/17 at 9:42 am to Argonaut
You can afford it, but what do you do with that money now? That's going to be a significant portion of your 'hobby/ vacation' money. So if you are good with that then sure. But there's a ton of people that buy nice cars and then don't understand why they don't have money for other things, and it's because they can't get rid of the $700/ month car payment.
Posted on 4/3/17 at 11:18 am to Argonaut
I'm not so much of a Camaro (or pony car) guy. But I do appreciate performance cars of any stripe, and the ZL1 1LE is actually a relative bargain when looking at the specs vs. the price. So if you're (truly) a car guy, and you want a beastly track day car, from what I've read, this one will fit the bill nicely. But if you're not going to to take it to the track every now and again, so that you can really appreciate the handling, braking and acceleration that this car offers, it would make more sense to just buy a lower model that still looks nice and performs well on the street and highway. You could buy a used Camaro SS (for instance), have it modified and tuned, and have a relatively affordable street monster... that would still hold its own on the track (if you just want a once in a lifetime track experience).
Have you ever taken (or do you want to take) a NASA or SCCA High Performance Driving Event? There's a very nice track near New Orleans called NOLA Motorsports Park. That's the sort of place where you go to really enjoy these types of cars.
As for your financial position, just based on what you've said, you can probably afford the car - it won't break you. But I don't know what you have as far as savings, in addition to the 401K and IRA. So is it a smart thing to do? Probably not. But as car guys, we usually don't do what's smart when it comes to depreciating assets that go fast. You just don't want to do something which will be ruinous to your finances and future. But IMO, only buy a car like this if you plan on using and enjoying it to its full potential. A weekend at the track in a car like this will be more fun than a weekend at the Bunny Ranch with Charlie Sheen showing you around the place. Werd!
Have you ever taken (or do you want to take) a NASA or SCCA High Performance Driving Event? There's a very nice track near New Orleans called NOLA Motorsports Park. That's the sort of place where you go to really enjoy these types of cars.
As for your financial position, just based on what you've said, you can probably afford the car - it won't break you. But I don't know what you have as far as savings, in addition to the 401K and IRA. So is it a smart thing to do? Probably not. But as car guys, we usually don't do what's smart when it comes to depreciating assets that go fast. You just don't want to do something which will be ruinous to your finances and future. But IMO, only buy a car like this if you plan on using and enjoying it to its full potential. A weekend at the track in a car like this will be more fun than a weekend at the Bunny Ranch with Charlie Sheen showing you around the place. Werd!
Posted on 4/3/17 at 11:20 am to Odinson
quote:
Just Lease a Rolls
This is ideal, everyone is doing it I hear. Its very simple you just need $40,000/year to pay for it before the gas and insurance. EVERYONE on the money board can and does it here, its not a big deal at all.
Posted on 4/3/17 at 11:41 am to Argonaut
invest your money into cash flowing investments that you can then use to buy toys.
excellent. now invest all your extra money into what i said above.
quote:
I match my 401k and max my IRA.
excellent. now invest all your extra money into what i said above.
Posted on 4/3/17 at 11:43 am to dabigfella
quote:
This is ideal, everyone is doing it I hear. Its very simple you just need $40,000/year to pay for it before the gas and insurance. EVERYONE on the money board can and does it here, its not a big deal at all.
*slaps dick on steering wheel, takes pic, posts in this thread*
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