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Is buying a $24k car on $50k salary dumb?
Posted on 3/10/15 at 7:05 pm
Posted on 3/10/15 at 7:05 pm
I've read some websites that say don't spend more than 20% of your annual salary on a vehicle. I've read others that talk about not spending a certain percentage of your take-home monthly income on car expenses. I would be within the latter guideline, but not former.
$24k seems reasonable to me for a vehicle. It would be a 5yo german car with 50k miles.
$24k seems reasonable to me for a vehicle. It would be a 5yo german car with 50k miles.
26
Posted on 3/10/15 at 7:09 pm to Brightside Bengal
quote:Personally I wouldn't do it but it's not the worst decision in the world. I would look in the 15k range.
Is buying a $24k car on $50k salary dumb?
quote:This is a much worse decision.
It would be a 5yo german car with 50k miles.
Posted on 3/10/15 at 7:10 pm to Brightside Bengal
Yes
Posted on 3/10/15 at 7:18 pm to Brightside Bengal
quote:
ve read some websites that say don't spend more than 20% of your annual salary on a vehicle. I've read others that talk about not spending a certain percentage of your take-home monthly income on car expenses. I would be within the latter guideline, but not former.
$24k seems reasonable to me for a vehicle. It would be a 5yo german car with 50k miles.
Very dumb. Go get a 10-15K vehicle and when your are financially stable then go for a bigger purchase.
Posted on 3/10/15 at 7:20 pm to saderade
quote:
This is a much worse decision.
As in buying any german vehicle is a bad decision? If no, what is a more appropriate range on a german car?
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 7:31 pm to Brightside Bengal
Go buy a brand new Honda Civic or Ford Fusion for the same price.
Posted on 3/10/15 at 7:35 pm to LSUShock
I thought the prevailing wisdom of the money board was to never buy a brand-new vehicle. Always better to buy a few years old.
Posted on 3/10/15 at 7:45 pm to Brightside Bengal
quote:
I thought the prevailing wisdom of the money board was to never buy a brand-new vehicle. Always better to buy a few years old.
These days at these rates? I don't see why not.
Especially with the all the add ons and warranties companies are throwing around.
Posted on 3/10/15 at 7:45 pm to Brightside Bengal
I wouldn't do it
Posted on 3/10/15 at 7:45 pm to Brightside Bengal
Buying a new vehicle to drive it for 10+ years could be a good decision. Buying a new vehicle to then buy another new vehicle a couple years later is a bad decision.
I would consider getting a new camry. I know they may not look the best but you can get one under 20k and it will last you forever
I would consider getting a new camry. I know they may not look the best but you can get one under 20k and it will last you forever
Posted on 3/10/15 at 7:48 pm to saderade
quote:
quote:
Is buying a $24k car on $50k salary dumb?
Personally I wouldn't do it but it's not the worst decision in the world. I would look in the 15k range.
quote:
It would be a 5yo german car with 50k miles.
This is a much worse decision.
This.
Not a bad decision on a new vehicle that will last a while. An older car with 50k miles, 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 8:08 pm to Brightside Bengal
If you're set on buying a car at that price, you should buy a brand new Toyota Camry or Honda Accord and it will last forever. Try to catch them when they are running 0% financing. New base models start at $20k.
This post was edited on 3/10/15 at 8:10 pm
Posted on 3/10/15 at 8:22 pm to PrettyLights
Fiance got a 3 YO pre owned Lexus IS250 with the factory CPO that amounts to 3 years 60k miles. No accidents, full service record and perfect condition
She got that for 21.5 out the door.
Wtf are you buying that is 5YOs for 24k?
She got that for 21.5 out the door.
Wtf are you buying that is 5YOs for 24k?
Posted on 3/10/15 at 8:24 pm to PrettyLights
I picked up a Hyundai Sonata with some added features for about 21k. Huge warranty and Hyundai stepped up their game.love it
Posted on 3/10/15 at 8:28 pm to GenesChin
quote:
Wtf are you buying that is 5YOs for 24k?
He's looking at BMW 5s and Mercedes E-Class - my best guess.
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