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re: What formula do you use to justify how much car you can afford?
Posted on 5/4/21 at 12:06 pm to I Love Bama
Posted on 5/4/21 at 12:06 pm to I Love Bama
quote:
most people in their teens/20s/30s are sacrificing serious wealth building in exchange for a cool car that loses 50% of its value after 5 years.
Roughly what I did. Do not recommend. Spent 40k, should have spent 20 at the most.
1
Posted on 5/4/21 at 12:07 pm to DownshiftAndFloorIt
One of the best things my dad ever did for me was not let me spend money on stupid shite on my truck
Posted on 5/4/21 at 12:44 pm to Teddy Ruxpin
quote:
I have by far the oldest/non luxury brand cars on my street
Yeah, my '07 4Runner isn't making heads snap around.
Posted on 5/4/21 at 12:50 pm to white perch
This was the least beneficial response I've ever seen. What a choch monkey
Posted on 5/4/21 at 12:54 pm to rpg37
I use my budget. Because if you aren't keeping one, regardless of income, you really, really, really should.
Posted on 5/4/21 at 4:09 pm to meansonny
quote:
Is it based on value of the cars or purchase price of the cars?
I believe it's based on current value.
Posted on 5/4/21 at 4:15 pm to rpg37
quote:
Itching to get my first nice car before I am too old to really be able to use it (34 now).
About 7 years ago I was at where you're at now. If you're in good financial shape, I say go for it. Get yourself something nice while you're still young and can enjoy it.
The things I would recommend, though:
1) Don't buy new, look certified pre-owned or something with factory warranty remaining to get a great "new" care at a fraction of new car price
2) Take into account maintenance costs that aren't covered when considering your cost. While I wanted an Audi, the Germans have insane maintenance costs...so I ended up buying Infiniti. Lexus is another one that has more reasonable maintenance that can be done at just about any garage.
Posted on 5/5/21 at 1:08 pm to greenwave
quote:
What kind of car are you thinking? Give us some examples.
Coupe convertible that fits four ideally. I like the BMW4 series. I see a few on Carvana in the mid-50s price tag.
Posted on 5/5/21 at 3:22 pm to charminultra
quote:
This was the least beneficial response I've ever seen. What a choch monkey
That wasn’t bad advice. You just may not like it.
$100k is nice but that ain’t that much. He’s young. He should work harder. Make more money.
Also, he can spend $70k on a nice car. Or he can spend $50k on a nice car and $20k on a baller vacation with some 20 year old and have a week in paradise that he’ll never forget.
The main point is: he’s young. He should be working his arse off right now. Hopefully he’s gonna live a long time. Much longer than he realizes. Life ain’t cheap. Work hard and enjoy things while you can. You’ve got your whole life to drive a car. That 34 year old body will start to give out in another 10 or so years. Work hard while you can and spend money on your health and experiences.
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