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Started By
Message
Want to lease a luxury car with $450 vehicle allowance, but my wife says get a used car
Posted on 5/6/21 at 3:36 pm
Posted on 5/6/21 at 3:36 pm
quote:
Dear Ms. MoneyPeace:
I just got a new job and they are giving me a car allowance, so I am in the market for a new car. I used to commute by public transportation, so an 11-year-old car is what I used for weekends.
Since I have a monthly car allowance of $450 I want to step up my game and maybe even get a luxury car. My wife is hesitant to spend $500 a month on a lease. I do not see why that makes much of a difference as we have added income. Plus most leases include oil changes, so we will be saving on maintenance. Besides, she has a car, so this is what I will need to drive day in and day out for work.
She also is “old school” and thinks we would be better off buying – especially buying a car that is a few years old. The car I want to lease would be an almost $600-a-month car payment. I do not know how we could afford to buy that new! I have been driving a used practical car, so this is my time.
We are in our late 40s and have no kids and some savings for retirement. With my raise, we can save more.
Car Guy
I have been driving a used practical car, so this is my time
How does the OT respond to the Car Guy?
37
Posted on 5/6/21 at 3:38 pm to rickgrimes
Drop the taco, get in the car.
Posted on 5/6/21 at 3:38 pm to rickgrimes
quote:
How does the OT respond to the Car Guy?
Wife has the truck nuts.
Posted on 5/6/21 at 3:38 pm to rickgrimes
Hate to break it to him but you won’t get luxury for 500 a month, even on a lease.
Posted on 5/6/21 at 3:39 pm to rickgrimes
Either way you shake it cars are terrible for the wallet. I am driving my truck till the wheels fall off. I would never get a Luxury Car unless I was really well off.
Posted on 5/6/21 at 3:41 pm to rickgrimes
quote:
I just got a new job and they are giving me a car allowance, so I am in the market for a new car. I used to commute by public transportation, so an 11-year-old car is what I used for weekends.
quote:
We are in our late 40s and have no kids and some savings for retirement. With my raise, we can save more.
"Some" savings is code for "yeah i could come out of pocket a few hundred if I broke my arm, but I don't have a 401k."
Drive the 11 year old beater to work and put that $450/month into an IRA.
Posted on 5/6/21 at 3:42 pm to LSUFAN2005
quote:
Hate to break it to him but you won’t get luxury for 500 a month, even on a lease
he's probably got a different idea of a luxury car than you might think.
You can lease a nice Benz or BMW for less than $500/month
I doubt he's going to lease an I8 or an S Class Maybach Edition Benz
This post was edited on 5/6/21 at 3:44 pm
Posted on 5/6/21 at 3:45 pm to rickgrimes
Company car > car allowance
Posted on 5/6/21 at 3:45 pm to rickgrimes
quote:
How does the OT respond to the Car Guy?
First, when a company gives you a car allowance they dont give a shite what the spouse wants. It kind of depends here because it is influenced by what tbe company wants. Is this a sales job where they expect you to look tip top or is it a job where they just want you to be transportable and on time reliably...
Posted on 5/6/21 at 3:47 pm to rickgrimes
quote:
car allowance of $450
to me that's like free money you need to use money to build equity into something.
a lease is defeating the purpose of that.
Posted on 5/6/21 at 3:47 pm to rickgrimes
Divorce
Posted on 5/6/21 at 3:48 pm to rickgrimes
What would I do or what would I tell this guy to do?
My advice is different than what I normally do.
My advice is different than what I normally do.
Posted on 5/6/21 at 3:55 pm to rickgrimes
Not a chance in hell I'd buy an out of warranty used car these days.
This post was edited on 5/6/21 at 4:06 pm
Posted on 5/6/21 at 3:57 pm to TigerGman
quote:
Not a chance in helloed buy an out of warranty used car these days.
meh....Depends on the car
Posted on 5/6/21 at 3:58 pm to Chad504boy
quote:
to me that's like free money you need to use money to build equity into something.
a lease is defeating the purpose of that.
Do you think you build equity in a car or is your sentence just horribly worded?
Posted on 5/6/21 at 3:59 pm to Mingo Was His NameO
quote:
Do you think you build equity in a car or is your sentence just horribly worded?
you absolutely build equity in the car when you are being given $450 a month car allowance vs walking away from a lease with nothing.
Posted on 5/6/21 at 4:00 pm to Chad504boy
quote:
a lease is defeating the purpose of that.
In a car lease you only pay for the usage(depreciation) and can buy the car at lease end for the residual value
Leasing and buying a car are effectively the same thing. The only difference is the option to walk away in a lease and timing of paying sales tax. The depreciation is the exact same whether one leases or buys.
This post was edited on 5/6/21 at 4:03 pm
Posted on 5/6/21 at 4:01 pm to Chad504boy
quote:
you absolutely build equity in the car when you are being given $450 a month car allowance vs walking away from a lease with nothing.
I guess you aren't putting money into a depreciating asset, but you're building maybe a couple of thousand dollars of equity over the life over years.
Posted on 5/6/21 at 4:05 pm to rickgrimes
Looks like you already tapped in to $150/month on the lease alone so you might should check into the difference in insurance because I assure you there is one.
Posted on 5/6/21 at 4:07 pm to Mingo Was His NameO
quote:
I guess you aren't putting money into a depreciating asset, but you're building maybe a couple of thousand dollars of equity over the life over years.
You can buy a 2 yr old preowned vehicle that's already fairly depreciated to lessen the hit. At the end of 3-5 years, you have a car paid off instead of a revolving lease.
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