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#31
08-25-2005, 02:34 PM
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Re: Too fancy of a car?
Buy a new car when your old one breaks down. And don't spend freaking 40k, unless 40k somehow becomes chump change. Spending that much on something that is going to need to be replaced in 10 years or less is a huge waste of money.
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#32
08-25-2005, 02:48 PM
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Re: Too fancy of a car?
[ QUOTE ]
i'm talking 10% of net worth not 50% (at time of purchase) [/ QUOTE ] If that's true and you're paying cash it's not a horrible move financially. But it really will affect your relationship with your peers and coworkers. My son goes to a private school and I dread when people ask me where he goes. I get the rasied eybrows and the "wow, I had no idea you were some rich bigshot" look. I hate it. I have more money than most of my friends and coworkers but you'd never know it by my lifestyle. I'd much rather invest for the future and actually BE rich a little later on, than spend it all trying to look rich now. Do yourself a favor Buy a reasonable car.
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#33
08-25-2005, 02:50 PM
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Re: Too fancy of a car?
[ QUOTE ]
[ QUOTE ] m3 and no...i bought one before i even had mah 1st job AFTER college and im gettin the 06 soon [/ QUOTE ] You are entirely too proud of your M3. You need to stop bringing it up in every post remotely related to cars. [/ QUOTE ] no...im not proud of it...i just love the car...it gets great gas mileage...looks great...has lasted well...its an all around great car to me
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#34
08-25-2005, 02:52 PM
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Re: Too fancy of a car?
[ QUOTE ]
Spending that much on something that is going to need to be replaced in 10 years or less is a huge waste of money. [/ QUOTE ] I think this is a pretty narrow minded way of looking at things. If Hero: a) has a enough money that 40k isn't a huge amount of money to him and/or b) spends (will spend) a lot of time in his car and/or c) can buy something he'll actually derive a lot of enjoyment from he should go ahead and spend the money. as this is a pretty personal utility question, i don't think that oot is really qualified to tell him what to do. it's just basically he needs to figure out what he wants more in the short and long term, the 40k or the new car or say 20k and a different new car. as for other cars you could look into, again it depends on what you want to get out of your car. if it's just you want something more comfortable to get from point a to point b in, a new civic is a nice car, a new accord (though more expensive) is a nice car. a pre-owned lexus, bmw, or acura are all nice cars. go out and do some thinking about what you want and then do some research into cars you might like. citanul
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#37
08-25-2005, 03:04 PM
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Re: Too fancy of a car?
I don't think anyone here is telling the OP what to do; we're just giving opinions. He did ask for them, after all.
[ QUOTE ] [ QUOTE ] Spending that much on something that is going to need to be replaced in 10 years or less is a huge waste of money. [/ QUOTE ] I think this is a pretty narrow minded way of looking at things. If Hero: a) has a enough money that 40k isn't a huge amount of money to him and/or b) spends (will spend) a lot of time in his car and/or c) can buy something he'll actually derive a lot of enjoyment from he should go ahead and spend the money. [/ QUOTE ] I formed my opinion based on on these things but looking at A as an overwhelming factor. the OP said he's probably not going to be making more than 40k when he gets out of college. Assuming he can easily afford a 40k car, I don't see anything wrong with buying one, but it seems like that might be hard to do only making 40k a year. I'm making a few assumptions here (i.e. no secondary income) which may or may not be true, but I would hardly call my thinking "narrow-minded". EDIT:I clearly missed this: [ QUOTE ] i'm talking 10% of net worth not 50% (at time of purchase) [/ QUOTE ] Sheesh. Do whatever you want, man.
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#38
08-25-2005, 03:04 PM
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Re: Too fancy of a car?
[ QUOTE ]
[ QUOTE ] i'm talking 10% of net worth not 50% (at time of purchase) [/ QUOTE ] So you'll be earning 40K you said - but will have a net worth of 400K right out of college? [/ QUOTE ] Maybe you aren't familiar with the people who post on this site?
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#39
08-25-2005, 03:12 PM
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Re: Too fancy of a car?
upgrade from the toyota, but don't go for new (i bought a 2 year old car coming off a lease, for example). make sure that it makes financial sense (some cars in $40k range come out to $700+/month including insurance, so not smart).
putting close to $500 every month towards loans, or just into IRA or some mutual fund is a great benefit to living cheaply.
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#40
08-25-2005, 03:17 PM
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Re: Too fancy of a car?
I would say 40K is a little excessive. I would keep it 30K max.
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