Getting a 70-80k car?
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Yeah an 80k car is probably stupid af, but it also could be sick.
Not wrong
Went down a similar road recently where I have some extra cash and monthly disposable income and figured why not buy another car. Eventually, I came to the conclusion that I was simply looking to spend money for the sake of it, I had allocated what I needed to savings and investments and still had money "leftover" that I could spend. I bought my current car new and it's only 3-years old so it's not like I actually needed another car, I inevitably opted not to buy another car...at least for now, when the economic outlook starts to be a bit more certain I probably change my mind.
That’s fair. I think at least until the end of year I won’t be pulling any triggers.
You can definitely afford it but I’d only do it if you’re a car guy/girl and it will actually bring you happiness. Don’t do it for show. I know others will say it’s not smart but I think there’s something to be said for making the frivolous purchase now before you have any kids or real bills. Personally, I’d go Porsche as they’ll hold their value much better.
I for sure just like the car. Test drove them and the V8 sound is just nuts. Porsche seems a bit more expensive for a 911.
I have kids now and my spending habits have not changed at all.....guess why? I didn't make frivolous spending purchases at a younger age. In some ways, you're describing a self-fulfilling prophesy. If you spend now, sure you'll have to cut back later.
Well, what I think is stupid af is that you bought a nice car two years ago....and now you're tired of it and are ready for greener pastures.
If you're not careful, the rest of your life can look exactly like this. Every 2 years, you're getting some new toy cuz you're already tired of the last one. You've got a nice car. Enjoy it for a few more years and then think about buying the next thing. Just my two cents.
That’s fair. Although I had to get a car and it was during peak Covid so not a lot of good deals. I do plan on keeping this car since it’s my first and I like it though.
Why not just lease the $80K car if you're going to be switching vehicles every couple of years? or join one of those lease swap sites and take over someone else's remaining lease.
This way you can just chuck it when you're tired of it without having to trade it in or make any heavy financial commitment.
I'm a big fan of the Lotus Emira
gaayyy
Miatas are gayyyy, not Lotuses ............. Lotuses are rated as one of the most fun cars to drive.
This looks sick. Looks like it's in the $90-100K range.
OP, not much of a car person but do you. You can definitely afford it. My father had a similar income as yours throughout his career (adjusted with inflation) and I don't honestly think he's ever driven a car worth less than $50K in my lifetime (plans to retire soon and in recent years, he's spent upwards of $100K on cars).
Lotus look sick but they are insanely unreliable
"while the overused “Lots Of Trouble, Usually Serious” acronym might once have been relevant in the brand’s darker days, the simplicity of most Lotus models, and its well-proven Japanese powertrains, mean things are far better than they used to be, and that should continue with the Lotus Emira."
https://www.autoexpress.co.uk/lotus/emira/reliability
Warranty
The Emira is offered with a 3-year, unlimited mileage warranty, which can also be transferred to subsequent owners. Lotus does note, however, that the warranty can be invalidated by competitive use, which includes timed runs like hillclimbs as well as more obvious racing use. “Responsible use” on track days remains covered.
The 3-year warranty period matches what you’ll find on the Porsche Cayman, though Porsche does offer significant warranty extensions too. Alpine, meanwhile, offers a 3-year/36,000-mile warranty on the A110.
Servicing
Emira service intervals are scheduled every 12 months or 10,000 miles. The company offers fixed price servicing, though doesn’t have single-price service plans like those available elsewhere. A first-year service comes in at £430, £710 in year two, and £430 in year three, before a £1,360 service in year four (£1,290 for automatics), with subsequent services starting again at £430.
I think the main issue is the lack of dealerships for this (given there will be 0).
Yes good point.
Actually it is more than zero. There are 39 locations in the US.
https://www.scrapehero.com/location-reports/Lotus%20Cars-USA/#:~:text=T….
"There are 39 Lotus Cars locations in the United States as of May 22, 2023."
Car prices are coming down rapidly. With rapid disinflation, and the potential for an economic downturn, you're better off holding off. If a recession does it, you can get a great deal and finance the car at super low rate. With a 21 three-series, you should be fine for now.
Depends, are you a car person? Or would you be doing it just because?
I'm a second year IB analyst (read - make way less than you) and bought an M3 earlier this year. It was an F80 (used), but still cost high 50s. It felt like a lot to spend, but it's been one of the best decisions I've ever made. Thing is I've always loved cars and had wanted an F80 for years. I literally chose IB as a career largely because I wanted high potential earnings in my first couple years out of college so I could do something like this, and didn't think I could go the SWE route. It also doesn't hurt that my car won't really lose any more value since it's an enthusiast spec (competition package, manual, slicktop), and at this point probably one of the lowest mileage versions of this car out there.
If you just saw an M8 the other day and thought it looked cool then I'd advise against it, but if it's something you've always wanted then I'd do it in an instant.
always liked cars since college. Really wanted a AMG GT for the longest time (still do) but the 8 series coupe looks pretty good too.
My mom has a 2020 AMG GTC, and it’s a fun ride that is worth checking out. You could easily find a 4-6 yo 911 or 911S in that range. An older R8 is a possibility. I’m not as much of a BMW fan, but my wife has a X3. My daily is an E63 wagon…if you want a bigger car, those would be in your range w around 50k miles.
Do it, bro. I've already picked out the car I'm going to buy once I'm one year into my FAANG job.
Is it a stupid financial decision? Unequivocally yes.
BUT, you never know what's going to happen - several people I knew from highschool/earlier on in college have tragically passed away already.
Save for retirement, but try to live life too.
I put off buying my dream car for 18 years. Cars are a financial waste no matter how you slice it. But emotionally, they can be something different.
Now I just look like the guy having a mid-life crisis w/ the fancy new car but I'm happy to experience it. Kinda wish I'd pulled the trigger sooner - Sometime you just gotta YOLO. But even then it was a 60K CPO. trying to finance an 80K car at today's interest rates will take you into 6 figure territory. That might be a bit much.
One I’m interested is right off a lease around 65k actually but understand
No dude. Keep the cat at 1.9% financing. Or upgrade to something in the 40-50k range max.
My current car was 50k
What's the resale value?
Bruh I should've studied maths
I’ve never regretted the money I’ve spent on my cars.
Own the place you live before splurging on watches and cars.
That’s fair as well. However, I’m 24 and not sure where I want to settle down or deal with a property right now. I also don’t need that much space. If I were to buy a condo, not sure if the interest/taxes/hoa fees would trump my current rent.
I hear you on settling down. Also rates aren’t what they used to be. View the impact of what you are spending money on compared to your balance sheet. It really helps. Acquiring property young can help especially if you put enough money down for any fluctuations. If your pay rate maintains and you do decide to move, then you can liquidate or rent it. Ultimately, over a few years a house will put perform a car (aside from something rare and collectible). It will most likely out perform a watch (there are rare exceptions there). That being said, guns and guitars are worthwhile splurges. They won’t necessarily appreciate overnight, but they maintain their value.
Imo a second car w that little saved (not to say it’s nothing but I imagine well below your longer term goals) is very dumb
I was in the same boat: similar income, driving 3-series right now.
I love cars and wanted to upgrade my 2018 330i to either a CPO M2 or M3 Comp. Depending on mileage and year would have been ($60 - $80K). I was only looking at 2020/2021 model CPOs. Ultimately decided to wait maybe a year or bit more and re-evaluate.
Issue I have is the depreciation on these M cars are very high, same with servicing (if and when it is out of warranty), it also snows where I live so would need winter tires. Really just translates to not comfortable spending that much of my income on a hobby.
Obviously depends on your spec / mileage, but I think the depreciation on the F80 / F87 has largely already hit for lower mileage examples, particularly if you're going for a manual. Look back at E9x prices for example, they've been on the rise for a few years for clean / low mileage cars. If you're looking at the G80 then yeah that's still too new for this to apply. The M5 / 6 / 8 are the ones that take the bigger depreciation hits.
Yep, that's true.
Performance difference between F80 and G80 is huge, and the new gen M2 is not great so I was told used F87 prices have stayed high. Manual M cars (RWD) are cheaper where I am because it snows and AWD more in demand unless you have 2 cars. E92 is pricy cause it's almost a collectors car now. It's a cool car but I would not buy it.
Honestly, price difference between M3 and M5 for a 2020/2021 is not that big. I've been told though that M5 is less reliable cause of the V8 (not sure if this is true or not).
Another concern I had after doing a lot of diligence is that M cars are often driven hard and sometimes abused, which is a reliability concern. My 3 series was driven by a 50 year old woman beforehand. I know a few rich 20 year olds that buy brand new M cars, drive it hard for 2 years, give back to dealer - you do not want to pick up their used cars.
At the end of the day, its just a money issue and how much you are willing to spend.
If you need to ask the internet it means that it isn't a good decision
There are literally car forums on the internet detailing every issue with every car model, accessible at your fingertips. Yes, bro - welcome to the internet.
If you read his original post the question is not "should I buy THIS car or THAT car?" but more "should I spend THAT MUCH on a new car at 24?", “bro”
Bruh what is wrong with my generation 💀. You have 100k in federal loans. 100k. A hundred thousands dollars. Pay. That. Off. What is so hard to understand? You work an extremely unstable job, and you barely just started saving. I have much more in savings/investings than you and happily ride the subway every morning.
edit: also how is possible that you have 70k in 401k with barely 2 years of work experience? 20.5 max limit for 2022 and 22.5k max limit for 2023. Company matching?? Great investments??
The concept of applying financial statements to one’s own life is lost on most people. It is something that needs to be integrated from grade 4 onwards.
aren't federal student loans something for the government to cancel so instead one can make frivolous purchases instead and hope someone else pays for the loan?
Man you don’t know the amount of people I know that have upwards of 100k in student loans but are currently traveling to Milan, Tokyo, St. Tropez, etc. and spending like there’s no tomorrow, while my debt-free dumb ass sits here and carefully saved and invests 💀.
And they get mad that the government still hasn’t cancelled all their debt.
Yes I get matched 100%. Two years with no gains would be ~80k contributed.
I understand paying the 100k loans off. Which I can in a few months (and could have after my first year). I’m planning on taking out half of them soon and the other half after my coming bonus
Yes I get matched 100%. Two years with no gains would be ~80k contributed.
I understand paying the 100k loans off. Which I can in a few months (and could have after my first year). I’m planning on taking out half of them soon and the other half after my coming bonus
Pay those loans off first then yeah, get the Beemer.
Boss drives an M8 and it's a sick car
Yeah the M8 is sick. But, it is called a "Bimmer." "Beemer" is the name for BMW motorcycles.
https://www.bmwgrandblanc.com/blogs/4100/why-is-bmw-called-beamer#:~:te…(or,used%20to%20describe%20BMW%20motorcycles.
Good to know, I've been a MB fan/driver so never got into BMWs.
In order of importance:
If you’ve done those 3 things, buy the car. Why not? Life isn’t for saving; life is for living. Unless you’ve got other concrete plans for the money, spend it and enjoy it. No point earning lots of money otherwise.
What do you mean by “on the ladder”? Do you think it’s worth it to purchase a house if one plans on staying single and not having any kids?
yep, I’m maxing my 401k for sure (getting 100% match) so around ~40k in contributions each year.
Think after two bonuses I could get pay off my student loans + have a solid down payment in a 1mill ish house. Although, not sure I want anything that much yet
Are you contributing after-tax dollars?
Buy a fun sports car you can daily drive instead of that boat, get a CPO Cayman / 911 or sth fun but the 8-Series really is an old man’s car
Save a few years and get a Porsche 911 GT3 (Batman Color)
if you can find one - definitely an aston!
My opinion: if it's a daily driver that isn't a supercar, do not put up big money just to flex. If you have prospects of wanting to do lifestyle vlogging or think you'll soon move out of NY then I would swap to a previous gen M4 or something among those lines while continuing to accumulate $ until you move / can afford whatever it is that you actually want to own.
Too cheap 80k. Work harder and aim for 300k+ for a half-decent ine
i was looking at this one this morning: https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId… shits so sick i highly recommend checking it out. u might be about to fuck urself financially but yolo
I would get a lease, for the same monthly payment you could get even more car
Do it. There’s nothing like having a dope car that you’ve always wanted, especially while you’re young. People on here are super frugal so I’d take a lot of their advice with a grain of salt. We work to buy cool shit and enjoy our lives outside the office.
Pay off your loans and buy a 150k car in a year. No reason to have them hanging over your head.
Someone get dave ramsey in here…
I’d say fuck it and do it if it wasn’t for the student loan.
I am not a financial adviser expert, I can offer some general financial advice that you may find helpful in your situation.
Evaluate your priorities: Before making any major financial decisions, consider your short-term and long-term goals. Paying off student loans is often a wise move, especially if they are accruing interest soon. High-interest debt can quickly become a burden, so reducing it can provide long-term financial benefits.
Reduce unnecessary spending: It's great to treat yourself, but excessive spending on luxury items like watches can impact your financial goals. Consider budgeting for indulgences and focus on saving and investing more for the future.
Car purchase: If you're planning to buy a new car, make sure it fits your budget and aligns with your financial goals. Luxury cars can be expensive to maintain and depreciate rapidly. Consider the overall cost, including insurance, maintenance, and fuel expenses.
Retirement savings: Continue contributing to your 401k and consider diversifying your investments to help your retirement funds grow. Retirement savings are crucial for long-term financial security.
Emergency fund: While you have a healthy amount in your HYSA, consider maintaining an emergency fund with 3-6 months' worth of living expenses. It can act as a safety net during unexpected situations.
Student loans: If the interest on your federal student loans will start accruing soon, it might be a good idea to allocate some of your cash to pay down this debt to reduce interest costs.
Seek professional advice: Given your substantial income and assets, it may be beneficial to consult a financial advisor who can provide personalized guidance based on your specific circumstances.
Remember that financial decisions should be based on your personal circumstances and goals. It's essential to strike a balance between enjoying your present life and securing your financial future. Avoid impulsive decisions and take the time to plan ahead to ensure your financial well-being.
I pulled the trigger on a European sports car a few weeks back. Puts a smile on my face every time I walk by it.
However, I only did it after careful consideration, budgeting and planning. In essence, I'm having my capital income (dividends, option premiums, etc.) pay for it. Took me a while to get this far, but totally worth it now.
As long as you are being diligent about it, I'd say go for it.
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