Hey!
I’ve recently started a new job, I’m sub-contracting making roughly 3.5-4.5k a month (roughly 40-60 a year, depending on how certain jobs go, there is guaranteed pay, and that bottoms out at around 39.5 for the year) and reliability is somewhat important now that I’m moving around in large towns and highways more to tend to properties. I try to move some gaming consoles and stuff through Facebook marketplace on the side for a few hundred extra bucks a month, so that by itself would cover my payment. I have a 2007 328i w/ 80k miles now, and there was an accident but I was thankfully covered by the other drivers insurance, and am looking into selling the car (roughly 9k where I’m at) and putting about $10k down on a 23-26k vehicle. I have zero debt, and my parents are well-off so I have a place to live for the next 3ish years while I amass income and savings for a housing endeavor. I am currently contributing about $80 a week into my Roth, but looking to max my contributions soon. My father has gotten me a credit score of 840 through the ‘adolescent credit method’ and I have roughly $230k in paystubs dating back to when I was 14. My father also swears they won’t ask him to co-sign. I want the warranty and assurances that I can receive by spending this much and financing a much newer, lower mileage vehicle. I will mention I am looking at a particularly frowned upon car(s), as I’m considering 2012-15 S4s and 335s instead of being disappointed with another 328 or an A4. Feel free to talk me out of it, lol. I’ve also got a completely clean driving record (was ruled not at fault and counter-sued for the aforementioned incident) and I have yet to be pulled over, as I’d rather floor it where I’m allowed to and can safely do so, so I’m confident I can control myself in a high-powered car. Thanks for any advice!
Edit: I’m also looking on incorporating an aftermarket warranty depending on the circumstances, so advice on that is appreciated.
If you’re subcontracting and able to set up a LLC, you can buy a vehicle over 6000 lbs under the LLC and write off the entire expense on your taxes.
Unless something is wrong with your current car I would say ride it out a few more years with that car and use the money you would’ve spent on a new car and max out your Roth and open up a brokerage account. You’re in a great position where you’re young, make good money & don’t have a lot of bills. I wouldn’t go adding to that unless you had to. You’re in a perfect position to get a massive on your investing career.
Will you be in financial ruin financing this car? Unlikely
Will you end up regretting spending that much? Probably
Ahh to be young and car financially immature again.
I’ve been in your situation and I’ll tell you that ditching the current bmw is a good idea. My ‘06 330i started experiencing issues around 90k and it was an expensive lesson. But what I didn’t do was go spend that kind of money on the replacement. And I was in my late 30’s and could afford whatever I wanted. Buy something that won’t have the maintenance issues. So no Audi or BMW. I’ve owned several Audis and they are maintenance nightmares as they get older as well. Save the money, buy Japanese. Use the extra money to contribute to your ira quicker and save some more. Diversify your investments into some other index funds in cash accounts. You’re a thousand years ahead financially than most and shiny objects are attractive. Hold the course. There’s plenty of time to own all the shiny toys you want.
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