I’ve been saving for some years to buy a nicer car. Currently drive a 220k mile beater that is beyond uncomfortable. I’m a huge car guy, so it would be nice to get something fun/luxurious for once haha. Here are the details:
Income: $175-190k, depending on bonus. If bonus was ever $0 (unlikely) my income would be closer to $145k.
Expenses: ~$2800/m, so let’s say $40k/yr to account for vacations and other items.
Savings: 60-80k/yr after 401k/HSA/IRA and annual expenses + tax burden.
I have no plans on buying a house in the near future. No other major purchases. 1 year emergency fund. I want to buy a $70k car. Can buy it cash, but would prefer to finance to free up some capital for continued investments.
Totally understand I don’t *need* it. I just **want** it. Tell me why I’m dumb to buy this vehicle or why I should treat myself, whatever you believe is “right”.
Are you parking this $70k car in a covered,access controlled garage every night? I’d be worried about it getting stolen, if not. Your finances can surely support it. You might get get yourself a GPS cell tracking system for it though if its not in a garage.
Cars are a touchy subject in personal finance because you have people that will tell you to always buy a 10 year old Honda Civic regardless of how much you make and that spending more on anything else is a bad decision. This is because they view cars purely as a means to get from A and B so it makes sense to minimize cost and maximize reliability from that standpoint.
But you also get people that enjoy cars and think it’s important to drive a good and nice car and so long as they don’t spend an irresponsible amount they probably also have a valid view point.
The bottom line is you can definitely afford to splurge $70k on something. Whether it be a car or a watch collection or a golf membership I don’t see it as being an issue so long as it’s something you’d get $70k worth of value out of it. If you’re a car fanatic and this is your dream car then sure go for it but if you just want a nice car and cars aren’t a top priority currently in life then I would say there are cheaper options available to fulfill that.
Cars are on ok expense. Especially if you use them regularly.
Comfort and safety are good factors to consider making an expensive car purchase worth it.
From afar it looks like yes you can easily afford a 70k car. But should you? Idk that’s up to you. A super nice 40k car does exactly the same as that 70k car. How healthy are your retirement savings? Other debt? Finance terms of this 70k car? I’m sure insurance will go way up. Look at all these things and see how comfortable you are
If I were in your shoes, I’d use the bonus as the down payment and finance the rest.
I don’t like cars – they’re not enjoyable for me. I’d probably buy a car within my bonus money if mine were that large.
As option 3: You might actually enjoy leasing your dream car better and trade it in for another one in two or three years- it’s not the most fiscally responsible thing, but it might scratch the itch of getting to drive the new cars and strike a balance. You can afford it.
Seems like you worked hard for your money and like you said your a huge car guy so
I say buy itttt!
It feels good when you get your first luxury car you worked hard to pay for.
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