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”.