At what HHI would you feel comfortable buying an $80-90k car?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d do it now at 500k, just not a car person.

What would the payment be in something like that? 1.3k/mo with some money down? That’s just noise.

After all my deductions, including 2 401k, health, HSA I’m bringing in nearly 25k/mo. I’m not gonna miss 1300.

If you need to do it on credit, you shouldn't be buying it. Seriously, I haven't had a car loan for 20 years. And don't give me any BS about your money working for you. The last 6 months have proved that's not the case.

Same. Haven't had a car loan in almost 30 year. Bought first car with cash 23 years ago and have done the same with every single vehicle since then.

[Anonymous]

As expected, you’re getting a lot of answers from people who don’t like cars, can’t imagine that anyone else could, and want to judge people who do. Whatever. Driving a crappy old car to your house with the Subzero refrigerator and Wolf range doesn’t make you morally superior.

As someone who likes cars, I don’t think the answer is tied to income, so much as when you have sufficient funds to pay your mortgage, other expenses, retirement and college savings, and have enough left over to pay cash for the car. (Note: you don’t have to actually pay cash — dealers often have special deals for financing that make it make financial sense to do so. You just should be able to pay cash, if needed.) if having a nice car is a priority for you, that number will be different from those who prioritize other things.

[Anonymous]

Anonymous wrote:Just curious.

Wrong forum for your question. People in this forum hate cars. They drive the cheapest Toyotas and Hondas to the ground.

[Anonymous]

It is not about HHI, it's about priorities. Some people spend their money on expensive travels and vacations, others will spend on expensive furniture, others will spend on nice cars.

[Anonymous]

Bought a $75k car in feb (MSRP, pre-tax total).

HHI $500k

Put half down

PS normally buy CPO or lightly used but covid times has thrust used car prices close to brand new.

[Anonymous]

Anonymous wrote:As expected, you’re getting a lot of answers from people who don’t like cars, can’t imagine that anyone else could, and want to judge people who do. Whatever. Driving a crappy old car to your house with the Subzero refrigerator and Wolf range doesn’t make you morally superior.

As someone who likes cars, I don’t think the answer is tied to income, so much as when you have sufficient funds to pay your mortgage, other expenses, retirement and college savings, and have enough left over to pay cash for the car. (Note: you don’t have to actually pay cash — dealers often have special deals for financing that make it make financial sense to do so. You just should be able to pay cash, if needed.) if having a nice car is a priority for you, that number will be different from those who prioritize other things.

Seems correct.

Odd question, overall. At what HHI do you pay $2k for a suit? $10k for a watch? $60 for a steak? Gosh, I don’t know!

[Anonymous]

Anonymous wrote:Never.

‘Tis a shame because some of them really are quite fun to drive.

[Anonymous]

I think we were ~$400k when we first bought an $80k car. But we held onto it for over 10 years.

Now we are $800k+ and sometimes we spend more than that. Sometimes less. We won’t look at crazy $$$/exotics, but when we shop for cars price isn’t a huge factor. We focus on the cars themselves. Drive, features, aesthetics, etc.

We are car people.

[Anonymous]

Anonymous wrote:As expected, you’re getting a lot of answers from people who don’t like cars, can’t imagine that anyone else could, and want to judge people who do. Whatever. Driving a crappy old car to your house with the Subzero refrigerator and Wolf range doesn’t make you morally superior.

As someone who likes cars, I don’t think the answer is tied to income, so much as when you have sufficient funds to pay your mortgage, other expenses, retirement and college savings, and have enough left over to pay cash for the car. (Note: you don’t have to actually pay cash — dealers often have special deals for financing that make it make financial sense to do so. You just should be able to pay cash, if needed.) if having a nice car is a priority for you, that number will be different from those who prioritize other things.

I agree with this. It depends on your priorities and obligations. I’m a car guy and got a $70k car when I was making $120k. I was single and had a very low mortgage payment on a condo so I was still saving money. I didn’t have any other obligations. Now I’m married and make much more but still drive a car with a similar price. I’ve done a mix of leasing and financing cars in the past, depending on the situation. I’d rather have my cash available to take advantage of the market (yes, I know it has been down this year, but that is when you should be buying).

[Anonymous]

My wife and I had always been cheap and utilitarian with cars--e.g., Hondas, etc.

We've had a recent significant rise in HHI, and are present in excess of $2.5m.

We recently needed a new car. Volvo XC-90 recharge was the best that hit all our desires/needs in a car. It cost us about $77.5k to drive it off the lot. A few years ago, at a much lower HHI, we would not have seriously considered a car at this price point. Now, with HHI > 2.5m, we bought what we wanted and are happy with it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d do it now at 500k, just not a car person.

What would the payment be in something like that? 1.3k/mo with some money down? That’s just noise.

After all my deductions, including 2 401k, health, HSA I’m bringing in nearly 25k/mo. I’m not gonna miss 1300.

If you need to do it on credit, you shouldn't be buying it. Seriously, I haven't had a car loan for 20 years. And don't give me any BS about your money working for you. The last 6 months have proved that's not the case.

I always buy my cars with a 0 or low interest rate loan. Has nothing to do I do with needing to take out a loan. Please don’t tell me I have spell out the why to you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’d do it now at 500k, just not a car person.

What would the payment be in something like that? 1.3k/mo with some money down? That’s just noise.

After all my deductions, including 2 401k, health, HSA I’m bringing in nearly 25k/mo. I’m not gonna miss 1300.

If you need to do it on credit, you shouldn't be buying it. Seriously, I haven't had a car loan for 20 years. And don't give me any BS about your money working for you. The last 6 months have proved that's not the case.

I always buy my cars with a 0 or low interest rate loan. Has nothing to do I do with needing to take out a loan. Please don’t tell me I have spell out the why to you.

+1

Anyway we bought an 85K car when income hit 1.5M. We definitely could have afforded it earlier but we’re not car people so we didn’t prioritize it. But on a 7 figure income a car that expensive is definitely NBD.

[Anonymous]

Another never. I don't want people looking at my car when I drive. I hate being noticed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just curious.

Wrong forum for your question. People in this forum hate cars. They drive the cheapest Toyotas and Hondas to the ground.

I don't hate cars but I do drive Toyotas and Hondas.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Never.

‘Tis a shame because some of them really are quite fun to drive.

Yes. That's where this thread gets lost. Most of us do our driving around DC, where out time in our cars can be described using a variety of words but usually not "fun." There used to be some hidden local roads where one could do some driving but the introduction of speeding cameras has pretty much snuffed them out.