How much car would you buy if you were me?
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Anonymous
| 39-yr old female, about $140K annual income, $380K net worth, about $1500 in excess (income less expenses) a month. I have $21K target-saved for a new car. My car, an economy japanese vehicle, is at the end of its useful life, plus I'd like to treat myself for my 40th bday. How much money would you spend on your new car in my position? |
Anonymous
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I would say $40 to 50k.
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Anonymous
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32 year old here. Over a million net worth. I bought a $25,000 car. For my 40th, I'd like a tesla, but have told myself ill only buy it if I can purchase it with an annual bonus.
Bottom line: It's a depreciating asset. Treat yourself to a spa day, or a dinner out or even a vacation. |
Anonymous
| How much time do you spend in your car each week? |
Anonymous
Not helpful. |
Anonymous
| $30-$40K max. you can get a cute and sport vehicle for that. anything more than that and you'll probably pay a luxury tax, and have all the headaches that a luxury vehicle has to offer....special oil, special tires, higher car insurance, specialty parts that force you to have your car serviced from only a select few auto mechanics. stay under $40K for sure. |
Anonymous
Why not? I gave her a simple answer. Spend less, not more. |
Anonymous
| Get a BMW 3 series. |
Anonymous
| $21k. |
Anonymous
I agree. |
Anonymous
This is the right answer. Maybe wait 6 months, and make it an even $30,000. |
Anonymous
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$50K? Why would one spend 1/3 of their gross income on a car?
$20K. |
Anonymous
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25k tops, it's just a car! Unless you need a more expensive one to make you feel warm and fuzzy,but so does a blanket and hot coco.
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Anonymous
I agree wholeheartedly. We have an income over $850K and wouldn't spend more than $25K on a car. |
Anonymous
| Spend the least you can. A car is a depreciating asset, no need to invest all your savings in a car! |