If you own a $100k+ car, how much is your HHI?

[Anonymous]

DH and I both drive ~70k cars with a HHI of $700k. DH wants to buy a sports car ($100k-150k). We are relatively young (35yo) and have about 500k in savings. I think it is irresponsible to spend so much on a car. We both only started earning after I finished b school and DH finished residency (32 years old).

Would you let DH buy a $150k car?

[Anonymous]

In case you are interested, there is an Maserati dealership opening in South Arlington.

BTW the ads on the page for your post are for Chevy Trucks Just thought it was funny with the title you had...

[Anonymous]

Sorry, all I can hear is "Brag, brag, brag; money, money, money."

Now for the important question: Are any of these vehicles Teslas?
You should own one.

[Anonymous]

Holy crap, that's more than what I spent on my first house (albeit in the midwest, but still!)

I can think of way better ways to spend 150k. I'm on the board of a non profit organization that could seriously use some of that $$.

[Anonymous]

Anonymous wrote:
Sorry, all I can hear is "Brag, brag, brag; money, money, money."

Now for the important question: Are any of these vehicles Teslas?
You should own one.

Lol

[Anonymous]

Do you owe anyone any money -- any loans of any kind? If you owe any loans, no, pay off the loans. If you don't, well, figure out how much "fun" money you each get to spend each year.

Is he prepared to actually drive this expensive car and have scratches and dings?

I feel like Suze Orman. I suspect you can afford it, although I'm not saying it's a good idea.

[Anonymous]

Total waste in DC traffic...

[Anonymous]

Gross. It's obscene to drive a car that expensive.

[Anonymous]

Increase his life insurance. Just in case.

[Anonymous]

Anonymous wrote:Do you owe anyone any money -- any loans of any kind? If you owe any loans, no, pay off the loans. If you don't, well, figure out how much "fun" money you each get to spend each year.

Is he prepared to actually drive this expensive car and have scratches and dings?

I feel like Suze Orman. I suspect you can afford it, although I'm not saying it's a good idea.

No, we don't have loans besides our mortgage ($900k). We have not been earning 700k for long. It went from about 300k (when DH was still a resident) to $500k to $700k. We paid off student loans first.

DH would probably keep his current SUV and buy this sports car as a fun weekend car.

[Anonymous]

We have a HHI of about 1M. We could easily afford a car like this, but would never buy one. A car is a depreciating asset, meaning it gets less valuable over time. There is just never a good reason to overspend on cars.

[Anonymous]

So you want to spend 20%+ of your savings on a car?

[Anonymous]

So you don't have no debt, you have nearly a million dollars of debt. Do yourself a favor and pay down the mortgage. This way if life bites you in the ass, you have some breathing room. When you're debt-free, then he can get a plaything .

[Anonymous]

Over the last 10 years I've spent more than $2mm on cars. My income is quite a bit more than yours. If you have to even consider where the money is going to come from, you shouldn't buy the car. If you cannot pay cash, you shouldn't buy the car.

Wait until you're more financially secure.

[Anonymous]

Man here. Similar age, similar income. I have a weekend car like this, but I got it used so for about half the price. That may be a good compromise.

Yes, cars are a depreciating asset blah blah.. they are also fun to drive if you like cars.

Big drawback after having kids is that I can't take DD for a ride for many years. It's a two-seater and the passenger airbag can't be turned off = no carseats allowed. I end up driving it much less now than pre-DD since it's hard to find opportunities to drive alone.