Can we afford a $105k Range Rover or LX570?

[Anonymous]

It's a question of priorities. Our HHI is a good bit higher and I am sure we are older, but I don't own cars in that price range.

[Anonymous]

Anonymous wrote:It's a question of priorities. Our HHI is a good bit higher and I am sure we are older, but I don't own cars in that price range.

You don’t know your own age?

[Anonymous]

Anonymous wrote:As a 33 year old with 2 kids and an income of $435 I would say no if you are planning to have a nanny and are going to be shelling out for an expensive preschool. The nanny, the classes, the childbirth costs (just hope your wife doesn't have complications and has generous mat leave), the preschool tuition... Save your $$

Preschool in DC is totally free

[Anonymous]

Wait and get the rivian.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:If you can pay cash, I guess so. If you have to finance, no. Kids are expensive. Very expensive.

This is such dumb advice. As has been said many times over on these car posts, financing is cheaper than paying cash if your return on investments > interest rate on debt

NP
DO you finance your grocery bill too?

+1
Poor people talk
Always use cash when you can. ALWAYS.

I am the PP who said that was dumb advice. I make 400k and I am also a finance professor.

LOL. ok.

No, I really am. You and the prior PP arguing that financing a car is bad subscribe to what I usually refer to as "redneck finance" mentality. It's the Dave Ramsay school of advice for poor people who think buying things on credit is bad, mostly because they don't understand simple finance concepts and can't manage their own money responsibility. Debt = high interest rates and default risk to those people.

[Anonymous]

Anonymous wrote:I would wait to have the kid(s) first. You don’t know if you will need fertility help. You don’t know if your wife won’t want to go back to work. Kids are expensive. You may want to move to a different neighborhood. I would not splurge on the car first.

DH is a car person and has a Range Rover and a Porsche. He didn’t get the Porsche until kid 2 was 2yo.

I drive a Range Rover and I agree with this. Don’t lock yourself into a lifestyle that requires both of you to work until after you have kids. I never thought I’d stay home with my kid, but I did end up going part time. I’m very glad I had the flexibility to do that, and I was really lucky to land in a job that made it work. I also know people who worked with one kid and changed their minds about working after number 2 was born. Agree that you also may feel differently about where you live. Id feel differently if you were set for retirement and could spare the cash, but that doesn’t seem to be your situation.

FWIW, I haven’t had any issues with my Range Rover with re: to reliability (knock on wood). My DH has an a vintage Land Rover, and that is another story….

[Anonymous]

Yes you can afford it but at 29 why do you need it? Just because you’re a car guy? Go down to a Porsche dealer and buy or lease a Porsche Macan that is coming off a three year lease with 20,000 miles. You will spend $50,000 and have a great car. Invest the other $55,000 and you’ll be happy you did.

[Anonymous]

At your age you should be building the biggest FU fund you can, not feeding your car guy ego. You should be saving everything you can pre-baby. What if your wife decides to stay home to care for the baby and your income takes a hit. You should be doing everything you can to set things up so that if that is what she decides you can say we can afford it.

[Anonymous]

Anonymous wrote:At your age you should be building the biggest FU fund you can, not feeding your car guy ego. You should be saving everything you can pre-baby. What if your wife decides to stay home to care for the baby and your income takes a hit. You should be doing everything you can to set things up so that if that is what she decides you can say we can afford it.

+1

[Anonymous]

We're 10 years older, make a lot less money (like $250k combined) and have a $4M net worth, 3.2 of which is invested assets.

Are you on track to be able to say the same in 10 years, or is the RR and the Lexus just the first of many things that you "deserve" because you have such high incomes?

that's what you have to decide. Agree with PP that building FU money is a lot more appealing than an SUV. My Vanguard statements are much better at making "me feel like a million bucks" than any car seat would.

[Anonymous]

Anonymous wrote:Another who has a Range Rover that's rarely in the shop. Seems like a rumor for those who can't afford, TBH.

This. I’ve had 5 range rovers over the years and the only major problem I’ve ever had was the gas tank on the very first year sport wouldn’t stop filling.

[Anonymous]

Anonymous wrote:At your age you should be building the biggest FU fund you can, not feeding your car guy ego. You should be saving everything you can pre-baby. What if your wife decides to stay home to care for the baby and your income takes a hit. You should be doing everything you can to set things up so that if that is what she decides you can say we can afford it.

This is so spot on! Just because you can afford it doesn’t mean it’s the right thing to do. A big FU fund gives you options down the road for so many things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At your age you should be building the biggest FU fund you can, not feeding your car guy ego. You should be saving everything you can pre-baby. What if your wife decides to stay home to care for the baby and your income takes a hit. You should be doing everything you can to set things up so that if that is what she decides you can say we can afford it.

This is so spot on! Just because you can afford it doesn’t mean it’s the right thing to do. A big FU fund gives you options down the road for so many things.

PP sounds like my parents! They saved a huge amount before having children which created many options for them. They always had the resources to make the right decisions. Now they are very wealthy, retired and living very well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you can pay cash, I guess so. If you have to finance, no. Kids are expensive. Very expensive.

This is such dumb advice. As has been said many times over on these car posts, financing is cheaper than paying cash if your return on investments > interest rate on debt

NP
DO you finance your grocery bill too?

+1
Poor people talk
Always use cash when you can. ALWAYS.

I am the PP who said that was dumb advice. I make 400k and I am also a finance professor.

LOL. ok.

No, I really am. You and the prior PP arguing that financing a car is bad subscribe to what I usually refer to as "redneck finance" mentality. It's the Dave Ramsay school of advice for poor people who think buying things on credit is bad, mostly because they don't understand simple finance concepts and can't manage their own money responsibility. Debt = high interest rates and default risk to those people.

Dude I can buy and sell you. Don’t preach me your “finance professor” bs. If you think truly rich people lease 100k cars …. Yikes

[Anonymous]

Anonymous wrote:

Anonymous wrote:Another who has a Range Rover that's rarely in the shop. Seems like a rumor for those who can't afford, TBH.

This. I’ve had 5 range rovers over the years and the only major problem I’ve ever had was the gas tank on the very first year sport wouldn’t stop filling.

+1
Diesel gas marginally more expensive. No maintenance issues ever.