What price cars given these parameters?

[Anonymous]

HHI $300k
$2900 mortgage PITA (~30% equity)
No other debt
2 kids in public (no aftercare, mom works part time)
Public college accounts fully funded for both kids
$500k in retirement

Roughly what price range cars would you think is reasonable in this situation?

[Anonymous]

How much cash have you saved up for a new car?

[Anonymous]

You could easily pay $2000 a month for cars. I wouldn't frive anything less than an MDX at that salary.

[Anonymous]

Anonymous wrote:How much cash have you saved up for a new car?

OP here. We always pay cash for cars. Based on liquidity, could spend up to $50k per car (not at the same time, we stagger them.) One spouse wants to spend $40k, one spouse wants to spend $30k.

[Anonymous]

Anonymous wrote:You could easily pay $2000 a month for cars. I wouldn't frive anything less than an MDX at that salary.

And strangely enough that is what the $40k spouse wants - an MDX (will be low 40's.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:You could easily pay $2000 a month for cars. I wouldn't frive anything less than an MDX at that salary.

And strangely enough that is what the $40k spouse wants - an MDX (will be low 40's.)

Go for it. I don't think that's an expensive car for your HHI, and it's a good car. It will easily last 10 years.

[Anonymous]

It depends on who will be driving it and what the need is. Its very hard to get a decent new car that is bigger (but I like SUV's with AWD so that is my reference point) under $35,000 so compromise and meet in-between.

[Anonymous]

I think $40,000 each is reasonable. I personally hate spending more than the average price of a new car, which is about $30,000 now I think. Which is easy for me. Depends on what you want though.

[Anonymous]

I recently had this same issue. I'm financially independent and can afford pretty much any car, even a Tesla that I thought about at one point. In the end, I couldn't see wasting a ton of money on a vehicle. Complete money down the drain even though I could easily do it.

In the end I spend in the low $30,000 range for a new Acura. Couldn't be happier.

[Anonymous]

Obvi

[Anonymous]

Anonymous wrote:Obvi

Obviously, $40,000 is doable at your salary. However, I do think your retirement savings seem kind of low, unless you are both under 30.

[Anonymous]

Retirement savings is really low. Where's your money going?

[Anonymous]

Your retirement is really low. To put it in perspective, I am 42 with 12 years Fed service and 8 years private sector and my retirement is about $800k , plus I have my pension and my husband's retirement (about $1 million) on top of that. How old are you and your spouse?

[Anonymous]

Spending on money on cars is like throwing it away. Get a good used car for $6-8k that has really good gas mileage.

[Anonymous]

Anonymous wrote:Spending on money on cars is like throwing it away. Get a good used car for $6-8k that has really good gas mileage.

lol what is that? A 15 year old Corrolla?