Reply to how much income or how much savings would you need before buying a $40K car?

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[quote=Anonymous]I bought a 40k car this year. Our income varies but I would say is about $250k in an avg year. I have NEVER owned any kind of luxury car before so it was a big splurge.

I bought it for a few reasons: I have always leased cars in the past because I like getting a new car every three years. We realized that if we put a bunch of money down (like $15k), our payments would be about what the lease payments were and that after 3-4 years I could sell it and get my initial down payment back. So my monthly costs were not going up but I could drive a much nicer car.

Part of this also has to do with the fact that resale on a luxury car is MUCH better than on your run of the mill Toyota or Honda. A 5 year old Mercedes is still a Mercedes. A car is going to be a depreciating asset no matter how you swing it, but a luxury car will depreciate slower.

I am completely obsessed with my car now. I love driving it and everything about it!! The only thing I would say I don't like is that I know people see it and make assumptions about my family and our lifestyle. So the show off part was actually a detraction, not an attraction.[/quote]

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