lol

 

I better not even post in this thread or I will get into some serious trouble lol. Lets just say you got a lot more than I do on your bank accnt.

 

I think the post is reality. Being a Realtor, I see people stretch their budgets to the hilt to buy that impressive house. They go in debt to impress others. Whether it's their freinds, or people they work with. I happens all over. Cars are just an easier way to "show off" for some people. I know people with no money...NONE, but they drive a 7 series BMW or S-Class Benz, etc. They live in an apartment and have 0 saved. I figure debt is the American way.

However, we are lucky, as a country, to be able to do this. Relentless car advertising on TV boasting 0% financing and $0 money down gets people hooked. It's a choice we/people make. Nobody forces us to buy things we can't afford. For the people who can afford to buy nice things, that is awesome. Congrats. I am one who can afford some nicer things not because they were handed to me, but I worked my a$$ off to get to where I am. Whatever the case, I say buy the G. Enjoy it. You are here on this earth for a very short while. Make the most of the time you have. Enjoy the family, etc.

 

No, I'm not bragging.

I would hardly consider myself rich. My wife and I save up, and don't accumulate debt. However, she doesn't work, we have three kids, and we don't live a luxurious life. At the sametime we don't live a boring one either. I'm the one who loves toys (cars, boats, golf, skiiing, etc.).

Some of my friends are in similar situations, but they buy these toys. I'm also curious, because of blown away by how many new cars I see (all types). My friends said I was cheep, and I decided to send out a note, to see what you guys were doing. I almost didn't post it. But then I thought, "no big deal", and "maybe I'll learn something."

I didn't intend anything else. Still, if you go into debt buying one of these 30k+ cars, and you have other debt as well, or not the money in the bank to back it up, I question that thinking. If you put these things before family, etc. I think it's risky. My two cents.

My mgr. (30 yrs. old, single) bought a new 545i. When I asked him if he financed it...His response surprised me. He said, "Of course, I don't have that kind of money laying around!" Personally, I think it's foolish to buy cars like that if you can't back it up. Making payments on a civic, or sentra while you're in college is one thing. Paying for a 60K car, because you have a good job, is another.

Don't get me wrong, I want a new car. I obviously wrote this to make myself feel better about an expensive decision.

Thanks for all the supportive post!

 

Downtown,

I am in almost the same boat you are.

Financial priority one: security. No big debts, savings of 30% per year with a goal of long-term financial independance. I don't want to be 50 years old and dependant on a job to make next month's car payment. That is crazy.

Our situations sound very similar. The only difference I can see is that I have two kids.

I want a car that I can enjoy driving for the next 5-6 years. So I bought an 03.5 G with premium pack and 24k miles last week for $23,300. Since I missed the initial depreciation and I want to keep it for so long, I just paid cash.

Now I have no fixed expenses. I have no debt. I have a very reliable, nice car.

Could I have leased a new M? Sure. But why would I want to spend $23k over the next 3 years and end up with nothing? I spent $23k and now I have a car that will have some value when I am done with it in 5-6 years.

I am not locked into any payments. I owe no one $500 next month.

For some people a lower lease payment makes sense. Even financing with the current rates makes some sense for some people (like you $10k). But I wanted no payments and I have plenty of savings that I am adding to every day.

Anything above safe, reliable transportation is a want, not a need. If you go through life never satisfying any wants you will be a sad, deprived person. But my ultimate want is to be able to do what I want, when I want without worrying about my job or someone else taking care of me.

That means a compromise or two now and then.

 

Amen.

 

Downtown,

Assuming you are serious. Don't look at it as a $30-somethingK car. Think of it as maybe $7-12 K, more than what you would have gotten, back when you didn't have "70-100K in the bank". After all, you need to drive something, right?

Myself, I look at my daughter, and figure I am going to leave an estate of more than 12K when I kick and figure, I'll just take it out of there...

 

The answer is quite simple: most people with new cars can't afford them.

If this is your situation, sounds like $32k is a lot of money to you. But it sounds like you're reasoning it out well, and questioning it. I'd only recommend taking financial advice from those in a better situation than yours.

 

You mean I shouldn't take it from a bunch of guys wasting their time on an on-line board?

LOL.

Thanks!

 

Totally agree with Skelton. Sounds like a poser from BMW or an Acura board -

Listing fake assets and bank stats in one sentence, then he casually mentions to a bunch of G35 owners that buying a car is one of the "dumbest financial moves you can make" and that he's smarter than that? Come on, now

 

Excellent idea!

Can you teach the rest of us how to take a $30K car out of a $12K estate???

J/K


Tony

 

Own a '94 accord, not a Bmw, or TL.

The "dumbest financial move" refers to any car moron.

 

Here's a simple way of putting it. If you can justify buying the car, then buy it. If not, keep your present car since you seem to be satisfied with it. Rather than take advice from people who have bought new cars, why not follow through with what you have been doing for the past few years...saving money. Don't get me wrong, I hate car payments. Yes, cars are bad investments. I pay $250 a month for my 05X and $375 for my wife's 04 LE Armada. We had decent trades and didn't really touch our savings. But we both work our a$$es off, so we felt we deserved to treat ourselves. Do what YOU feel is the right thing. After all, it is YOUR decision.

 

Downtown,

Obviously, we agree on a lot and bring a similar paradigm to this question.

You drive a 94 Accord? I think one car every 10 years is pretty commendable. I couldn't do it. 5-6 years is about as far as I will go based on it's condition and how my maintenance expenses have been.

To me, a 24k mile car that is 2 1/2 years old is as good as new. I couldn't' see spending $34+ on an 04 or 05 when I could buy the 03.5 for $23k. Sure some will say my resale value will be less as well and that the net difference might be closer to $5k over the long run, but why tie up $5-10k for 5 years in this depreciating asset? Seems like a bad place to put $10k to me. But that is based on my priorities and bank account. $10k to me may be have the relative impact of $1k to someone else.

In this case a safe, reliable, nice car is a good investment for you over 5-7 years.

 

Wow a lot of words passing through .. a decent post I should say.

Downtown, you seems to be pretty much set with your savings ... $75-100K in the bank ... damn. And you still have doubts...

1. Doubts about a TL or G.... then go for the G. Period.
2. Doubts about spending 32k+ on a new car... that's your decision.

Or you can save another 10k if you buy a used G like me. I got a 03 Black, 45k miles for about $25k on the road, loaded and a nice extended warranty. A spanking new one would have cost around $35k on the road. I traded my 99 Camry (103K miles) and did some down also. Financed about $17k (no I do not have money to pay it off like some of you).

I work my a$$ off so I thought I should enjoy my G to the fullest. If I am working so hard, then I should enjoy a little also, right. I try not to waste money.