Here in Houston, I see new cars everyday, and I wonder how people afford them. So I'm curious what you all think.

Buying cars for me aint easy. I don't have rich parents like some of you

And I'm smart enough to know that buying cars is one of the dumbest financial decision's you can make.

But, I want a TL or G35 (leaning toward G) So, how much dough do you need to justify spending 30K+?

Home 50% paid off
No debt
401K, retirement doing well.
Investments could be better, but have 70-100k in bank.

Is buying a 32K car out of the question still? Are you guys doing it w/ less?


Just curious. Cars are a waste of Money...Just fun!

 

You're obviously money smart so you can figure this out all by yourself. You want a nice car. You know how much it costs. You know about leasing vs buying, and you know what effect it will have on your back pocket. This is America. You don't need money to have nice things, just a good line of credit and a willingness to never build wealth.

You can get from A to B in a 1985 Honda Civic without any problems and it will cost you a lot less than a TL. If you want toys you have to fork over some money at some point. I mean, I don't NEED a lap dance but that's not to say I'm not going to get one.

...As for having rich parents... my parents are thousands and thousands of miles away. I came to this country with a single suitcase containing t-shirts, jeans, underwear, and some shoes. That was 8 years ago. You can rest assured that my parents had no involvement in the purchase of my first or second house, any of the cars (several new) I've had between then and now, the raising of my two young children, any of my investments etc.

 

[QUOTE=doogie]than a TL.QUOTE]

I meant TL or G35, leaning toward G though.

Thanks for the feedback!

Doesn't anyone else wonder why everyone has brand spanking new cars?

 

This is America! Enjoy it! You should be happy that the average Joe gets the opportunities afforded him here, unlike other countries where people can work hard all their lives and still get nothing.

I think you're thinking about it too much.

 

Sorry this long-time lurker chooses to butt into this thread as his first post but as to the OP's assertion that buying a car is a dumb financial decision, I'd like to add that the resale value of the G is pretty impressive relative to many cars out there. So yeah, it is a losing proposition in terms of an investment, but you could do a lot worse.

 

It really depends on what you're comfortable with. I'm 31 and the day I saw the pictures of the G35, I knew I had to have it. I saved up for a little over 2 years. If I had the money, I'd love to buy new, but I've always bought slightly used cars and had great results plus it gets me into cars I couldn't afford new. I bought my used 03 G35 sedan with 22K miles for $25K in the dead of winter this January. The car is fully loaded except for navigation. The week prior I had sold my modded 96 Maxima for $6500, I had saved about $11,000, and took out a loan at 4% for $10K with a 100K extended warranty built in. My wife and I haven't had car payments for about 7 years now, but I had decided this is something I wanted and we could afford it assuming I toned down my modding habit. My wife and I don't carry CC debt, we own a house with a $650 payment, we both have IRAs and stocks, I have a 401K, and we have about 4 months salary in cash. I have a salary job and make okay money for someone my age and my wife is a stay at home mom only brings in about $500/mo working part-time. We live comfortably, but we don't live in a big fancy house (55 year old 1,500 sq foot, 3 bedroom, ranch) and we don't waste money on lots of clothes, plasma TVs, going out to eat, etc.

I think what you will find on this site is three groups of people:

1) The younger well off crowd with rich families and free cars. You can't get mad at someone for being born into a rich family assuming the person is thankful for what they have and don't plan on living off mom and dad's cash for life.

2) The successful group that pays for everything, lives good, and can afford probably a bit more if they wanted.

3) The "cowboy with a big hat and no cattle" people. These are the guys that live beyond their means driving and modifying cars they can't afford. They take out huge loans, own nothing, choose to throw away money on rent, carry huge debt loads, and apparantly plan on working till they die. They say things like "you only live once", "spend it when you've got it", "I got a $3,000 tax return and I want to spend it and not save it", etc. This seems to be a common theme for the 20-40 year old crowd these days.

 

A well written and sincere post.

I think this is an important topic, and I appreciate your well thought response.

 

That was a good post. There must be more than those three groups though 'cos I don't think I fit in any of them

I live fairly well within my means while still saving for the future, I do enjoy having nice things but don't overdo it, and I've never had a silver spoon... I'm just trying to create a legacy for my kids, have a good time, and not worry about too much.

I'm very much "middle of the road" (which I'm happy to be right now). I am, however, in front of all the other cars in my G and loving every minute of it

 

Like Doggie said, there are more than 3 classes of people here. you sound like you already have your mind in the right place and making big purchase is always a hard decision. However, the reason we all work is so we can be able to enjoy life. Everything you do in life have a value- it can be monetary like this case or your time ..etc. You need to find it in yourself what you are willing to give up to gain something else. Not everything you purchase will give you a return in profit, but will instead give you a satifaction that is beyond money. People spend 5-6 grand a year to go on vacation is because they want to enjoy themselves. Same goes with getting a nice car, you spend the extra money for a nicer car cause you want to enjoy it and not just use it as a mode of transportation.

 

$70 - $100K in the bank? Just buy the damn car!

The G is a very safe car and the features it has like the side airbags can save your life in an accident. You can't put a price on that. Downtown, what are you driving now?

I bought the G because it is fun, fast enough, looks awesome, and is safe at the same time.

 

LOL!!!

A '94 Honda Accord EX Sedan. Owned a loaded '00 Max (White Pearl/on Black (only one I've ever seen). Drove it two years, sold it, and bought the family minivan.

 

Some guys buy a boat, some guys buy a harley, some guys pay 400/mo for golf privileges, some have all 3. I can comfortably have one..and i chose the car.

Pick one thing you enjoy and enjoy it. Save the rest of it.

 

You can't be serious. Is this really a post about weather you should buy a car or is it about bragging about how much money you have? Seems to be the latter to me. Please go buy a TL and brag on acurazine.com.

 

I think his post is quite reasonable.

I too grappled with my purchase (lease) for a long time - because I didn't NEED the car. I WANTED the car - and could have gotten away with using my current "junker" for another 2-3 years, thus saving the $19k or so in lease expenses.

I chose to splurge. But it wasn't an easy choice even though with my current living situation (cheap rent) and a decent job - I am able to save away a lot of money into my 401k and other savings avenues - and still afford the G35 reasonably confortably.

Not an easy choice to either go $30k into debt - or enter into a commitment to have a $400-$500 lease payment for the next x months.

So give the guy a break.

 

No.