02-09-2023, 10:03 PM | #89 |
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Treat yourself
I’m looking at an m240i without Xdrive in the current market. Shocker nothings changed. I had a creative idea to lease that I thought made a ton of sense but please if anyone could chime in, would be greatly helpful
I’m a recent college grad, making good money for my lifestyle (100k gross) and still living at home until rates come down. After a couple years of saving. I’m thinking about treating myself but wanted to do it the most efficient way possible. What if I am able to roughly $15,000 down on a 2.5 yr lease. Payments would roughly be $500/month. After 2.5 years my intent would be to buy the vehicle outright after the lease is up and sell the car or if the dealer can buy it back early, even better. (Residual Values in low 30’s?) My thought process here is that if I only have to spend $30,000 in 2.5 years. I’m almost sure, assuming good condition that I can see the car for more than that. Am I on the right track? Or is this a horrible idea? Any advice would be much appreciated, thanks! |
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02-10-2023, 09:18 AM | #90 | |
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02-10-2023, 09:23 AM | #91 | |
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I also would aim for 33% of your gross. If you're really a car guy, maybe stretch to 40%. So a decently loaded M240i xDrive after TTL is like $60K, so you'd need to make $150K minimum. Americans need to stop buying way more car than they can afford. |
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02-10-2023, 10:47 AM | #92 | |
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02-10-2023, 01:26 PM | #93 | |
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02-10-2023, 02:14 PM | #94 |
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You only live once, enjoy your hard earned money a little. You don't want to be the richest guy in the cemetery. I put $40K down to make my payment around $340 and I pay $500/month to get it paid off early. High car payments always gave me anxiety.
My Roth IRA has been at 8% contribution with employer match at 8% since I started with my company in 2008. I consider the best piece of advice for college grads is to immediately begin your retirement account at least at what your employer will match. You won't notice a few bucks less in your check and overtime you'll thank yourself |
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02-10-2023, 03:05 PM | #95 |
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02-13-2023, 09:57 AM | #96 |
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2023 BMW M240i xDrive - Portimau Blue over Black/Blue Leather
2020 Hyundai Ioniq PHEV Limited - Silver over Charcoal (Gone) 2012 Volkswagen GTI 2Dr - Tornado Red over Plaid, DSG (Gone) 2006 Saab 9-3 2.0t - Fusion Blue over Slate Gray (Gone) 1999 Saab 9-5 SE - Green Silver Metallic over Beige (Gone) |
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02-13-2023, 03:16 PM | #97 | |
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Especially if he's living at home, $15k down even @ 60 months is roughly $900/month for financing if he wants the car. It's not like he's going to be struggling to live with 100k gross buying a 60k car. |
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03-02-2023, 04:51 PM | #98 | |
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IOWs, you have two jobs. Your day job which pays you $100K gross which reads nice but after a few years $100K/year will have you behind the curve. So you need to look ahead regarding the job market. Second job is managing your finances to get the most out of what you bring home. I won't take the trouble to list what all you can do. That is your job to learn the various ways to save invest and grow your money. I do suggest you save for next summer's vacation, a house down payment, more schooling (I had to change careers 3 times to ensure a better job with a higher salary), and of course cars, plus last but by no means least retirement. For the latter my recommendation is save/invest as is there will be *no* Social Security Benefit. |
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03-03-2023, 10:30 PM | #100 |
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does anyone knows what this mean?
"Base Price Discount - Pre 1/2023 Inventory: -$1,000" I asked a dealer for the build sheet and this was one of the lines. |
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03-04-2023, 02:23 AM | #101 |
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03-04-2023, 11:27 AM | #102 |
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I interpret this as them saying inventory “cars” that have been around before January 2023 are discounted $1000 to move some units.
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03-04-2023, 11:58 AM | #103 |
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This is GOLD and so true. I think I’m adding that one to the file cabinet! I used to say “You never see a Brinks truck pull in behind the hearse.”
OP, go get your car.
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03-04-2023, 12:52 PM | #104 |
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I've been living by this lately. You can work you a$$ off being as frugal as possible for 40+ years and die before retiring.
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03-09-2023, 08:51 PM | #105 |
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Truth!! Best buddy of mine passed away 2 months after his 50th. Shocking to say the least. Changed the way I've lived since his death.
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03-10-2023, 10:54 PM | #106 |
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I was in Pittsburgh last month for a weekend getaway with my girl and as we were leaving the hotel, I was getting into my F-Type and there was a guy outside smoking a cigarette who gave me a compliment on how good the Jag looked, and we started chatting. He told me that he remembers back when he was younger, he had a chance to buy a 90s Jaguar XJ-S, but he never pulled the trigger because he hesitated, and he now deeply regretted that decision and often thinks about iT. I don't want to be that guy with similar regrets. I bought my 2018 Jaguar F-Type 400 Sport Coupe when I found out that a wheelchair fits in the hatch. I am in a manual wheelchair. The car was the furthest from practical but I always loved the design and never thought that it was an option because of the lack of backseats to put the wheelchair in. When I drove solo, I'd put the wheelchair between the glove box and the passenger seat and the wheels fit nicely on top of the hatch cover behind my head. If I drove with my best friend or my girl, they'd put the chair in the hatch and take it out for me. As far as I know, I am the only crazy person in a manual wheelchair who owned an F-Type. I owned it for a little more than a year and now traded it last month for a 2022 M240i (gonna be getting married this summer so I decided to go back to practicality and the market was heavily in my favor, and I sold it for more than what I bought it for a year ago). It was an awesome experience and I can now happily say that I owned one of my favorite cars (and it was a big F U to the wheelchair, haha).
Anyway, my rule for myself is that as long as I don't have to reduce my TSP (401K for the government) maximum monthly contribution, I buy things that I really want. This way I am responsible with my retirement and still get to enjoy the present with no regrets. |
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03-11-2023, 11:14 AM | #107 |
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I remember when Jaguar released that coupe. I sat in it at the NY Auto Show at the display booth. I think that was back in 2017. It was white, so of course I loved it. LOL Killer looking ride man. Great story. We are only here for a short time. Enjoy the 240 and congrats on the wedding!
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03-11-2023, 03:55 PM | #108 | |
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03-11-2023, 04:06 PM | #109 |
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11-04-2023, 12:58 AM | #110 | ||
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This is an interesting discussion
Both points are valid imo, you need to plan to retire comfortably, yet you could also get hit by a bus tomorrow. So we try to land on a spot between those bookends. We’ve got this take on one end, Quote:
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I know it’s more responsible to have a Camry as a daily driver, but if I’m on the hook for working 40 hours a week with high stake responsibilities, I need some sort of offset. Maybe this is a character flaw, but either way it’s important to be honest with yourself about it. I need to feel the benefits of that labor even if it’s just during the drives to and from work. Last edited by rad_thundercat; 11-04-2023 at 01:53 AM.. |
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