downtown

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 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!

MarbleGT

If you have decent trade or a few thousand to put down on it to make payments low I think that would be alright. I just always saved money (like mommy told me to) so that when I saw somthing I wanted, it would be more realistic, financial wise. I (not my rich parents, although it is co-signed) bought my 2002 CLS brand spankin new and have not looked back since, my payments are low, i love the car, and im set for years to come. I say get some cash together and just DO IT!! I still live at home though, I dont have to pay for anythign else but the car...so I have a somewhat unfair advantage. You are getting alot of car for the buck, and I assume it will hold a resale fairly well if maintained

downtown

Thanks...

My current car is 11 years old and has 163k miles on it. A part of me says drive it 200K plus.

Any other thoughts regarding my earlier post?

Thanks!

bulacura

having a secure 401k is a definite bonus. you only live once, so why not treat yourself to something expensive once in a blue moon. all that hard work for what?? live your life, cuz before you know it, you'll be an old man in a nursing home. thats why i bought a TL, i'm 23 no kids yet, not married, i figured now is the best time. i also believe in goin on vacations and not worry too much about money. my parents ain't rich, i worked hard my car right after college.

vidoprof

Going by MOST people and statistics, almost EVERYONE is not as well off as you are and they are driving even more $$ cars.

For most people, survey says, it's about half their yearly income.

I know for me, I live for today.. as are most other people in america, IN DEBT. so I say if you don't have ANY debt and you have that much in the bank and a 401K shit.. Buy one.. enjoy it and drive it like your other car.

Ryan

MarbleGT

163,000 for 11 years isnt bad compared to my 3 years 100,000, by the time you got over 200,000 you could have saved a hefty amount for a new car.

ediddy

You are more than well enough off to purchase a TL.....It is a awesome car and I am glad to have purchased one......I have a 2000 camry with 110k miles that I drive everyday mainly but I love driving my TL on the weekends..........There is nothing wrong with splurging a bit and it is not like you are buying a mercedes or bmw.......that is spending some serious money and to get it the way you want it will cost you even more......get the TL

TBone2004

No.
Yes...much less.

Pry open that piggy bank and live some. Life passes too quickly to not enjoy here and there. Sounds like you keep cars for awhile like me - worthwhile investment.

downtown

Thanks for the feedback guys! In Houston, I see nice new cars everyday, and I just scratch my head wondering how they do it. I was curious if I was just being cheep, or careful, etc.

My buddies think I'm cheep, others say to hold off.

But you're all correct, in that you must enjoy your vehicle. Otherwise, I'd buy a 3yr old Toyota Corolla/Honda Civic, and drive it another 200K. Boring!

Believe it or not, I put a $1,000 hold on a '02 BMW Silver/Black 330i sedan Sport/Premium - loaded w/ 25K miles. It was clean. I had it for 24K, if I wanted it (and it was certified!). Still, I was worried about the next the next 6 years, not the next 3 years (regarding maint).

I've been debating between the strong $30-35K players, for sometime (G35 sport/premium sedan - I haven't seen a lot of '05 w/the sport (big wheels), so they have a nice "gotta have it" factor - a used BMW (330i), but not doing it (scared of maint. cost). The TL is my favorite (to me, the only negative w/ this car besides the fwd is that I see sooooooo many of them and they're all similiar (where as the G and BMW can look unique and sweet w/ their sport pkgs.) One of my favorite driver's was actually the Suburu Legacy GT (but not as pretty).

Anyway, thanks guys. We'll see what happens.

- downtown

crazymjb

With that financial info go for it. Cars are a bad investment I agree, but the value can go up if you are willing to give it 90 years. For the price the TL can not be beat. It is pretty loaded(you HAVE TO get navigation), its comfortable, drives well, has power, and looks great. My parents are pretty much in the same financial situation(except less retirement money due to my father being screwe over by old law firm). If you are one of those people who drives a car into the ground, this thing will last you a long time.

uno

You have money so buy now. I dont know if I would pay in full though. You might want to finance anyway. Dont be that 55 year old guy with a new Vette going 25 mph when the limit is 55. Otherwise people will feel sorry for you and say you are having a midlife crisis. Enjoy yourself, you deseve it.

NFLblitze1

why not get an M3?

crazymjb

Cause the m5 Tuner is out now.

Russdaddy

You're doing WAY better than most folks your age!! As long as you know what you're getting into, you're in good shape. Your car is going to depreciate depending on how you treat it. Relax, kick your feet back just a bit and treat yourself to something nice. You've managed to stay on top of your bills, stay out of credit card debt. You literally have no right to feel guilty about buying a new car. Hell, I had my civic for 8 years before I got pissed and bought my TL. And guess what? I deserve it. Why? Because I bust my arse at work and stay on top of my bills (no credit card debt here either). RELAX!!

downtown

Man! I really appreciate the support. I suppose I should just pull the trigger.

By the way, I have 3 kids too

Formula 350

Hi downtown...

First, I am cheap also, which seems rare here in Houston with all the expensive cars going around...

The rule of thumb is that you should not spend more than 1/3 of your annual salary on a car. Since you have a house and THREE kids, do some math before you buy... you still have college costs which are horrible...

But, since you are like me and keep a car for a long time (mine was 15 years), if you amortize the cost per year it is pretty cheap...

With the facts you gave though, I think I would buy the Accord and save the money... sorry to say

MR1

I'm surprised you are looking at the TL as well. But I did the same thing. New cars are a waste of money but so are lots of other things. Looks like you are pretty conservative with your finances so you can afford some nice things. If if it doesn't wreak your budget and planning, why not. OTOH, the Accord V6/Navi would be more practical though ugly, less horsepower and shorter warranty. Whatever you decide on, take care of it and keep it a long tome again. If you get a TL or Accord, do get the Navi.

elee712

i can understand why you're thinking twice about getting a new car...cuz you have a family.. It seems like you're responsible with your money. Since you're a family man though, I would get a TL rather than a G35...it's justifiable spending 35k to get a practical car...not as much if you're getting a 2 door (when you get a g35 it must be a coupe) with not much room in the back.

It's a different story when you're single altho I think you should get some property first when you're young and have money...and get a car next. What is the reason for spending 35K on a car when you're still living at home with Mommy and Daddy? It just doesnt seem right to me...

my 2 cents...

downtown

This is sound advice. You've also noticed all the new cars in Houston, amazing, huh? Also, a lot of TL's. I'm in Sugar Land.

If I do buy though, I think I'll spend a little extra and get the TL over the Accord

Thanks for the great feedback. From all you guys!

J RIDE 81

If you have 100,000 in the bank you should be looking at something nicer.

TBone2004

gt1

Are you implying that most people here make more than $100k? I doubt!

downtown,
Financial consultans usualy advice on having enough money in the bank to last for 6 months. You have much more than that, so I think you can afford the TL comfortably.
It matters whether your family is a one or two incomes. If a single breadwinner loses his/her job, it obviously hits harder.

ghughes20

I've never splurged on a car until very recently. I have, however, spent money on boats. I currently own a 36ft sail boat. In fact, I owned by first boat before I owned a house. I now own a home and have three kids for which I have to save for college (0, 4 & 7yrs old.). The only debt I have is my mortgage (<50% of it's market value) and about 7k on a top of the line '03 Odyssey (All options but Navi). I currently own my '03 accord, which I will trade in for my TL this Friday. I'm probably the exception around here. I never pamper myself, except for the boats I've owned.

I don't know the perfect salary to purchase price ratio, but I remember when I had a summer job at a Cadillac dealership in the late 80's. The salesmen would sell 24k cars to people making 18k a year all the time. It was scary. I'd detail a new car one night only to see it back on the lot a few months later when the buyer couldn't make the payments.

To each their own. Everyone has to set priorities be it house, family, vacation or cars. Most of us can't own everything we want.

downtown

Huh, similar situation besides boats. kids same ages, oddessey w/ nav, accord, no boat

Thanks, for the note. Also Big Country fan (Fields of Fire, right?)

ghughes20

Yea, I'm a huge Big Country fan. The first CD I pop into the TL on Friday when I pick it up will be "The Crossing". I can't wait.

KJSmitty

The big thing is whether or not it fits into your current budget etc.

Just because a guy has $100K in "investments", his house 1/2 paid off, and an established 401K doesn't imply that he can run down a buy any vehicle. What it implies is that he has managed his money well. The house payment is a given thus isn't a factor. What is, is the money going to investments, retirement plans, savings, educational funds, and all the other monthly budgeted "living" necessities. Most of us invest "now" during our "prime earning years" so our future will be ensured and work won't be required.
I for one never adjust my investment or saving/retirement strategy/plan in order to "have" something like a vehicle now. The right way to do it is maintain your future goals but decide if a car payment fits into your current budget. IE - is their enough discretionary income etc. to absorb the car payment and still maintain your lifestyle without going into debt/racking up the plastic .
I too believe in having nice things for the "now", but don't plan on being a burden to society/in debt when older... I have my doubts with the whole social security issue, not to mention when I am completely retired I don't plan on my "income" being any less than what it was at my peak earning years. Thats why my investments are more sacred than a new car.. Of course I don't plan on working past 60 either.

Just my humble outlook on managing "my" money yet maintaining my families desire to have nice things... Just remember, that new car will be fun for months but after the "honeymoon" their is nothing worse than realizing you shouldn't have done it. All comes down to your budget and being a responsible family man.


Like someone mentioned, if single-this decision would have been so much easier...

Good luck