@Anonymous wrote:Forget what these people are saying. So many downers. Do it man. If you can afford to do it, do it. Get a car that makes you feel alive, one that leaves you enjoying every drive. We spend so much time in our cars, it might as well not be mediocre. You have one life to live. You are at the perfect age to. The older you get, you start mortgage then kids or vise versa. At that point, it would be really stupid to go out and have such a financial burden. Do it now while you have the freedom to and can enjoy it. Financial responsibility doesn't mean you go to your grave with your money. You don't work had to just watch it sit in a bank. If it puts a smile on your face and increases your personal quality of life, DO IT!. I make 110k and im buying an R8. Every one is speaking against it untill they see me grinning ear to ear going down the road.
x2 listen to this guy, he preaches good life......... lol I make the same salary as you but I didn't go as far as an R8, just recently picked up an M235i EB, 6 speed manual.
I don't have a mortgage and no other debt so it was a go for me!
@HiFromSeattle wrote:That M235i is a beauty. If I don't end up going with an M2, I'll take a good look at that one, as it is likely to save me $10k.
I do want to comment on the "investment" remarks. I don't consider cars investments, much in the way I don't consider food, wine, beer, theme parks or vacations investments. I don't buy them thinking at the end, there is some monetary value to be gained.
These M cars are modern classics and will join their predecessors as collector cars in 15-20 years. If I buy one of these, I plan on driving the wheels off (so to speak) and will likely keep it as my main car until the loan is paid and the warranty is out, then i can see myself having her in the garage for special weekend trips or cruises and using another, pedestrian car has a day to day driver.
I also want to comment on income and debt burden:
First of all, to assume that I will be making $85k 5 years from now when my car loan is almost up is not very likely. Not that I am planning on making a ton more (to be conservative), but I have been out of college for two years and have doubled my salary in those two years. Annual reviews get me 3-4% raise + bonus, which means If I never get promoted again, I'll still hit 100k by the time this car loan is nearly done (also not including any bonuses).
Say I lose my job. Fine, I'll sell it cut my few thousand dollar loses and learn. However, I have enough in the bank to make my payment for 6 months before missing a payment TODAY and I have 10 more months to save before making a decision.
Strange how you seem to know all the intimate details of your "friends'" financial life. I'm pretty sure none of us are dumb enough to believe you are posting this for a "friend". Anyways..
That's cool that you saved enough to make 6 months of car payments. Can you also pay your rent/mortgage & every other bill you have should you lose your job? Or were you planning on living in the car?
If you dont want to learn from people that have been there & done that, then go ahead and learn those mistakes. I know I did because I was too stubborn & stupid way back when, when I thought I knew it all. Anyways, good luck with all that bro/sis.
Hopefully you won't come out the way I did. 
Rebuilding69 wrote:
Strange how you seem to know all the intimate details of your "friends'" financial life. I'm pretty sure none of us are dumb enough to believe you are posting this for a "friend". Anyways..
That's cool that you saved enough to make 6 months of car payments. Can you also pay your rent/mortgage & every other bill you have should you lose your job? Or were you planning on living in the car?
If you dont want to learn from people that have been there & done that, then go ahead and learn those mistakes. I know I did because I was too stubborn & stupid way back when, when I thought I knew it all. Anyways, good luck with all that bro/sis.
Hopefully you won't come out the way I did.
I am the friend and magically I know everything about my own personal financial profile. Go figure, right?!
You clearly didn't read any of my other posts or clearly understand my finances before replying. Don't be a negative nancy just because you made some huge financial mistakes and are regretting them now.
Gunnar419 wrote:
This is good (if, as noted above, you also have enough to pay all your other bills, too).
There are really three issues here:
1. Whether you can qualify for the loan/afford the payments now.
2. Whether you can handle the payments if your finances go south.
3. Whether you will love this car (and this decision) five years from now as much as you love it at the moment you drive it home.
If you've got #1 and 2 taken care of, great. My bigger concern for you isn't that you'll end up in serious trouble, just that you'll end up saying "Why the ^%$#(*^ did I yoke myself to this big payment on this car? Why am I throwing all this interest money into a black hole? And now the car's underwater and I'll take a loss if I sell it. Why am I paying so much for so little real value?" You'll be carrying a big burden when you're just getting started on your career and your adult life.
This, it seems to me, is the more common reason why buying an expensive car when just starting out in a career is a mistake.
It's your call of course.
I think you are spot on. These are the 3 major questions in this situation. Personally, I think I am less worried about #2, but #1 and #3 are the big questions for me, which is why I am giving myself nearly a year to a) prepare b) test drive and hopefully get a chance to rent similar cars to see if they make me smile day to day as much as I think they would.
Also on that note: I have 10 months where my accounts will be another year older, any hard inquiries will disappear, potential for credit limit increases, etc. It could be very possibly my score hits 800 by next April/May. I have 5 cards, use them, pay them off and my score has grown every month for a year. I'll also have another year of car payments under my belt. I will say that I am looking for an APR of around 3%. If for some reason I can't get that, I'll either put more money down or just pass until another 10-12 months. Not taking out a 6% car loan on a $65,000 car.
