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Can I afford this sports car of my dreams? Posting all my finances inside..
June 1, 2012 2:07 PM   Subscribe

Can I afford this sports car of my dreams? Posting all my finances inside..

I'm 23 and have been at my current job for about a year. I'm in consulting and I travel every week, so I'm on the road Mon-Thurs. I only drive on Thursdays, Fridays, Sats, and Sundays. So please keep that in mind. Anyway, here are my finances:

Equity/Brokerage Account: $20K
Roth IRA: $1,600 (don't contribute to this anymore)
401(K): $4,200 (contribute 7% of each paycheck to this)
Cash: $14,000
HSA: $850
Salary: ~$70,000

The car I want is a used sports car that costs $56,000 at the dealer. I'm assuming I'll be able to haggle it down to $54,000 and that I will trade my car in for around $12,000. So, the car would be $42,000.

Can I afford this? I'd probably try to put a downpayment of $12,000 and finance the other $30,000.

My insurance will probably double from $140 to $280 (wouldn't be surprised if it did, but I'm not sure how much it would go up exactly).

Gas consumption would probably double. I fill up about twice a month, so I'd probably be filling up four times a month with the new car: additional $120 in gas per month.

I have excellent credit and zero debt, but I am financing my current car. It's about $350 a month but I pay $500 a month because I want to pay it off quicker. An online calculator shows that a $30,000 loan @ 5 years with a 2.9% interest rate (my current rate) would be around $850 a month.

So, in terms of monthly cash flows, I'm currently spending $780 a month on my car.

The new car would require $1,410 a month. That new monthly car price + my current monthly expenses (including EVERYTHING) would turn out to around $3,000. My monthly take-home is around $3,200. So I'd only be saving $200 a month. Of course, that number will fluctuate up and down.

So, can I do this? I'm leaning towards 'NO!' because I have a car in good shape already. I have a good job with a good income trajectory and I love cars. This car is pretty much my reasonably-attainable dream car and I'm debating whether to go with the 'hey, fuck it, you only live one' mentality, or the 'delay your urges now and splurge later on' mentality.

Thoughts?!
posted by anonymous to Work & Money (48 answers total) 1 user marked this as a favorite
 
No!

Nobody who is smart with money buys something that expensive to watch it depreciate.

You say you travel a lot and are only in town on the weekends. Why not treat yourself to an exotic rental once a month? You don't have to maintain it, fix it, insure it or park it. If, heaven forbid, you fall on hard times, you still have solid, awesome car, and you just don't deal with crazy sports car until you can afford it again.

Put a few bucks in that Roth, that's the way to build wealth.
posted by Ruthless Bunny at 2:12 PM on June 1, 2012 [9 favorites]


No way. Your salary is $70,000 and you want to buy a car that costs ~5/7 of that (ex. trade-in). That's insane.

Buy a cheaper car, save cash and splurge once you can swallow it whole.
posted by dfriedman at 2:13 PM on June 1, 2012 [3 favorites]


So, can I do this? I'm leaning towards 'NO!'

Go with that. The money you dump into those monthly payments is money that can't be spent on going out to dinner, upgrading your computer, etc. You will end up being a slave to the car, to the exclusion of everything else in your life. That sounds unpleasant, and this is not the sort of thing you want to finance.

I like the occasional exotic car rental idea.
posted by deanc at 2:14 PM on June 1, 2012 [2 favorites]


No way. What happens if you need to make a major repair on the car (outside of things that a warranty or insurance would cover)? What happens if you get really sick and have to pay off a huge medical bill? etc. Having only $200 a month left sounds really, really risky.

Besides, you're only 23 and your relatively new job is no guarantee. Wait until you have more of a cushion saved up and have lived a little longer before committing yourself to this huge purchase.
posted by joan_holloway at 2:14 PM on June 1, 2012


A good rule of thumb to follow is that the MAX you should ever spend on a car is 1/2 your salary. Personally I think it should be more like 1/4.
posted by sid at 2:15 PM on June 1, 2012 [7 favorites]


I'm debating whether to go with the 'hey, fuck it, you only live one' mentality, or the 'delay your urges now and splurge later on' mentality.
You can have your cake and eat it too. Get a used Miata, or some other fun-but-cheap used sports car. Drive the hell out of it while banking the difference between that and your dream car. Along the way, you may discover that the thing that you really like about cars is different than what the $56k car offers. And if your trajectory is as rosy as you think it is, it won't be long until you can easily afford to buy that dream car.

Cars that you can easily afford are WAY more fun than cars that you can only just manage to afford.
posted by b1tr0t at 2:16 PM on June 1, 2012 [5 favorites]


You're 23. Delay those urges now. I GUARANTEE you will find something that is more important to you in a few years than owning a rapidly depreciating asset.

If you still want to buy the car, save up until you have all the cash (or at least can finance with a trivial monthly payment). Working hard to get something is way better than working hard to keep something. I speak from experience.

Seconding the money in the Roth.
posted by infinitewindow at 2:16 PM on June 1, 2012 [4 favorites]


I like the occasional exotic car rental idea.
Or travel + cheap car rental. Driving a Suzuki Alto along the back roads of Ireland is stupidly fun.
posted by b1tr0t at 2:18 PM on June 1, 2012


My husband is a car nut, and we've had some great cars, from a Maserati Quattroporto he bought at a Salvation Army store for $1200 to a Citroen S-M. But he shops around, shops around, and looks some more. If this is a real collector's item, you might snap it up, but if it's just a standard BMW, keep looking. Getting into collecting cars is a great hobby, but you don't start at the top--you find a vintage MG, restore it, drive it, love it, trade it and start again. It's really more fun when you do it that way.
posted by Ideefixe at 2:20 PM on June 1, 2012 [5 favorites]


Financing $30,000 for a car is insane. INSANE! Don't do it!
posted by ThePinkSuperhero at 2:21 PM on June 1, 2012 [1 favorite]


You can buy an awful lot of really cool things and experiences for yourself, for what you're going to drop on this car. Think of it this way: you could buy yourself two new, top-of-the-line iPads every month for that car payment. You could buy scuba gear and lessons. You buy a nice prosumer camera one month and fly to Costa Rica the next month to take pictures of the rainforest. You could pick up pretty much any musical instrument, deck yourself out in amazing kitchen gear, build a truly, truly sharp wardrobe. You could drop $300 at a club every weekend. You could go skydiving regularly.

And the thing about all of these things is, once you get bored with them, you can stop paying. You can skip a month if you need to. You will have flexibility to do what you like and to stop when you stop liking it. Buying this car, not only won't you have that flexibility, you won't have any other flexibility to pursue any other passions that may arise between now and whenever it is you'll finish paying off the car.

It's a bad move.
posted by gauche at 2:22 PM on June 1, 2012 [10 favorites]


What you'd be spending to finance this car would add up to what you'd pay on a down payment for a house... which is the backbone of anyone's retirement plan... don't be silly with your money until you have THAT KIND OF MONEY.
posted by misspony at 2:29 PM on June 1, 2012 [2 favorites]


You only have $14k in cash and you want to put $12k down on this car? Hell, no.

I have excellent credit and zero debt, but I am financing my current car.

Financing your current car is debt, yo!
posted by Snarl Furillo at 2:29 PM on June 1, 2012 [10 favorites]


(The real issue: 1. You know you can't really afford that car. 2. You're scared this is your last chance to buy it.)

What you need to know is not whether you can afford it, it's this: That awesome car will still be available in a few years when you can actually afford it.
posted by Kololo at 2:31 PM on June 1, 2012 [2 favorites]


Delayed gratification FTW.
posted by Anitanola at 2:33 PM on June 1, 2012 [1 favorite]


What's the car?
posted by joshu at 2:34 PM on June 1, 2012 [2 favorites]


The funny thing is that all of this is very conservative relative to what most people do. Hell, I know people who don't make what you make who finance 100% of brand new BMWs and the like, or worse, LEASE them.

Will it kill you? No, it won't, provided your job is secure, etc. I don't know a lot about that particular car, so I don't know how fluid the market is, i.e. how quick you could unload it if you had to. It's enough down-payment that you wouldn't go upside down, necessarily, but I've noticed (just by noticing the costs of 3-4 y/o luxury cars) that the depreciation is actually pretty sickening. So do know that you'd have to pay the thing off quick if you ever want to have any real equity in the car, which it doesn't sound like you could really do at your present budget.

Along those lines, as a friend of mine with an older Mercedes likes to say "expensive cars are made of expensive parts." It's not uncommon for a service that costs $200-300 on my Toyota to run $600+ on another friend of mine's Lexus.

That brings me to another thing - don't know if you are a guy who appreciates a car even when it's older, or if you have the trading bug every 2-3 years. If the latter, you are getting on the first rung of an expensive habit, and I would be more prone to discourage you.

I assume also that in your budgeting the 7% contribution to the 401K would continue, so your retirement vehicle is still in place. I gotta tell you - I didn't save enough when I was younger for retirement, and playing catch-up is sickeningly hard on cash-flow. $100 a month now is like $500-600 a month when you're 40+.

You seem like a good budgeter, so is $200 left a month after all the ah-shit stuff is taken into account, or is that sorta - optimistic?

Finally, it does not pass muster under the Dave Ramsey "no debt for cars" rule, certainly, and BARELY passes muster under his "don't have more tied up in things with wheels than your annual income" rule. IOW, if you make $70,000, you should not own a $80,000 car, even if you COULD pay cash for it. I think the first rule is actually more sound than the second one, and I think if you break it (as I'm doing), it should really only be for basic transportation, and you should be running for the exits in a car loan at all times (as I'm trying to do), not stretching yourself further.

Just food for thought - can't say to do it or not to do it, but if you do it sounds like it will be a stretch, so plan on taking dates to very cheap restaurants in it!
posted by randomkeystrike at 2:36 PM on June 1, 2012


Can I afford this sports car of my dreams? Posting all my finances inside..
I'm 23 and have been at my current job for about a year.


No.

That new monthly car price + my current monthly expenses (including EVERYTHING) would turn out to around $3,000. My monthly take-home is around $3,200. So I'd only be saving $200 a month.

Jesus fuck no.

Buying 'the car of my dreams' is something that you should do because you have that much cash lying around and can't be bothered going on ten cruises this year, not because you can just manage the payments if you cancel all your savings plans and use all your available cash as the deposit.
posted by jacalata at 2:39 PM on June 1, 2012 [3 favorites]


If you put down $12k, you'd have $2k left in savings and would only be saving an additional $200/month. A major emergency expense (car accident, illness, surgery, etc.) could easily eat all of that up, leaving you with a huge car payment and no safety net. If you had to sell the car in a hurry, you'd suffer a huge loss and likely wouldn't even get back enough to repay the bank/financer. This isn't a smart move.
posted by pecanpies at 2:40 PM on June 1, 2012


Not only will that car be available in a few years, its successor will be too, and it'll be even more awesome. You know what one of the big disappointments of growing up for me is? The performance of Magnum PI's Ferrari is now something any basic family sedan delivers. Deflated my teenage vehicle lust right fast.

I'm with the "pick up something somewhat sporty and learn how to drive it first" crowd. Avoiding the Miata reference because making that a decent track car may involve roll cages and all sorts of additional welding and work (I have a friend who went through one; loved it, but couldn't drive it at many of the track events he wanted to go to). Get some serious track days in, drive autocross, do things so that when you're in a place to drop some money on a car you know what to do with it and how to have fun with it in a way that you're not on public streets.

Because that's where it gets really fun.
posted by straw at 2:40 PM on June 1, 2012 [3 favorites]


You need to think about repair costs. Sports cars are expensive to repair, and a used car will need maintenance. Saving only $200/month means that you won't be able to afford any significant repairs. So you won't even get to use the car.
posted by mr_roboto at 2:42 PM on June 1, 2012


No. A sports car purchase should only be made if you have that kind of money sitting around and it's totally extraneous or can be replaced quickly and easily.

You shouldn't get one. Not worth it.
posted by discopolo at 2:45 PM on June 1, 2012


Buy the Lotus or Boxster some other time.

Spending 1/3rd of your income on a car payment is a terrible idea
posted by rr at 2:48 PM on June 1, 2012


Everyone else has covered why this is probably not a good idea, but let me say that this:
My insurance will probably double from $140 to $280 (wouldn't be surprised if it did, but I'm not sure how much it would go up exactly).
strikes me as an unrealistic expectation. You're an unmarried male under age 25--the insurance rate on a performance car is going to be insane. The difference between insurance on a boring Volvo station wagon and a somewhat-old Jeep was three- or fourfold when my brothers were in their early 20s, because anything mildly sporty put you in a totally different "young man with adrenaline issues" rating pool.

Save up your money until you're at least 25, it will be less expensive in a few years on a couple of different fronts.
posted by iminurmefi at 2:50 PM on June 1, 2012 [1 favorite]


That car will eat you alive when it comes to maintenance and repairs. Fun alternative: put aside money to go to driving schools at closed tracks that allow you to use their cars.
posted by quivering_fantods at 2:54 PM on June 1, 2012 [2 favorites]


a bit of perspective: you would be paying significantly more a month on a car than i pay for my mortgage.
posted by hollisimo at 2:58 PM on June 1, 2012 [1 favorite]


Do you want thrills? Do you not need regular transportation most of the time? Do you like flashy things?

Get a motorcycle.

Bonus: when you're ready for it, you can spend 1/10th the cost of that car, and buy something that is way, way faster.
posted by TheNewWazoo at 3:11 PM on June 1, 2012 [3 favorites]


Don't do it. A friend of mine totally overextended herself to get her "reasonably-attainable dream car." At first it seemed kinda foolhardy but doable. Then shit happened... piles of it - her boyfriend got fired, she took a huge pay cut at work as her company nearly went bankrupt, her boyfriend backed her car into a post, the car developed other mechanical issues, etc. The repairs wound up totalling a scary percentage of the car's total worth, so much so that her mechanic refused to fix it for her and told her to get rid of it. But trying to sell a car with both cosmetic and major mechanical problems AND a bank lien on it was not working out, so she took a bath trading it into the dealership and still owes money to the bank because the car was then worth far, far less than she borrowed to pay for it.

I've watched her struggle to get out from under that thing for years and years now, she's still suffering the effects of that bad decision, and it all dragged on much longer than it should have because she became so emotionally attached to that car. She refused to sell it when it was still in great condition, even though she really, really needed to, because she didn't want to give it up. By the time she could see her mistake for what it was, it was too late and the car had become a huge liability, she had incurred a ton of other debt, and destroyed her credit.

I know, it's kind of a worst case scenario horror story I've painted. But look, you're so young and already so successful. Just wait a few more years and the car of your dreams will still be out there, or maybe you'll have a different dream car, or entirely different dreams.

On preview: What TheNewWazoo said. You could get a brand new sportbike for less than the downpayment of this car (or a used one for half) and it's likely to be just as fast or faster than any production car you could ever afford. And so much damn fun.
posted by keep it under cover at 3:23 PM on June 1, 2012 [2 favorites]


Hell no.

A USED sports car that costs $56000? WTF are you trying to buy, a Ferrari? And you THINK you can get the dealer down to 54K? Have you done any research on what it ought to cost? Or were you just tooling around looking at sports cars, saw this one and now you want it?

The car you have now should last you ten years, no problem, if you treat it right. You must have liked it or you wouldn't have bought it, right? Since, even paying extra, you haven't paid that car off yet, I don't know why you'd even be looking at cars right now.

Unless you are independently wealthy (in which case, you wouldn't have to finance your car at all), you need to get a grip and realize that in Real Life, a car is a Major Purchase. It's not a shiny pretty bauble you buy on a whim and discard once you've grown bored with its shiny newness.

The funny thing is that all of this is very conservative relative to what most people do. Hell, I know people who don't make what you make who finance 100% of brand new BMWs and the like, or worse, LEASE them.

Yeah, I don't know anyone like that. Thankfully.
posted by misha at 3:24 PM on June 1, 2012


No. You can't afford it yet.
posted by J. Wilson at 3:27 PM on June 1, 2012


Some of us are actual, certifiable car nuts that could better answer this question if we knew which car you were considering. 99.9% of the time, based on all of the assets and considerations you listed in your question, the answer is going to be, "No, not now!! Wait until you can afford it outright, etc." However, there are a few cars that may only come around once in your lifetime...probably not for as "cheap" a figure as $56k, but such cars do exist. Based on finances alone, this is a clear pass, but I'd love to know which car you were considering so I could give you a fully informed answer. And also because your question has piqued my interest and now I'm more than a little curious.
posted by mosk at 3:34 PM on June 1, 2012 [1 favorite]


It depends if you're talking about something relatively modern or if your dream car is something like an old Jaguar E-type. I think it would be unwise to buy a toy that costs 2/3rds of your salary and will depreciate quickly. I don't see anything wrong with spending 2/3rds of your salary on a classic car that will likely hold its value.
posted by foodgeek at 3:37 PM on June 1, 2012


If you make $70k your take home should be more than $3200???
posted by fshgrl at 3:51 PM on June 1, 2012


I don't see anything wrong with spending 2/3rds of your salary on a classic car that will likely hold its value.

Even then, it's not always a safe bet. My dad used to restore Jag E-types and other classic British sports cars as a side business, and there were a couple he definitely lost money on sheerly due to bad timing and market fluctuations -- and he'd been collecting for 20+ years at that point.
posted by scody at 3:56 PM on June 1, 2012


Put 1400 dollars a month into a savings account and in 5 years buy a 70,000 dollar car with 14,000 dollars left over for expenses and keep your current car for when the sports car is in the shop, the weather is too nasty to drive it, or you need to haul something bigger than a small suitcase.

Miatas are reliable, affordable, and fun to drive, as are motorcycles (I own/have owned both).
posted by TedW at 3:57 PM on June 1, 2012 [1 favorite]


I would second what Ideefixe mentioned - that is to study, study and study your options, as well as look at MANY different offerings of the model you want. I grew up driving 60s Mustangs and 80s RX-7s on loan from my Dad so when I started working I wanted a sports car, too. I didn't get one until I was 30. At that point I got a 1986 Mustang SVO, which I then sold when I moved to Ireland.

I am now 36 and in the past year I got a 1989 Mitsubishi Starion (Chrysler Conquest). I bought the car outright for WAY less than your downpayment. It is rear-wheel drive, has an independent rear suspension and a rebuilt turbo 4 cylinder that was dynoed at 270 hp and 290 torque. That power is WAY more than you can use on the street, by the way, and I plan on detuning the car for longevity and drivability soon. There are fun, sporty cars out there for under $5000 (mine was). For your downpayment ($12000) I am pretty sure you could buy something outright that is really sporty - I am into Japanese cars, so I would look for a used, nice Nissan 240SX, a Mitsu Evo or a Subaru WRX STi.
posted by Slothrop at 4:16 PM on June 1, 2012


Someone aboved dissed leasing, but this is precisely the situation where leasing would make sense. Put nothing down, make it two years and low miles (since you don't drive much). You make your monthly payments, and give the thing back before it starts to require any maintenance. This assumes you can afford those payments, and I ain't saying I recommend it, but if you're determined that's what I'd suggest.
posted by schoolgirl report at 5:59 PM on June 1, 2012


Oh, god no. The insurance, the parts. God forbid you have so much as a ding to repair; you will be totally taken to the cleaners. Classic cars may even be worse than recent ones. My first partner made some money restoring old sports cars, but it was like a full time job, very hands-on and not profitable for the time that went into it. Just to find someone to do body work, or anything else he couldn't do himself, was a nightmare.

Seriously, test-drive a used Mazda Miata. After I got one of those I never drove the vintage cars again.
posted by BibiRose at 6:02 PM on June 1, 2012 [1 favorite]


In many areas of the country, you can buy a very basic rental house for that amount of money. Even if you pay someone else to manage it, you can usually pocket a couple hundred dollars a month. It might be a good idea to look into doing something like that -- something that will make you money -- rather than an asset that is likely to depreciate. Interest rates are very favorable right now, too. Just another idea.

I like the exotic rental/motorcycle ideas mentioned above, too.
posted by Ostara at 6:48 PM on June 1, 2012


If it's the right sportscar, your insurance costs might half instead of double. So ask for a quote. Here's the breakdown:

Cheap car with big engine (eg mustang) - lots of young people buy, drive, and crash it. Lots of them around so good target for theft. Insurance price is very high.

Expensive sportscar with insane engine - most owners are older people after their kids have left the nest. The car stays in the garage six months of the year, and otherwise is only driven for afternoon cruising on Sundays, during the day, during the summer, not in the rain. Consequently, the cars don't get into accidents. No thefts either - too distinctive, with high end security. So it's cheap to insure, despite the high price tag.

That said, I'd suggest saving a bigger downpayment, and give yourself a few months or years to think about it.
Besides, every month you save, the cars on the market get one month more sophisticated, and when make the car payment to yourself, you save a lot faster without the loan interest sucking out the guts of each payment.
posted by -harlequin- at 7:20 PM on June 1, 2012


Extremely oversimplified calculations, but.... take the incremental 42k you are thinking about spending, let if sit in a roth (would take a few years to get it all in there of course...) and you will have something on the order of 650 grand, TAX FREE sitting around for you when you retire...(Way oversimplified math, this is more of a conceptual exercise)... 2/3 of a million in tax free cash for when you retire, or something that will likely suck up all of your disposal income but give you some real pleasure for a few years... I will tell you as someone who has owned around 40 cars, nothing feels as good to drive as financial freedom feels. You are young, let time be your friend. Invest.
posted by jcworth at 8:27 PM on June 1, 2012 [1 favorite]


I make over twice what you do and am trying to decide whether I can really justify a new BMW 328, which is like $10k cheaper than the car you want.

I would never put myself within $200 of a negative cash flow just for a fancy car. What if something important happens? I won't take on any car payment unless I can afford to pay it in triple (i.e., if it's $500/month, I'd need to have $1500/month available to spend on it) and put 6 months worth of payments aside in case something happens and I need to keep making payments while I'm not receiving income.
posted by tylerkaraszewski at 10:47 PM on June 1, 2012


Holy crap dude, $1410 a month?? I have a mortgage (= a roof over my head) in the San Francisco Bay area that's less than that. Put that kind of money into something that will pay you back, whether it's a 401k, a real estate license or real estate or (anything) anything else.
posted by bendy at 11:07 PM on June 1, 2012


I'm with the "pick up something somewhat sporty and learn how to drive it first" crowd. Avoiding the Miata reference because making that a decent track car may involve roll cages and all sorts of additional welding and work (I have a friend who went through one; loved it, but couldn't drive it at many of the track events he wanted to go to). Get some serious track days in, drive autocross, do things so that when you're in a place to drop some money on a car you know what to do with it and how to have fun with it in a way that you're not on public streets.

I love this idea, too. You could also go to a Skip Barber driving school or similar. I don't know where you are geographically; if you are near a place like Lime Rock (Ct.) there are a lot of ways you can be around a lot of different cars.
posted by BibiRose at 4:13 AM on June 2, 2012


Dunno what type of car you're dreaming about, but is leasing one for a few years an option? That way any repairs (other than tires and oil changes) will be paid for by the dealer, and your insurance will only skyrocket for two or three years.

Anecdote: my younger brother coveted a brand-new Corvette ever since he got his driver's license at age 16. For his 25th birthday (that birthday was chosen specifically; the insurance, even on a rental, was much lower for male drivers 25 and older) I rented him a top of the line Corvette from a luxury car rental place for the weekend. He did enjoy tooling that thing around town and out on country roads where he could "open her up", but in the end he decided that such a car wasn't really practical...for one thing, he needed to transport electrical parts and rolls of blueprints and stuff for work, and there was no room for that in the 'Vette. I (in my late 20s at the time) complained very vocally about how awkward and uncomfortable it was to get in and out of that vehicle. He reconsidered whether or not this car would be a "chick magnet", especially to the women he socialized with at the time, most who would be dressed in a suit/skirt for work.

Fast forward about six months: My brother had put his business card into the fish bowl on the counter when he returned the 'Vette and suddenly he gets a phone call telling him he's won a free rental of a Lincoln Town Car for the weekend. He considered turning down the "old man car" but took it since it was free. He put me down as the principle driver and I. Fell. In. Love. With. That. Car. When the time came that I needed a new vehicle (every car I'd ever owned was purchased was several years old purchased with cash) I actually went to some Lincoln dealers on a whim. Found out I could lease one of those beauties for two years for just a little over what I'd pay per month to purchase a smaller vehicle. Every car you get is a money-losing proposition, whether you lease or buy so I threw caution to the wind and leased a new Continental.
posted by Oriole Adams at 10:18 AM on June 2, 2012


When I was 23 I had a decent job and bought my dream car - brand new off the dealer lot. Could I afford it? Just; just barely. How did it turn out?

Spectacularly! I enjoyed that car to no end, I drove the crap out of it. I learned to fix it, I helped other folks fix theirs, I joined a club of others with the same cars. Over the past 25 years I have had the opportunity to buy others as well, and I have. It has led to a being a car nut of the nth degree.

So, really if it's what you want, go ahead. I still have my car.

--posted as a differing opinion to the majority of the other responses, your mileage may vary
posted by alfanut at 1:07 PM on June 2, 2012 [3 favorites]


Do you know for a fact you qualify for a 2.9% interest rate on a used car? Rates are often higher for used than for new. If you haven't done this homework, your math may be off, making the monthly outflow higher.
posted by ImproviseOrDie at 5:42 PM on June 2, 2012


You know your income, expenses and you are better placed than us as to whether you can afford it. Do the maths, and only if you can afford it does the question of whether to buy became real.

Do you buy it? We schmucks on the internet will give you all sorts of good, bad and indifferent advice. Only you know what you want - figure it out and do it, and live with the consequences.
posted by GeeEmm at 3:30 AM on June 3, 2012


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