Quote:
Originally Posted by Ricochet48
72 months is way to long of a long imo. I would follow the 20/4/10 rule.
More generally I think you should make close to 3x (gross) the value of whatever car you buy (assuming $0 debt). So for $50K I'd want to make nearly $150K. My job is in finance so I'm naturally a bit more conservative on car purchases than many enthusiasts on here though. I couldn't imagine not maxing my 401K so I could have a faster car, etc.
I also might just buy in cash, these interest rates are (still) terrible. We will see what the market is like in 1-2 years.
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Yeah, I get the financial piece of it, as I work in the financial services space. But it's difficult to apply too much logic to this or you would be a bystander and not a participant. It's like religion or politics in the sense that there are parts of it that align with your beliefs and there are parts that do not. Many of us jump in and out of these cars with automated efficiency. I've had 10 cars in 8 years and that's likely a relatively low number compared to others on this forum. There's nothing financially responsible about this passion/hobby. In the grand scheme, I'm fiscally responsible and invest and save heavy but if I want a car, can afford it, I buy it, end of discussion. I don't care too much about if I
should buy it or what makes the
most financial sense.
I understand though. I'm not here to tell anyone how to spend their money, just thought I'd introduce a perspective.