Buying a new car

[lovecharm]

Btw I always prefer to take a girl on the first date on my VW GTi than on a fancy car. That way most of them doesn't pretend to be a "good girl" or having high expectation about you... even more because I don't own the expensive ones...

I always invite the girl to a bar near my house on the first date..

In that way if I don't like her then haven't lost much time.. on the other hand, if I do like her then I guess I can bring her back to my place to show her my dvd collection or my glass floor or my gym.... after that the amazing colour co ordinated furnitures in my bed room and then... You get the point

 

[SeanKelly]

So basically all I've been driving for the past 3 years are my company trucks. I'd like to purchase a nice vehicle to go out in rather than a work truck. I'd love to buy a nice BMW, but every time I go to make a large purchase I decide to keep my money and make it work for me. I always think."50k for my business or 50k on a nice car". However, it is getting to the point where I need something nicer to drive around in (and better than a trucks mpg). Do you guys have any guidelines you follow when deciding whether or not you should purchase a certain vehicle? I'm having a very difficult time here.

 

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[tua79610]

I too am tempted to buy a nice car, especially when your friends are going out and buying Cobra's, G35s, etc. But I ask myself, would I rather have a nice BWM or something similar now, or a Porsche 911 Turbo in ten years. I want the Porsche..

Also, if you really want the BWM find a way to buy it with spending as little money as possible. Perhaps do what G_Alexander did, buy a Multi-Family home with an FHA loan and rent it out. Use the positive monthly cashflow for your car payments while building equity in real estate.

 

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[andyredsox]

Runum is right, you can buy cars that doesn't cost $50K. But you have to think first, before deciding to buy something you want. But the question is, are you buying a car for a comfort of yourself, or just want to show off? Just think of buying something we need, not something we want.

 

[Pete799p]

Invest the $50k into your biz. Most good girls, especially at your age, don't really care as much about money as you think. Plus I like the girls that are attracted to the pickup. Some of the biggest man whores I know don't have a pot to piss in, I even knew a guy who slept with a lot of women because he was homeless at the time and needed a place to stay.

True story, a good friend of mine was making some serious cash right out of high school and into his early 20's. He bought the german ride, a nice house, and all that good stuff. Like many other entrepreneurs will most likely experience at one point or another all of a sudden the money just stopped rolling in. I have also experienced this on more then one occasion and I am still glad to this day I didn't buy that truck.

Like others have said you can buy a nice german 2-4yrs old under $30k with less then 50k. Your not going to be picking up that M3 but girls don't know what that is anyways and if you invest right you can buy one when it really counts. Congrats on your successes.

 

[awkwardgenius]

I always think."50k for my business or 50k on a nice car". However, it is getting to the point where I need something nicer to drive around in (and better than a trucks mpg). Do you guys have any guidelines you follow when deciding whether or not you should purchase a certain vehicle? I'm having a very difficult time here.

You could do what I did...the money hasn't started pouring in like crazy yet or anything, but I went with a last-gen E-class (considered a 5 series too) that had around 75k on it, and was in great shape. Only an enthusiast is going to know the shape of the headlights changed in the last couple years. It looks new, it drives like new, and it has more features than I know what to do with.

It's incredibly luxurious, and it was $15k. No joke. Financed at a low interest rate, and it doesn't affect my monthly cash flow. Now I have something that gets some occasional looks, it's certainly not embarrassing to take to a business meeting or drive a client around in, and it beats the hell out of the brand new Kia Optima I could have purchased for the same money.

Let someone else take the depreciation hit for you. Get a newer used car, and enjoy the hell out of it. It'll still be a huge step up from the work truck, and you'll be able to reinvest the difference in your business so a couple years from now, you can roll up onto the lot and pick out a brand new one without even flinching.

 

[EN_VY]

Just buy a 4-5 year old luxury car. A Japanese one if you want reliability. Lexus GS350, Infiniti M45, Caddy STS, Mercedes C300 etc. So many for under 25k. They will all have way more features then a new KIA. I bought a mint Lexus GS3 when I was 19(the new gen had just came out), and quickly modded her, she was my pride and joy, I spent so much money on her, not only on mods, but also in tickets and accidents since I was a newb driver and it was my first car. If I would have invested all that money into my business I could be riding an S63 now You live and learn, good luck!

Pic of her, R.I.P
Yeah, not everones style(it could be raised and lowered), but I loved her.

 

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[SeanKelly]

Just buy a 4-5 year old luxury car. A Japanese one if you want reliability. Lexus GS350, Infiniti M45, Caddy STS, Mercedes C300 etc. So many for under 25k. They will all have way more features then a new KIA. I bought a mint Lexus GS3 when I was 19(the new gen had just came out), and quickly modded her, she was my pride and joy, I spent so much money on her, not only on mods, but also in tickets and accidents since I was a newb driver and it was my first car. If I would have invested all that money into my business I could be riding an S63 now You live and learn, good luck!

Pic of her, R.I.P
Yeah, not everones style(it could be raised and lowered), but I loved her.

I like the look of your car, but you said yourself how that money could've went to better use. Thank you for the real life example

 

[Shades]

Just buy a 4-5 year old luxury car. A Japanese one if you want reliability. Lexus GS350, Infiniti M45, Caddy STS, Mercedes C300 etc. So many for under 25k. They will all have way more features then a new KIA. I bought a mint Lexus GS3 when I was 19(the new gen had just came out), and quickly modded her, she was my pride and joy, I spent so much money on her, not only on mods, but also in tickets and accidents since I was a newb driver and it was my first car. If I would have invested all that money into my business I could be riding an S63 now You live and learn, good luck!

If you can get past the name KIA or Hyundai you would be surprised what kind of cars they are putting out now. Look at the Optima, Genesis and Equus. IMHO they all more than compete in their respective classes. And again you have to consider your buying a luxury car out of its warranty. Cost of ownership would be higher more than likely.

 

[RBefort]

Didn't read the whole thread and don't know your work situation or finances, but figured I'd chime in. I've driven sporty cars my whole life (and that is until now at age almost-27). I started with base camaro, went to Trans Am Firehawk, then to 07 Z06 Corvette, 07 CTS-V, and now a practical 2011 Cruze. To be honest, I feel ya on the rewarding yourself. When I was making the most, I went out and bought the Z, loan of course, with 15k down payment. When I sold 2 years later, I sold for $4k over my loan amt, so it wasn't a big deal. This was before I read the fastlane too. I would figure out your budget of what you want to allot for a car pmt or cash...don't think I saw your financing? Ther'es nothing wrong with buying a new car, if it's for the right reasons. There is absolutely no point in crushing yourself financially to show off. If you want to buy it mainly because you love the car, can afford it, AND you want to impress people, then sure; but I would put very little weight on the impressing people and put yourself first.

I am glad I owned the nice cars because if I get stuck in teh slowlane somehow, I am happy with the experiences of owning them. However, I think of all the money wasted, the credit card debt I built up along the way from other stuff to make sure I made my car pmt, and it kills me a bit inside. Buy a sportier, cheaper but used luxury car or something like a nicer, new accord for 25k that looks awesome and still great from economical standpoint. If you want fast and luxury, you can still find some older bmws/cts-vs/mercedes that are quick and 20-30k. I had my CTS-V, 07, for about 28k loan amt and 440 loan pmt at 5% interest or so for 5 years. I never make it to end of loan term either lol Just my thoughts.

 

[SeanKelly]

This is easy just lease something. As an entrepreneur you don't want to F*ck around with the headaches of owning a car worrying about depreciation faster than the loan, or blowing 50k in cash. BMWs leasing program is AWESOME, they take care of EVERYTHING. You pay your lease payment and don't ever worry again.

I am currently looking to just go pick up a lease on a BMW 335i sedan for under $400 per month. It says right on the BMW web site, I will print and tell them I want THIS CAR. Nothing more expensive. A BMW will have leather and an engine, sounds good.

$400 is jack shit and I will be driving a brand new BMW. Who cares if I don't get any equity, I will just reup a lease on another new one in 36 months.

Other great cars to consider for lease right now: Chrysler 300 loaded out, Cadillac CTS, Cadillac XTS, Lincoln MKZ/MKS. GREAT lease deals from my research.

I will put my wear and tear on a lease from this point forward, I will fully purchase my really cool cars when the time comes.

Really like that idea, Kak. I'll check it out leasing options

 

[Kak]

Well-equipped including features such as Premium Package (Leather, Moonroof, Comfort Access, Satellite Radio), Automatic Transmission, Power Seats, iPod/USB Adapter, Hands-free Bluetooth and Destination charges.

Houston - 335i Sedan - Special Offers

The 328i can be picked up for 350/month. Both cars are fast as shit. It is not for the "status" of it because it is just a 3 series. I am not impressed when I see one. I do not care. It is fast, fun, dirt cheap and FREE to maintain.

 

[KeonTheGreat]

Dude,buy a Nissan Maxima! All the luxury you could want and its cheaper to maintain than a BMW/MBz/etc. Hell mine is an 04 Max and it comes with factory navigation, heated leather seats, heatd power folding mirrors, HEATED STEERING WHEEL!!!(probably the single greatest thing ever put in to a car!) its cheap as hell to maintain too. I imagine the newer model has a lot more goodies and would only run you like 20-25 grand for a beatiful 09-2010 model.

http://www.blogcdn.com/www.autoblog.com/media/2009/12/2010maximasportreview_03_opt.jpg

so purrtyy

 

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[maximus20895]

Not trying to get into a flame war BUT the fusion borrowed the grill the the Aston and it in no way, shape, or form looks like an Aston.

Well, Ford did own them for awhile. I do agree though, I see that grill and I immediately think of AM.

 

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[TK1]

This.

Check out ebay s section on leased cars - there are many people trying to get out of a leasing contract. That way you can pick up a nice car without paying lots of upfront money and on a good deal you save the down payment (is it the right english word i use? i mean the money you have to pay when leasing a car. so you take a leasing contract for 400 p month on a bmw and you have to pay 5000€ payment when starting the contract...there are many deals where you save even that money when taking somebodys contract).

PS:

Somebody who starts a business and would pay their first hard earned money from their biz for a car is NOT an entrepreneur.

PPS:

Somebody who needs a nice car to impress girls has NO balls.

PPPS:

Never forget the quote from this picture here:

This is easy just lease something. As an entrepreneur you don't want to F*ck around with the headaches of owning a car worrying about depreciation faster than the loan, or blowing 50k in cash. BMWs leasing program is AWESOME, they take care of EVERYTHING. You pay your lease payment and don't ever worry again.

I am currently looking to just go pick up a lease on a BMW 335i sedan for under $400 per month. It says right on the BMW web site, I will print and tell them I want THIS CAR. Nothing more expensive. A BMW will have leather and an engine, sounds good.

The reason for this, my "financially responsible" 2006 Nissan Xterra (a "reliable" Japenese SUV) owned completely outright has cost me 200-300 per month over the last 12 months it also gets 13 MPG. Consider oil changes, tires, bullshit that breaks (then rental cars). Now consider that new BMW, the tires will last the whole lease unless you are an idiot, the oil, maintenance and repairs are FREE and it will get 30 MPG.

$400 is jack shit and I will be driving a brand new BMW with no other worries. Who cares if I don't get any equity, I will just reup a lease on another new one in 36 months. The best part is BMW will probably give me 5k for my 200-300 dollar per month money pit.

Other great cars to consider for lease right now: Chrysler 300 loaded out, Cadillac CTS, Cadillac XTS, Lincoln MKZ/MKS. GREAT lease deals from my research.

I will put my wear and tear on a lease from this point forward, I will fully purchase my really cool cars when the time comes.

There is something to be said for stuff not owning you. Make your transportation easy. You can always dump a $400/month BMW on swap a lease when you get sick of it as long as you don't plow through your miles. That is another good place to look too. No money down, you just assume their payments...

 

[Kak]

Some of the opinions and advice in this thread are interesting.

I just wanted to chime in and make sure you factor in the cost of insurance if you lease or finance. Since you're young, it might be expensive. So you're $400/month payment just becamse $500/600.

Assuming he isnt already paying for insurance.

 

[Kak]

True, I don't typically consider because it just comes out of my account anyway. I called and asked about the BMW they said 160/month for the 335 and 150 for the 328. I currently pay 100. Full coverage high deductable.

No biggie. The difference could pay for itself in gas savings.

I could imagine he is paying out the a$$ for employees to be driving trucks around under his company.

 

[MMatt]

Here's my take as a young gearhead who has owned 6 vehicles. About two years ago I was saving the majority of my income to buy my dream truck, then started my entrepreneurial education process and decided it was entirely wrong to be saving for a materialistic desire. Then a person i knew put a truck up for sale and it was very close to why i had always wanted and it was at a very respectable price. I thought for days and days, did a weighted decision matrix and all. The matrix concluded do not buy it. Needless to say a few days later I bought it.

I've owned it for over a year now and i can honestly say I do not regret it. It's a crew cab truck so it is alot more useful than a car so that validates the purchase some. Girls do like it but it won't get you more than some verbal compliments. I do enjoy driving it and its pretty fast for it's size. I don't know if anyone knows about diesels but a diesel with some mods is quite powerful. The only reason I would ever regret the purchase is because I put a huge dent in my savings.

As for commuters and cars, I've been liking older sports cars. They're fast enough to be fun, and you can find one in good shape, respectable fuel economy if its a v6 or smaller, and almost cheap enough to be "disposable" rather than paying huge repair bills on a bmw or something of that sort. I find you can have pride in an older sports car in good shape too because it's more rare than say your average bmw or audi.

 

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[Mike39]

There is a difference between building a business to make yourself money and building one to make a statement.

No, there are businesses that make money and those that don't, simple.

First is 'building a lifestyle business', second is I want to build amazon, invent flying cars, cure cancer etc.

Saying their is only one or the other is a joke, I don't think the coupon clearing house recently brought up in a thread that makes millions a week cured anyones cancer but I wouldn't dare call it a "lifestyle business"

True entrepreneurship is about wealth, not (only) about becoming rich.
Did you read the third circle theory. You read the third circle theory, be honest.

People mostly driven by money don't change the world, people that are driven despite the money (especially if it doesn't come asap..) very often do change the world like van gogh.

Did you read the third circle theory. You read the third circle theory, be honest

Rich and wealthy, huge difference.

Yes and there are multiple opinionated ways to define what that difference is. I would not define it in the same way as you, I classify rich as "won the lottery, why not blow it on cars and strippers" and wealthy is " I earned my wealth and don't need to prove it to anyone" or "I earned my money and know how to manage it effectively"

Each to his own, like he said in response to zen*******'s post: Thread was only a test to see what's happening.

If an entrepreneur thinks of spending 50k on a car while being in the process of building a big company, it's ok, but that means the entrepreneur is about ME very fast. Still too close to 'instant gratification' syndrome..

Ok so where do you draw the line, your business is doing a couple million a year but you haven't sold it for millions yet so anything you buy is "instant gratification", how about a 30k KIA, a $3 Starbucks? I am pretty sure Sean has been running his company for a while.

If there comes in somebody in the same industry that is out there to make a big statement his company will get flushed. The guy who builds a company in 2 years doing 200k profit per year and thinks about buying a 50k car gets beaten by the guy who aims for the whole market, changing the whole industry, doing an ipo etc.
(...and then buys himself a jet IF he likes to....)

I would never suggest anyone to spend half of their annual revenue on a car. Despite the popular beliefs of many, you can make a lot of money without revolutionizing something or going public

You cannot build something very big - meaningful if you go crazy after having a bit of success.

Again what is defined as crazy, if your running a company that nets you a million a year and you buy a 80k luxury sedan, is that going crazy? I never said go crazy and spend all you got.

I don't want to have an debate with this or waste any more time but I think that there are a lot of different views on how and why to spend money so that's simply my opinion, I am not saying you are right OR wrong.

 

[Kak]

Hmmm don't know if I agree with this one. You can find some really good ones especially ones like the cars you probably turn in once the lease is up. Youve already taken the hit on depreciation and the car likely still has a few years/miles left on warranty and up until that point has been maintained by the dealership you leased it from brand new. Sounds like a good idea to buy to me. Nothing wrong with owning a used car you can get a warranty on top at a dealership.

Absolutely nothing wrong with owning an used car. FOR ME though, right now, I am a one car guy. I want as little trouble as possible.

When I decide I can afford my phantom and ferrari, I will buy them used. I will still probably lease a trouble free car too.

 

[Kak]

We must be somewhat similar because i tend to agree with 95% of what you have to say. You're a smart guy my friend

Sean another good lease right now is the VW CC for something ridiculously cheap like $220 or something.

 

[SeanKelly]

This thread makes me so happy that I don't give a f*ck about cars anymore. As long as it starts, drives, and keeps me free from drama and drains on my time, I'm keeping her.

I've grown up around cars with my cousins so I can't say that I don't care about cars because I do. However, I do agree with your points and will not buy anything above a civic until I can truly afford something special to me.

 

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[JasonR]

This thread makes me so happy that I don't give a f*ck about cars anymore. As long as it starts, drives, and keeps me free from drama and drains on my time, I'm keeping her.

Even that Aventador Roadster?

 

[Mike39]

Unless they sold it while I wasn't looking Ford currently owns Aston Martin. I also agree and I think they did a really good job with it. Its no Aston Martin but it looks a lot better then the fords of my day.

Let me google that for you

 

[DeletedUser397]

When you say $50k, are you talking about financing that much or dropping cash? If it's the latter, go for it. If you're going to finance it, forget about it. A few years ago I leased a BMW 335i sedan. Yes, it was a blast to drive, quick, great handling, etc. You can get one from 2008 or 2009 used for under $30k with less than 50k miles easily. FYI, I got a lot more attention from guys than girls - most girls aren't that well versed with cars to even know what you're driving. No offense to any women on the board, but it's just been my experience.

Also keep in mind the nicer the car, generally the higher the insurance, maintenance costs and more likely you'll get speeding tickets (or be tempted to do stupid stuff)... so it's not just the sticker price to consider... lots more costs that go into it. I used to street race every weekend and would go through tires once every 1-2 months, about $600 each time.

Well now I drive a 16-year-old beater. I'll never buy a car on payments or lease ever again. I also refuse to buy a car until I'm totally free of having a job, unless this car completely dies, and then I'll buy another cheap beater. If I was given a free Lamborghini Aventador but had to agree to work for someone else for the rest of my life, I wouldn't take it... I feel like it would be pointless to buy a nice car if I had to work in order to keep it...IMO.

 

[Mike39]

35K for a used 2012 with 1-5k miles on it

[video=youtube;y2a0vjHyUCE]http://www.youtube.com/watch?v=y2a0vjHyUCE[/video]

 

[The-J]

Keep it simple: weighted average decision matrix. I think this is the right situation for this

 

[GuestUser8117]

Here's what I have to say: buy a nice house instead of a car that's going to depreciate in the next 5 years or so. Would you rather like a nice house or car? Would you rather like to move to another country with a lower cost of living and where there is no fk'n snow(Panama for instance) With $50 000 I would move to another country instead of buying a materialistic possession. Now don't get me wrong I love luxury cars but I have other priorities in life. Anyway, anything between a mercedes and a lamborghini is acceptable. Lol. But ask yourself seriously this question : Do you need the money your about to spend? If you don't need it then reward yourself man.

 

[biophase]

This thread makes me so happy that I don't give a f*ck about cars anymore. As long as it starts, drives, and keeps me free from drama and drains on my time, I'm keeping her.

I was almost there with you a few weeks ago. But then I saw a black R8. There's something about it that I like. I've made it my goal for 2014.

 

[theBiz]

bio you should have inputted this somewhere in this thread How to Buy a Ferrari for $20k | Forever Jobless

Sean do not buy a car. The only feeling of liberation will be full fulling your goal of having financial freedom along with time. This will only set you back now and be a temporary flare. Put your head back down and keep working.

I would say dont worry about what others think of you:

“There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.”
― Ernest Hemingway


"Anyone who has lost something they thought was theirs forever finally comes to realise that nothing really belongs to them."
— Paulo Coelho


"The things you own end up owning you. It's only after you lose everything that you're free to do anything."
— Chuck Palahniuk (Fight Club)

As in that last quote we have all seen most successful people start to care less once the cars once the money is coming in. Create passive income that can pay for the car, then buy the car.