Buying a new car

[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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[Runum]

Sounds like me. I am a certified, old school, gearhead. Love cars. Every time I think about buying a nice, high end car, I look at what that money could do for me.

At this time I drive cars only for transportation and function. They are a Jetta, Accent, and GMC 2500HD. Yeah, it's boring and cheap. Oh well, not trying to impress anyone.

You can buy a nice car without spending $50k. Depends on what you want your car to do for you. Are you buying it for comfort and to get from A to B? Or, are you buying it in hopes of impressing someone that really doesn't care?

 

[SeanKelly]

Sounds like me. I am a certified, old school, gearhead. Love cars. Every time I think about buying a nice, high end car, I look at what that money could do for me.

At this time I drive cars only for transportation and function. They are a Jetta, Accent, and GMC 2500HD. Yeah, it's boring and cheap. Oh well, not trying to impress anyone.

You can buy a nice car without spending $50k. Depends on what you want your car to do for you. Are you buying it for comfort and to get from A to B? Or, are you buying it in hopes of impressing someone that really doesn't care?

I think I'm desiring a luxury vehicle to enjoy the fruits of my hard work and to "show off" my success. I know that success is not measured by material possessions, but I'd like to reward myself once in a while. It'd also make dates with girls a lot easier than taking my pickup lol. I just genuinely love cars and speed and would like to enjoy what I can while I'm young

 

[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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[Runum]

I think I'm desiring a luxury vehicle to enjoy the fruits of my hard work and to "show off" my success. I know that success is not measured by material possessions, but I'd like to reward myself once in a while. It'd also make dates with girls a lot easier than taking my pickup lol. I just genuinely love cars and speed and would like to enjoy what I can while I'm young

LOL, well, didn't see you were 19. Now I get it.

<--------Old fart

There is nothing wrong with rewarding yourself with a nice toy. If you find threads about MJ's lambo you will come to realize he bough it for him. He only drove it when traffic was low and the squirrels wouldn't mess with him. He didn't buy it to impress anyone.

About the girls, well, that's your call. I am not sure I would want to be chasing girls that were sizing me up because of my car. What happens if the biz suffers and the car has to go? It can happen quicker than you think.

Good luck

 

[wade1mil]

I think I'm desiring a luxury vehicle to enjoy the fruits of my hard work and to "show off" my success.

You're 19 and you want to show off. I get it. I think we've all been there.

BUT

Buy the car because you want the car. Don't buy it to impress other people.

BECAUSE

You'll find after you get this bad a$$ car and pull up next to people, that 60% won't give a shit and 39% will hate you.

I know of a place you can spend a few hundred bucks for a tricycle and get more attention than any BMW

 

[GuestUser8117]

I'me still relatively young so I've never bought a car. Can't really give you any advice for that matter. But my dad drives this car and it's a fkn beast. See here-->http://images.forum-auto.com/mesimages/744930/9610-2000-Honda-S2000.jpg

It's an Honda s2000 and it's one of the fastest cars.

 

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[healthstatus]

OP, I would go for a 3-4 year old, whatever coming off lease, don't buy new. It will still look new, been well taken care of being on a lease and generally fewer miles.

It's an Honda s2000 and it's one of the fastest cars.

Not unless he replaced the engine with a V8. They are well tuned, good handling, but not fast and low torque.



Mine is

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<------here

 

[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.

 

[Laverdure]

I know how you feel because I'm 21 and seriously almost everyday I'm thinking about having a nice car ... I was thinking about it so much that it was giving me some kind of pressure towards my daily profit/income.

What I'm starting to realize and this is where I was wrong, I was always thinking and still think a little bit that a ferrari or something similar would bring me more happiness in life... but I'm wrong.

I can say that this car I want it so bad that my desire is 11 out of 10 but let's think and see things like this.

If you would be alone on this world how bad would you want a badass car? it probably wouldn't matter...

So what I figured out is my happiness was dependant on what other people thought about me... right?

Are what others people perceptions and thoughts about me something I can control from my own at 100%??? no ...

So I figured out I needed to change a few things in my mind and about my perception in order to become happier with less.

Let's be honest you'll find PLENTY OF EXCUSES TO BUY THE CAR

IE: yeah but it's more confortable than the one I have
it's faster and ''I can have more fun with it''
etc...

You are finding excuses to make that decision because otherwise you would feel bad and you wouldn't buy it ...

In my opinion ... you are still 19 years old ... go learn PICK UP ARTIST STUFF if you want to pick up women it's $100 an ebook and if you really wanna master it take a live private course for 3k and you'll pick up about any women without a car.

You want people to be jalous about you or see you have someone who succeed?

Invest in yourself and travel around the world while using gopro camera and video shoot everything on facebook and your blog PEOPLE will actually want your freedom and your exeperience.

Travel can bring you a lot of good thing in your inner side which is good in order to find your purpose in life.

I realize that having a nice car can be expensive when you buy it and to keep the maintenance up and good ...and this could only be something I buy once I can say I'm really free and even if I don't work anymore for the rest of my life today I'll never miss money even if I spend on this kind of car otherwise I think you are trading more hours in the long run for material stuff that doesn't worth being bought for a short term happiness.

PS: that's just my opinion.

 

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[Runum]

Beast? I guess it's all relative. 1996/7 This was my street legal cruiser. Motor had 680 HP and the 400HP nitrous system brought it up over 1000 street legal HP before digital electronics were around. Wanna Runum?

 

[Shades]

No need to spend huge amounts of money for great looks IMO.

 

[DeletedUser2]

really?

already voting yourself back into the slow lane

well.... that was quick

Z

 

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[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.

 

[SeanKelly]

Beast? I guess it's all relative. 1996/7 This was my street legal cruiser. Motor had 680 HP and the 400HP nitrous system brought it up over 1000 street legal HP before digital electronics were around. Wanna Runum?

Now that's my kind of machine! What an amazing build you've got there

No need to spend huge amounts of money for great looks IMO.

You're absolutely right. That's a great looking car!

really?

already voting yourself back into the slow lane

well.... that was quick

Z

No slowlane for me... this whole thread was just a test to see if you had my back

In all seriousness I just had a moment of temptation after cashing a few checks and looking at the truck I drive. Knowing me I'll probably buy a beat up civic for the gas mileage and put the rest of the money in another asset

 

[SeanKelly]

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.

Thanks, Pete, for the great, down to earth advice. I really do appreciate your input. I personally have a passion for high end performance and so it was only a benefit that the car would also be more classy to take girls out in.

 

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[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.

 

[Russ H]

For anyone who has read this thread so far, this is worth reading:

https://www.thefastlaneforum.com/general-entrepreneurship-startup/191-car-story.html

It may not be what you want to think about right now.

But it's better to consider the points made *before* you drop 100K+ on some wheels, than come to realize this after.

Sometimes wanting is better than having.

-Russ H.

 

[EastWind]

i have a formula for buying cars. if it will only cost 10% of your savings or 2 months income then get it. if u have 500k saved or making 25k a month. go for it

 

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[bmw335isedan]

how about my nickname? I had it since I was 18 years old

 

[Shades]

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.

We have to consider cost to own also though. Especially on a luxury car that would likely be out of warranty. But I agree that is the way to buy a car. I doubt Ill ever be able to bring myself to buy new off the lot. My last two cars have been off lease vehicles.

 

[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.

 

[Jake]

No need to spend huge amounts of money for great looks IMO.

That's a KIA?? Man..KIA has come a long way.

Still think it's a strange choice of names..driving around in a car that stands for "Killed in Action"

 

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[EN_VY]

I'm not putting down those companies, they have come a looong way from what they used to be. I think the Kia Optima looks very cool, and the Hyundai Genesis R has a lot of features that rival the Germans. I'm just saying that you can get a used luxury car loaded with features for the price of a new "base" car. Cost of ownership could be high, depending on the reliability of the manufacturer. Japanese cars have been extremely reliable in my experience.

 

[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.

 

[Kak]

This is easy just lease something. As an entrepreneur you don't want to mess 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...

 

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[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.