Buying parents car. I just graduated school and parents are offering I buy the car I’ve been driving from them for half of Kelley blue book. 2019 Mazda3, clean record, no accidents, $45k miles. Would be buying for about $8k. I have the money. I could buy them immediately sell for something else and pocket the difference, buy and drive for the foreseeable future with no car payment, or do something else. Any thoughts?

Posting as :
works at
You are currently posting as works at

Buy the car...drive it until it dies....save up for your next car and pay CASH. It's a great deal....despite what people think cars are not assets.....

like

Clearly the smart move is to buy and drive.

Selling it and buying another car seems unnecessary unless you really don’t like the car.

If you do sell immediately, then at least run that idea by your parents first.
It’s 50% a gift to you, and there could be some feelings if you immediately sell it without checking with them first.

like

One other wrinkle. After talking a bit more, my parents have also offered that I could have the car and whenever I ultimately decide to sell it, I pay them 75% of the final value. Having this option, I think taking the car, having no payment, driving it for as long as I can, then giving them that percentage 5-8 years down the road is my best option

like

My question is, is why are you trying to use your parents and milk them of every penny when they’re trying to help you? You’re going to try to drive it until it dies so you can sell it for a small amount and they only get a couple thousand off it? Idk, this just strikes me as weird. I would never consider screwing my parents over like that.

like

what if you don’t buy it? then do you have to find something else to drive?

if you have the money i would buy the car and keep it for a few years. thats a good deal
they are giving you. no reason to go crazy on upgrading your lifestyle / getting a car payment being a new grad.

never get a car payment. average car payment is like 760$ a month. ppl are driving around in their retirement.

like

Cars are the biggest waste of money, so buy it and enjoy the only good deal you will ever get on a car.

Also, people remember a nice car, but no one remembers the person driving it, so it doesn’t actually make you look good.

Finally, given your age, every extra thousand you don’t invest is a massive hit to your net worth. Compound interest is your friend, that car is not.

like

Related Posts

I get Waddle & Pollard, I give away Mattison and Davante Adams. Good or bad trade? I am 0-3.

like

Thinking about buying a house in La Mirada and start a family soon. Any thoughts on La Mirada area?

like

BakerTilly people, what application do you use to prepare your financial statements? Do you use word/excel?

likefunny

Can your spouse be employed in Google and getting RSUs?

likehelpful

Abe gift aya kya EY se 1 billion revenue wala

like

How much household income should be to buy $1M house? Also what is the approximate down payment? I know 20% is the ideal but how much do people typically pay.?

likeupliftinghelpful

Just checked all the assets and realized we're close to 1M€ net worth. Most of it is on the house, don't feel rich at all.

For any real estate investors

22 years old and currently focused on using my left over income to invest and pay off my debt. I am set to pay off my college loans by next year and, when I do, I want to look into investing into real estate. Does anyone have any suggestions on how to get into/learn more about real estate investing? Or how I can have enough knowledge on the topic to be able to invest wisely when the time comes?

Any books? youtubers? etc. How did you all learn about it?

like

How many policies a month do you sell?

What was your 30 day PNL %? Gaging where my 187.8% stands as I’ve been hit and miss on buying weekly dips.

like

Currently on short term disability in CA and trying to figure out what the tax situation is. It looks like they don’t take out taxes, so should I set that aside? I can’t find any info on whether it’s tax-free income but I definitely don’t want to assume incorrectly

like

People worrying today should read books on trading psychology! Not being patronizing- it will help you in the future, not just for investments but for doing better in life!

like

Is it better to have SFH for monthly cash flow or passive MF deals through a private syndicate? Friend told me that you need to have $1.5m invested in MF to generate 60k a year approx but it’s much better than dealing with tenants and maintenance. Just wanted to get peoples thoughts on becoming financially free through these two real estate methods

like

Would ETH be the next BTC?

like

I like in Oklahoma where I make 34K per year. Houses aren't that expensive but on top of my other expenses, saving for a house seems nearly impossible.

like

I have 4k that won’t need soon and thinking about were to spend it on.
A. Student loans at 5%
B. Invest in stock market

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

We can help you in tax planning and getting tax refund upto 2.5 lacs.Let us know if seeking help/clearification.

like

One of my big hang-ups with biden tax plan is raising corporate tax across the board. Why raise taxes on businesses when we've just found out how fragile it is to be able to run a small business?Why not at least propose some kind of progressive corporate tax structure if you want to raise taxes on corps?

likesmart

More Posts

Is anyone nervous about the whole Russia situation and how that may affect the market if an actual invasion takes place? Do you think it makes sense to take out investments just until things settle down, or even assuming the fed will increase interest rates? Thoughts?

likesmart

Are Accenture UK looking for any SAP Fiori Developers?

like

Drizzly coming in clutch, they wanted $100 for eagle rare 10yr though, seemed like a rip off. (Added four roses to hit spend minimum)

Post Photo
like
like

How do you leave a DM chat on here?

like

Hey all 👋🏻 I’m looking for a referral for the Named Account Executive - Large Enterprise Banking @ Salesforce. I currently work in commercial banking for TD as an account manager and have over 3 years experience in banking and 4 in finance. Anyone have advice to get an interview?

like

What are the best TV screenwriting courses in nyc?

like

Sponsored folks, where do you plan to intern during bschool?

like

Saw someone asking about high-rise apartments in Mott Haven earlier. Just moved into a new apartment building here and honestly it’s not as bad as I thought. New buildings are safe and pretty spacious (relatively speaking). Downside is not really much to do around this area and food delivery is not great. Hope this is helpful for any one who is looking at this area.

like

Has anyone worked on SAP BTP here. I am a security consultant and want some help in case someone has actually leveraged that product

like
likefunnyupliftingsmart

What recruiters, if any, do MBB/Tier 2s use in London? Interested in strategy/m&a in particular

like

What would be the life science career track with the highest comp and fastest progression for someone without a technical stem degree but with a M7 MBA and transaction/deals consulting experience? Am I right to assume it would be MBB?

like

Is anyone familiar with McKenna Capital? I’m interested in investing in a real estate syndicate and McKenna looks compelling. Hard to tell if they are legit or potential scam?

like

How is Publics Sapient for Java related projects??
Tell me in terms of Work life Balance
Learning Opportunities
Job Security

like

Has anyone made the jump from the tax group of an AmLaw 100 firm to a Big 4 tax group? I have questions.

like
like

I feel like I was straight up lied to during the interview process. “lots of opportunities to hit quota”. I’m sitting here with only one demo two months after joining the company. it looks like our team has only two people doing demos, and demos are only happening once every two weeks. At this rate, I don’t think I’ll be even close to hitting OTE. Are there any other companies hiring right now? I’ll have a discussion about my concerns with my manager soon, but there’s too many red flags here.

like

Additional Posts in Personal Finance Bowl

24 yr old, 110k TC, maxing out Roth IRA and Roth 401k, no debt or large expenses. Also have ~35k sitting in a bank account. What should I do with that money?? Am I better just sitting on it for a while then watching it shrivel up in my brokerage account?

like

I am 25 years old with roughly no savings. I am a consultant with a technical background. Are there any tips in side jobs/ways to make more money for savings?

like

Has anyone asked for a refund for payments made towards student loans during the pandemic and actually received it yet?

How to choose which financial advisor to work with.
I have no financial experience and an advisor reached out from equitable.

What's a good percentage (they're offering 2% as a fee)

like

Tips for refinancing a car I’ve had for 6 months. I’ve paid on time for every month but I’m paying $600/mo on a loan with 15% interest? I owe $25K. Will the original bank, Chrysler Capital, consider it or do I need to find another organization?

like

Invest in roth 401k or traditional 401k and save the difference for a house downpayment?

like

I spent the last 3 months "growing up" & now I'm ready to go. 1st thing is for me to get my own place. I'd like to buy instead of rent because I don't want to pay someone else's mortgage.

I'm thinking of selling my car & cash out some of my 401k to buy a house. My thought is to put down 3.5% for a FHA loan then make a big payment towards the principal to reduce long-term interest.

Anything wrong with this thinking or anything else I should consider?

Google stock to buy now or after the split?

like

I’ve always been a big saver minimum 15% to maxing out my 401k since I graduated college. I’m married to someone who thinks 6% is enough and likes $$$ cars. Other than the cars, they dont really spend money. For the married 🐠, how do you have the conversation with them that what they are doing isn’t enough? I try to guide them and say you want the $$$ cars but the salary you have won’t get there and you’re going to have to find a job that gets them the salary…. Then the fight starts.

like

What’s up with people talking about withdrawing from retirement due to CARES Act and investing elsewhere?

like

Need advice. Have some credit card debt that I’ve been working to pay off. Have made progress but want to lower it quickly. We have dual income, with a house (~$300k in equity), 1 kid and 1 on the way. I’ve looked into debt consolidation via HELOC but also have ~$80k in vested equity in my company that I haven’t touched. Get equity refreshes every year. Would it be smarter to cash out $15k-$20k of that to pay debt vs. a HELOC at ~5% given that will still require mthly payments

like

Seeking feedback on GAP insurance. I had a family member who purchased a car in June or July. They were in an accident last week and it sounds like the car will be declared a total loss. Never dealt with this before, so wanted to ask if anyone has ever had an instance where the insurance didn't cover the outstanding balance of the loan and the insured then owed money? Car was $35k, $7k down, finance $28k. Gap insurance is through lender, not auto insurer.

Any good wedding ring sources aside from Blue Nile?

What's the best 529plan? Heard Vanguard Nevada plan is popular due to low fee, or NY state one gives tax benefits upto $10k (but not sure if it matters for NJ residents working in NYC). What's the criteria for deciding 529?

like

My boyfriend and I make 200K combined and live in NJ. We have $1000 in monthly car payments combined. That’s all we owe. Our credit scores are in the 800s. We have 50K to put down on a home. We have done the math and I know we can afford much more but he doesn’t want to buy more than a 400K home. I’m almost positive we can afford 500K and be more than ok. But then he starts to talk about how much kids cost and how we will be house poor and we won’t be able to afford kids. 🤔 Am I insane??

like

For those of you that currently pay 30% of gross income towards rent, do you still have money to save? I’m moving to NYC and am used to paying only 15%. Pay is now 125k base so I’m looking for apartments around 2800-3k

like

I NEED HELP WITH CREDIT SCORE issues: Two months ago my credit score went down by 30 to 40 points due to dad missing credit card payment by a day (i got added to as authorized user on his credit card for me to build credit but now I’m filled with regret). I was devastated by it. This past month I have been making more payments and paid off my aug statement in full thinking it will boost my credit score. But I don’t know why it went down another 10 points. More below:

Why do 403b have such I fees? I almost want to stop contributing all together or just minimum 6% to meet the match. Possibly just rely on the pension but what if it’s underfunded when I retire?

Paid off my account debt!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal