{ "media_type": "text", "post_content": "Car question for the group:\n\nIs purchasing a $65k car a bad idea if my base is $150K, my TC is $180K, and my NW is at $360K?\n\nI’m considering a Tesla so my second question is: is it better to get a used Model S or a new Model 3? They’re both roughly $60-65K. Love the S but a new one is too expensive.", "post_id": "61e83cd9d7c0f4003525db49", "reply_count": 45, "vote_count": 5, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Car question for the group: Is purchasing a $65k car a bad idea if my base is $150K, my TC is $180K, and my NW is at $360K? I’m considering a Tesla so my second question is: is it better to get a used Model S or a new Model 3? They’re both roughly $60-65K. Love the S but a new one is too expensive.

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If you’re making that comp, I’m sure you’re smart enough to figure out time the finance works for you or not Posting on here won’t help because people have diff opinion on how much a car should be. People like me will think it’s worth it because I like cars and value driving experience. Then there will be those smart people who tell you it’s dumb to spend more than 20K on cars because they depreciate, so just buy used. Not entirely helpful here, I know, but I would buy new car of whatever makes me happy (especially when growing up dirt poor)

likesmart

Appreciate the perspective! I also grew up low-income and have loved cars since I was a kid. I’ve held off on buying anything expensive because the financially prudent side of me has stopped me.

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Right now if you don't need a new car given price inflation it might be worth waiting. If you can wait I would. Also how much will you be driving and what are you needing the car for? Like I have 3 kids and am married so my car decisions are a bit different. You can totally afford it but I would personally get a 40k used car and then save the extra 25k for something more long term.

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Are you okay with $65k of your net worth going into a depreciating asset?

likefunnysmart

i’m not suggesting u should buy a car to get u laid. just saying that there is absolutely no comparison between the value and fun u get from a tesla over, say, a honda accord, vs the marginal difference u get between a $1000 tv or $3000 tv, and also in how many fewer people will appreciate the tv

smart

I mean you can definitely afford it. Just ask yourself if you drive enough to spend that much on a car. Are you working remote? Or would you only use it on the weekends and a few times during the week?

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I was in a similar situation last year and my dad talked me out of buying an expensive car lol definitely glad I didn’t buy the $60k BMW and got a nice used Honda for about $20k. Still gets the job done! I value my home more so I ended up spending more on my condo, but that’s because I value that more. If you value having a nice riding experience, then go for it! It’s really up to you looking at how much you value having a nice car vs something else

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Tesla owner here. Ev technology is still very young and there will so much advancements in the next couple of years. So do not even consider anything older than current models. Also, tesla would be best as a second car imo. Make sure you have a robust solution to charge at home otherwise stayaway.

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What is the interest %? I recently bought a slightly used car $45k and put 0 down. My interest rate is 1.49%

likesmart

DCU 60 months

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Are you fully funding your retirement accounts? If so and keeping an emergency cash reserve? If so? You do you.

likefunny

Don’t wait for approval then. If it’s important to you, but it. Not every dollar you spend has to be with a focus on appreciation of wealth

like

Listen, I just upgraded my SR+ to a LR and it’s still one of the best purchases I’ve ever made. Sold the SR+ for a profit in this market. Also depending on the year, a new Model 3 is wayyyyy more worth it than a used S. I almost went the used S route and I would’ve regretted it now. You can afford it, it’ll definitely make you happy, so do it.

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Oh one more thing! For the sake of your own range anxiety, I don’t recommend going lower than an 85 for the Model S. Whether it’s an 85D, P85D, that should be the lowest model you go. Anything below that will be a headache range wise.

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Buy a used one with cash. Thats the best strategy.

likefunny

So what? Not every choice is about your net worth. I’m sure there’s plenty you buy for enjoyment OP is doing great financially. If (s)he wants a fun car, (s)he can afford it.

uplifting

For someone of modest means like you, may I recommend an electric bicycle

funny

It shouldn’t be based on those numbers alone. Will you pay cash or finance it, if the latter what does your cash in/out look like and for either how does it line up with your long term goals.

like

I’d put 20% down and finance the rest since interest rates are very low. In this environment, I prefer keeping cash in stocks / crypto. I’m saving ~$5K per month right now and currently spend ~$550 in automotive (car payment, insurance, gas, maintenance). I expect that to go up by another $500 if I were to get one of these two cars.

smart

My TC and NW is a smidge higher and personally I would not spend that on a car. Of course you “can” afford it but that’s up to you in what your goals are. I’d spend 45-50 on a new car but I’m sure some people would still say that’s way too much. Personal finance is personal!

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Stick to your budget and get yourself a great driving experience. You can certainly afford it. I bought a $26k Mustang on a $74k base when I graduated. I put 1k down from my first paycheck and financed the rest. I was debt free, had zero NW, and low monthly expenses. It was a great decision. I sold it about 6 years later when it no longer made sense to keep a coupe.

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If you like cars and it’s ‘affordable’ go for it. Remember not everyone cares about cars so advice from that crowd may conflict with your own desires. I bought a 50K car last year. I work remote but now I look forward to driving and getting out of the house. It was worth it for me.

uplifting

Additional Posts

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Part of the crowd. The briefcase doesn't show in post details though.

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How does this sound?

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Not seeing any other posts!

Where is a new build???

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Post for likes! 😤

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Post for likes

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Post for push testing

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Still not seeing location in the post window when turning it off.

Beyond 2 lines the text in each post card is cut off. I wonder how many lines in the comment section?

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I’m a Deloitte alumni. The attached image is on brand. While there are pockets of excellence & collegial respect at D - overall, D culture is toxic, particularly for people of color, Black people, & non-binary people. So, if you fall in any one of those groups, & you are told/wondering if you are being “sensitive” or “overreacting” to what you’re seeing,hearing, & sensing-I can assure you that you aren’t. Get what you can from the firm (experiences/certs) & pivot to something better.

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likefunnysmarthelpful

Consulting words I hate! Please chime in #consultingcringe. 1) expectations 2) align 3) resource 4) manage 5) harmonize 6) offline

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All training should be revised to include learning how to pack effectively in 30 seconds while sleep deprived.

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Happy Thanksgiving to everyone working on this holiday

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How much money did you have saved by the time you were 30?

likehelpfulsmart

Do you guys recommend getting a Chase Sapphire Preferred card?

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When another passenger in Economy tries to kick you out of your seat and you haven't yet realized you've been upgraded to First....

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when your project is over budget but somehow finds $10K for the holiday party 💁🏼

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