{ "media_type": "text", "post_content": "Does it make sense to buy a 50,000 dollar car if your yearly package before tax is 120,000?\nI have 100K in savings and want to buy in cash, to avoid monthly payments. Appreciate any mentorship or advice.", "post_id": "5f25ba7c11b8d2001ca1c2e9", "reply_count": 10, "vote_count": 0, "bowl_id": "5f073f3bb547c00020ee221c", "bowl_name": "Everything Cars " }

Does it make sense to buy a 50,000 dollar car if your yearly package before tax is 120,000? I have 100K in savings and want to buy in cash, to avoid monthly payments. Appreciate any mentorship or advice.

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It depends on your goals. When I graduated college, I paid 22k when I was making 65k. My priorities have changed and my recent car is 19k while I’m making 175k, since I would rather invest the remaining money nowadays

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@mb I have my investments in QQQ, VOO, and VTI index funds (long term). If I’m buying a year away, I’d just keep it in savings.

What kind of a car are you considering? A new Merc?

Honestly I would either lease the Mercedes to avoid the troublesome and costly maintenance and repairs around the 5 year mark. Either that or buy a low mileage Mercedes that has already taken the depreciation hit. If you want a long term car, I’m not convinced that a German car known more for performance than reliability is the move here. If ownership is important, I would rather look at Japanese/Korean cars known more for reliability than performance.

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