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Dude get your own place and become independent. Then think about cars.
Not sure why you have a problem with them staying with their parents. It’s their decision and if their parents had issue with it, then he’d leave. But most parents enjoy having their kids around after being away to college. Also he’s 23, that’s still young
I’d say go for it and buy whatever you want to. You make great $ and savings for 23 and you’ve got several years before you settle down.
If not now, you’ll never live life. Do it now
I was planning on living with parents until I bought my own house. Actually ended up going 50% on a couple investment properties, and then only moving out when I got married and actually moved countries. I was going to say I would recommend this too, but tbh owning the home you live in isn’t as glamorous as it seems.
Shouldn’t you move out first?
Agree with D3.
Up to $75k.
I'm thinking of getting an Audi S3
Oh yeah the Tesla was actually my 3rd car purchase after an NC Miata at I think 20ish years old and I think about 65k base for like $7k and then a brand new ND Miata for +25k on top of the trade in and got a loan out for that one at 22ish years old and 110k base. I was only able to justify the Tesla while still paying for the Miata because I turned it into a little Turo business with the two cars.
Mentor
Personal question but not more than $30k even if you’re a real car guy. I’d prob try and get your parents used car or buy a used car for under 10k. That’s just me though - not a big car guy. Just takes me from point a to point b.
I’d buy a used car for 10k, put more money into things you care about. Travel/hobbies/family/more investments
But you can sense Op cares about a nice car though, right?
Depends
I’m at 130 base and drive a car worth ~60k (thanks Covid prices for appreciation). Which I bought for high 40’s on 95 base lol.
I have very low bills, own a house, and have a comfortable retirement. I don’t eat out / go to bars much and have been a “car guy” since I was a child
You do you, if you like cars, meet other bills/financial goals, and understand it is a “waste” of money, live life.
what car do you have
Look at total cost of ownership, not just purchase price. This is also an awful time to buy a car, so I would advise a top trim level of a less expensive car, than the inverse. Are your parents gonna wake up every morning and look at the Bimmer and see a giant middle finger in their faces? There are more dynamics in play here than simple monthly costs. Consider them.
As little as possible for a safe, reliable, vaguely socially acceptable car - think Toyota Camry, Honda Accord.
Every incremental dollar you spend above this is an investment you don’t make returning 7% over half a century or more - even worse if you are not maxing tax deferred savings.
Lifetime cost of a fancy car when you’re young is astronomical.
If you are a car person (not just a car consumer) use that passion to buy something undervalued and in need of love and do the work yourself.
You will absolutely attract the wrong type of mates living at home driving a flashy car - don’t tell the world you’re more about style than substance.
Build some real wealth, figure out your family and housing priorities and you’ll have plenty of money to blow on cars and other consumption later in life.
👎🏼 This put me to sleep 💤 live your life now! The enjoyment you will get from your car now at the age of 23 being single is not at all what you feel when you get older. Life changes dramatically, interests change. Excitement for things change. Get the car you want, enjoy your life! Life is too short not to have fun. Once you build real wealth, figure out your family have kids.....life gets dull and repetitive real fast! Do not get a car that you need to work on that’s a waste of time....get a car that doesn’t need any work and is under warranty so you are not constantly worried about what is going to break next.
Style > Substance. The only people who will say otherwise are the not good looking folks who have no sense of being drippy or have any taste and have no swag to be a P I M P
I wouldn't spend much. At your age you should be investing in self growth. Spend time on becoming a better speaker, listener, learner, and understanding the world around you. Establish healthy habits and hobbies. Continue investing consistently. When you get an itch to drive a nice car, rent one on Turo.
If you are a car person, get a nice car. My first car out of college with 0 savings at 60k base was a 40k Acura TL type S. It's still with me 15 years later has 160k miles on it and I still love driving it worth every penny of that 40k I spent.... Best decision I ever made for cars.
I have also leased other cars in the interim a g37, Qx60, S5 and currently in an XC90 as family has grown. All in All I have except the g37 the TL remains by far my favorite...
The g37 was a beast with a naturally aspirated 3.7L, worst decision I ever made was not buying it out.
People put too much emphasis on saving money when young and not enjoying life at times, who knows what life holds in the future. I would just be comfortable with whatever decision you make.
I’m a car guy, think manual Porsche / BMW, and I’ve always used my annual base (pre tax) as my msrp limit (goal?). I can hear the protests now, save more, ahhh screw it. I’m on track to retire with $4M in the bank having educated my 4 kids. Presently driving a GT3.
I personally think %50 of base is my upper limit even if I want to go wild. I had actually already purchased two motorcycles, a manual NC Miata, and then a brand new manual ND Miata by 22
$30-$35k max. Cars depreciate in value. Not a solid investment for the long term
Just make sure rent + utilities + car + insurance is less than 50% of take home, after solid 401K +HSA contributions.
30k
$50k
My perspective: buy used, under $10k. I've been living like that for the last 20 years and have saved SO much money. You can get a great functioning car for 6-10k (most of the time... COVID may have changed that) and have almost no depreciation and limited maintenance. I drive them for 4-7 years until the maintenance bills start to show up, usually sell them for less than $500-750 average depreciation per year, and replace.
I'll probably buy new once there's a true electric self driving car available (particularly if it's big and practical) but that'll be worth the extra cost to me. No new car in the last 20 years has had a feature I thought was worth it.
Caveat: I'm not a car person and believe that for 99 percent of people the joy you get from a nice car fades quickly
Tell me you’re spending daddy’s money without telling me your spending daddy’s money. “23 with $100k in investments”
Lol I haven’t spent a penny of daddy’s money and was in the same situation. It’s just about being smart.
Started working at 15 in family business(wasn’t actually paid at all)
Got GED and started college at 16 and graduated with an associates degree in an in demand field by 18.
Got a real job making 16/hr for 3 months and then got hired as a FTE in 3 months making 60k+ by age 18.
110 base by 21, and continued to move up from there.
Also lived with family the entire time so had very limited expenses. The majority of my few thousand in tuition was paid by Pell grant and scholarship’s for academic success, but yes, daddy did pay for the rest of my tuition which was compensation for working in family business while going to school.