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Chief
Dallas isn’t bad, but what are you driving for $1k/mo?????
I have a 2021 S4 I bought new for $60k. I was making 120 and my net worth was less than yours. You'll be fine paying rent in Dallas and having a new car, but it will definitely impact your savings. I'm in my 30s and insurance is nearly 2-300 a month... gas is expensive... it adds up. So consider your savings plan.
That said, if you'd just be spending that $ on rent instead ... 🤷🏼♂️
Rising Star
Illinois has 4.95% state tax, Texas has 0%. ~$6.5K saved in taxes, or about $540 every month, which you can divert towards that $1K monthly car payment ;)
No, it’s in place of the car payment. Public transport or Uber/taxi everywhere. Would it add up to $12k? Who knows? But having a $1k /month car payment at your age and salary is insane.
$1k is a huge car payment anyway, but especially if you “don’t know what’s affordable” for yourself. That’s a dangerous amount of money to put into something on that salary IMO. If driving a car is more important than traveling, eating out, possibly more then having the apartment you want then maybe.
Move to Chicago for a few years and then move to Dallas later to be closer to your parents. Chicago is great when you are young if you can handle the cold.
Sir I’m gonna need more options to play this game
Keep in mind that the BMW will be less than half its MSRP within 3yrs. Might wanna consider either used or go with something more reliable and affordable for the long term. 1k/mth is too much for a car imo.
I just sold my 5 year old 540 for ~60% of msrp like two weeks ago. I know times are wild but you never know 🤷♂️
You don’t need a $1k/month car lol Not sure why this is phrased as if that’s your only option.
Chicago 100%!
Shoot for an older 540i or M5 🕹
M5 just isn’t a practical daily driven car though. Better for second car
Everyone voting Chicago but I’m going Dallas based on the weather, taxes, and the cleanliness of the city (at least from what I’ve seen).
Regarding the car, I’m the same age and make the same money and wouldn’t take on a $1k car payment in a million years, but cars just aren’t my thing. It sounds like you saved a lot the last few years living with your parents, so maybe the car is a nice reward for doing that. It’s truly a “you” decision at the end of the day.
Philly
Byob in Chicago is super common
Realize this conflicts with most yuppies, but I’ve considered owning a sportier car as an experience, similar to how other folks view spending on entertainment and travel.
Hop into a bucket seat, push down the clutch, fire up the engine, find an open backroad with some twisties, ahhhhhhh
Know it takes a certain breed of enthusiast to see it this way tho
Carry on, young padawan 🙏
Storytime: bought my car for $40k, just about ten years ago (mid 20s). At the time, I didn’t have any debt and lived pretty frugally for the few years out of undergrad.
Noticed how hard it was going to be to get a car with the specs I wanted (four doors, stick shift, RWD, decent power), so pulled the trigger. And not once regretted it. Still own it actually, only put 5k miles per year on it (commuted via subway then WFH). Feels great to have a fun car that I look fwd to jumping into. Not to mention some unforgettable road trips (my boys and girlfriends might not have appreciated the spirited driving in the mountains, but I sure did)
I think you are in line with most “yuppies”. I expect we will get to a place where private ownership of a car is a luxury to enthusiasts. Others will get their enjoyment through rentals. You will need to get out of the city to enjoy your hobby as the cities are not going to subsidize the hobby with free parking and roads.
I’m in Chicago without a car and I enjoy driving and road trips. I have a ZipCar subscription which I use mostly in the winter for running errands. I’ve also rented cars for road trips or weekend trips, and I enjoy getting to test out different car models every time!
I track my car-related expenses in a spreadsheet and when all is said and done the rentals and ZipCar are less expensive than a full year of car payments, maintenance, and insurance would be
You can definitely sacrifice the sports car for now, especially with where interest rates are. As for Dallas v Chicago, I live in TX and the lack of income tax+cost of living really makes it hard to consider moving elsewhere.
Right out of school in 2017 I bought a $27k Mazda (brand new - my only regret) and paid it all off within 8 months. Haven’t had a car payment since, and it’s the greatest feeling. With what I’ve saved as a result, I could have traded in and purchased a much nicer car with cash if that were a priority to me at 27 (it’s not, but to each their own). Highly recommend not taking out loans on depreciating assets, and if you have to, get rid of them quick.
Don’t get a German car. I bought an Audi when I was young and have wanted to get rid of it ever since.
Always something wrong with it and maintenance is absurdly expensive.
We have a Mazda CX-5 that I actually vastly prefer driving. Go reliable with Japanese or Korean and save yourself some money in the process
I personally believe it depends on the car you buy, 330e has student discount for $1000 plus tax rebuttal for $5000 which makes a car worth it to buy, A CX5 would be somewhere around same I'm today's market.
Stay in Texas! We have it so good here with year round sunshine.
I'm in DFW. A bit older than you and past my city days so I'm in the suburbs, but Dallas has a lot to offer. I'm also from Chicago and started my career there. I really loved it but winters were no longer worth it to me after 5 years (the gloom is real). I do miss the ease of public transportation so the car concern is legitimate for TX. I would agree with those that suggested a less expensive car, but that's your choice. There's also the perk in TX of no income tax and I generally feel safer in Dallas than Chicago. How important is it for you to be near family?
Both are great options. Just my experience.
If money is an issue, get a cheaper car. I wouldn't move to Texas but everyone there drives a truck anyway.
Depends on what qualifies as affordable to you and what kind of lifestyle you want?
As someone who has lived here for almost a decade its increasingly unaffordable. I live in Uptown, nice building but nothing crazy and pay 2K/month. Paid 1.6K last year. The plus side for you will be being able to go home whenever though as flights from Chicago to austin will add up.
To me Chi vs Dallas is very much a do you want to live in a city or in a more suburban place. Dallas has pockets of walkable neighborhoods but nowhere near the levels of Chicago.
Also, it sounds like you don't own the car yet. Would strongly advise something cheaper - maybe a 1-2 year old car. It's not as sexy but nothing about being a self supporting adult is. I lived with my parents for my first few years working too and parting with that much money a month seems unwise even if you have it
Rising Star
I love Chicago. Lived there for 16 years, moved to Houston for 9 years to try out a new place / climate, and ended up moving back to Chicago.
My favorite apartment in Chicago was a place called Spoke in River West. It was right at Milwaukee & Chicago, so very transportation-centric and I didn’t need a car. Also very walkable to get to downtown and West Loop.
Stay with your parents. Rent free and in Austin!
Save big and take vacations wherever with the money you save
I’ve lived in tx and Chicago and nyc. I’d pick Chicago every time as a young person. Presuming it’s still safe in Lincoln park / wicker park. It is a really fun city and the trains/busses are more reliable than nyc.
Chicago > Dallas