Thinking about leasing a car. I know there are a lot of factors that impact how much one should spend, but are there any good rules of thumb about how much of your monthly salary should go to a car payment (kinda like how there is for rent). For context, the car I like would cost ~$870/mo (I know it’s a lot of money) but how did you think about the luxury v cost trade off?

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This would be completely up to personal preference. Do you care about investing a ton of cash and growing it to tens of thousands of dollars? Or do you genuinely enjoy having a nice car?

I go for whatever is cheapest and roadworthy. My excess cash I either invest, or use to travel. I travel about once every 1-2 months. Some people might think that’s a waste too, and have their own desires to spend on. To each their own.

Really is up to you. But I’d say if you want a nice car to impress other people or a date, they may not be the right people to attract. If it’s just for you, then go ahead

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For $870 a month, I could Uber every time I left the house and still have money left over.

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Rule of thumb: never lease. It’s a scam that targets poor people

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How much do you make and what’s your discretionary income before this.

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Also what car is this

Leasing a car is the most expensive way to drive a vehicle

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My lease is $330 a month. I have no maintenance issues and it’s a great car. Is it sexy? No, but I’m not a car person and don’t care. Spending $500-$1000 more per month on a car is 6000-12000 a year on a depreciating asset you don’t even own.

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I bought a car and I pay about $1500 some would say that’s a lot but I also didn’t want to worry about maintenance and all of that and prefer to drive in comfort and peace of mind. I could Uber sure but weird drivers, dirty cars, long waits sometimes, disrespectful drivers, were just a no go for me personally.

The point here is pick what works for your life and not what the rest of us think. If you are stashing away enough money into your savings and investments, do whatever you want.

Lmao, get whatever you want as long as you can afford it and it’s within your spending/savings priorities. Nobody is going to care about your car but you.

Ya this is fair. Clearly its a very personal choice. I live in a super cold city and fantasize about the luxury of driving to work, friends, dinner etc vs walking or ubering. AC2 makes an interesting point though. I probably avg $16 per Uber ride, which means I’d break even with 5 Ubers per month. I definitely exceed that every month.

I make about $250k and am 27 years old. Feels kinda weird flexing a RR at this age and this pay band so thinking I’ll hold out and start with a more mainstream ride.

YEP. Can’t believe I just made that mistake.

I believe there are some tax benefits associated with leasing, at least in Canada. Specifically as a way to write off business expenses if you're a business owner or sole proprietorship. Could be other tax credits too, if there are it could be a factor to consider.

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