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Rising Star
Yes, it’s a waste of money because a Corolla would get you from A to B just as efficiently.
But luxury cars are cool and you only live once. Lease whatever you like as long as it fits your budget.
All good advice. However I’ve never listened to any of it. I’ve driven Porsches , Ferraris, Rolls etc ... long before I should have and I’ve loved every minutes of it. Getting into an awesome car in the morning has always made my day better. Funny story a business development guru used to tell lawyers years so—which was to go out to the Bentley dealership and buy the biggest car there and you’ll love it so much you’ll find ways to generate business so you don’t have to give the car back. It’s worked for me I guess.
Financially speaking, it’s a waste. From a mental health perspective, that’s a different analysis.
We are all should to indulge in the things that make living feel good (to an extent). If that’s a Lexus for you, and you can afford it, go for it.
They don’t rap about Ford Fusions....
“Or the Lexus, LX, four and a half
Bulletproof glass, tints if I want some a**”
(Biggie reference for the kids)
Get a Range Rover. Waste of money? Sure. But if you want it, get it.
If you defined those 2 brands ass luxury cars, you probably need to wait more...
Depends on how much money you have. If you have a personal net worth of like 100k and you want to drive a range get out of here. If you have a much higher net worth then go for it. If you have a net worth less than 100k then I don’t even know how that came into your mind. My numbers are totally arbitrary but you get the point.
Chief
Is a Lexus a luxury car? I have a Lexus SUV and really love it but never considered it a luxury car. Lol
Is there an emoji for “privileged”? Yes, Lexus IS considered a luxury car.
Chief
Yeah it is. First ask yourself :
- do you have a 6 -12 month emergency fund/cash?
- will you be able to max out your 401k & Roth IRA with the additional car cost?
If yes, then go for a luxury vehicle cuz you only live once. But if you don’t have a safety net and your finances in order, no.
Rent said “luxury” car from time to time and drive it on trips or during long weekends. Each car its quirks, and just test driving a car might not be enough to make a decision.
Talk to car mechanics or friends on cost of maintenance of given luxury car, like regular oil change, transmission flush, wheel balance, tyre rotation, to begin with. You could also talk to your friends or family who own such cars to understand the maintenance costs and specific care these cars need. e.g. A BMW will not take your run of the mill $20.00 - $50.00 synthetic oil. It usually needs some premium brand of oil.
Look at insurance quotes for insurance on a brand new luxury car and see how it compares to the same car with a 50K miles on it (used car). That would also factor into the cost.
Add up all these along with the monthly payments on the car and see how much it will set you back and see if you can afford it.
Best wishes on your decision!
Tesla 😁