What would you do living in Mountain Home, ID?

[TBR]

Still, in my mind to justify spending $30,000 on a car like some people here are suggesting, I'm saying you should be banking $65,000+ a year.

I pretty much agree with you, I was just pointing it out.

[GoCougs]

In relative terms, with $56k in the bank, no debt, and college paid for, you're better off probably than 50% of the whole country, and 90%+ of those in your age group.

In absolute terms however, unfortunately it's not very much. I'd just go with a basic vehicle that I'd cap at probably $10k or so.

If you want a cooler car, if it were me I'd make a plan NOW for a purchase in the FUTURE - set a time horizon, an income level, a target dollar amount, and work toward it.

[Rich]

I'd just go with a basic vehicle that I'd cap at probably $10k or so.

So what would you drive for 10k?

[J86]

I wouldn't spend anymore than 10k on a car either...I'd probably get the newest Saab station wagon I could afford.  their resale value sucks.  Ought to be new enough to not need anything tragically expensive, and I love 'em!  This is basically waht my buddy did.

[GoCougs]

So what would you drive for 10k?

Probably something real boring, like a used Civic.

[The Pirate]

Yeah, I have to say that if it came down to it, I'd probably go boring (or at least a bit more practical) too.  I dream big, but I'm stingy when the money actually needs to leave my pocket.

So, put me down for a $12K Tacoma, and a beater E30 for a project car.

[Rich]

Yeah, I have to say that if it came down to it, I'd probably go boring (or at least a bit more practical) too.  I dream big, but I'm stingy when the money actually needs to leave my pocket.

So, put me down for a $12K Tacoma, and a beater E30 for a project car.

What year Tacomas can you get for 12k?

[dazzleman]

What year Tacomas can you get for 12k?

Check out edmunds.com.  You can get a bunch of used car prices on there.

[The Pirate]

What year Tacomas can you get for 12k?

Okay, so put me down for a $14K 2004 Tacoma.

I'm sure I could get that guy down to $14K (less, likely) as a cash customer.

[S204STi]

I like Roy's idea of the sinking account.  Sort of like your own personal layaway program, assuming you don't intend on buying a car anytime in the immediate future.  If you're looking to buy within a year, I'm not sure how much good it'll do you, but if that's the case it wouldn't be a bad idea to start one for the car after next.

I stole the idea from Dave Ramsey, but yeah like you're saying that works best if you are planning for a car down the road.

[SVT666]

I would buy a low mileage 2005 Mustang GT outright.  They can be had for high teens.

[sportyaccordy]

Depends where I live

If I were to stay in BK, I'd do an E36 M3. In fact if I had the cash now I would get one.

If I were to move out of NYC, I'd get a beater like a B15 Sentra & then do a light turbo job on the E36 M3 for shits and giggles. Or maybe a 240SX with a VQ35. One way or another it would be some non-stock build and beater combination w/the cost of cars being less than 15K before parts.

I def. would find a competent backyard mechanic & body shop and not get anything I would cry over totalling, & just go with liability insurance. That's another mega factor right there. Geography is also a big factor in insurance too.

I agree that w/26K after housing a $30K car is kind of ridiculous. However there are a lot of really good bargains to be had if you go all cash. E46 M3s, S4s, etc if you get a stupid cheap beater + can deal with the above average maintenance.

[CJ]

 http://dallas.craigslist.org/mdf/ctd/1024653128.html


I'll buy that.

[TBR]

Normally I'd ridicule your for a completely useless suggestion, but that's a really clean 760.

[S204STi]

I don't get how owning a 30k car is ridiculous, if you paid cash for it anyway. 

[TBR]

I don't get how owning a 30k car is ridiculous, if you paid cash for it anyway. 

I was talking to CJ

[MX793]

I don't get how owning a 30k car is ridiculous, if you paid cash for it anyway. 

Whether you pay cash or finance, you still spent more than a year's salary on an item you'll keep for maybe 5 years?  Granted, you'll get some money back for it when you trade or sell it after that time, it's still proportionally a lot to spend.  I read an article that said your debts/payments/expenses should not exceed 36% of your gross (pre-tax) income.  This article was really aimed more at people financing a vehicle, since it focused more on month to month, but one could extrapolate out how much car you can afford to buy if you planned to buy outright using the same formula.  Figure out your yearly expenses, subtract that from 36% of your gross annual income and then multiply the difference by the number of years you intend to keep the car.

[Rich]

B15 Sentra

?

[Rich]

http://dallas.craigslist.org/mdf/ctd/1024653128.html


I'll buy that.

It's deleted, what was it?

[MX793]

?

Only B15 I'd want would be one of the early B15 SE-R Spec Vs (before they removed what little aggressive styling the SE-R had).

[the Teuton]

Who wants me to post a picture of my roommate's busted QR25DE(t) piston?

The SE-R Spec V version of that car was a great ride but otherwise an unreliable POS.

[MX793]

Who wants me to post a picture of my roommate's busted QR25DE(t) piston?

The SE-R Spec V version of that car was a great ride but otherwise an unreliable POS.

Yeah, the QR25 isn't a particularly good motor.  Seems to have a number of problems.

[S204STi]

I was talking to CJ

Sorry, I wasn't trying to butt in.  Just saying.

[S204STi]

Whether you pay cash or finance, you still spent more than a year's salary on an item you'll keep for maybe 5 years?  Granted, you'll get some money back for it when you trade or sell it after that time, it's still proportionally a lot to spend.  I read an article that said your debts/payments/expenses should not exceed 36% of your gross (pre-tax) income.  This article was really aimed more at people financing a vehicle, since it focused more on month to month, but one could extrapolate out how much car you can afford to buy if you planned to buy outright using the same formula.  Figure out your yearly expenses, subtract that from 36% of your gross annual income and then multiply the difference by the number of years you intend to keep the car.

Good point.  It would be very difficult to save for such an expensive vehicle in only 5 years on the mentioned income.  Also, the depreciation hit would hurt pretty hard if you paid cash...  either way, I see what you mean.

Personally I have decided to keep my car for another 8 years (total of 10) which gives me that leeway, but then I also figure on buying a used car when the time comes, some sort of rare enthusiast vehicle like a Saab 9-3 XWD Black edition or whatever it's called.

[Eye of the Tiger]

I'd buy a used Viper for about $25k cash. The rest of the money can go towards gas and tires.

[Payman]

Still, in my mind to justify spending $30,000 on a car like some people here are suggesting, I'm saying you should be banking $65,000+ a year.

Banking $65,000 a year? To justify buying a car at the average new car price?

[MX793]

Banking $65,000 a year? To justify buying a car at the average new car price?

Well, I think it's clear now that many average consumers spend beyond their means.  If most people spent within their means, you'd probably find the average price of new cars purchased would be lower.

And is that $65K before or after taxes?

[Payman]

Well, I think it's clear now that many average consumers spend beyond their means.  If most people spent within their means, you'd probably find the average price of new cars purchased would be lower.

And is that $65K before or after taxes?

He said banking 65K/yr... not earning 65K/yr. You'd realistically have to make over $250K/yr to be able to save that much.

[MX793]

He said banking 65K/yr... not earning 65K/yr. You'd realistically have to make over $250K/yr to be able to save that much.

I took "banking" to mean making/earning, not necessarily saving.

[TBR]

He said banking 65K/yr... not earning 65K/yr. You'd realistically have to make over $250K/yr to be able to save that much.

Pretty sure he meant earning.

Regardless, you don't have to be making near $250k/year to be able to save that much.