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Additional Details
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chong | Should I Buy My Dream Car? |
Ever since I got my first job I have been consistently saving a portion each paycheck in hopes that one day I would be able to purchase my dream car. I am now extremely close to being able to fully pay for my dream car but I am having second thoughts. My wife knows that I have been saving and she is alright with me buying this car. I am just wondering if this is the right thing to do with the money I have saved (in the ballpark of $130,000). It is a lot of money and I want to know if I should maybe put it towards something different. |
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Gem
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Before you plop down the cost of a house for a car, you need to keep the following in mind:
1. Insurance on a $130k car is going to be astronomical. Depending on your age and driving record you might be looking at more than $2000 a month for insurance. The first call I would make is to multiple insurance companies to get estimates so that I don't end up with a car that I can't take out of my driveway.
2. Registration and plates are going to cost a small fortune every year. I hope you really like paying taxes!
3. The MINUTE you drive a new car off a car lot, it loses about 25% of value.
Congrats on saving your money, but you really should be looking to your future as you can only hope that you will continue to be employed and able to save that much a month.
Having said all that, if this is your "dream" and you think not buying it will send you through life depressed and disappointed, then buying it may be worth it.
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X
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dude, just wait with this shaky economy don't make any moves, thats a bunch of money, and yea it will make you very happy but just wait a bit to see how things are going to go down |
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Adam
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it would help to know what type of car you're after here. i would say you'd be better off putting it into something else unless its some type of collector car that would appreciate in value or you're well enough off not to worry about it |
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Heather's mom
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You are to be congratulated for a bunch of things.
First, for having the determination to save until you have enough money rather than buying a car on credit (I hope you invested it wisely while it was collecting). Second, for discussing this with your wife and making sure you have her support.
None of us here know your financial situation so it's hard to give advice without knowing how much of your assets this will be. If you can afford the insurance and other associated costs, and it's something you really have always wanted and it's a responsible, informed decision, heck it's your money, go for it! Other people dream of taking time off work and sailing around the world, and this is the same kind of dream.
On the down side, is that money better spent on something less likely to depreciate in value? Do you really need a brand new car or can you get a better deal on a similar second-hand one? Should you spend the money on something for your family or security or future?
My best advice is, think of your situation ten years down the road, and how you'll look back on your decision. Good luck! |
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Sofaking8up
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I would sit on that cash Really, I would we don't know how all this financial ruin is going to turn out thats a nice chunk of change to get out of a jam. |
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Ret. Sgt.
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It's tough to say this since I have been between wants,needs, and good sense more than once. I had to get rid of my 1957 Chevy BelAir 2 dr hd top to get a family vehicle.
Personally, I would not do this. The economy is pretty uncertain at the moment. Protect the money you have and try to pay of all debt. It may be that your savings will keep you solvent when others are in soup lines. Ultimately, unless you preserve the car like a museum piece, it won't do much for you and even with a selection of herbs and spices, you wont be able to eat it if things get bad.
This sounds dire but it has happened a number of times in the US and more times in other countries. If it all blows over, then get the car. The only exception here would be if you have no debt, including your house. Your family is well taken care of if you die. You have a certain income level not dependent on the markets. Kids college etc is taken care of. And you have plenty more where that came from. |
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Michael L
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Well, i congrats you for saving that kind of money, not to many people are able to save and go on daily without touching their savings, nowadays. If you're having 2nd thoughts than maybe you shouldn't. Im sure by now you MUST own your own home, right, But hold this thought; in my neighborhood there is the house from time to time when i drive to go to the store i would see this car in the garage, very nice i might add, but in the driveway i see a beat up honda accord and a newer ford truck, but the thing is i never see the truck or the honda, the only time when i see "the very nice car" is when the honda or the truck in the drive way, with the garage up.
There are a few question you really have to ask yourself, you saved XXX $$$, going to buy this car, how often will you take it out? Will you take it to work everyday, drive it everyday like you would in your present car? Or would you park it, and just take for a drive now and then, and when you do drive it, are you so afraid that someone will ding it, in the parking lot of a grocery store by the shopping cart? What about the insurance on this and the annual renewal that you may rarely drive and depreciate.
Have you gone on a good vacation with the family, which will cost a fraction of your savings? Sometimes having a dream come true is wonderful, it's awesome! Is THIS the dream that you want to come true of all your dream.
Different people have different dreams, ask your wife and kids what their dreams are, consider what this can do for your family, in this economy. Remember the "hold this thought," people are losing their jobs and taking demotions to keep their jobs and their homes. Most people don't have what you have, a saving, consider your inform decision, don't ask us for advice, ask YOURSELF, you know the right decision, and i think you've made already, but just confirming your own thoughts.
Please take this as a constructive critism, because we've been through the world, we've been vacationing for the past 5 years off and on, by us not owning lavish vehicles, and our daughter has a college, and car funds. Again, please take this as a constructive critism. |
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delise@flash.net
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You are right to wonder. The economy is very unstable right now. Continue to save, and find out about the cost of equipping your car with a natural gas engine. Then you would be ok I think.
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Brandon V
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It all depends on the "dream car" i guess.
I'm sure it's possible to build your own car (if it's a classic) and save ALOT of money.
If you have waited a very long time and worked really hard, you should reward yourself.
Have some fun. =] |
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Mighty Guy
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if you are willing to work a little bit harder after you buy the car to get back on your feet, then GO FOR IT!! |
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maxmom56
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In 15 years, it's scrap metal. Buy something that will appreciate in value. |
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