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Purchasing an expensive car with loan and pending expenses

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  • #31
    Originally posted by Kamban View Post
    When I saw the title "expensive car" I imagined it to be a 60K + gas guzzler like an Audi or BMW that also will cost an arm and a leg to maintain. And then I clicked and it was a just a Tesla M3. I suspect it must be the SR+ based on the price of 40K. One that I also have.

    I am not in favor of getting a beater car. If your job demands that you be on time and also take night and weekend calls, you need a reliable car. Something <5 years old, well maintained. Not a 20 year beater that a friend used and one that could break down i the middle of the night with costly repairs.

    If you want to use one car for a long time, get the new Tesla 3. After a couple of years you can give it to your spouse and get the Y or something else. Make sure you have reliable charging and that you are not planning long distance trips on a SR+. You can do so on the long range version, but it will be painful on a SR+ with a real life 170 or so mile range. It is a great car for work, in town driving and short trips.
    I agree. I drove a lot for work in the last 7-8 years. I considered it an investment towards my work. If OP was buying a 75-100000 car, I would advise against it, A decent new car like honda civic or corolla , I assume would cost around 20,000. I think if OP is careful about other expenses, which I assume he/she is from the post, I do not think $20,000 would make a big difference. A reliable car and peace of mind are very important to me. But, its just my opinion. I am sure , many on the forum feel different about a new car.

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    • #32
      I'm a car person. Get the beater, & beat it to the edge of death. This is the only time you can justifiably own & drive a beater without being super shamed. And I can say, the lack of worry... the care free nature of a beater... "ooooh, that's a new ding... & scratch, matches the others", "yeah I'm just gonna park right....here", "I want the cheapest oil & coolant this shop has... do you have used oil here???", "yeah we can go in to [sketchy town] today, I've got the 'unstealable box' out today".

      There is a certain enjoyment I only can get out of my beaters compared to my "nice" cars.

      In 1-2-3 years, get a "nice" car for cash.
      "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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      • #33
        Just wanted to make an update. I read all the replies here and it seemed that the majority opinion is that I can afford the car, but should still hold off on buying the car for a few different reasons. It pains me to say it, but I do think you're probably right, so I am going to go with a more affordable used car option (not a complete beater though because I do have to drive quite a bit for my work) and focus on getting rid of that loan first. I'll still have eyes on the M3 in the near future.

        Thank you for your advice.

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        • #34
          Originally posted by Mnspine View Post
          Just wanted to make an update. I read all the replies here and it seemed that the majority opinion is that I can afford the car, but should still hold off on buying the car for a few different reasons. It pains me to say it, but I do think you're probably right, so I am going to go with a more affordable used car option (not a complete beater though because I do have to drive quite a bit for my work) and focus on getting rid of that loan first. I'll still have eyes on the M3 in the near future.

          Thank you for your advice.
          That’s wise. You’ll be happy you did.

          And, like you said, you don’t have to get a beater. You can get a nice used Honda, Toyota, etc for very reasonable prices that shouldn’t give you any trouble for several years while you tend to your other, more immediate financial needs.

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          • #35
            Originally posted by Mnspine View Post
            Just wanted to make an update. I read all the replies here and it seemed that the majority opinion is that I can afford the car, but should still hold off on buying the car for a few different reasons. It pains me to say it, but I do think you're probably right, so I am going to go with a more affordable used car option (not a complete beater though because I do have to drive quite a bit for my work) and focus on getting rid of that loan first. I'll still have eyes on the M3 in the near future.
            Thank you for your advice.
            You made a wise choice, with whatever you choose.
            Anecdotally, I lost this discussion with my daughter. With the threat to comp, she had some anxiety. The “beast” was never second guessed.

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            • #36
              If it hasn't been said yet, this post looks like one of these "can I afford it" segments on the Suzy Orman show. Yes, you can afford Tesla M3. No, you shouldn't do it -- live like a resident, buy a 5-6 year old car with under 80K miles, drive that for 5-6 years. But it's only up to you to decide what you value -- you only live (& are young) once... if I was a young, single guy coming out of training, I'd be tempted... but with a lot of student loans and other obligations, I personally prefer peace of mind, and "stealth" financial security than conspicuous consumption.

              Oh yeah, and though Tesla model 3 is pretty cool, there are other pretty cool cars (electric & otherwise) coming up the bike pretty soon: Rivian, Tesla cybertruck, RAV4 prime, VW ID cars and microbus...

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              • #37
                i like how much of this thread has been directly addressed in many of WCI's car posts.

                reliable car: come on. a civic w/ 120k miles that has been maintained is reliable. unreliable is a 25 year old s10 with a rebuilt tranny. as WCI has said (and I agree as a fellow EM doc) many docs don't even call us back for 20 minutes. especially nowadays, your car doesn't start? phone, uber, you are 10 min late.

                you're a car person: again to paraphrase the oracle, i'm a Four Seasons person. i don't stay there b/c i can't afford it.

                the biggest argument against this car isn't the affordability, you can afford it. it's continuing to flex that saving/investing/want vs need muscle. the longer you can exercise that the better you do. when you buy what you "deserve" what you deserve gets bigger and shinier.

                i am pushing 40 and have yet to own anything that is even remotely like what i really want. what i want costs $65k. what i drive is worth $14k depending on how much people like non-scratched paint. my car before that was a $600 bike and a bus pass. guess where that saved money is? i'll give you a hint it starts w/ "V" and ends with "TSX." and there's quite a bit of it now.

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