Got a job making roughly 50K a year, Not enough to go out and buy a corvette or anything of that nature, but what fun car can i buy?
I live in Canada and currently drive an econobox worth about 5K, Don't have many Hobbies except gaming and I got abit of debt i want to pay off. I have no brand loyalty and i'm open to just about anything, the higher the horse power the better.
What should i get? What year? What options etc...
pic unrelated.
No more than 20% of yearly income if you make under 100k in my opinion.
15K total... hmm, not to much fun there. Some infinity G35s maybe, old GTI?
How much do you have for a down payment? How much other debt?
> This huge vehicle
> Only 4 door
> Rip in piece Mercedes.
FD? You can get a pretty stock one for 12-15k here.
import some weeb mobile?
fiesta st
>20% of 50k = 15k
uhhh
>you must make 100k to buy a 20k car
that is just silly man.
I'm a BMW guy so e36 m3, e46 m3, e85/e86 z4m, 135i
>50k
>Canadian money
>38k in real money
The guy saying not spend more than 20% of your yearly income is no fun, but he's right. Judging by this post I'm guessing this is the first time you've got anything close to actual money. Don't fucking waste it. I would absolutely try to keep this thing under 20k
I'm assuming you're relatively young, take the extra money you were going to spend on a car that you won't care about in a few years and start saving for a house (you're really going to want one of those at some point, and they're fucking expensive) or start investing it for your retirement.
Same here 21 and thinking hellcat or cobra
Get a speed 3.
/thread
Dont make the young guy (and assuming first real job) mistake. Pay off your debt first, max out the Canadian equivalent of your 401k. If your employer offers matching contributions you'd be an idiot to not at least get their max match. Once all that is squared away, you'll be in much better shape to get something really fun. For now, check out a used Mazdaspeed 3. Cheap and actually semi fun.
>or start investing it for your retirement.
>401k
don't you ever feel like that money is just being wasted? I'll make two fold what I do now in a decade and I don't even know if I'll live to be that old. plus the market is shit my return last year was less than inflation, thank god for company match
>I got abit of debt i want to pay off
I wouldn't recommend it.
>focus on paying off your debt
>save money
>pay off debt completely
>have a larger lump sum to put as a down payment
>get a better interest rate with no preexisting debt
GTI or a nice E36
Agreed. I second the motion. Affordable, practical, great hp.
strip to the bone crx.
You could get a G35 or even a G37. In Canada they are about 15k, 330hp for the G37 with an amazing engine. Honestly thats what I would go for. Really reliable, cheap to maintain, fuel economy is ok. BMW 335i is faster (less power, but less weight), and you can tune it to 350-380whp easily, but they leak oil and they are unreliable.
Mazda Speed 3 is good if you can drive a stick.
If OP lives in the Vancouver area, or the Toronto area, houses start at like 650k for a tiny 1500sq-ft. Fucking chinks ruined our economy. If you want a house to live in and raise a family, you need at least 800k RIGHT NOW. 5 years from now who fucking knows.
Sort of, but I'm not going to start day trading and it beats hiding money under your mattress or buying an expensive car and watching it depreciate like a stone. Or putting it in "savings" and get 0.3%.
When you're young, you've got time on your side. I'm not a finance guy by any stretch, so Google how time money works if you want an explanation, but to me a small gain is better than any loss, any day.
These are 19k in Canada....
>a small gain is better than any loss, any day.
Agree with this.
I know it is the right thing to do, it just still feels like speculation imo. Like i'm betting on myself living to be old as shit and also betting i'll be poor as shit when i'm old.
idk. whole thing is weird to me
I know that feeling user, trust me though. Chances are, you're not gonna die tomorrow. Buy a cheaper used car (or maybe a bike) for ~$10k, maybe something like niceish wrx, and enjoy it.
meh I got a BMW M, a shitbox, and a sport bike. I just feel like that money going in that 401k is something I'll never see. I put 5%? pre-tax in to it and I'm not poor but I feel that $400 a month more cash flow could be put to good use.
Well if you want to use it and are comfortable with it not returning, why not put that into savings and sign up for some amateur racing with the shitbox?
Well, you could do it my way. Forget an expensive street car, that's just a rapidly depreciating asset you will get tired of in a couple years anyway. Instead, pay off your debts, then swap your shitbox for a shitbox truck. Save up your pennies, and get into racing. The money normal people spend on car loan payments and expensive full coverage insurance is much better spent on slicks, purple fuel, and entry fees. A shitbox gets your groceries just as well as that mercedes it just doesn't look as pretty in the driveway.
because...that is financially unwise? idk i'm tossing it around but my company gives me 5% 401k for free then matches my 5% with 4%. So, 14% income pre-tax to 401k is pretty sweet. I just hope I live long enough to enjoy it.
>amateur racing with the shitbox?
trust me, lemons with the broken down dsm has been thrown around many times...
>I got abit of debt i want to pay off
>HEY LETS BUY SOMETHING ELSE
t. Americans and crypto Americans
New cars are financially unwise homeboy.
Hey, when your earnings are in line with most other professionals it's either financially responsible, or stupid. Do the 401k, it'll pay off long term and really isn't that big an impact right now. I personally would probably kill myself before 60, so a long term investment really isn't my area of expertise, but that's another thing altogether.
I only own used, tho I am kicking around buying a new M2 in a few years, but that will be a forever car.
> I personally would probably kill myself before 60, so a long term investment really isn't my area of expertise,
Aaaaaand that is half my issue. I will exit this world on my own terms. And it ain't goona be long after 65 considering reasonable statistics.
In that case, do what I do. Enjoy what money you do have, use it in dangerous/stupid ways. Just don't get into debt. Debt will fuck you up and prevent you from enjoying what you do have. Buy a small place with a couple of years savings somewhere where housing prices will allow, buy a variety of cars and enjoy them.
it's a bit of a blog but my personal dream is to just like in a small, one room, apartment/garage. a little room with kitchen and bathroom, and a door straight into a 2 car garage. all I need really.
I drive an 05 infiniti fx35. Very nice ride. Good in winter too.
>it's a bit of a blog but my personal dream is to just like in a small, one room, apartment/garage. a little room with kitchen and bathroom, and a door straight into a 2 car garage. all I need really.
As long as it is on ten acres with my own shooting range of course. Big ass steel pole building with an apt is my dream.
>Just don't get into debt.
School. It is what it is tho.
Wow, thread actually went somewhere, I'm OP.. though it died.
The vast majority is saying pay off debts before anything else. You're right! I'm gonna do that.
Others say do some 401K stuff. I don't know what that is. I've worked, put money in the bank and taken it out to pay bills. That's it. So i'll research what that is and why i need it.
Some say get a Speed3, i would love to. But i can't drive stick and spending so much on a car to learn can get expensive me thinks, plus i do love the convenience of auto.
Some say G35, G37, Which i'm seriously considering. Problem is they are very popular here in Vancouver. Getting one in good shape that hasn't been beat around by some rich kid won't be easy.
Someone said Fiesta ST. I like it, pocket rocket would be interesting, though Ford transmissions from 2012-14'ish were absolute shit from what i read. So kinda risky.
Keep the suggestions coming tho. Awesome to get some feedback.
>le buy a house meme
FUCK that. And fuck you.
What am awful idea
Bro you live in Vancouver, Have you considered an import to make the American'ts jelly?
They're literally like 10-13k low mileage. Just make sure it's not coming from Fukushima
>z4m
More than he can afford, bub
I agree with the other guys OP. Buy something $15k and under. You can still get something fun but paying off and saving up is a good idea. Not that I have personal experience I'm still in school and drive an econobox myself.
Learn stick, I literally did it in 3 hours so can you.
>canadian (monopoly) money
yeah missed that one lol
I think that would bump up the price significantly. Plus i think there are some laws on the age of car you can import. 10-15 years or older or something like that.
Still, a cheap old skyline would be amazing! A guy can dream.
15K limit, Hyundai genesis V6?
Learn manual. Seriously. It's really not bad for the car at all, you'll just need a clutch replacement a few hundred miles sooner. And it'll make driving so much more fun
this
just buy the manual. you aren't going to hurt it by learning. you hurt clutches by being a shitty driver for thousands of miles, not by stalling it a handful of times.
Just save 2 years and get a corvette u faggot
>not making countless of variations of your cars so there's always a Mercedes for everyone
Shit, they sold those little Smart cars at a loss for ten years because there was a demand for them (Europe).
Just finance/lease if you cannot afford whatever you want yet...
Example:
You can only afford 15 grand/year for a car, that is already above 1 grand/mo for leasing/financing a damn car. You can literally go and lease a Lexus GS-F for 900/mo and that doesn't include insurance.
Ofc, by the end of the lease (3 years) you will have to decide to buy or no. Lets say you buy. By that time, you should be able to buy it off (car is 80 grand, you spent ~36,000 leasing, so ~44,000 left) because you make roughly 50k/year.
This is just an example for a car that might be out of your pricepoint. The point is, lease/finance the car you want at the moment. If you REALLY want to buy something expensive and fun, you should save up and buy in cash USED.
I would say a general rule of thumb is the monthlies shouldn't be more than 20% of your after tax income.
Im in the same boat and I went and got a low mileage 2011 G37 IPL. Love it to bits.
Don't finance/lease a car until you understand what a 401k is and if your employer offers it (assuming you're American)
I wouldn't finance a car at $50k a year salary
also learn some basic personal finance skills for gods sake. lot better use of your time than buying a stupid car and getting fucked in the ass over it for the next 10 years or whatever
/thread
>getting fucked in the ass over it for the next 10 years or whatever
wait is it even possible to finance a car over such a long period of time?
not saying i would, just grimly curious if people actually do this