how do you guys pay for cars?

If I had 70k in the bank I would spend the same as if I had 1 million in the bank: A couple thousand on a simple vehicle that runs well and will last a long time.

If you'll have cash in the next year or two then buy it in the next year or two when you have the cash.
 


i personally paid cash and don't regret it. for one it worked as an excellent goal and two i didn't get ripped off by finance terms etc.

i'd say wait and work harder until you can afford what you want, 3 times over. then buy it guilt free ;)
 
70k in the bank... do you have a house, mentioned you goto college so loans? or are you going to live in your car?
 
Paying cash for an expensive car is a complete waste of money. With the economy where it is it's not hard to find a dealer that will lend to you at 0% interest. Throwing $20,000 in cash on something that loses 15%+ of its value the moment it leaves the lot is ridiculous.
 
Slightly used helps(after a 1-2 year lease or repo).
Getting financing at a credit union is a huge win.
Shop for the car after you get financing!!!!

With that said, I dont have a car payment. Thats just your best bet with financing

You only learn after you do it. I was the same way when I got my sweet like candy bmw, about 3 years ago. Not a big deal anymore. Not planning to get a new car till this one dies.
 
Hello friend,

If have lot money in bank maybe should use for buy house and not car very expensive.

Car is asset that go down value fast. After 1 or 2 year lucky if can sell car at half price buy.

House can go up value in long term now that bubble of real estate over and many price cheap.

Payment for house no as expensive as appear because if have house no have pay rent every month.

So instead buy car very expensive maybe buy a house and car price average.

Good luck bro
 
sumitdhawan09 said:
Hello friend,

If have lot money in bank maybe should use for buy house and not car very expensive.

Car is asset that go down value fast. After 1 or 2 year lucky if can sell car at half price buy.

House can go up value in long term now that bubble of real estate over and many price cheap.

Payment for house no as expensive as appear because if have house no have pay rent every month.

So instead buy car very expensive maybe buy a house and car price average.

Good luck bro
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Teh mutha fuckin WIN.
 
hermioneepicwin.jpg
 
You know you went straight to the question of whether you should lease a car. I am not totally sure you could even lease a car that expensive.

I have never leased a car but I know you usually need spotless credit, a good job with payment stubs, and no criminal or tax problems. I think that depending on the lender they may require you to be 25 years old.

Leasing also requires you to keep very good insurance on the car. Another expense.

If you went straight to college and finished in 4 years these may not be true.

Plus leases are mostly for company cars of companies that need new cars every few years.

Why dont you get a used BMW 3 series. A few years ago when I was in the USA, used M3s with automatics were going for $20,000 that were about 3 years old. That is just broke in for a BMW and the autos tend not to get beat on if that works for you.
 
sumitdhawan09 said:
Car is asset that go down value fast. After 1 or 2 year lucky if can sell car at half price buy.
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Listen to the man. He knows Shiva.

Cars are a very bad investment. Would you buy a stock that is sure to lose half its value in a year or two? I'd buy a used car in the model you like and save a bundle. Let the hotshot who sold it to you absorb the loss. That, or buy something more reasonable and use the money for business or other investments.

What I did: Paid cash with estate money. I purchased a Toyota Yaris liftback, the cheapest new car around, one that cost less than many quality used cars. It looks cute, has great gas mileage and has been very dependable. I love my Blue Boy.
 
I really don't see the point in trying to have a nice car if you can't afford it, you might never know what opportunities might present themselves in the amount equal to your down payment.

I know there are quite a few things I wish I wouldn't have spent money on, as I had chances to make serious cash on things I ended up not being able to get into.
 
schockergd said:
I really don't see the point in trying to have a nice car if you can't afford it, you might never know what opportunities might present themselves in the amount equal to your down payment.

I know there are quite a few things I wish I wouldn't have spent money on, as I had chances to make serious cash on things I ended up not being able to get into.
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im probably going to just get something used. i just need to get rid of my civic.

if anything i would rather invest in real estate .. and i know how quickly cars depreciate but the point i was making is that by leasing the bmw it will only cost me a little more than 10k for 3 years
 
leadsupplier said:
def good advice ... ur right i dont want to over extend myself ... but i'm wondering how much of my bank account to even spend ...


say you guys had 70K in the bank ... how much are u spending on a car?
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i have many times that in net worth and my car cost 2k. When I have a few million I'll buy something nice. Rather pay off the house first. Also, I'm never buying anything I can't pay for with cash.

My advice is to have at least 6-8 months capital in the bank at all times. More if you are saving for something (like a house)
 
ya real estate ftw. get a subaru or something you can fit supplies in. ballers don't have to drive cool cars, that's some bullshit. if you've got to squeeze ANYWHERE just to make room for a nice car then you shouldn't have one. I just got out of college a few years ago, you should be maxing your roth IRA every year before you even think about a car. Investments at your age are worth their weight in platinum over the long run. I make some monies because i work my ass off and i still don't have nice shit lol. it's all invested. When I'm renovating a rental, I LIVE in that shit to save on rent, no heat / hot water sometimes. when it's done, I move to the next one. Some of my construction crew have nice houses and think i'm crazy, but really, they work for ME, on buildings that -I- own.

/long story: take the bus till you've got 60k, then spend half on a down payment for an investment property, 5k on a used truck that runs (and can fit building supplies,) and the rest on a diversified stock portfolio. Respect the passive income game before you make any large dumb purchases you can't afford.

Solid investment property can certainly be had at <120k for sure. find a place where your mortgage can be about <40% of your rent roll and you're golden.

your 5k truck should last you a lot more than three years, and you own it.

GL

-ss
 
soulscience said:
ya real estate ftw. get a subaru or something you can fit supplies in. ballers don't have to drive cool cars, that's some bullshit. if you've got to squeeze ANYWHERE just to make room for a nice car then you shouldn't have one. I just got out of college a few years ago, you should be maxing your roth IRA every year before you even think about a car. Investments at your age are worth their weight in platinum over the long run. I make some monies because i work my ass off and i still don't have nice shit lol. it's all invested. When I'm renovating a rental, I LIVE in that shit to save on rent, no heat / hot water sometimes. when it's done, I move to the next one. Some of my construction crew have nice houses and think i'm crazy, but really, they work for ME, on buildings that -I- own.

/long story: take the bus till you've got 60k, then spend half on a down payment for an investment property, 5k on a used truck that runs (and can fit building supplies,) and the rest on a diversified stock portfolio. Respect the passive income game before you make any large dumb purchases you can't afford.

Solid investment property can certainly be had at <120k for sure. find a place where your mortgage can be about <40% of your rent roll and you're golden.

your 5k truck should last you a lot more than three years, and you own it.

GL

-ss
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you sir make me want to know a lot more about what you do. I have wanted to invest in real estate since i could remember, and the part about living in the house w/o heat is exactly the sacrifice i was willing to make to achieve my goals... now i just need to figure out the right route to take

what is a roth IRA btw?
 
leadsupplier said:
what is a roth IRA btw?
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No offense, but you should definitely figure this out before you invest in a money pit like a new car.

I understand the temptation to get something you've always wanted when you feel like you have the money. I'm sure everybody here knows that feeling. The key is to resist the temptation and do the smart thing with your money.

It's tough, but it's part of growing up. I'm not trying to be condescending, but you are young and if you learn how to handle your money responsibly now, it will pay you HUGE dividends later. I'm still cleaning up messes I made with my finances from years ago. Finally, I've started to get things straightened up, but because of the past I've got a lot of catching up to do.

Don't make that mistake now, or you'll continue on the same path until something shakes your world.
 
I bought a slick used 325Ci for $18,000 paid cash for it. Its been such a great investment. I mean not including the 7 speeding, excessive window tint, and red light tickets its gotten me. I love it.
 
Guys, you're not talking him out of this BMW. One you get your head around the idea of getting an nice car, you'll pretty much tell yourself anything to justify the purchase (lease).

Seriously, if you just have to get this ride, on the luxury imports, leasing is the way to go if you can't pay cash. Do a 24 month, no longer than 36. Most of these leases will only be 10k miles a year, so if you know you're going to do 12 or 15k miles per year, be sure you let them know so they can adjust it. It's going to cost more for the mileage, but better pay for it now than in excess mileage penalties after the fact.

You're not pissing money away on a lease. You are just paying the depreciation and your part of the use of that vehicle. Sure you don't have anything to show for it at the end of the lease, but you're payments were considerably lower than if you had purchased, and you don't have to bear the financial burden of how much that car ISN'T worth. Let BMW financial take the hit of value.

When you go it, just make sure you know exactly how much you're paying for the car. If they say you're paying $500 over sticker, make sure that exact number is on the "Capitalized Cost" line before you sign anything. That's essentially the selling price line on a lease.

Never say "I want a $750 a month payment". This gives them all the leverage to lay you away. For all you know, you could have got the car for $100 a month less, but now it's profit for them. Get a number in your head that you want to pay, whatever it is, and go in with that number and work up from there.

Better yet, call up and ask to speak with someone in their Fleet Sales department. These guys do corporate and business sales & leasing. They will get you a much better deal and generally won't bullshit or waste your time. Dealing with Fleet is the only way to go. That's what I did for the past 14 years, for Chrysler, Jeep & Dodge.
 
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