Search found 15 matches

by VWENX
Fri Aug 11, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

I have to say I am very surprised by the overwhelming NO answers. Why save money if can't spend it? Let me rephrase the question and see if the answers will be different: Can OP afford to reduce the saving rate from 60% to 30% for two years? then maybe back up to 40 or 50% afterward? I think the an...
by VWENX
Fri Aug 11, 2017 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

bloom2708 wrote:With all the yes and no, I am leaning to the buy side.

How about a CPO or one with 10k miles? Start at $50k or $55k vs. $70k would help my psyche.

Go do it and report back often. :D
CPO is a consideration but there's limited inventory.
by VWENX
Fri Aug 11, 2017 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

Just looked back at your numbers and you would be destroying your liquid savings to do this. Also, I think you need to get some real sense of what the renovations cost because we've be constantly surprised at how expensive they are. I'm not sure how on board your spouse is with this expensive car, ...
by VWENX
Fri Aug 11, 2017 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

I think the OP is too BH :shock: You can afford it, go ahead and splurge. Tomorrow I am going to put down a deposit for a special order Mercedes going for $165k. Even more silly at my age. You only live once. Looking back over my 73 years, my rules-of-thumb have been, since the 1970s: Never buy a h...
by VWENX
Fri Aug 11, 2017 7:11 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

I have to say I am very surprised by the overwhelming NO answers. Why save money if can't spend it? Let me rephrase the question and see if the answers will be different: Can OP afford to reduce the saving rate from 60% to 30% for two years? then maybe back up to 40 or 50% afterward? For the unknow...
by VWENX
Thu Aug 10, 2017 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

You can afford it but the big problem is that you likely can't afford it and also all the other things that you might want to do with your discretionary income. For example is it worth cutting back on your vacation spending and taking less expensive vacations for the next five years. If you might h...
by VWENX
Thu Aug 10, 2017 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

You kidding yourself. A large part of your success is simply due to when you started investing, as per my previous post. You've done a good job, but you've only known "plenty.". I did the same thing and lost near half my wealth in 2000 and again in 2008. Have you had that experience once? I won't p...
by VWENX
Thu Aug 10, 2017 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

I'll take a stab at the $70K SUV and go with Lexus GX460. For the $35K SUV, I'll pick Toyota Highlander or Honda Pilot. Although everyone here seems to be focusing on your financial situation, I'm a car guy and have kids and I would pick the Highlander (or Honda Pilot). With the $ you save, buy a r...
by VWENX
Thu Aug 10, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

1) Running a 60% savings rate with no intention of an early retirement is odd to me. I would say "take more vacations", but you have an 18-month old so that isn't really happening any time soon :P 2) Childcare is really dang expensive. This will probably take care of #1 by itself :!: 3) Buy the che...
by VWENX
Thu Aug 10, 2017 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

I am more interested in how OP accumulated 1M net worth with 160K income (I assume much less when started working) in a little over 10 years. And I believe even with the expensive car purchase, he will be able to retire early and have a nice life. Worked throughout college and was lucky to learn ab...
by VWENX
Thu Aug 10, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

Since everyone is very concerned, both are Japanese SUVs.
by VWENX
Thu Aug 10, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

Have $1M net worth at your age and income is a good achievement and you can probably afford either car. Personally - I think spending roughly half your annual income on a car a bit much - but I'm not much of a car guy. I agree with everyone that has said the car to income ratio would be out of whac...
by VWENX
Thu Aug 10, 2017 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

Look on the bright side. You have a built-in excuse to keep the child out of your car as long as you are driving it. When the child is a little older you will realize this is a huge blessing. No toys and food wrappers and crumbs strewn about. No muddy footprints. No pee stains and drink spills. Tha...
by VWENX
Thu Aug 10, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Re: Struggling with Justifying an Expensive Car Purchase

Nice discussion thus far. Thanks to everyone who has replied. Regarding the questions of which cars/SUVs I'm considering, I don't want to reveal that as it will devolve the discussion into the merits of those cars versus others and whatnot. Regarding how I arrived at these two options, I went to an ...
by VWENX
Thu Aug 10, 2017 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with Justifying an Expensive Car Purchase
Replies: 120
Views: 6426

Struggling with Justifying an Expensive Car Purchase

Apologies in advance for the long post but I need some expert advice. It's become clear since my child was born that I need to buy a new car. Both my wife and I agree on this. My current car is only 5 years old, and was purchased used a year and a half ago, around the time my child was born (in retr...