Looking to possibly purchase 2014 IS 350. Looking for advice!
Lexus Champion
Joined: Feb 2006
Posts: 2,170
Likes: 98
From: California
Thank you for making me feel a little better about the whole idea. I'm not planning on living with my parents forever but I figured while I do, I feel like I'll actually be able to save more money for a down payment and pay more per month opposed to having rent or a mortgage payment. I still need to do research and really figure out the logistics but i appreciate you sharing what you did because it does help!
on second thought, Suck it up and invest the money in education for the next few years so you can buy cars 3x the price without flinching. In all honesty, making 30k is going to get you nowhere in life. Always living paycheck to paycheck
Rookie
Joined: Dec 2016
Posts: 67
Likes: 3
From: Ontario, Canada
You are either a young kid or just really financially unwise. If you are a young kid i might understand your immaturity regarding this topic, hopefully you read this and it opens your eyes before you get stuck for 5 or 6 years.
TBH this is the definition of living ghetto fab. Please tell me you dont live in South FL because this is a real south FL thing to do.....grown people living with their parents, driving fancy cars, acting like they are ballers with no money to even fill the gas in their tanks.
You had an unfortunate event happen to you and you are living with your parents. Life happens, I get that part. Nothing wrong with moving back to your parents and reorganizing for the future.
You can either:
A) Save up money to work towards your independence so you can eventually move out
B) Save your savings for a rainy day or use it towards something that generates money
C) Use up all or most of your savings for a depreciating asset, buy a car your annual salary does not justify and pretend you are a baller
Option C looks like the move of a frugal person who is prudent about their finances......
TBH this is the definition of living ghetto fab. Please tell me you dont live in South FL because this is a real south FL thing to do.....grown people living with their parents, driving fancy cars, acting like they are ballers with no money to even fill the gas in their tanks.
You had an unfortunate event happen to you and you are living with your parents. Life happens, I get that part. Nothing wrong with moving back to your parents and reorganizing for the future.
You can either:
A) Save up money to work towards your independence so you can eventually move out
B) Save your savings for a rainy day or use it towards something that generates money
C) Use up all or most of your savings for a depreciating asset, buy a car your annual salary does not justify and pretend you are a baller
Option C looks like the move of a frugal person who is prudent about their finances......
Thread Starter
Driver School Candidate
Joined: Dec 2016
Posts: 8
Likes: 0
From: Florida
I just got an IT job at a college in my area and they are going to pay for my schooling so I am going to start taking some online or night classes to further my education and hopefully end up making more money.
Lexus Champion
Joined: Feb 2006
Posts: 2,170
Likes: 98
From: California
sounds like a horrible deal to me. They are paying you close to what an IT intern receives hourly while pay for your school. In most cases you will be contracted to work for the school for the same amount of years that they pay your secondary education, with minimal salary increase. If you breach the agreement post graduation, you are required to pay back the tuition.
Lexus Test Driver
Joined: Dec 2015
Posts: 1,476
Likes: 60
From: California
Well... I'm a college student. I work part-time and go to school. I bought/financing a 2016 IS350 Fsport.
I pay $500 a month on my car, ~$550 a month on rent, ~$300-400 a month on food/gas/whatever. Whatever I got left after my monthly expense gets saved lol.
TBH, I am living paycheck to paycheck. But, I'm still young (22) and my parents always got my back. But, I do like being somewhat independent.
If you're good with your budget and finances, by all means, buy the car you want.
But the deal your're getting doesn't seem like a good deal.
I pay $500 a month on my car, ~$550 a month on rent, ~$300-400 a month on food/gas/whatever. Whatever I got left after my monthly expense gets saved lol.
TBH, I am living paycheck to paycheck. But, I'm still young (22) and my parents always got my back. But, I do like being somewhat independent.
If you're good with your budget and finances, by all means, buy the car you want.
But the deal your're getting doesn't seem like a good deal.
Driver School Candidate
Joined: Oct 2016
Posts: 24
Likes: 0
From: New Jersey
I have to say this is a terrible idea. Now is not the point in your life to buy a $30k car. Buy a cheaper decent car and put all that extra money away for a down payment on a house/condo or whatever. 5 years from now, you are going to have spent $30k+taxes+the extra insurance+maintenance on a car that is going to be worth maybe $15k? Put whatever money you were going to spend on the car in a savings account or even invest it. I didn't drive a $30k car until I made $70k/yr and had my own place and even then I debated it. Cars are awesome, but you can't live in one and they depreciate.
Pole Position
Joined: Jan 2016
Posts: 314
Likes: 7
From: FL
I have to say this is a terrible idea. Now is not the point in your life to buy a $30k car. Buy a cheaper decent car and put all that extra money away for a down payment on a house/condo or whatever. 5 years from now, you are going to have spent $30k+taxes+the extra insurance+maintenance on a car that is going to be worth maybe $15k? Put whatever money you were going to spend on the car in a savings account or even invest it. I didn't drive a $30k car until I made $70k/yr and had my own place and even then I debated it. Cars are awesome, but you can't live in one and they depreciate.
If this guy is willing to hold off his independence from living at home, for a few more years while he pays down this car, then great. He'll wind up with a car that will go the distance.
Now if he was getting into a BMW that is known for high cost of maintenance, then that would be dumb.
If you think too much about the future, you'll miss the present. I bought this car right after graduation. I also knew I was going to move up in pay quickly as well though. I got my house after getting this car only because I found a great deal in my favorite neighborhood. If I didn't have to pay property taxes, this Lexus could have been a Porsche.
Intermediate
Joined: Feb 2016
Posts: 489
Likes: 22
From: CA
Pole Position
Joined: Jan 2016
Posts: 314
Likes: 7
From: FL
We probably could have better said it in terms of compromise. To some, these cars are a waste no matter what your disposable income is. Those same people may like eating out and spending money on jewelry and shoes. I, for one, don't like much else besides a good scotch and a home cooked meal, so I'm able to have this car, a nice house, and plan for a Boxster S all while having retirement setup well. Change one of those things and others might have to adjust.
Rookie
Joined: Dec 2016
Posts: 92
Likes: 2
From: CA
Sir, get out while you still can. If you make $30k annual there is no way that purchasing a car for $29,000 makes remotely any sense. You will love the car for the first 3-4 months until you realize it's just a car and you're broke af
Driver School Candidate
Joined: Oct 2016
Posts: 24
Likes: 0
From: New Jersey
Getting into a house is an awful example for holding off on getting a car. The cost of living in a house far far exceed that of owning a car that is as reliable as a Lexus.
If this guy is willing to hold off his independence from living at home, for a few more years while he pays down this car, then great. He'll wind up with a car that will go the distance.
Now if he was getting into a BMW that is known for high cost of maintenance, then that would be dumb.
If you think too much about the future, you'll miss the present. I bought this car right after graduation. I also knew I was going to move up in pay quickly as well though. I got my house after getting this car only because I found a great deal in my favorite neighborhood. If I didn't have to pay property taxes, this Lexus could have been a Porsche.
If this guy is willing to hold off his independence from living at home, for a few more years while he pays down this car, then great. He'll wind up with a car that will go the distance.
Now if he was getting into a BMW that is known for high cost of maintenance, then that would be dumb.
If you think too much about the future, you'll miss the present. I bought this car right after graduation. I also knew I was going to move up in pay quickly as well though. I got my house after getting this car only because I found a great deal in my favorite neighborhood. If I didn't have to pay property taxes, this Lexus could have been a Porsche.
Driver
Joined: Nov 2015
Posts: 132
Likes: 3
From: Pennsylvania
I just can't justify telling someone its a good idea to buy a $29k car when they make $32k/yr and haven't even paid their own electric bill yet (not meaning this in a negative way towards the OP), just basing it off of numbers. Not necessarily saying he needs to buy a house, was just kind of saying he could do much better things with the money. I do get that everyone has different priorities and things they value, but they should be within reason.
buy the car OP! You only live once! Treat yourself!(insert sarcasm here)
dont do it OP. Wait until you make more money and then maybe purchase a luxury car. It all comes down to priorities and at the end of the day its your decision. I drove a beat up toyota camry for couple years until i made 100k$+ annually before i comfortably purchased my IS. Good luck in school, i hope you aren't majoring in IT. Pick a major thats currently in demand in the market like nursing for instance. Just my 2 cents.
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