Okay, so it will stay somewhat on topic, I'm looking to buy a used LS460 in the near future....probably 6 more months or so but I really try to get it before the end of this year for tax break purposes...only prob is I am a recent graduate and poor as ******...need to pay off my loan...hopefully will be done by then.

anyways, the real question: I saw you guys have pretty damn nice car (or cars). Must be loaded. What do you do and how much is your annual income if you don't mind sharing. Will you adopt me? I'm potty trained

 

please understand i am not trying to come the wrong way, but here's my 2 cents about your situation

if you are just a new grad and you say you are "poor" on top of paying off your student loan, then luxury cars shouldn't be really on your radar. ability to manage your finance and also planning goes a long way.

even if you pay off your loan in 6 months as you say, it doesn't sound like you will have significant amount of savings or financial base to handle potential variables. i'd build the equity up first before dipping too deep into luxury cars, which honestly is a pure expense and depreciation

again, just my 2 cents

 

wise words..I completely agree with you.

 

Once again rominl you demonstrate your wisdom. I'm 61, didn't buy my first Lexus until I was 47, after everything was paid off and I was comfortable with my retirement planning. No one needs a Lexus right out of college unless you were born with a silver spoon.

 

As stated before by Rominl: I also am not trying to be a ****: but yeah the last thing you should be thinking about is buying a yacht, the second to last thing on your mind should be a luxury car. Both are money pits for your disposable income, and from your short story it sounds like you wont have any of that for awhile.

I am happy to disclose that under normal circumstances you can expect to pay in the neighborhood of $1000 a month for the car and it's secondary costs. That number can go a long way down or up, depending on how 'used' the car is, for how long you arrange the financing, and how many extras you add to the car (of course)...

Best of luck to you!
Z

 

Yeah thanks...on top of the student loan, i'm actually paying for the apt and a Tundra 5.7L truck i purchased for my dad as a gift for him when I graduated. The truck has about 14 payments left (about $1000/month) so $1k payment for the Lexus would totally be okay. Just need to get rid of the student loan and i'll be okay. I guess if I wait until next year, prob. just get a new Lexus instead of used.

anyways, what do you guys do for a living anyways? i'm in the medical field...took more decade of school to get here...sucks...should have gone into businness or someting

 

Well, I'll give you credit for looking at a used LS. However, even used, a car is undoubtedly the fastest depreciating asset on the planet. At this point in your life you would be best served by purchasing the cheapest utilitarian vehicle you can find.

As far as what I do (or did) it doesn't matter to you. Because if you don't like doing it, you will be miserable. That old saying is so true ............... do what you love and you'll never work a day in your life.

And if doing what you love doesn't make you enough to buy an LS, you won't even care!

 

I went to college and then joined the USMC, I retired and now do volunteer work. I saved and invested my money, all my kids went to college and my wife was a stay at home mom. Have owned a total of five Lexus, but did not get my first one until I was 47, all have been purchased used off three year leases. Stay with buying pre-owned and let the first owner take the big depreciation. Please don't get in over your head with bills, pay off your student loan and find a profession you love! Good Luck!

 

Wow...I guess you guys are pretty old
Yeah, I got out last year with 100k+ in student loans and bought a $35k Tundra for my dad so I had about $135k (approx) loan...paid most of it off in a year or so...now I have about $32k left of loan left (of $14k is the car but has 0% interest so not too worry of that). Should be able to pay everything off by the end of this year. I guess I'll start looking again when I'm in a better financial position by December or so

 

I am 33, purchased my 09 LS at 32. I like the "old man" car b/c of my long daily commute.

Being financially saavy is incredibly important - avoid debt at all costs. I only bought my car after I paid off my house, saved enough money to pay cash for the vehicle, completely funded my tax-advantaged retirement acccoutns, and had no credit card debt.

You see, these cars are called "luxury cars" for a reason - meaning having them is a luxury that you should persue only after the rest of your financial house is in order.

It amazed me to see all the people out there driving cars on lease or cars they can't afford, with mountains of credit car debt and adjustable rate mortgages etc. It is so foolish.

BTW, I run a small business.

 

You sound very wise for 33 and gave great advice, most of your peers probably have a mountain of credit card debt and little retirement planning. Good luck with your small business, hope the health care bill won't make you insolvent!

 

I sell white women on the used slavery market. The economy has hit me hard, but I'm getting by...

 

sweet..i like white meat.

 

I run a bunch of sweat shops in the Philippines. You should really see those little kids make those hats.
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Every exotic car board has someone ask this question.... Monthly.

Typically people get tired of answering it, or choose joke answers. I prefer the latter.

Stick with Rominl's advice.

 

feel free to post us a link or too to similar threads on exotic forums