I need help. I’m a 30 years old single male and thinking of getting a luxury car like Mercedes for around 50k. My current car is a 6 year old Hyundai. Pros: I love driving Cons: the concern that I have is that it would get me away from FIREing asap (I know I’m very far right now but I started my job 2years ago). TC: ~300k NW: ~400k #personalfinance
Buy used or certified pre-owned, you'll save a ton for the same car. Also there are a lot of repos on the market right now, low mileage current model year cars). Have fun!
If $70k is the difference between FIRE and not, you weren’t going to be able to RE anyways lol
It’s early in my career so my thinking is that investing these amounts early on would be more beneficial compared to doing it in a few years. I guess I’m also afraid because I feel like I should use the opportunity while I’m making good money as it may not last forever … I’m thinking maybe I should invest now and buy cars and stuff a few years down the road when my NW looks better and I’m in a more stable position.
To be honest if you buy the car now you’ll regret it in the future because if you had just saved the money it would be worth so much now. And if you don’t buy the car now you’ll regret it in the future because you have plenty of money and wish you had lived life a bit more. It’s just part of being human, the grass is always greener. For what it’s worth I bought a Porsche to celebrate getting into my first really good paying job when I was 26, I’ve loved it every time I drive it. But it still would be nice to have put $1200 into the market every month for the last 4 years.
What’s up with people wanting Mercedes and bmws? lol they’re possibly the worst cars to buy… if you want a “luxury car” be smart and get a Lexus, at least it won’t depreciate 60% of value after the first year lol
Lexuses are almost as bad as Teslas. BMW/Mercedes/Porsche are actual nice cars.
The nice models cost more than 50k…the entry level models are garbage.
If you are in US get Tesla Performance.
I don’t like Tesla
Get Ford
did you ever buy some expensive gadget & got over it in a day or two? that's exactly how it will feel like. all the best.
Yeah I’m very familiar with the feeling lol. Maybe I should upgrade the car but to something less expensive
If you like driving get other brand
If you’re spending only ~50k on a “luxury car” and it’s German you’re likely to be missing a lot of creature comforts that other non German luxury cars have at that price. Do you want a luxury car or a German luxury car for the brand name?
I want to get glc coupe which I’ve seen for 50 something in the market with zero mileage. IMO glc coupe is luxury?
The brand is considered a luxury brand, but it doesn’t mean you get full leather surfaces, alcantara head liners, wood trims, 12/16 way adjustable seats, active safety features, etc. For example, the base Porsche macan does not have most of the above and has to be added as packages. Have you gone to the Mercedes website and tried building the car with the features that you would like? You’ll get a better understanding of what appeals to you beyond the brand name.
If you are OK with burning money and don't have any other priority in life then sure. Otherwise german cars lose their value faster than anything. Within 1-2 years your car probably will be worth 30-40% less
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Get over that itch by leasing one
I’ve heard leasing is a very bad financial decision. Isn’t it?
Lease costs are high due to interest rates aka money factor especially for ICE Benz vehicles. If you are leasing your best bet is to go for Luxury EV as they get $7,500 lease cash.