My signing bonus is 60k -ish after taxes. I'm considering a Cadillac CTS/ Audi A3 as my first car. I plan on using it lightly for next 4-5 years. Is using my signing bonus for such vehicles wasteful? What's your opinion?
It’s your money, do whatever makes you happy.
Depend on your age and your financial situation. If you are young and don’t have a good story on retirement plan, i would invest it. Otherwise, get the car.
My signon was less (40k after tax) and i spent all of it on a new car. I am happy with the decision but unless you really care about car it is probably not worth the money. But, it is not like saving extra 30k-40k will do much good in bay area either. So i would just buy it. In the worst case, you will lose 10-15k if you sell it and buy something else.
I agree completely, my sign on bonus was 25k and I bought a 45k car and love that thing and it was just treating myself for something I wanted since childhood and could finally afford
I would rather invest the money.
Totally this, investing in a porn company is much better ROI
Wow that's like ~100k signing bonus?! Congrats! This is just my opinion so take it with a grain of salt. I don't know much about Cadillacs, but Audi (and BMWs) are notorious for maintenance cost. And after only a few years, they start having all kinds of issues which will result in even more maintenance cost. And the cars don't hold up it's value that well either. Take that into consideration before you buy. Those cars are usually best to lease so you don't have to worry about the value of the car later and you return the car before the car starts having a lot of issues. But spending your signing bonus on a lease seems like a waste to me... Seeing as you're spending the money to rent, not own, the car for 3 years.
This is just not true.
High maintenance is completely true. How many Audi 80/100s do you see on the street vs. how many honda accords from the 90s? How many BMW e36s? I don't even see Audis from early 2000... But also, if you buy a luxury car be prepared to pay for luxury parts and luxury service in the future. Oil change for a Cadillac? $60. Only premium fuel, etc...
Buy a Civic, invest the difference.
It's wasteful. Invest.
Treat it as part of your net worth. If it makes sense to buy and that's what you want, do it. There is no rule on this but, most on boggle heads suggest keeping a vehicle under 5% of NW. Those are fast depreciating vehicles, so keep that in mind.
Terrible idea. Maintenance costs are high, car insurance is high. Invest the money. Donate some of it.
Live your life
Wtf...how big is your signing bonus?...
New grad signing bonus is 75-100k depending on performance as an intern/qualifications
Not just new grad..... fb is giving great signing bonuses to industry hires as well rn. Depends on how you negotiate...