Having cold feet picking up my order tomorrow. I don’t know why i am buying it, 5 seater suv for 87k. (With tax) I feel like i have 2 people in mind that are fighting over it and that’s driving me crazy. In favor: -1200/month is okay to spend on your first car - things will always be bad in 1 way or the other, half of my life at 34 is over. - everyone has glc x3 , so its not end of the world if you also buy a german. - drove my friends bmw and fell in love with it. - on paper amount looks big but it is okay you won’t notice after few months. - current car sucks you need something why buy a 40k toyota honda or hyundai - 20 years from now you look-back and won’t regret of not buying something you liked because you kept thinking/fearing of unknowns. Not in favor or in favor of postponing this: - I plan to keep it atleast 5 years, and looked at 5 year old X5 selling for 30k so basically i am gonna loose 50k in 5 years. - recession in 2023 - layoffs can happen again - other expenses next year for house repairs 14k - i might owe taxes in April which will reduce my current cash reserves - can buy in a year when market conditions are better. - buy a 30-40k hyundai palisade for now - why buy when Meta and other companies are cutting expenses -4500 mortgage payment is already eating up paycheck. I have like 60k emergency fund. 300k in stocks: should be able to ride the recession with this but is it worth taking the hit. Can’t sleep if i should or should not. Just want these thoughts to get out of mind and enjoy the holidays TC 300k after stock crash #personalfinance
Go for it! Trust that it will be worth it and things will be ok.
Meta is not the place to be if you have faith that things will be okay
This Pkmn guy sounds like a broke loser. I would ignore him
Yes go for it.
Lol that’s an insane monthly payment, if you can’t put down the cash to get that under $500 with todays interest rates you are certifiably insane
Putting 15k down but don’t want to out more now to keep more reserves
That’s not enough down for that car if that’s your monthly payment. If you care about your reserves you wouldn’t do it.
You can’t get back in time to do stuff, yolo
This. The stress would super not be worth it. And assuming that part of your calculus is what other people think, those people will either be envious or make stupid comments about how you "couldn't afford a model x.". Hard pass unless this is just your passion and you need this to be fulfilled.
Buy a 3-4 year old x5 for like 40k. Can still sell it in 5 years for 20k
I don’t want the stress of repairs right away. Already fed up of my beater car with repairs and maintenance.
Bought a 2018 x5 in 2021 with 10K miles for $40K , zero repairs so far and is awesome
Maybe lease it? Car tech is changing rapidly. Leasing it lets you drive it for a bit and move on to the next hot car.
Buying because of tax credits and leasing costs almost same for this car
Buying you pay sales tax on the whole price. Leasing will save on that.
But if You want to. Not because your friends have it. Also you don’t know how other cars in the similar range or less feels. There would be only X5 if thats the best car in the world. So look at other vehicles and do your own research and don’t buy since your friend told its the best
My friend parked his BMW at my home and i drove for a month and fell in love with the ride. Since its my first big car i want to have all good options so chose X5 and its also hybrid. None of my friends have a car in this segment. I want to but the timing does not feel right.
I understand. But you HAVE to drive other cars too. That wasn’t your dream car so don’t fixate on it. If you don’t like other cars go for the x5 and have fun 🤩
The cold feet are bc at that TC and NW it’s not financially prudent. Get those numbers up and you won’t have the cold feet.
$1,200/mo is insane to spend on your first car lmao especially with that high of mortgage payment and home expenses…
I spend 950 per month .. plus an additional 1.5k to close loan early.. so 2.5k per month
What a huge waste of money