Can I afford a 60k car?

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sh3zam

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sh3zam
Sep 21, 2020 188 Comments

We make around 160k after-taxes. No debts. Have 15k cash, around 150k in investments and 30k stock options with Affirm (I could technically make 100k easily on 2nd market). I’m 32 and she’s 30. My salary will drastically switch in a couple of months and we will hit 200k after-taxes.

I never owned a car for 7 years and I want to have some fun. My wife has a fully paid car for work. I’m looking to buy a used Audi s5 coupe (2018-2019) and buy it cash with bank financing @ 2.34%. The car is 58k and plan to pay it after 3 years.

We are also planning to buy a house in a year or so (around 500k mortgage). No kids yet.

As an engineer, I’m always tempted to save and invest but since I’ve driven this car I can’t stop thinking about it. I had a huge smile the whole ride. I tried Porsche’s, Kia Stinger and BMW.

Looking at the maths, budget wise your monthly payment should always be lower then 10% of your monthly income. I can technically afford a 1600$ monthly car payment...

My wife thinks I’m nuts and say I deserve it after 7 years.

UPDATE: I bought the car and it looks absolutely stunning. Pictures below in the comments. Super happy and enjoying my new ride. Conclusion: Some people prefer to live and enjoy material things later and enjoy life while they are old and senile, or they just simply have other values/priorities, some people live in the present and hopefully aim to make more money over time... I'm a simple plan that do both, I'm balanced and work out the math that fits with my lifestyle. Thank you all for your input!

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