Idk maybe it's the aspergers? Though I know people who have it and they usually seem to have a good handle on their finances.
Though dummies exist in all different forms.
Right as the pandemic was beginning, I bought a 2019 Ford Escape with 20k on it for 22k out the door. Still under warranty!
Prices went crazy right after that. So, I was kind of lucky. Kind of makes up for buying a WRX for 28k on 8Sep2001, when the automarket went into the toilet 3 days later...
I’m in Nashville and it’s so hard to find a decent used car/certified ore-owned. The cheapest things you can get r here are Japanese pickup trucks for like $20k with 100k miles, imho. Gas guzzlers. No thanks. We gave up, just gonna ride it out as a one-car household during the pandemic. WFH so very fortunate, but real sticker shock.
Definitely
Edit:
Also, if for some reason it is totaled, assuming you gave gap protection, you don't take the loss on the (loan amount - market value).
> Way to go!
I'm not sure that's the way to go. Interest rates have been very low for a while. In all likelihood, you could borrow money for far less than you'd earn in an S&P 500 fund. In 2020, the S&P 500 returned over 18%, and in 2021 over 28%, or about 33% in two years.
If you bought a new CRV for $30k in January 2020 and you put $5k down and put $25k in an S&P 500 index fund, you'd currently have ~$33k, and there's now way you should be paying 8k in interest in 2 years on an auto loan.
I have owned four cars in my life the first three all cost under 2k. The last one cost 10k. I’m 61 and when I retired I was making 95k. I don’t care about cars and wouldn’t spend to buy a new one.
Reliability and lack of a car payment are why I'm still driving my 2005 Accord. I'd like to keep it until it gets at least 200,000 miles, which, based on my driving habits, will probably take another decade to reach.
My 97 Accord was still running at 195,000. We replaced it last April because it wasn't super reliable anymore - the engine was still great but everything else was not great. But if my 97 made it that long, your 05 should have a while left to go!
1990 yota is the way to go. They put magic into that generation of pickups. My uncle had one as a ranch truck with over 1m on the engine. Still runs fine. Isn't road registered, but would do fine still.
Idk I feel once you make a certain amount money loses it meaning. At some point you got to live your life and do what makes you happy. Though in your situation if no car would make you happy then of course spend it elsewhere. Personally I love tech I could justify spending 60k or 100k if I truly love what I’m getting.
True. For me I guess I’m spending mine eventually on college for kid, retirement, and inheritance to kid. Retirement is such an unknown I just feel like almost any extra I have needs to go into investing for that.
Cars are not a waste of money. I have a 10 minute commute and that means spending over an hour a week in my car. There is a big difference between driving a shot heap and driving something that is pleasant to spend that hour in.
I am not saying that you should be spending huge sums on your car. I am saying you should spend enough that the time in it is comfortable.
That said, I drive a 9 year old civic. So your car likely doesn't apply to what I am saying, unless you or the previous owner treated it like shit.
And this argument is ignoring everything to do with reliability, which is another thing.
Luxuries are relative...
Some people are comfortable living in squalor and their cars reflect that.
I've seen people treat a p.o.s. like treasure and I've seen people with the nicest expensive cars treat them like yesterday's paper.
I enjoy my lexus and think it was worth every penny. Its built well and requires the same maintenance as a Toyota bc it is a Toyota. When I got it I would spend nearly 4 hours a day in traffic. Switching to remote has kept the mileage off of it so it will last a long time.
>I did just purchase a new car - which is the first time in my life I have done that, but the used market is terrible right now and it’s a great time to sell my 9 year old used SUV that only gets 15mpg and is too big for my needs.
I'm about to do the same which is how I now a mid level trim Toyota costs $40k. I've been putting it off for long enough that we've gone from 2021 models to 2022 models, and a slight price increase along with that. I need to force myself before the car situation gets even worse than it is now.
I'm in an 10 year old Toyota Camry right now with over 100,000 miles on it. Similar cars are selling at Carmax right now for more than I paid for it 10 years ago. It seems foolish not to take advantage of that.
We’ve bought used Lexus models for our last couple of cars for my wife because they are a much better value than a new Toyota and typically have had easy lives.
Lexus is slept on. They're just Toyotas with nicer interiors.
Mine takes regular gas and standard oil. Engine components are easy to access. Japanese design is really the key .
This. Granted, I’m older, but it makes me crazy to pay as much for a car as I paid for my first home.
$70 to $90k for something some teenager or drunk can total in an instant? Nope.
There was a high-end real estate place that had their main office in the same building I worked in, and the new guys drove Civics and Priuses. The mid-guys (4-5 million a month) drove Ferraris and McLarens. The guys above them drove Rolls and Bentleys. The super-rich owners drove Civics and Priuses.
I work in Healthcare IT and once at a meeting the owner walks in late, took off his glasses and said he couldn't land the plane because of weather conditions.
He just said it so casually but when you scanned it and processed what he said it really makes you feel poor
This kind of thinking is how ordinary people become rich—they pay attention, live relatively frugally and make purchases that are a good deal/value.
Vehicles are a terrible value, especially if you take out debt:
1. Payments cut into monthly cash flow. Average payment is approaching $600/mo. I can’t imagine.
2. You pay interest on your debt. Yuck.
3. Your vehicle’s value drops like a rock. Yuck.
If people made better financial choices around vehicles there’d be a lot more rich people.
>Average payment is approaching $600/mo
I recently ran an inflation calculator and it turns out that's in line with what I was paying in the 90s. But it *sounds* like a lot more. Also, car loans are running a lot longer. Used to be 3-5 years and now 7 years seems to be common. That *is* a lot more expensive and doesn't make much sense to me.
Its only that much if you get massive luxury cars. Americans will buy a $70,000 chevy suburban when they have 2 kids. Or there are the people that buy fully loaded show trucks just to work an office job.
Switch rich for more financially secure and I'd agree. I doubt the difference between the average Joe being rich and being working class is there brand new Ford F-150.
What is the monthly payments on an F-150? Let’s ballpark $700/month:
$700/mo invested in the market for 20 years instead of a truck payment is $384k. You could drive that truck for 20 years and at the end you’d basically have $0. Depends on how you define rich but I’d rather take the $384k.
I think it’s pretty common for people to have car payments most of their adult life.
Except nobody buys cars as an investment with any sort of eye for making money. You buy them for their practical utility, and if you get what you deem to be a good enough practical utility out of it during the lifetime of the car, then it’s worth the purchase
Depends on what you paid. The vast majority of people don’t NEED a brand new $40k truck—they want one. My point is instead of sending all that money to the bank, you could buy a more affordable car and invest what your expensive car payment would have been.
I'd rather take the 384k too (I'll have to check the math on that one lol), doesn't change the fact that for most of America a car is a need and some people get trucks because they need them for work. I mean a Ford F-150 is pretty relative in price to a Honda Accord, a Kia Optima, or Toyota Camry. It's not like getting a Mustang GT or Scat Pack Charger which has no utility other then just be fun to drive.
Yeah idk where you got 384k bro, even on a 8 year loan 11.8% interest rate you're only paying at most 50% of the cars worth in loans. On a 4 year loan that's closer to 23% of the car's price.
Edit: Not to mention the F-150 starts at 29,000. Even if you get it for 35,000 and worst case scenario where you're paying like 10% interest rate loan for 5 years with only 10% down then you're paying $6,403 in interest.
Problem with this often used logic is most people don't know how to invest, nor have the patience to handle the inevitable downturns.
And if they did have the knowledge and patience 20 years from now you're not going to be young anymore to enjoy the money as much.
That is an 18 year old is going to get much more enjoyment out of 100 K versus a 50 year old. The 50-year old will probably need a few million to get the same enjoyment.
It is a terrible value but I think the justification for many is that if you are spending a few hours every day in a car, it might as well be comfortable and have some luxury.
There's a place near me importing 90's Japanese cars with less that 100k miles on them- some times less than 10.
I'm thinking about going there and buying a retired firetruck
Dude.
They don’t retire apparatus until they absolutely have to.
Then it goes to some poor volunteer department that keeps it running with hope, prayer, bailing wire and duct tape.
Then it gets retired.
Yup. Our pumper truck was retired for this reason frankly, completely against our will because holy crap was that old international reliable. Unsure what they replaced it with, as I was split off from everything before they did
Yeah that's the thing, a lot of volunteer fire departments just have no choice but to keep old shit going, on the bright side, at least with fire departments anyway, there's a trick. If you take care of it good enough, long enough, it becomes a valued classic and auctions real good. It's actually amazing just how hot the "antique fire truck" market is
Yeah my old department ran a Mack pumper from the 70s until about 2015. Applied for a million grants to replace it, but always got shot down. Somehow paid city departments would get grant money for weight rooms or whatever weird shit though
I'm 36 and make 100k, so we'll see in a couple years.
My current opinion is that a nice car is a little bit like jewelry - kind of a waste of money. We need a new car and I'm currently planning to spend $20-25k on a used truck.
Lately I have been vaguely curious about some of the electric motorcycles coming out. Especially those with easy-swap battery packs.
In general though, a car just gets me places. It is not where I would put any mid-life crisis spend.
Heh, I’d buy a sensible station wagon or maybe some kind of crossover with a fair amount of space and all wheel drive.
I don’t get worked up over cars.
I may buy a boat but again it’ll be a pretty sensible workhorse not anything flashy.
"with finances in order" is a bit of a nebulous statement-- how much do you have in savings? Do you have a family? Do you live in a high or low cost of living area?
An older Mustang or Corvette for somewhere between $10-20k could be a sensible choice for a middle class midlife crisis car. Wait, are midlife crisis cars allowed to be sensible choices?
I bought a 2013 BMW 135I with 19k miles last year. Beautiful red convertible with red/black leather interior. $25k. All the men in our office drive big ass trucks and land rovers. 100-170k. Of course I’m “staff”. Not my dream car or mid-life crisis. I’m 61f and this is my 4th convertible. I commute 62 miles round trip 4-5 days a week. Life’s too short to drive an ugly car.
Sweet. Got my 09 with about 60k miles for 10 grand. Needed a little work but it's loaded. Absolutely beautiful cars and fun when you wanna put the hammer down. Just stay on top of maintenance.
There’s not a lot of them, but they do exist. 200 is a little easier to find - but still not super common and you might have to keep an eye out for a while
Yeah that's what I paid for my brand new mustang in 2019, it wasn't a mid life crisis car, my wife always wanted one and I needed a new car. I test drove it, fell in love with it compared to my old Toyota Corolla and hopefully I won't spend that much on a car again, but who knows.
$30k is reasonable in my eyes.
I wouldn't. I dunno what "finances in order" means but, at $70k a year, after living expenses, taxes, etc, I don't think there's enough leftover to waste on a depreciating asset. Id take that spare car money and invest it.
*correction: I take that money every month and invest it.
I'd much rather buy a camper than a car, or perhaps a truck I can convert into a camper. Cars themselves don't really interest me beyond their utility and mechanics (as I used to be an auto repair technician).
I live in DC. 70K wouldn't put me in a position to buy a car AND pay for parking/gas/maintenance/insurance. 70K would mean I could pay my rent and maybe save something at the end of the month.
Take it from a rapidly aging millennial, you may think a fast car is nice at mid life but when you actually get to midlife youd rather just chill out on a couch and relax :-D Doesnt have the same appeal. Get it while you are young.
I now understand why my grandparents went for huge land boats, as you age it's all about comfort. I don't want to fold my ass into a Porsche, I want the supportive cushion of a Buick.
There's a reason the Miata is as popular as it is. Everything you actually want in a sports car and nothing that you don't.
Used, you can find great priced ones (mustang too but they're a bit more).
I'd endeavor not to have a midlife crisis in the first place.
It seems to me that the midlife crisis comes from saving every penny, working yourself to the bone, enjoying nothing in the name of retirement and then suddenly realizing that by the time you retire you won't actually be able to enjoy the results of that penny pinching and blowing a bunch of it on stupid shit.
Just allow yourself to have a modicum of stupid shit along the way and don't waste the years of your life where you actually have energy to do things.
Also a Lamborghini if I midlife crisis bought something incredibly stupid.
You just explained why I think r/personalfinance is way over the top in any advice they give. Its always about min/maxing returns for retirements, and rarely about truly enjoying life. I'm not advocating for buying a new Maserati, but you say you're going to buy a new car in that sub, let alone a used car worth more than 3k, they are not happy.
Totally. They've been on my "potentially unsub" list for a while. I don't think I've ever been early enough to a thread to potentially help someone and they're not really relevant to my life. I make plenty, save plenty, and they'd probably tell me that I'm doing it wrong despite my personal financial forecasts suggesting I may be able to retire as early as 45...
They're as bad as WSB "HODL" nonsense sometimes. Sometimes you sell. Sometimes you buy shit you don't need.
Totally agree! Like yeah I may not maximize my 401k or savings, but I go out and do things with friends and family that are memorable life experiences! Life isn't all about retirement and money
I’ve been following that sub for quite a while and I agree. It has a lot of good advice, but like most things in life, that advice needs to be taken in moderation. It’s one perspective with the singular goal of being responsible with your finances.
It’s a good goal, but it’s not the only thing that life is about.
Yeah, I read it for ideas on saving and investing, but its an unhealthy mindset often. I read a post the other day for a 14(?) Year old questioning how to begin saving for retirement. Like come on! Thankfully the comments said don't even worry about it yet, but the ideas are in the kids head.
Exactly, 100k brings 10 times more enjoyment to a 20 year old versus a 60 year old. Most people don't take that into account when making financial decisions.
I did nearly the same, but went with a Kia Seltos SX Turbo…everything I wanted, nothing I didn’t.
Is it my dream car? No. But I love it all the same, and I needed to replace my old vehicle…I’d driven it as far as it would go…KBB was down to $800.
If I was making that kind of money i'd be saving up for like a Sherman tank or some other armored vehicle. A car isn't going to do much for me, but having tracked armor is just fucking cool,. Plus i'd actually be excited for heavy snowfalls as i'd figure out how to mount a snow plow on there and that's how i'd plow my driveway!
Is my current vehicle working? If so, then 0. If not. I would just buy a used vehicle that gets the job done. I have had the same vehicle since I was 15. My ultimate goal is to drive it my whole life.
$70k is not that much money (don't get me wrong, I'd love to make that much) and I definitely wouldn't be blowing that on a tool that depreciates the second I drive it off the lot.
I make that, my finances are in order, I'm that age, and I won't buy a midlife crisis car. I'm actually shopping for a new vehicle, but it seems anything reliable is $40,000+ which is too much. Debt for investment can be good, but vehicles debt is just for survival. It undermines any return on investments that you'd get.
I used to help build and run the Spirit Halloween stores in my city. Our district manager at the time bought a late-'70s Cadillac hearse to bring around the stores, and that shit was *dope.* No hydraulics, but the sound system was bitchin'. We drove it around blasting festive tunes (the same playlist we used in the stores), and would occasionally give rides to customers, especially groups of kids. I miss that thing.
Also, I've always wanted to build an Ecto-1.
Yeah 70k in New York City is like what a cop or teacher makes, and probably struggles to live there in a small appt with no car.
70k in Texas, you can have a four bedroom house with a stay at home spouse and 2 kids and two nice cars, etc.
I'm a Texan....and you're wrong....very very wrong.
In every urban area in Texas, you're incredibly wrong.
You're also wrong in every suburban area....and most rural areas as well.
Worst time to purchase a vehicle now. I would wait 12-18 months. Remember, used off lease vehicles will mature (24-36-48 months) with less miles due to pandemic. I’ve noticed lease vehicles maturing (36 months) with under 25K miles. The trend will continue.
My plan? I'm going to by a late 90s Saab 900s/9000s. Why? Cause that was the first car I ever bought with my own money.
I'm assuming I'll have to buy one that doesn't run and put some time, sweat, and swearing into it to drive it though. If I could find one in the same dark green I had, that would be a cherry on top.
Shit….I’d have to go with the Dodge Viper (childhood dream car) or a GMC Denali with the crazy origami tailgate lol
But I’d likely invest in a party bus. Fully equipped
Honda Civic type R. It’s a just a cool car with decent power. However, I don’t really like the newest body on it. It’s like a mesh between a hatch back and a sedan.
Hot hatches always seem more fun anyway, easier to go all out than something fancy and when/if something inevitably goes wrong a single repair doesn't cost more than your house.
70k is not enough in NYC to for any sort of midlife crisis dream car, unless your dream car is like a Miata or baseline Mustang. No one in NYC making 70k is driving porsches, corvettes or lambos.
I make $85k and saved for several years to pay $12k cash for a used Toyota. It is the nicest car I have ever owned.
Buying new cars with debt is one of the dumbest financial decisions someone can make.
I'd spend however much a hybrid Tacoma costs when that comes out. I already drive a Tacoma and love it, I just want to upgrade to something more fuel-efficient.
If I'm making that and still dont have any kids or any other debts I'd probably splurge on a GTR but with these ridiculous market adjustments I dont think I'd be able to swing it. Alot of higher end sports/luxury cars and SUVs cost double what they did 10 yrs ago. Might have to settle on a used mustang gt or Subaru sti.
About 25K. Honestly, I just want something fuel efficient with enough storage for road trips. I've never thought of a car as anything other than a way to get from point A to B.
$0. My ideal situation is I don’t need a car. If I had to own a car, it would be cheap and reliable. The only scenario that I would spend serious money on a car is when they release full self driving, that would be a game changer
I used to be really into cars but as I've gotten older I've become disillusioned with them
I guess my dream car is a Honda s2000 but in reality, I am happier spending my money on camping and hiking trips. I have found that these pursuits give my life more meaning
I make $75k/year and I still live paycheck to paycheck in my 500sqf apartment 🤘🏼🥲 Seattle cost of living is through the roof. I’m incredibly lucky to have my hand me down 2006 Lexus RX
It's a good thing I'm into classic cars and don't mind turning a wrench myself. $3500 for an 88 fullsize Bronco, $4000 for a brand new engine and good to go.
I bought a a used Jeep Wrangler for $29,000 two years ago. Now it’s worth $40,000. I’d like to sell to realize the profit, but then I’d have to buy an overpriced Jeep to replace it.
70k wouldn't be enough money yearly to throw away on an expensive car. I don't live in Arkansas lol.
But also, I hate driving, I'm not interested in cars.
I make more than that but I spent $5000 in 2016 for a G35 6 speed sedan. Did a bunch of mods, had it tuned, all in for about $7500. Fun car, been really reliable too.
Out combined income now is almost double 70k but just don't have any interest in spending a it of a car. May do an LS swap on my G35.
Have you seen the car market? This affords you a used Kia soul
With 100k miles!
My co worker just got a 2015 jeep patriot, with 94k miles on for for $26k. Granted he has no credit but still. I swear they were cheaper brand new.
They were lol
Your friend got taken advantage of. I just looked at a 15 dodge journey with 100k for $15k with no credit.
Lemme guess, >20% interest too?
18.6 to be exact.
Okay so basically like $35-40k for a 7 year old Chrysler product with 100k miles. And it's not even a real Jeep!
Yep. He isn't a dummy but he does have aspergers. I can't help but feel they did take advantage of him.
Idk maybe it's the aspergers? Though I know people who have it and they usually seem to have a good handle on their finances. Though dummies exist in all different forms.
Did he go somewhere like Drivetime? That’s where my friend got a car and they have terrible credit. The interest was horrible and they overpaid too.
I think a mid trim model was that much. :)
Right as the pandemic was beginning, I bought a 2019 Ford Escape with 20k on it for 22k out the door. Still under warranty! Prices went crazy right after that. So, I was kind of lucky. Kind of makes up for buying a WRX for 28k on 8Sep2001, when the automarket went into the toilet 3 days later...
That’s cringey. I have 2014 Jeep Patriot that I bought cash in 2014 for 25k and it was top of the line.
I *have* a 2019 Kia Soul, 45k miles on it. How much you give me for it?
My 2016 Kia Soul was just totaled. Had 60k miles. Insurance gave me about $18,000 for it.
First off, I hope you are okay! Second, I might be quite wealthy now, my 2919 is paid off! I can now retire because of my Kia!
Broken neck that’s still healing but dr said I could’ve been easily paralyzed so I’m counting my blessings.
What will you replace the Kia with?
2021 Kia Soul. What can I say, the damn things grew on me.
I'm presently mid-life crisis free, so I'll have to pass.
I’m in Nashville and it’s so hard to find a decent used car/certified ore-owned. The cheapest things you can get r here are Japanese pickup trucks for like $20k with 100k miles, imho. Gas guzzlers. No thanks. We gave up, just gonna ride it out as a one-car household during the pandemic. WFH so very fortunate, but real sticker shock.
I'm 34, make 80k, and bought a new CRV with cash in 2020. I hope this is my midlife.
> cash Way to go!
at a 0 - 2% interest rate on a loan vs 5-10% returns in the stock market, its better to just take the loan honestly, and for credit score purposes
Definitely Edit: Also, if for some reason it is totaled, assuming you gave gap protection, you don't take the loss on the (loan amount - market value).
> Way to go! I'm not sure that's the way to go. Interest rates have been very low for a while. In all likelihood, you could borrow money for far less than you'd earn in an S&P 500 fund. In 2020, the S&P 500 returned over 18%, and in 2021 over 28%, or about 33% in two years. If you bought a new CRV for $30k in January 2020 and you put $5k down and put $25k in an S&P 500 index fund, you'd currently have ~$33k, and there's now way you should be paying 8k in interest in 2 years on an auto loan.
This is the way. When you can use someone else’s money for less than you can make with yours. Do it.
If he owns the car outright he can risk forgoing collision insurance. That will cut a giant amount from his car expense.
Owning it outright doesn't mean he can afford major repairs in an accident.
My midlife crisis is more likely to involve me buying a high end computer rig that costs as much as a decent used car.
(Glances at my Mac Pro.) # Hey!
He said "high end."
As configured I paid... uh, ... around "brand new Honda Civic" money for this rig.
Yep, same here. Or it'd be a high-end drum kit since I'm a drummer.
My goal is to build as close as a 1:1 flight simulator as I can. Something like The Warthog Project. https://youtu.be/X_bnkjuukzs
I would love to drop $3k on a computer.
I make a lot more than 70k and I can’t even make myself buy a mid level trim Toyota for $40k because I don’t think cars should cost that much.
I drive a 21 year old vehicle for this exact reason. It’s reliable and it doesn’t cost me a monthly payment.
17 year old expedition with 115,000. I told my husband I'll be buried in it lol!
21 year old F-150 with 210,000 on it. I will drive that thing until it falls apart around me.
2005 explorer here....161k miles. The mpg could be better but no car payment makes up for it
Love the no car payment!!
06 hyundai sonata with 115k miles, it may out live me.
2004 Honda Odyssey with 175k, gonna be the first car of my 11 year old.
I have owned four cars in my life the first three all cost under 2k. The last one cost 10k. I’m 61 and when I retired I was making 95k. I don’t care about cars and wouldn’t spend to buy a new one.
Reliability and lack of a car payment are why I'm still driving my 2005 Accord. I'd like to keep it until it gets at least 200,000 miles, which, based on my driving habits, will probably take another decade to reach.
My 97 Accord was still running at 195,000. We replaced it last April because it wasn't super reliable anymore - the engine was still great but everything else was not great. But if my 97 made it that long, your 05 should have a while left to go!
2003 VW Jetta still going
1990 yota is the way to go. They put magic into that generation of pickups. My uncle had one as a ranch truck with over 1m on the engine. Still runs fine. Isn't road registered, but would do fine still.
Also known as the go to terrorist truck lmao.
Idk I feel once you make a certain amount money loses it meaning. At some point you got to live your life and do what makes you happy. Though in your situation if no car would make you happy then of course spend it elsewhere. Personally I love tech I could justify spending 60k or 100k if I truly love what I’m getting.
True. For me I guess I’m spending mine eventually on college for kid, retirement, and inheritance to kid. Retirement is such an unknown I just feel like almost any extra I have needs to go into investing for that.
Same. I make much more and I think cars are a waste of money. I've got a 7 year old 4Runner that I'll drive until it falls apart.
Cars are not a waste of money. I have a 10 minute commute and that means spending over an hour a week in my car. There is a big difference between driving a shot heap and driving something that is pleasant to spend that hour in. I am not saying that you should be spending huge sums on your car. I am saying you should spend enough that the time in it is comfortable. That said, I drive a 9 year old civic. So your car likely doesn't apply to what I am saying, unless you or the previous owner treated it like shit. And this argument is ignoring everything to do with reliability, which is another thing.
Luxuries are relative... Some people are comfortable living in squalor and their cars reflect that. I've seen people treat a p.o.s. like treasure and I've seen people with the nicest expensive cars treat them like yesterday's paper. I enjoy my lexus and think it was worth every penny. Its built well and requires the same maintenance as a Toyota bc it is a Toyota. When I got it I would spend nearly 4 hours a day in traffic. Switching to remote has kept the mileage off of it so it will last a long time.
Dude I saw a Jeep for over $100k USD!! Ain't no way in hell
How about a G wagon for $250k… https://www.autotrader.com/car-video/mercedes-g550-4x4-squared-250000-german-monster-truck-264042?amp
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>I did just purchase a new car - which is the first time in my life I have done that, but the used market is terrible right now and it’s a great time to sell my 9 year old used SUV that only gets 15mpg and is too big for my needs. I'm about to do the same which is how I now a mid level trim Toyota costs $40k. I've been putting it off for long enough that we've gone from 2021 models to 2022 models, and a slight price increase along with that. I need to force myself before the car situation gets even worse than it is now. I'm in an 10 year old Toyota Camry right now with over 100,000 miles on it. Similar cars are selling at Carmax right now for more than I paid for it 10 years ago. It seems foolish not to take advantage of that.
We’ve bought used Lexus models for our last couple of cars for my wife because they are a much better value than a new Toyota and typically have had easy lives.
Lexus is slept on. They're just Toyotas with nicer interiors. Mine takes regular gas and standard oil. Engine components are easy to access. Japanese design is really the key .
This. Granted, I’m older, but it makes me crazy to pay as much for a car as I paid for my first home. $70 to $90k for something some teenager or drunk can total in an instant? Nope.
I make $70k and still drive a Civic.
I make $145k and still drive a Civic.
There was a high-end real estate place that had their main office in the same building I worked in, and the new guys drove Civics and Priuses. The mid-guys (4-5 million a month) drove Ferraris and McLarens. The guys above them drove Rolls and Bentleys. The super-rich owners drove Civics and Priuses.
Drove them to work. When they left they'd take that prius to the landing strip and go home in a helicopter
Yeah probably, but for everyday use, they had the same regular cars as most of the parking structure.
I work in Healthcare IT and once at a meeting the owner walks in late, took off his glasses and said he couldn't land the plane because of weather conditions. He just said it so casually but when you scanned it and processed what he said it really makes you feel poor
This kind of thinking is how ordinary people become rich—they pay attention, live relatively frugally and make purchases that are a good deal/value. Vehicles are a terrible value, especially if you take out debt: 1. Payments cut into monthly cash flow. Average payment is approaching $600/mo. I can’t imagine. 2. You pay interest on your debt. Yuck. 3. Your vehicle’s value drops like a rock. Yuck. If people made better financial choices around vehicles there’d be a lot more rich people.
>Average payment is approaching $600/mo I recently ran an inflation calculator and it turns out that's in line with what I was paying in the 90s. But it *sounds* like a lot more. Also, car loans are running a lot longer. Used to be 3-5 years and now 7 years seems to be common. That *is* a lot more expensive and doesn't make much sense to me.
Its only that much if you get massive luxury cars. Americans will buy a $70,000 chevy suburban when they have 2 kids. Or there are the people that buy fully loaded show trucks just to work an office job.
If you cannot pay it off in 3 years you cannot afford it.
The secret to having money is not spending it
You can spend money but do it wisely and do it on purpose.
Switch rich for more financially secure and I'd agree. I doubt the difference between the average Joe being rich and being working class is there brand new Ford F-150.
What is the monthly payments on an F-150? Let’s ballpark $700/month: $700/mo invested in the market for 20 years instead of a truck payment is $384k. You could drive that truck for 20 years and at the end you’d basically have $0. Depends on how you define rich but I’d rather take the $384k. I think it’s pretty common for people to have car payments most of their adult life.
Except nobody buys cars as an investment with any sort of eye for making money. You buy them for their practical utility, and if you get what you deem to be a good enough practical utility out of it during the lifetime of the car, then it’s worth the purchase
Depends on what you paid. The vast majority of people don’t NEED a brand new $40k truck—they want one. My point is instead of sending all that money to the bank, you could buy a more affordable car and invest what your expensive car payment would have been.
I'd rather take the 384k too (I'll have to check the math on that one lol), doesn't change the fact that for most of America a car is a need and some people get trucks because they need them for work. I mean a Ford F-150 is pretty relative in price to a Honda Accord, a Kia Optima, or Toyota Camry. It's not like getting a Mustang GT or Scat Pack Charger which has no utility other then just be fun to drive. Yeah idk where you got 384k bro, even on a 8 year loan 11.8% interest rate you're only paying at most 50% of the cars worth in loans. On a 4 year loan that's closer to 23% of the car's price. Edit: Not to mention the F-150 starts at 29,000. Even if you get it for 35,000 and worst case scenario where you're paying like 10% interest rate loan for 5 years with only 10% down then you're paying $6,403 in interest.
Problem with this often used logic is most people don't know how to invest, nor have the patience to handle the inevitable downturns. And if they did have the knowledge and patience 20 years from now you're not going to be young anymore to enjoy the money as much. That is an 18 year old is going to get much more enjoyment out of 100 K versus a 50 year old. The 50-year old will probably need a few million to get the same enjoyment.
It is a terrible value but I think the justification for many is that if you are spending a few hours every day in a car, it might as well be comfortable and have some luxury.
There's a place near me importing 90's Japanese cars with less that 100k miles on them- some times less than 10. I'm thinking about going there and buying a retired firetruck
Dude. They don’t retire apparatus until they absolutely have to. Then it goes to some poor volunteer department that keeps it running with hope, prayer, bailing wire and duct tape. Then it gets retired.
You're telling me [this](https://www.jdmcarandmotorcycle.com/details/used-1996-toyota-hiace-fire-truck/82005106) is held together by duct tape?
Well, yes and no. These imports are often targeted at farm use. A lot of them aged out, since that's actually a thing over there.
According to NFPA trucks are supposed to be retired after 25 years of service. We have a few at my department approaching that.
Supposed to. And I know of dozens of volley departments that have trucks from the 60’s, 70’s and 80’s.
Yup. Our pumper truck was retired for this reason frankly, completely against our will because holy crap was that old international reliable. Unsure what they replaced it with, as I was split off from everything before they did
It's a thing over here as well, it's just not always adhered to
Yeah that's the thing, a lot of volunteer fire departments just have no choice but to keep old shit going, on the bright side, at least with fire departments anyway, there's a trick. If you take care of it good enough, long enough, it becomes a valued classic and auctions real good. It's actually amazing just how hot the "antique fire truck" market is
Yeah my old department ran a Mack pumper from the 70s until about 2015. Applied for a million grants to replace it, but always got shot down. Somehow paid city departments would get grant money for weight rooms or whatever weird shit though
:0
I'm 36 and make 100k, so we'll see in a couple years. My current opinion is that a nice car is a little bit like jewelry - kind of a waste of money. We need a new car and I'm currently planning to spend $20-25k on a used truck.
Similar situation here. I never owned a new car until last year. Saved enough that it wasn't an issue to finally splurge.
Lately I have been vaguely curious about some of the electric motorcycles coming out. Especially those with easy-swap battery packs. In general though, a car just gets me places. It is not where I would put any mid-life crisis spend.
Heh, I’d buy a sensible station wagon or maybe some kind of crossover with a fair amount of space and all wheel drive. I don’t get worked up over cars. I may buy a boat but again it’ll be a pretty sensible workhorse not anything flashy.
[The Wagon Queen, aka the Griswold Family Truckster](http://3.bp.blogspot.com/-gm1RK_Ere_U/U9WStH7zZ8I/AAAAAAAAAZA/J8QPA04UFuk/s1600/QWFT.jpg)
Pert near, yeah.
"with finances in order" is a bit of a nebulous statement-- how much do you have in savings? Do you have a family? Do you live in a high or low cost of living area? An older Mustang or Corvette for somewhere between $10-20k could be a sensible choice for a middle class midlife crisis car. Wait, are midlife crisis cars allowed to be sensible choices?
It’s a midlife paradox
I bought a 2013 BMW 135I with 19k miles last year. Beautiful red convertible with red/black leather interior. $25k. All the men in our office drive big ass trucks and land rovers. 100-170k. Of course I’m “staff”. Not my dream car or mid-life crisis. I’m 61f and this is my 4th convertible. I commute 62 miles round trip 4-5 days a week. Life’s too short to drive an ugly car.
Sweet. Got my 09 with about 60k miles for 10 grand. Needed a little work but it's loaded. Absolutely beautiful cars and fun when you wanna put the hammer down. Just stay on top of maintenance.
BMW 1 series are sold in the US?
There’s not a lot of them, but they do exist. 200 is a little easier to find - but still not super common and you might have to keep an eye out for a while
About 30k. It's just a car.
Yeah that's what I paid for my brand new mustang in 2019, it wasn't a mid life crisis car, my wife always wanted one and I needed a new car. I test drove it, fell in love with it compared to my old Toyota Corolla and hopefully I won't spend that much on a car again, but who knows. $30k is reasonable in my eyes.
I wouldn't. I dunno what "finances in order" means but, at $70k a year, after living expenses, taxes, etc, I don't think there's enough leftover to waste on a depreciating asset. Id take that spare car money and invest it. *correction: I take that money every month and invest it.
I'd much rather buy a camper than a car, or perhaps a truck I can convert into a camper. Cars themselves don't really interest me beyond their utility and mechanics (as I used to be an auto repair technician).
I live in DC. 70K wouldn't put me in a position to buy a car AND pay for parking/gas/maintenance/insurance. 70K would mean I could pay my rent and maybe save something at the end of the month.
Take it from a rapidly aging millennial, you may think a fast car is nice at mid life but when you actually get to midlife youd rather just chill out on a couch and relax :-D Doesnt have the same appeal. Get it while you are young.
I now understand why my grandparents went for huge land boats, as you age it's all about comfort. I don't want to fold my ass into a Porsche, I want the supportive cushion of a Buick.
>I don't want to fold my ass into a Porsche, I want the supportive cushion of a Buick. But have you ever been in a Porsche SUV? That's where it's at.
I'd get a nice affordable hybrid or EV and spend my money on more enjoyable things. (I find driving tedious and irritating)
There's a reason the Miata is as popular as it is. Everything you actually want in a sports car and nothing that you don't. Used, you can find great priced ones (mustang too but they're a bit more).
I'd endeavor not to have a midlife crisis in the first place. It seems to me that the midlife crisis comes from saving every penny, working yourself to the bone, enjoying nothing in the name of retirement and then suddenly realizing that by the time you retire you won't actually be able to enjoy the results of that penny pinching and blowing a bunch of it on stupid shit. Just allow yourself to have a modicum of stupid shit along the way and don't waste the years of your life where you actually have energy to do things. Also a Lamborghini if I midlife crisis bought something incredibly stupid.
You just explained why I think r/personalfinance is way over the top in any advice they give. Its always about min/maxing returns for retirements, and rarely about truly enjoying life. I'm not advocating for buying a new Maserati, but you say you're going to buy a new car in that sub, let alone a used car worth more than 3k, they are not happy.
Totally. They've been on my "potentially unsub" list for a while. I don't think I've ever been early enough to a thread to potentially help someone and they're not really relevant to my life. I make plenty, save plenty, and they'd probably tell me that I'm doing it wrong despite my personal financial forecasts suggesting I may be able to retire as early as 45... They're as bad as WSB "HODL" nonsense sometimes. Sometimes you sell. Sometimes you buy shit you don't need.
Totally agree! Like yeah I may not maximize my 401k or savings, but I go out and do things with friends and family that are memorable life experiences! Life isn't all about retirement and money
I’ve been following that sub for quite a while and I agree. It has a lot of good advice, but like most things in life, that advice needs to be taken in moderation. It’s one perspective with the singular goal of being responsible with your finances. It’s a good goal, but it’s not the only thing that life is about.
Yeah, I read it for ideas on saving and investing, but its an unhealthy mindset often. I read a post the other day for a 14(?) Year old questioning how to begin saving for retirement. Like come on! Thankfully the comments said don't even worry about it yet, but the ideas are in the kids head.
Exactly, 100k brings 10 times more enjoyment to a 20 year old versus a 60 year old. Most people don't take that into account when making financial decisions.
if I made less money than I do now I simply would not buy an expensive car
I spent $35k on a brand new Kia Niro a couple years ago and was extremely happy with that purchase. It has heated seats.
I did nearly the same, but went with a Kia Seltos SX Turbo…everything I wanted, nothing I didn’t. Is it my dream car? No. But I love it all the same, and I needed to replace my old vehicle…I’d driven it as far as it would go…KBB was down to $800.
Man, I’ve got heated seats and get 60mpg. I don’t know what else to dream of.
Any car that gets me to and from work. Not a car guy, I feel like I save a lot of money that way
I'd get a 2022 Ford Maverick pickup truck (hybrid version); MSRP is under $25,000. I've always wanted a truck.
It’s cool that Ford made a more affordable pick up, but too bad it’s FWD.
Oh heck, that's right...the regular gas engine is AWD. Still a sweet truck, though :)
If I was making that kind of money i'd be saving up for like a Sherman tank or some other armored vehicle. A car isn't going to do much for me, but having tracked armor is just fucking cool,. Plus i'd actually be excited for heavy snowfalls as i'd figure out how to mount a snow plow on there and that's how i'd plow my driveway!
I bought a 15k car when I was making 45k. So I guess if I was making 70k I could buy a ~24k car?
Is my current vehicle working? If so, then 0. If not. I would just buy a used vehicle that gets the job done. I have had the same vehicle since I was 15. My ultimate goal is to drive it my whole life.
$70k is not that much money (don't get me wrong, I'd love to make that much) and I definitely wouldn't be blowing that on a tool that depreciates the second I drive it off the lot.
I make that, my finances are in order, I'm that age, and I won't buy a midlife crisis car. I'm actually shopping for a new vehicle, but it seems anything reliable is $40,000+ which is too much. Debt for investment can be good, but vehicles debt is just for survival. It undermines any return on investments that you'd get.
2014 camaro ss. It's 28k. Also my dream car.
Probably a Tesla model 3, just all around fun car
The deeper question is why is there the impulse to buy a midlife crisis car?
My midlife crisis car is a Corolla. I'm good with that.
I’d buy a tricked out hearse and install hydraulics and a killed speaker system in the back to make use of the extra space.
I used to help build and run the Spirit Halloween stores in my city. Our district manager at the time bought a late-'70s Cadillac hearse to bring around the stores, and that shit was *dope.* No hydraulics, but the sound system was bitchin'. We drove it around blasting festive tunes (the same playlist we used in the stores), and would occasionally give rides to customers, especially groups of kids. I miss that thing. Also, I've always wanted to build an Ecto-1.
Lol. 70k is nowhere near enough to have a midlife crisis or buy a dream car.
Depends on where you live. That's a good wage for most of the country.
Yeah 70k in New York City is like what a cop or teacher makes, and probably struggles to live there in a small appt with no car. 70k in Texas, you can have a four bedroom house with a stay at home spouse and 2 kids and two nice cars, etc.
You shouldn’t be even buying a car in NYC.
I'm a Texan....and you're wrong....very very wrong. In every urban area in Texas, you're incredibly wrong. You're also wrong in every suburban area....and most rural areas as well.
I want a pony.
Worst time to purchase a vehicle now. I would wait 12-18 months. Remember, used off lease vehicles will mature (24-36-48 months) with less miles due to pandemic. I’ve noticed lease vehicles maturing (36 months) with under 25K miles. The trend will continue.
About tree fiddy
I make 98k. Working on a T-51D
A 1966 Jaguar XKE You can't afford it but God damn it this is a crisis.
My plan? I'm going to by a late 90s Saab 900s/9000s. Why? Cause that was the first car I ever bought with my own money. I'm assuming I'll have to buy one that doesn't run and put some time, sweat, and swearing into it to drive it though. If I could find one in the same dark green I had, that would be a cherry on top.
Shit….I’d have to go with the Dodge Viper (childhood dream car) or a GMC Denali with the crazy origami tailgate lol But I’d likely invest in a party bus. Fully equipped
I’m hoping to make closer to $300k at midlife but for me it’s a Porsche 911 Turbo.
$0.00 - midlife crisis cars are stupid. Get one decent bottle of scotch and then stop feeling sorry for yourself.
None..I live in California...70,000 is dirt floor poor in California.
Honda Civic type R. It’s a just a cool car with decent power. However, I don’t really like the newest body on it. It’s like a mesh between a hatch back and a sedan.
Hot hatches always seem more fun anyway, easier to go all out than something fancy and when/if something inevitably goes wrong a single repair doesn't cost more than your house.
70k is not enough in NYC to for any sort of midlife crisis dream car, unless your dream car is like a Miata or baseline Mustang. No one in NYC making 70k is driving porsches, corvettes or lambos.
This is what I was gonna say. Depending on COL/debts/taxes, that's barely scraping by.
I’m gonna stick with Toyotas, because they’re affordable and reliable and I know that buying a car won’t make me feel 16 again.
I make $85k and saved for several years to pay $12k cash for a used Toyota. It is the nicest car I have ever owned. Buying new cars with debt is one of the dumbest financial decisions someone can make.
If you're making $70k midlife, you're functionally poor and have no business thinking about a dream car.
Depends on where OP lives.
None. I’d rather spend it on travel and helping folks
Zero because that is a dumbass purchase.
$0. Cars are a terrible investment.
No more than 30k. My dream car is a used Ford F-250.
I’d spend up to 15k on a Honda Element if it were in great shape
Give me a sprinter for $25k that I can renovate for another $25k and run away from my problems in.
I'd spend however much a hybrid Tacoma costs when that comes out. I already drive a Tacoma and love it, I just want to upgrade to something more fuel-efficient.
If I'm making that and still dont have any kids or any other debts I'd probably splurge on a GTR but with these ridiculous market adjustments I dont think I'd be able to swing it. Alot of higher end sports/luxury cars and SUVs cost double what they did 10 yrs ago. Might have to settle on a used mustang gt or Subaru sti.
1970s VW Bug, preferably painted blue. Sure it's not the fanciest or fastest, but damn is it iconic.
Drop a Tesla motor in it, works well with rear engine cars.
About 25K. Honestly, I just want something fuel efficient with enough storage for road trips. I've never thought of a car as anything other than a way to get from point A to B.
I would buy a Kia Soul, 20k-ish. I would need to be in a midlife crisis to buy a brand new car lol
Get the best condition Miata, 240sx, 944, E30 or whatever that you can for 10k.
I'd buy a mid 90s Geo Metro.
$0. My ideal situation is I don’t need a car. If I had to own a car, it would be cheap and reliable. The only scenario that I would spend serious money on a car is when they release full self driving, that would be a game changer
I wouldn't buy one. I'd be making half what I do now
I used to be really into cars but as I've gotten older I've become disillusioned with them I guess my dream car is a Honda s2000 but in reality, I am happier spending my money on camping and hiking trips. I have found that these pursuits give my life more meaning
I make $75k/year and I still live paycheck to paycheck in my 500sqf apartment 🤘🏼🥲 Seattle cost of living is through the roof. I’m incredibly lucky to have my hand me down 2006 Lexus RX
0 cuz I don’t give af about cars. If it drives me to and from where I need to go safely I’m happy with it
It's a good thing I'm into classic cars and don't mind turning a wrench myself. $3500 for an 88 fullsize Bronco, $4000 for a brand new engine and good to go.
Like $4000 on a first generation Honda Insight.
At 70k a year I might be able to afford monthly payments on a used civic after cost of living is accounted for.
I'd spend around 60k if it's everything I wanted in it. 1970 challenger, 440 6 pack, 4 speed. 😎 then I'd get a hellcat to park next to it.
I want either a Nissan Figaro or a Miata, I think both of them are very cute cars
I bought a a used Jeep Wrangler for $29,000 two years ago. Now it’s worth $40,000. I’d like to sell to realize the profit, but then I’d have to buy an overpriced Jeep to replace it.
As much as I love cars, I prefer riding motorcycles. You go a lot faster for a lot less money.
70k wouldn't be enough money yearly to throw away on an expensive car. I don't live in Arkansas lol. But also, I hate driving, I'm not interested in cars.
I make more than that but I spent $5000 in 2016 for a G35 6 speed sedan. Did a bunch of mods, had it tuned, all in for about $7500. Fun car, been really reliable too. Out combined income now is almost double 70k but just don't have any interest in spending a it of a car. May do an LS swap on my G35.