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I live alone, I'm 24 and my salary is around 73k. My monthly rent is $900. I am looking at either getting a 2014 Mercedes-Benz E350 or a 2017 Lincoln MKZ or a 2014 Maserati Ghibli all for which go around 36-40k. I want to keep the car for 3-4 years. I am wondering if I am exceeding my financial limits by buying a $40,000 car?
So how much have you set aside for retirement?
Are you saving for a house?
Do you ever plan on getting married? Children?
I had 4 new vehicles when I was in my 20's. What a complete waste of money. Nobody gives a rats $ss what you drive.
And there are many cars half the price that are just as reliable (or more reliable) with the same or better comfort.
So how much have you set aside for retirement?
Are you saving for a house?
Do you ever plan on getting married? Children?
I had 4 new vehicles when I was in my 20's. What a complete waste of money. Nobody gives a rats $ss what you drive.
And there are many cars half the price that are just as reliable (or more reliable) with the same or better comfort.
Are you attempting to show off to your peers?
Well yeah, that is exactly right, I am attempting to show off to my peers. If I instead were to get a 2014 CLA which goes for about 24k, would that better match with these cars that are half the price w/ same comfort? I have though about retirement, but haven't set anything aside yet. New Constructions in my area generally go for around 250k, which i'm looking for about $1714 per month with a $5000 down payment for 15 years.
Well yeah, that is exactly right, I am attempting to show off to my peers. If I instead were to get a 2014 CLA which goes for about 24k, would that better match with these cars that are half the price w/ same comfort? I have though about retirement, but haven't set anything aside yet. New Constructions in my area generally go for around 250k, which i'm looking for about $1714 per month with a $5000 down payment for 15 years.
The CLA is a POS. Plus it's the first year of a POS.
You can get a low mileage CPO 2014 C-Class for $24K or less. Last year of a long model run.
That V6 is a nice engine very smooth. I'd rather have that than a turbo.
The CLA is a POS. Plus it's the first year of a POS.
You can get a low mileage CPO 2014 C-Class for $24K or less. Last year of a long model run.
That V6 is a nice engine very smooth. I'd rather have that than a turbo.
No more than 15% of your take home pay should go to vehicle expenses(loan if applicable, gas, insurance, repairs).
But such advice is usually wasted on youth. Get that retirement savings going now. Easy to retire a millionaire if you start young.
There are some unknowns but I make very similar money to the OP.
The car I posted would qualify for me under the 15% rule even with a significant 401K contribution.
But I have a perfect driving record and 800+ credit. Don't know if the OP does.
The cars he posted aren't even close.
Quote:
Originally Posted by Archer705
15%?
That is really low. I would need to be a neurosurgeon to buy an E Class, or is that 15% per year?
Per year, not all at once. E-Class blows that way out of the water.
Quote:
Originally Posted by Archer705
Yeah I looked at that, the car is very ugly to me. I don't know if it's because everyone has one or if it's generally a cheap looking car.
A CLA is 100 times cheaper. A real piece of garbage.
Nothing screams "I want a Mercedes but can't afford one" more than a CLA.
I doubt this is the image you are trying to project.
There is a reason the C-Class outsells the CLA by 4-1 despite being significantly more expensive.
Most MB buyers are discerning enough to know the difference.
There are some unknowns but I make very similar money to the OP.
The car I posted would qualify for me under the 15% rule even with a significant 401K contribution.
But I have a perfect driving record and 800+ credit. Don't know if the OP does.
The cars he posted aren't even close.
I have a pretty good driving record, 1 warning out of state for blocking an intersection in New York and one collision that I was not at fault for. My credit score is in the 700s. And I qualify for a $36000 Mercedes-Benz E class to pay back in 36 months. I could easily find a 2014 E-class for 25-29k which would be good. I only mentioned the 36k one to match with the 2017 MKZ.
There are some unknowns but I make very similar money to the OP.
The car I posted would qualify for me under the 15% rule even with a significant 401K contribution.
But I have a perfect driving record and 800+ credit. Don't know if the OP does.
The cars he posted aren't even close.
Per year, not all at once. E-Class blows that way out of the water.
A CLA is 100 times cheaper. A real piece of garbage.
Nothing screams "I want a Mercedes but can't afford one" more than a CLA.
I doubt this is the image you are trying to project.
How about a 2009 S63 AMG? I can get one for $30,000 with like 70k miles. Reliable?
or a 2012 S550 with about 40k miles for about $28,000 as well.
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