Buying a nice car when company is doing poorly..

[Cattlegod]

If you buy it and get fired the next day, can you live for the 6+ months it could take you to find an equal paying job with nothing but savings? If you can, go for it, if not, build up some savings until you can.

 

[AyashiKaibutsu]

Depends on how important cars are too you and how much your employment and advancement relies on the views of your coworkers/superiors.

 

[AyashiKaibutsu]

Go ahead, others should mind their own business and not worry about what you do with your money.

What people should do and what they do do that affects his life are two completely different things.

 

[hanoverphist]

Agreed. OP will get a talking to.

Not fibbing, an exec at a previous employer got fired for showing up in a brand new 911 turbo. It sent a bad message.

a few years ago during a good year one of our managers got his wife a decked out escalade. not just an escalade, customized everything. the owner told him "damn, are we paying you too much?" and everyone laffed. truth be told, he got it for a steal at 14k. walked into a "right place, right time" deal.

while it will get talked about, its up to you if you want to deal with that kind of stuff on ya. as for the "sends a bad message" part, you arent the top echelon of the company, and really not that essential as IT guy so i wouldnt think it would send too much of a bad feeling to the uppers. that said, id probably still wait a bit. if youre lucky your current car will crap out and then the new car will be "justified" in other people eyes at work

 

[JS80]

They won't fire you but they'll definitely think you're a douchebag.

 

[3chordcharlie]

$28k? That's hardly an expensive car...

There's no problem with a $28k car, but it doesn't look like a $28k car. It looks like a $28k toy.

 

[nageov3t]

go for it.

your coworkers will probably just think you're dumb and leased it.

 

[spidey07]

go for it.

your coworkers will probably just think you're dumb and leased it.

Even leasing a new M3 is expensive. This one is probably 5-8 years old.

 

[Miramonti]

Do it but don't park it in an obvious place near the front and don't talk about it with your coworkers, even if they bait you by saying how cool it looks. You've worked hard for it and made good decisions and shouldn't have to defend yourself.

That said, make sure you can afford payments for a while if you're laid off for whatever reason.

 

[ViviTheMage]

Shit, I got my B7 A4 back in 09, just because everyone else is hurting and you are not isn't your fault.

No one gave me shit when I got my car, it was 25k or so....few other people in production/sales bought some newer/nicer cars, so I wouldn't be worried, unless image is big where you work.

 

[caspur]

Here in the car biz, when the company is doing poorly, we drive nicer cars to make up for the lack of pay increases.

Though it is kind of ironic that I'm driving a 70k Escalade that is worth more than my yearly salary. My neighbors are almost sure I'm a drug dealer now.

Though what has me most excited is the 2011 Ford Mustang. Our company gets allocated the early shipments which are almost always fully loaded. And if they package a GT in there by mistake, I am so getting that.

 

[Abe Froman]

If you got laid off tomorrow could you still live comfortably with the car? If so, then yes go for it. If not, it would give me pause... you never know what life is going to hit you with and if your current car still works fine it's more of a luxury than a necessity.

Touche. Luckily I didn't buy the car I was looking at, just a week before I found out I was being laid off. I was sitting at the table negotiating the car, but we reached an impasse. I was going to head back in a week. a few days later... severance bomb.

 

[IceBergSLiM]

tell people you won it or inherited it. its not there business anyways.

 

[Platypus]

Touche. Luckily I didn't buy the car I was looking at, just a week before I found out I was being laid off. I was sitting at the table negotiating the car, but we reached an impasse. I was going to head back in a week. a few days later... severance bomb.

bullet dodged, eh Sausage King?

 

[Zargon]

They won't fire you but they'll definitely think you're a douchebag.

well duh, he is talking about buying a BMW

I'd rock it. a 28K car is not out of anyones reach just about

 

[HardcoreRobot]

your money, do what you want. just tell them you lived within your means and saved. they probably won't understand though.

 

[soccerballtux]

$28k? That's hardly an expensive car...

I know, it's the image that "BMW" sends though.
If it were a Lexus I think it would be different.

 

[BoberFett]

The OP thinks IT is shielded from layoffs? LMAO!

 

[RichUK]

If, given various contingency scenarios, you can afford it, do it!

Why should your neighbors' or coworkers' poor money management skills force you to not live how you want to?

Agree.

I'm holding off on my next car purchase until I get a 12 month extension on my contract – I should get my contract extended as I’m being lined up for another project in the new F/Y. Until then, my contract is up at the end of this F/Y, so I don't want to stitch my self up with an expensive depreciating asset (car) and then struggle to find another contract/alternative work if I don't get extended.

 

[StageLeft]

Stupid idea and, of course, you cannot afford it. Not if you lose your job, otherwise this wouldn't be a concern of yours. If you want the nice car and are worried about losing your job that's fine, but only if you have enough savings to pay for much of the car and keep yourself going for a long period of time without work.

If you lack this cushion it would be absurd folly to buy an expensive item you don't need (you can get a much cheaper car and save money) if you're genuinely concerned about losing your job.

In fact, this job aside, it's always stupid to buy an expensive item that you don't need unless you can weather a long termination, whether your job looks safe or not.

My neighbors are almost sure I'm a drug dealer now.

Awesome!

BTW a new Honda Accord for $28k fits in with other vehicles. A used $28k BMW roadster does not. I don't know if the assertions above are valid but a used $28k BMW looks a lot richer than a new accord at the same cost.

Here is the "Am I a moron" litmus test (btw this isn't directed at OP now ) when buying a new car:

Question: If I buy this car and lose my job tomorrow and still don't have one in three months how much will I have regretted buying it? If the answer is any more than "not much", then don't do it.

 

[skyking]

Question: If I buy this car and lose my job tomorrow and still don't have one in three months how much will I have regretted buying it? If the answer is any more than "not much", then don't do it.

Agreed. If I can't write a check for the whole purchase I would not do it.
That does not mean that I would not finance it, it just represents the cushion I'd need to feel comfortable.

 

[JS80]

Stupid idea and, of course, you cannot afford it. Not if you lose your job, otherwise this wouldn't be a concern of yours. If you want the nice car and are worried about losing your job that's fine, but only if you have enough savings to pay for much of the car and keep yourself going for a long period of time without work.

If you lack this cushion it would be absurd folly to buy an expensive item you don't need (you can get a much cheaper car and save money) if you're genuinely concerned about losing your job.

In fact, this job aside, it's always stupid to buy an expensive item that you don't need unless you can weather a long termination, whether your job looks safe or not.

Awesome!

BTW a new Honda Accord for $28k fits in with other vehicles. A used $28k BMW roadster does not. I don't know if the assertions above are valid but a used $28k BMW looks a lot richer than a new accord at the same cost.

Here is the "Am I a moron" litmus test (btw this isn't directed at OP now ) when buying a new car:

Question: If I buy this car and lose my job tomorrow and still don't have one in three months how much will I have regretted buying it? If the answer is any more than "not much", then don't do it.

My "Am I a moron" litmus test is "did you buy a car new?"

 

[Koing]

It's a tough call...

Will driving the car to work have a negative impact on your career progression at work?

I work for a broker and all the traders are wearing £2-5k watches at the very minimum...it's just the way it is here.

The Z4MC looks BAD ASS

Koing

 

[PricklyPete]

To be honest...I'd keep your POS as long as it is presentable and buy the car...but keep it as your weekend car.

I will drive my truck into the ground and it will always be my work car as long as it looks presentable. I generally don't care in my personal life what others think of me...but professionally, I try to keep a humble yet professional profile. Whether you like it or not, people resent others for their belongings. This can certainly hurt you politically at work...and that is the one place to me where politics does matter, as how I am portrayed by others has a definite affect on my career growth.

Buy the car, just keep it for your personal life, not your work life.

 

[SpatiallyAware]

Stupid idea and, of course, you cannot afford it. ...........................snip

I can afford it. The issue has nothing to do with affording it, and honestly I want to be surprised that you came to this conclusion (although typical with ATOT if someone is considering buying something nice THEY MUST NOT BE ABLE TO AFFORD IT!!!)


I am not worried about somehow losing my job over the car and not being able to pay for the car.. I am worried that the reality of the 'impression' of someone buying a new/nice car in a small business that isn't doing well. As the poll shows, not a great idea.


I'm either going to hold off until things recover or make it a weekend only car...