For those of you who make over $85K/year....

[sygyzy]

Originally posted by: halik

Originally posted by: Amused
Divorced.

A 1999 VW Passat. Paid off and in perfect condition.

I see no reason to make the single worst investment a person can make: Buy a new car... especially every 3-5 years.

I disagree, leasing a car generally ends up a higher loss. Same thing goes for excessive rent. In either case you end up with no equity when the lease is up.

The car lease thing is not universal, though. With a $350//mo lease, you're expecting the car to depriciate 4100 bucks in one year/12K miles. This might be the case for a brand new domestic, but usually not for used foreign cars.

I don't think you get it, halik. The alternative to not buying a brand new car is, wait for it, wait for it, buying a used car!

 

[chickadee]

Originally posted by: JulesMaximus

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

You can't even afford a car in NYC on $85k/yr.

why would you even WANT to own a car in NYC?

parking fees alone would prolly cost you 20k a yr ;x

 

[EKKC]

Originally posted by: chickadee

Originally posted by: JulesMaximus

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

You can't even afford a car in NYC on $85k/yr.

why would you even WANT to own a car in NYC?

parking fees alone would prolly cost you 20k a yr ;x

because its the greatest city

<-- nyc, 120k, single, driving a cheap but fun 2002 nissan xterra

 

[Amused]

Originally posted by: Koing

Originally posted by: Amused

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

Again, a car is a terrible investment. I didn't get to where I am today by wasting my money, nor will I get to where I want to be tomorrow by wasting my money.

Technically couldn't you say a guy that drops $50k in to a car wasted his money by getting to where he is?

Koing

Not really. He got to where he is in spite of being wasteful.

But I'll tell you what, you cannot be successfully self employed and wasteful. Why blow my money on things that depreciate so fast when I can reinvest it and make more money?

 

[halik]

Originally posted by: sygyzy

Originally posted by: halik

Originally posted by: Amused
Divorced.

A 1999 VW Passat. Paid off and in perfect condition.

I see no reason to make the single worst investment a person can make: Buy a new car... especially every 3-5 years.

I disagree, leasing a car generally ends up a higher loss. Same thing goes for excessive rent. In either case you end up with no equity when the lease is up.

The car lease thing is not universal, though. With a $350//mo lease, you're expecting the car to depriciate 4100 bucks in one year/12K miles. This might be the case for a brand new domestic, but usually not for used foreign cars.

I don't think you get it, halik. The alternative to not buying a brand new car is, wait for it, wait for it, buying a used car!

I've never bought a new car before nor did I argue against buying used. My point was that leasing a car is even worse than buying a new car. Neither one is a good financial decision, though.

 

[xospec1alk]

Originally posted by: JulesMaximus

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

You can't even afford a car in NYC on $85k/yr.

you can....but tack on insurance and 1400/mo on rent and you're not left with much...

 

[chickadee]

Originally posted by: EKKC

Originally posted by: chickadee

Originally posted by: JulesMaximus

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

You can't even afford a car in NYC on $85k/yr.

why would you even WANT to own a car in NYC?

parking fees alone would prolly cost you 20k a yr ;x

because its the greatest city

<-- nyc, 120k, single, driving a cheap but fun 2002 nissan xterra

i didnt say it was a bad city. i spent awhile going to school in manhattan. it would just seem more practical to use the subway/buses.

 

[EKKC]

Originally posted by: chickadee


i didnt say it was a bad city. i spent awhile going to school in manhattan. it would just seem more practical to use the subway/buses.

well i live in queens and work in CT. reverse commute... and impossible if i dont have a car.

 

[iwantanewcomputer]

Originally posted by: BoomerD
Married
Crane Operator

87 BMW 735i
96 Dodge Dakota
05 Ford Expidition (hers)

OMGWTF??? 85k for operating a crane? why the hell am i spending 4 years in hell paying 25k to get a chemical engineering degree which will earn me 55 starting?

 

[GeneValgene]

Originally posted by: iwantanewcomputer

Originally posted by: BoomerD
Married
Crane Operator

87 BMW 735i
96 Dodge Dakota
05 Ford Expidition (hers)

OMGWTF??? 85k for operating a crane? why the hell am i spending 4 years in hell paying 25k to get a chemical engineering degree which will earn me 55 starting?

umm...process engineers, all who who have ChE degrees, are making over 100K in less than five years at my firm...

i do work in the oil and gas business down in texas though

 

[xospec1alk]

Originally posted by: EKKC

Originally posted by: chickadee


i didnt say it was a bad city. i spent awhile going to school in manhattan. it would just seem more practical to use the subway/buses.

well i live in queens and work in CT. reverse commute... and impossible if i dont have a car.

where in ct? we should carpool hehehe

 

[mk52]

It all depends on where in NYC you live, it's a HUGE city. I live in Queens (15min from midtown) and own a car. I take the subway to work but on weekends and at night I usually drive. Parking is also no issue once you are in the boroughs.

On the leasing discussion, it all depends on your needs. I lease because I rarely drive (less than 10000) a year, want to own a new car with free maintenance and warranty, want a luxury sedan (06 A4), and don't care about monthly expense -> hence for me leasing makes sense (sometimes convenience and time saved is worth more than $$).

 

[ones3k]

Originally posted by: Todd33
Married, 2000 Jetta GLX and 2005 Oddesy, both paid off.

Cars are a very poor investment...

Why does everyone say buying a car is a poor investment? Its not an investment at all! Purchasing any depreciating asset is not an investment, an investment implies the expectation of profit.

 

[Descartes]

Originally posted by: Amused

Originally posted by: Koing

Originally posted by: Amused

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

Again, a car is a terrible investment. I didn't get to where I am today by wasting my money, nor will I get to where I want to be tomorrow by wasting my money.

Technically couldn't you say a guy that drops $50k in to a car wasted his money by getting to where he is?

Koing

Not really. He got to where he is in spite of being wasteful.

But I'll tell you what, you cannot be successfully self employed and wasteful. Why blow my money on things that depreciate so fast when I can reinvest it and make more money?

I'm self-employed and, by your definition, wasteful.

We all "blow money" on things that depreciate. I put a car at the same level as I do going out, vacations, etc.; I buy it because I enjoy it, and for that I get plenty of value; the only difference is the value is in character and personal enjoyment and not monetary in nature.

 

[mboy]

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

No kidding, where do you guys live?
Gerogia?

I live in Northern NJ, will make $85k this year, wife about 50k.
1 Child.
I drive a 2003 accent GT (drive 104 miles to and from work each day) paid off this coming Feb, wife drives 2006 Milan (black, loaded just like one in commercial with original Punk'd girl)-leased.

$135k ain't a whole lot where I live, can't even buy a house yet (3 bedroom 1 bathroom capes built in 1935 are $350-400k).

 

[Koing]

Originally posted by: Amused


Not really. He got to where he is in spite of being wasteful.

But I'll tell you what, you cannot be successfully self employed and wasteful. Why blow my money on things that depreciate so fast when I can reinvest it and make more money?

Because life isn't all about making more money .

If your already making and investing a lot of your money then I don't see dropping $30-45k on a 2-3yr old higher end car being too bad. You got to live a little in this one life time.

Koing

 

[xospec1alk]

Originally posted by: MelikK
It all depends on where in NYC you live, it's a HUGE city. I live in Queens (15min from midtown) and own a car. I take the subway to work but on weekends and at night I usually drive. Parking is also no issue once you are in the boroughs.

On the leasing discussion, it all depends on your needs. I lease because I rarely drive (less than 10000) a year, want to own a new car with free maintenance and warranty, want a luxury sedan (06 A4), and don't care about monthly expense -> hence for me leasing makes sense (sometimes convenience and time saved is worth more than $$).

true. if i lived in queens i'd probably save a bunch of money....but i've lived there all my life...it was time for a change therefore im in manhattan...jersey...is not an option

 

[Descartes]

Originally posted by: mboy

Originally posted by: xospec1alk

Originally posted by: Abe Froman
Out of curiosity, all of you make over 85K/yr....and these are the cars you choose?

C'mon

if you lived in nyc, you'll see how far 85k gets you....(absolutely nowhere)

No kidding, where do you guys live?
Gerogia?

I live in Northern NJ, will make $85k this year, wife about 50k.
1 Child.
I drive a 2003 accent GT (drive 104 miles to and from work each day) paid off this coming Feb, wife drives 2006 Milan (black, loaded just like one in commercial with original Punk'd girl)-leased.

$135k ain't a whole lot where I live, can't even buy a house yet (3 bedroom 1 bathroom capes built in 1935 are $350-400k).

Not all of Georgia is cheap. Atlanta can be incredibly expensive; in fact, it can be about as expensive as NYC, Chicago, SoCal, etc.

 

[EKKC]

Originally posted by: ones3k

Originally posted by: Todd33
Married, 2000 Jetta GLX and 2005 Oddesy, both paid off.

Cars are a very poor investment...

Why does everyone say buying a car is a poor investment? Its not an investment at all! Purchasing any depreciating asset is not an investment, an investment implies the expectation of profit.

true. its like a computer. the minute you turn it on or run the engine, its losing value
but the problem is, get one that you can afford. utterly pointless if you make 60k and drive a BMW.

Originally posted by: xospec1alk

Originally posted by: EKKC

Originally posted by: chickadee


i didnt say it was a bad city. i spent awhile going to school in manhattan. it would just seem more practical to use the subway/buses.

well i live in queens and work in CT. reverse commute... and impossible if i dont have a car.

where in ct? we should carpool hehehe

Norwalk CT its not permanent since its a client, but been here for a while now

 

[SampSon]

2004 subaru.

 

[Entity]

1997 Subaru Outback. 120k miles. I try not to drive very often though -- most of my commuting is done on my bike (Klein Q-Carbon).

Engaged (not really single, not really married).

 

[Spamela]

2006 F250 Diesel Crew Cab (what else to pull a trailer?).

i'm single now, BTW.

 

[KoolAidKid]

Married.

I drive a 2006 Mazda 3, she drives a 2003 Corolla.

 

[LeadMagnet]

Married

1976 AMC Hornet X Sportabout station wagon

When it comes off lease in 3 years I'll buy it

 

[Kadarin]

Single, 2005 Pontiac GTO