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what would you do with $45k?

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rcpratt

rcpratt

Lifer
Jul 2, 2009
10,433
110
116
Young Grasshopper said:
my expenses are about 3k a month total with everything, that will leave 1k to save monthly, on top of 2 extra bi-weekly paychecks a year, yearly tax refunds and bonus. in regards to the lease payment, i knew i'd get flamed for it. the thing is, i have been saving money religiously for the past 7 years. eventually it gets tiring and you want something for yourself to enjoy. saving money=good for you in the long run but not fun. i have not signed anything yet, and the dealer said nothing is finalized until i do. i COULD sign a 27 month lease which would raise the residual on the car up to %71 from %60, which could drop the payment by about $150 as well as put down 7 MSD(security deposits, all refunable) which lowers it even more. we'll see. besides, even if i had a 100k and affordable mortgage payemtns for a house, i'm not sure i would even buy one considering im single. that to me is a decision i would make with a significant other. condo's just seem like they're easier to deal with.
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Well that's kind of the point. You've been saving for 7 years and now you're flushing $30k down the shitter over three years. Plus, as a second car, I just don't get that. You seriously need two cars?

Also, why would you NOT take a shorter lease term if the payments were less? Assuming there's no significant down-payment difference between them.
 
B

BlahBlahYouToo

Lifer
Jul 10, 2007
12,041
3
0
Young Grasshopper said:
my expenses are about 3k a month total with everything, that will leave 1k to save monthly, on top of 2 extra bi-weekly paychecks a year, yearly tax refunds and bonus. in regards to the lease payment, i knew i'd get flamed for it. the thing is, i have been saving money religiously for the past 7 years. eventually it gets tiring and you want something for yourself to enjoy. saving money=good for you in the long run but not fun. i have not signed anything yet, and the dealer said nothing is finalized until i do. i COULD sign a 27 month lease which would raise the residual on the car up to %71 from %60, which could drop the payment by about $150 as well as put down 7 MSD(security deposits, all refunable) which lowers it even more. we'll see. besides, even if i had a 100k and affordable mortgage payemtns for a house, i'm not sure i would even buy one considering im single. that to me is a decision i would make with a significant other. condo's just seem like they're easier to deal with.
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get a gf. they're not cheap.

and you still haven't told us what car.
 
Y

Young Grasshopper

Golden Member
Nov 9, 2007
1,032
380
136
dullard said:
For me, it isn't the idea of a nice car that gets you flamed. It is the idea of leasing a nice second car that gets the flames.


Option 2 just seems like so much of a better deal.
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except the fact that i have to put 30k down payment in addition to the payments if i want to buy. someone else brought up the point of buying used, however these cars are notorious for HPFP problems not to mention no warranty either. i think a shorter lease would be a good option for me. with leasing i am only paying the depreciation the car is taking over the year, in addition to interest which i would pay anyway if i wanted to buy used. and yes i do need 2 cars. both of my parents cars have reliability issues so it's good to have an extra one just in case. i will probably hand down my mazda to them when im done with it in a few years. car is awesome and i never had issues with it.
 
JTsyo

JTsyo

Lifer
Nov 18, 2007
12,035
1,134
126
dullard said:
For me, it isn't the idea of a nice car that gets you flamed. It is the idea of leasing a nice second car that gets the flames.

Option 1) Lease this 335i for 2 years and then another similar for car for 2 years and what do you have? Nothing.

Option 2) Buy that 335i for $800 a month and it is paid off in 4 years. Same monthly cost, same total cost as option 1. But now what do you have? A used car that you can sell for at least $25,000.

Option 2 just seems like so much of a better deal.
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yea, with the the car you're considering, will it drop $30K in value in the 3 three years that selling it wouldn't put you ahead? You're not putting much miles on it.

ah found the garage post about the car. Looks nice.
 
olds

olds

Elite Member
Mar 3, 2000
50,124
779
126
I don't know where the OP lives but $1k a month is a house payment in California.
 
airdata

airdata

Diamond Member
Jul 11, 2010
4,987
0
0
$800 seems a bit much on a car especially when rent is $1100. Buy RV, sleep in RV, profit.
 
TwiceOver

TwiceOver

Lifer
Dec 20, 2002
13,544
44
91
What would "I" do? Lump sum payment to my house and new siding. Wouldn't pay it off, but would make a huge dent.

What "I" think "You" should do? Pay off debt, buy a reasonable car rather then renting one at a ridiculous price ($800/mo, what is it a fucking lambo?). Invest the rest in something safe.
 
DougK62

DougK62

Diamond Member
Mar 28, 2001
8,035
6
81
Probably not the best move, but *I* would pay off my mortgage with $45k.
 
Y

Young Grasshopper

Golden Member
Nov 9, 2007
1,032
380
136
i think i may just get the car(albeit at a shorter term) which will raise the residual % by then=lower payments, put some msd to lower it furthur and continue to save for another 2-3 years. i could have close to 75k by the time my lease is over if i stay on track.

wait... let me make sure you are who i think you are.
Rob from CA (LA more specifically)?
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how do you know who i am? do i know you?
 
B

BlahBlahYouToo

Lifer
Jul 10, 2007
12,041
3
0
Young Grasshopper said:
i think i may just get the car(albeit at a shorter term) which will raise the residual % by then=lower payments, put some msd to lower it furthur and continue to save for another 2-3 years. i could have close to 75k by the time my lease is over if i stay on track.




how do you know who i am? do i know you?
Click to expand...

lets just say you haven't wronged me in any way so don't worry about it.
:)
 
sunzt

sunzt

Diamond Member
Nov 27, 2003
3,076
3
81
leasing is your first mistake. If you're making 4100 net/month (assuming you contribute to 401k, IRA, etc) then you should have no trouble paying of debt and saving up for a starter condo/house to build equity.
 
QueBert

QueBert

Lifer
Jan 6, 2002
22,979
1,178
126
oldsmoboat said:
I don't know where the OP lives but $1k a month is a house payment in California.
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uhh maybe in the ghetto, I live in a not even great part of So Cal and the small'ish 3 bedroom house next door to me just rented out for $1,200 a month. I wouldn't want to live in a 1k house in Cali.
 
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