Guys - question.

You love your car, but when do you know that it's probably time to replace it? Do you go by years or do you go by gut instinct?

Do you tend to drive it to the ground or do you upgrade when you finances allow?

This question is relevant to me because although I like my car, I think I could use some slightly comfier seats and I would not mind a different car. The problem is that I'm going to have to spend more money on an upgrade car and cars are not the best ways to spend your money. Also, the wife tells me "no".

She's the reasonable one in the group. Haha!

Now, I enjoy driving my G around.... but this feeling is just there. I've been looking at a few cars on the internet, but I'm afraid of stepping into the dealer and finding myself ruined.

And the other thing is that I just got a huge boost in income by my job. I make 8x more than I did before.

So... that also plays into it. I mean, I'm 29 and I don't know how many more sporty cars I can drive before I gotta trade it in for the family sedan you know?

But you gotta be sensible... says the wife.

Anyway, thanks for reading and I just needed to vent.

 

i hear you man. i had 09 cp and 11' cp now. but i am thinking to trade it to get new lexus G350 2013 when it comes out next month. don't know, i am about 38, still love the sport cars, but love to have some comfi ride instead. there are some options for me

1. G350 Lexus, fits my price range about 55k
2. go big or go home, CLS 63 AMG about 100k or maybe just CLS550. i love the style

 

Well if you don't enjoy your car then it's time to replace your car. I am thinking about getting a S8 within a few months.

 

sounds like you get tired of cars often, get into leasing....every 3 years you'll have a new car

 

I don't know if I get tired of my cars often - I've only had 2 cars so far and the first one was a mistake to buy.

This one that I have now is very cool and gets me to where I want to be in style.

But I guess because of my change in income, my heart started to think. But my brain still says - the G is awesome, keep driving it.

Wife agrees with brain, btw.

 

Dude... you better be bringing home the big bucks for that CLS63... geez what a car. I'd be afraid to spend that much on a car.

 

lol. my current salary is able me to buy any 55k -60k car in cash. and my savings can allow me to get that cls63 with like 80% down since i pay off my house and car already. however, i do understand that car is depreciated asset and not give me any value except boost my ego for short while. so reality check, i have been telling myself not to spend any car more than 60k. invest the cash to make more money. that cls will drop at least 20% the value within first two years maybe more.

just this weekend, i looked at my car closely, realized that our G37s cp is such nice looking car. just right style to me with reasonable price. fun to drive and reliable. i bought mine brand new last march. i should keep it at least for another 3 years.

 

[quote=turbo600hp;3332785] car is depreciated asset and not give me any value except boost my ego for short while. invest the cash to make more money. quote]

My thoughts exactly.

Congratulations on your new salary.
1- Do realize that jobs and good salaries may come and go.
My suggestion if you're 29 with no kids is to acquire assets that will appreciate and generate more income for your future such as real estate, stocks, etc.
Once you have accumulated enough of these to not worry about #1 above, you have attained financial independence.
Just an opinion, don't intend to sound patronizing as there are many variables you are not mentioning in your message that could make this advice incorrect, but for most individuals this most certainly applies.
Cheers,
Daniel

 

 

I hear ya man... we gotta be reasonable.

[QUOTE=Dangarza;3332992]Thanks Daniel! That's exactly what I'm doing. Hopefully this job stays a while since it should be my final job.

I'm putting in 49K into my 401K every year. In addition, hope to save 100K in the first 8 months for a rainy day. Also, looking into low liability assets like whole life, annuities, mutual funds.

It's interesting that I bought a G37 when I was making $50K/yr, but still driving it when I'm making more. But it's such a good car. I'd have to get an R8 to move up is my thinking.

I guess another question would be - what should the car to salary ratio be?

 

The M37 Is a better deal for the $$$ IMO.

 

While I may not have an answer suitable as a real world recommendation for you in your position (as it would seem that you and I allocate our finances in a different manner), I do have a question... How does one go about increasing their salary 8 fold?

I would rather enjoy being in a similiar predicament that you have found yourself.

 

you should look into a used one so the depreciation hit wont be as bad.

Or you can drop a turbo in it and itll be like a whole new car

 

Resident physician to Attending physician.

 

Joey, sounds like you will have a steady salary since you are a physician. My advice at such a young age will be to stash away some cash. As Warren Buffet says the most powerful force is that of "compounding". I always tell my kids you can control your money or let it control you. Turbo600hp seems to have the right restraint. I would set a car to salary ratio of 1/3 since you seem to be able to save quite a bit.