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Originally Posted by Ateam
Sorry this is a load of b.s that you payed 80 percent and got a loan for the rest AND payed insurance! Unless your first car was when you were 25. At 16 in HS there is no job you can make to almost completely pay cash for a 60k car and then get aloan and pay your insurance/gas etc. Clearly your parents bought it for you or you are full of it.
Unless you were dealing dope than maybe its feasible
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Man, this thread is hot! Exactly my point with the cash in the bank point I made many pages ago.
Quote:
Originally Posted by gthal
This may be completely true in your case but the issue is that EVERY 17 to 25 year old believes the exact same thing whether it true or not. They then drive like they actually have a level of skill that they do not have. IMO, without formal training (not driver's ed) and/or many years of experience, the skill is not there. There are many young people who are great drivers and have the skill and maturity to have a car like an M3 but they are in the VAST minority and, as I said, the issue is that the rest of those in that age group actually believe they are better drivers and more mature than they are. If I owned an M3 at 18, there is a reasonable chance I would not have seen 30 and I really did consider myself to be more mature than most others my age.
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Me either.
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Originally Posted by VVG
Firstly, I think the poster is referring to a certain amount of completely disposable income..... after living expenses, retirement savings, annual voluntary investments, kids expenses, college savings, etc. If after that, you want to go ahead and plunk down $70k of your $170k, then go for it. Presumably, you will be able to build back that disposable balance in another year or two. By your argument, why would anyone ever buy a nice car, since they are rapidly depreciating assets. Not everything in life is done just to make more money. At some point, you actually may want to spend the money to buy something that you enjoy.
To walk into a six-figure job right out of college is not commomplace unless you happen to be an entrepreneur or in an existing family business. Law and medicine both require doctoral degrees. Business requires an MBA at the least. Very few PhD jobs will start you at these salaries even after grad school. So while they are there, I would love to know where they are so commonplace. In fact, I think a basic 4-year college degree gets you less than it used to.
Your kids having it better than you materially is okay to a point. After that point, having more material goods can actually be detrimental to the development of their character, expectations from life, etc. So yes, if you work in a hard labor job, and you aspire for your child to become a professional, that is fine, but at some point, having it "better" is not better.
There is also a HUGE span between a "beater" and an M3 which is one of the premium performance cars on the market today. Even you are affluent and want to give your kid something nice, how about a Civic, Jetta, Golf, or even like a used 128i. These are certainly not beaters but they are reasonable cars for the kids of an affluent person.
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That was exactly my point. Dreams are a lot sweeter if they are actually earned. The 20 year olds here will not be independent by the time they are 30, they will be back sucking on the parental teet.