Having second thoughts....
03-11-07, 08:52 AM
#16
Lexus Fanatic
iTrader: (20)
Well, I was approved today for an 07' gs350 for $500 over invoice with no money down.The total price was $47.5 give or take.I am just sitting here at my desk, really asking myself, if I should pull the trigger??Honestly, I really don't know what to do.I am really asking myself if $900 a month for 5 years, for a car is a smart move...
You could buy a rental property for that much!Couple of questions/comments:
If you have ANY credit card balances, don't buy the car - put the money into paying off the cards.
Maybe if you like to change cars fairly often, have you considered leasing?
What is it about the GS350 that makes you want it so bad?
03-11-07, 04:56 PM
#17
Instructor
Thread Starter
$900 a month for 5 years!? You could buy a rental property for that much!
Couple of questions/comments:
If you have ANY credit card balances, don't buy the car - put the money into paying off the cards.
Maybe if you like to change cars fairly often, have you considered leasing?
What is it about the GS350 that makes you want it so bad?
You could buy a rental property for that much!Couple of questions/comments:
If you have ANY credit card balances, don't buy the car - put the money into paying off the cards.
Maybe if you like to change cars fairly often, have you considered leasing?
What is it about the GS350 that makes you want it so bad?
03-11-07, 05:23 PM
#18
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We work hard all of are lives, saving along the way for retirement. However, life is short. We all go through the same thought process. We could all be driving Honda Civics and be just fine.
However, you only get one shot in life to do the things that make you happy. If you can afford it and it will make you happy, go for it.
However, you only get one shot in life to do the things that make you happy. If you can afford it and it will make you happy, go for it.
03-11-07, 07:03 PM
#20
I have a basic economic tenent: Never buy a car that I can't pay cash for! There may be times where for other reasons I decide to finance, but those are rare. Never, never lease! Someone is making big money on your lease so you should be able to make the same or more money if you pay cash. Never finance a car for more than 2 years, the depreciation even on a Lexus will kill you. Buy the best car you can really afford.
Steve
Steve
03-11-07, 08:06 PM
#21
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I have a basic economic tenent: Never buy a car that I can't pay cash for! There may be times where for other reasons I decide to finance, but those are rare. Never, never lease! Someone is making big money on your lease so you should be able to make the same or more money if you pay cash. Never finance a car for more than 2 years, the depreciation even on a Lexus will kill you. Buy the best car you can really afford.
Steve
Steve
03-12-07, 08:41 AM
#22
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Seems like you are overextending yourself.
Perhaps look at cheaper cars like ES350?
What if something happens over the next 5 years that might put you in a financial strain?
5 years is a long time to pay for a car.
IMO I would not do it. Get a cheaper car, save up buy it when you can really afford it.
Otherwise everyone would be taking out a 30 year loan to get a Ferrari F430.*
Note: Every Ferrari is bought it in cash, dont spend more than 10% of your money on a car.
So if ferrari is worth $250k. You need ATLEAST $2.5M in the bank.
Perhaps look at cheaper cars like ES350?
What if something happens over the next 5 years that might put you in a financial strain?
5 years is a long time to pay for a car.
IMO I would not do it. Get a cheaper car, save up buy it when you can really afford it.
Otherwise everyone would be taking out a 30 year loan to get a Ferrari F430.*
Note: Every Ferrari is bought it in cash, dont spend more than 10% of your money on a car.
So if ferrari is worth $250k. You need ATLEAST $2.5M in the bank.
03-15-07, 11:12 PM
#23
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I wish they were only 50k downunder, I paid $116,000 for GS450h a demo at that. Thats $88k US. The SC430 is $160k Australian new or $121k US. I wish w had your pricing downunder.
03-15-07, 11:21 PM
#24
Lexus Champion
Like others have said, get what you can afford. No need to extend yourself financially over a car. You may enjoy it in the short term, but you'll probably regret the decision later on.
03-16-07, 06:11 AM
#25
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lol @ buying a GS350 with cash. Who the hell has that kind of money sitting around. I work a great job and my wife works an even better one and we can't do that. Our only option is to finance. I'm not about to drive a KIA. Even if I had 50 grand, I wouldnt put that down on a car anyway.
03-16-07, 02:17 PM
#26
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Ken honestly, are you rich. Im only 30 yrs old and Im by far the most "well-off" out of all of my friends, and I don't know one friend who has 50K saved for a car. Do you live in area code 90210 or something? I live in NYC, and I have a ridiculous mortgage payment. You cant blame me for wanting a GS can you? I did put 10K down at least :/
03-16-07, 02:19 PM
#27
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Dude, you may want to think about calling 90% or more of the people on this board dumb. I highly recommend a basic Economics book for understanding how capitalist economy works. Buying durable goods by using financing is one of the best things in today's world. It's called "consumption smoothing". Look it up.
03-16-07, 02:22 PM
#28
I have a basic economic tenent: Never buy a car that I can't pay cash for! There may be times where for other reasons I decide to finance, but those are rare. Never, never lease! Someone is making big money on your lease so you should be able to make the same or more money if you pay cash. Never finance a car for more than 2 years, the depreciation even on a Lexus will kill you. Buy the best car you can really afford.
Steve
Steve
