My salary literally just tripled...how much Lexus should I buy?
07-27-18, 12:07 AM
#1
Pole Position
Thread Starter
My salary literally just tripled...how much Lexus should I buy?
I finished my PhD this summer and by great fortune I just received a job offer with a salary that is more than 3x what I earned as a graduate student. The IS 350 has always been my dream car and my wife needs a new car in 2 months. The timing couldn’t be better but how much should I really spend? Ive heard the 20% rule but I don’t think I can find a slightly used 3G IS 350 for that cheap. I prefer low miles as my current Prius already has 90,000 miles. We have no debt or loans and do have plenty of cash so no need for financing, but do you usually spend that much on a car? This is all new to me...
The following users liked this post:
macmaster (07-27-18)
The following users liked this post:
macmaster (07-27-18)
07-27-18, 04:57 AM
#4
Pole Position
Thread Starter
07-27-18, 05:03 AM
#5
Pole Position
Thread Starter
any reason you suggest CPO? I bought my last Prius 6 months ago from a private party. Got it inspected independently with mechanic and going that route definitely saved me a few thousand dollars. Granted I got lucky in finding a really great seller (we still text) but after that I was convinced private is a better way to go.
Lastly, financing when you don’t need to doesn’t sound like a great idea. You end up paying more. Plus I already invest a decent amount.
Last edited by macmaster; 07-27-18 at 05:07 AM.
07-27-18, 05:24 AM
#7
Pole Position
Thread Starter
Trending Topics
The following users liked this post:
macmaster (07-27-18)
07-27-18, 05:57 AM
#9
Pole Position
Thread Starter
Oooooo what do you guys think about leasing? I know it goes against my philosophy of wanting to OWN a car but at their current offers we’d only pay about $15000 over 3 years. Plus I have a $1000 off coupon from he Driving Tour. Thoughts?
07-27-18, 06:01 AM
#10
Lexus Test Driver
The IS350 is hard to find used so it may be a little overpriced in the used market. You can go IS300 AWD and get the ECU piggyback to become an IS350. Probably less than 30K
The following users liked this post:
macmaster (07-27-18)
07-27-18, 08:52 AM
#11
Definitely lease. Pay less now, have option to buy at end of lease.
Unless you pay cash for your car, you do not own it if you finance it.
I'd say least something modest now. Don't jump into something crazy as the future is uncertain. Get an IS or GS350 for now. Or even wait for the new ES coming this year. The current IS and GS are SUPER old. And in no time at all you'll be spending your hard earned bucks on an aging car.
Unless you pay cash for your car, you do not own it if you finance it.
I'd say least something modest now. Don't jump into something crazy as the future is uncertain. Get an IS or GS350 for now. Or even wait for the new ES coming this year. The current IS and GS are SUPER old. And in no time at all you'll be spending your hard earned bucks on an aging car.
The following users liked this post:
macmaster (07-27-18)
07-27-18, 09:11 AM
#12
Congrats. Are you strictly looking at used because of your 20% income rule? When I was looking at purchasing an IS I was comparing prices/options between used and new. I purchased a new IS350 AWD that is pretty much loaded, which was $5-7K more than some other CPO models (both IS350s and IS300s) that were also fully loaded. In the whole scheme of things, $5-7K was a drop in the bucket compared to the overall sale price so for that difference between a new and used car, it made sense to spend that extra and buy new.
If I were you and since you have the ability to pay in full, I would compare what deals and pricing out there between new and used in your area. If you can get 0% financing, it might be worthwhile to save some cash up front then pay everything off later down the road so it doesn't hit your bank account immediately. Depending on what you're wanting exactly, a $30K cap would most likely get you a used car with maybe 30-35K miles on it and as others mentioned a used IS350 (especially recent years) are hard to find.
If I were you and since you have the ability to pay in full, I would compare what deals and pricing out there between new and used in your area. If you can get 0% financing, it might be worthwhile to save some cash up front then pay everything off later down the road so it doesn't hit your bank account immediately. Depending on what you're wanting exactly, a $30K cap would most likely get you a used car with maybe 30-35K miles on it and as others mentioned a used IS350 (especially recent years) are hard to find.
The following users liked this post:
macmaster (07-27-18)
07-27-18, 09:24 AM
#13
Pole Position
Thread Starter
Definitely lease. Pay less now, have option to buy at end of lease.
Unless you pay cash for your car, you do not own it if you finance it.
I'd say least something modest now. Don't jump into something crazy as the future is uncertain. Get an IS or GS350 for now. Or even wait for the new ES coming this year. The current IS and GS are SUPER old. And in no time at all you'll be spending your hard earned bucks on an aging car.
Unless you pay cash for your car, you do not own it if you finance it.
I'd say least something modest now. Don't jump into something crazy as the future is uncertain. Get an IS or GS350 for now. Or even wait for the new ES coming this year. The current IS and GS are SUPER old. And in no time at all you'll be spending your hard earned bucks on an aging car.
Congrats. Are you strictly looking at used because of your 20% income rule? When I was looking at purchasing an IS I was comparing prices/options between used and new. I purchased a new IS350 AWD that is pretty much loaded, which was $5-7K more than some other CPO models (both IS350s and IS300s) that were also fully loaded. In the whole scheme of things, $5-7K was a drop in the bucket compared to the overall sale price so for that difference between a new and used car, it made sense to spend that extra and buy new.
If I were you and since you have the ability to pay in full, I would compare what deals and pricing out there between new and used in your area. If you can get 0% financing, it might be worthwhile to save some cash up front then pay everything off later down the road so it doesn't hit your bank account immediately. Depending on what you're wanting exactly, a $30K cap would most likely get you a used car with maybe 30-35K miles on it and as others mentioned a used IS350 (especially recent years) are hard to find.
If I were you and since you have the ability to pay in full, I would compare what deals and pricing out there between new and used in your area. If you can get 0% financing, it might be worthwhile to save some cash up front then pay everything off later down the road so it doesn't hit your bank account immediately. Depending on what you're wanting exactly, a $30K cap would most likely get you a used car with maybe 30-35K miles on it and as others mentioned a used IS350 (especially recent years) are hard to find.
07-27-18, 09:35 AM
#15
Pole Position
Thread Starter
For only $5k-7k more I'd say you made a good call. Everyone says slightly used is the best deal but with new cars you just don't have to worry. Especially since it'll be driven by my wife mainly, I have to get her nice things lol. If it was my own I wouldn't care, like the priuses I've bought for myself in the past.