New Car Sanity Check - 50-90k

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Topic Author
ExtraLegRoom
Posts: 6
Joined: Thu Mar 23, 2023 11:53 am

New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

Hi there - long time listener, first time caller.

I've been having analysis paralysis about buying a new car, and am hoping to get some feedback and perspective from the wise folks here. 50k feels totally fine but 90k hurts, even when I like the car, and I'd very much appreciate a sanity check. I'm also unlearning a lifetime habit to spend as little money as possible. Some details:

Engaged. no kids, plan for 1 in near future (~150k+ in IVF cost)
P1 (34yo): 1m/year, 240k W2 + ~850k K1 from self-employment in highly risky industry
P2 (42): 120k W2, stable private sector
Current spend: ~180/year
1.4m mkt value house, 850k debt on house (2.88% today)

Approx NW excluding house: 4.3m overall, 3.8m liquid, 500k illiquid
2.3M taxable
900k business cash that we have 100% access to
500k illiquid business assets
300k retirement
120k BTC
20k personal cash

Right now I (P1) drive a 2009 car worth <3k and P2 has mid-tier X3. We both love spending time outside, hiking, camping, getting away from city etc. This would end up being our main family, dog, travel, adventure car.

I'm looking at cars ranging from 50 - 90k MSRP. 50k feels completely fine and doable no problem, but I'm struggling with the higher range (e.g. optioned Yukon/GV80 etc).

Things I worry and think about:
- Future costs associated with having a kid (150k+ with IVF)
- My income & NW has climbed from <100k to current levels mostly in the last 4 years. My business space is extremely risky - it's been great for 6 years, but it could evaporate tomorrow.
- I want to run my business for 5-6 more years max and then retire, at least from that space.
- We will likely have to refinace the balance on the mortgage at current rates (~35k/year in additional costs)
- P2 job is extremely stressful and takes a toll on his health
- A 3.25% SWR today doesn't cover our current burn, without factoring in future kids or new cars.

I'm very aware we are in a great position here. It feels like we can choose a bunch of great options, but I struggle with feeling like we can choose them all. Starting a family, giving P2 the option to leave job, and having option to leave current business in ~5 years are the top priorities - a 90k car is a nice, not need to have. OTOH, I know that our income is very very high and our NW is in a good place, especially for our ages, and shifting to enjoy some of our income and success has been a big focus for me recently.

Any advice or suggestions? Thank you very much in advance!
Rocky Mtn Man
Posts: 412
Joined: Mon Apr 25, 2022 1:58 pm

Re: New Car Sanity Check - 50-90k

Post by Rocky Mtn Man »

Have you considered a lease? That way if it doesn't work out, it's only a few year commitment.

Your interest alone on the 2.3M is about $7600/month. Take a tenth of that and lease a nice car.

Mazda makes great cars that are reliable and sporty.
Jack FFR1846
Posts: 18502
Joined: Tue Dec 31, 2013 6:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: New Car Sanity Check - 50-90k

Post by Jack FFR1846 »

Move to Massachusetts. All health insurance here MUST cover all infertility treatment including IVF. We did several rounds unsuccessfully and it cost us zero. Unfortunately, adoption isn't covered by anything, but that worked.
Bogle: Smart Beta is stupid
Topic Author
ExtraLegRoom
Posts: 6
Joined: Thu Mar 23, 2023 11:53 am

Re: New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

No, I actually haven't considered leasing at all - that's a good idea. My first car out of college was a leased Equinox (pre BH days) and I mainly remember dreading that $520 payment every month on my entry level salary, and being so happy when it was finally gone :(

Obviously it's a different situation now, so thank you for that suggestion!
tashnewbie
Posts: 4284
Joined: Thu Apr 23, 2020 12:44 pm

Re: New Car Sanity Check - 50-90k

Post by tashnewbie »

Welcome to the forum!
ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm - We will likely have to refinace the balance on the mortgage at current rates (~35k/year in additional costs)
Why would you have to refinance the current mortgage?
- P2 job is extremely stressful and takes a toll on his health
Why doesn't he look for a new job? Seems unnecessary in your situation for him to put up with a job that takes a toll on his health.
I'm very aware we are in a great position here. It feels like we can choose a bunch of great options, but I struggle with feeling like we can choose them all. Starting a family, giving P2 the option to leave job, and having option to leave current business in ~5 years are the top priorities - a 90k car is a nice, not need to have. OTOH, I know that our income is very very high and our NW is in a good place, especially for our ages, and shifting to enjoy some of our income and success has been a big focus for me recently.

Any advice or suggestions? Thank you very much in advance!
Seems like you could buy whatever car you want with your current income and NW. You're fretting over $40k (plus any additional maintenance that may come with the more expensive car). Seems like pennies for you. Good luck with your decision!
EddyB
Posts: 2431
Joined: Fri May 24, 2013 3:43 pm

Re: New Car Sanity Check - 50-90k

Post by EddyB »

I get it. Sometimes things just aren’t worth it, even when I don’t get know what the other uses for the money will be.
twh
Posts: 1775
Joined: Sat Feb 08, 2020 2:15 pm

Re: New Car Sanity Check - 50-90k

Post by twh »

Buy a Rav4 Prime or Lexus NX 450h+. Same car more or less -- plug in hybrid. Great size for what you want. Rav4 is a tad bit nosier inside, Lexus not so, but lacks a spare tire (your X3 may also).
smitcat
Posts: 13308
Joined: Mon Nov 07, 2016 9:51 am

Re: New Car Sanity Check - 50-90k

Post by smitcat »

ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm Hi there - long time listener, first time caller.

I've been having analysis paralysis about buying a new car, and am hoping to get some feedback and perspective from the wise folks here. 50k feels totally fine but 90k hurts, even when I like the car, and I'd very much appreciate a sanity check. I'm also unlearning a lifetime habit to spend as little money as possible. Some details:

Engaged. no kids, plan for 1 in near future (~150k+ in IVF cost)
P1 (34yo): 1m/year, 240k W2 + ~850k K1 from self-employment in highly risky industry
P2 (42): 120k W2, stable private sector
Current spend: ~180/year
1.4m mkt value house, 850k debt on house (2.88% today)

Approx NW excluding house: 4.3m overall, 3.8m liquid, 500k illiquid
2.3M taxable
900k business cash that we have 100% access to
500k illiquid business assets
300k retirement
120k BTC
20k personal cash

Right now I (P1) drive a 2009 car worth <3k and P2 has mid-tier X3. We both love spending time outside, hiking, camping, getting away from city etc. This would end up being our main family, dog, travel, adventure car.

I'm looking at cars ranging from 50 - 90k MSRP. 50k feels completely fine and doable no problem, but I'm struggling with the higher range (e.g. optioned Yukon/GV80 etc).

Things I worry and think about:
- Future costs associated with having a kid (150k+ with IVF)
- My income & NW has climbed from <100k to current levels mostly in the last 4 years. My business space is extremely risky - it's been great for 6 years, but it could evaporate tomorrow.
- I want to run my business for 5-6 more years max and then retire, at least from that space.
- We will likely have to refinace the balance on the mortgage at current rates (~35k/year in additional costs)
- P2 job is extremely stressful and takes a toll on his health
- A 3.25% SWR today doesn't cover our current burn, without factoring in future kids or new cars.

I'm very aware we are in a great position here. It feels like we can choose a bunch of great options, but I struggle with feeling like we can choose them all. Starting a family, giving P2 the option to leave job, and having option to leave current business in ~5 years are the top priorities - a 90k car is a nice, not need to have. OTOH, I know that our income is very very high and our NW is in a good place, especially for our ages, and shifting to enjoy some of our income and success has been a big focus for me recently.

Any advice or suggestions? Thank you very much in advance!
I believe you answered your question here...
"It feels like we can choose a bunch of great options, but I struggle with feeling like we can choose them all. Starting a family, giving P2 the option to leave job, and having option to leave current business in ~5 years are the top priorities - a 90k car is a nice, not need to have."
Topic Author
ExtraLegRoom
Posts: 6
Joined: Thu Mar 23, 2023 11:53 am

Re: New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

tashnewbie wrote: Thu Mar 23, 2023 2:51 pm Welcome to the forum!
ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm - We will likely have to refinace the balance on the mortgage at current rates (~35k/year in additional costs)
Why would you have to refinance the current mortgage?
- P2 job is extremely stressful and takes a toll on his health
Why doesn't he look for a new job? Seems unnecessary in your situation for him to put up with a job that takes a toll on his health.
Thank you :)

We have to refinance because the mortgage isn't assumable, and we will remove his ex's name from the mortgage.

We've also discussed him getting a new job, and it is definitely possibility in our future together. He does love his job and is very good at it, but the stress can be a lot and without getting into too many details, him leaving wasn't an option until more recently
Topic Author
ExtraLegRoom
Posts: 6
Joined: Thu Mar 23, 2023 11:53 am

Re: New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

EddyB wrote: Thu Mar 23, 2023 2:57 pm I get it. Sometimes things just aren’t worth it, even when I don’t get know what the other uses for the money will be.
Sigh, so true. I really can't tell if this is something that I would notice and really think about all the time after buying, or if I'd completely forget how much I spent and just focus on enoying whatever it is (which, honestly, is what happens for most things so far....but I don't buy a lot of 90k items)
rockstar
Posts: 6326
Joined: Mon Feb 03, 2020 5:51 pm

Re: New Car Sanity Check - 50-90k

Post by rockstar »

Ignoring the price, what do you use the vehicle for?
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cchrissyy
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Location: SF bay area

Re: New Car Sanity Check - 50-90k

Post by cchrissyy »

you can afford either price but since it's such a jump from what you are currently driving, and also it's bothering you, i'd suggest you go with the cheaper car first, knowing this decision isn't permanent and if you want a yet-more-expensive car next time around you can go get one.
60-20-20 us-intl-bond
index245
Posts: 239
Joined: Wed Feb 12, 2020 8:28 pm

Re: New Car Sanity Check - 50-90k

Post by index245 »

Lease something nice. I'd hate to be "married" to a 90K car. You can afford it either way.

Yes, some of the higher priced cars $150K+ cars can actually appreciate (ie Porsche or Ferrari) but in all likelihood you'll be depreciating heavily with a 50 to 90 k car. I'd prefer a lease...you only pay for the depreciation.
H-Town
Posts: 5911
Joined: Sun Feb 26, 2017 1:08 pm

Re: New Car Sanity Check - 50-90k

Post by H-Town »

ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm Hi there - long time listener, first time caller.

I've been having analysis paralysis about buying a new car, and am hoping to get some feedback and perspective from the wise folks here. 50k feels totally fine but 90k hurts, even when I like the car, and I'd very much appreciate a sanity check. I'm also unlearning a lifetime habit to spend as little money as possible. Some details:

Engaged. no kids, plan for 1 in near future (~150k+ in IVF cost)
P1 (34yo): 1m/year, 240k W2 + ~850k K1 from self-employment in highly risky industry
P2 (42): 120k W2, stable private sector
Current spend: ~180/year
1.4m mkt value house, 850k debt on house (2.88% today)

Approx NW excluding house: 4.3m overall, 3.8m liquid, 500k illiquid
2.3M taxable
900k business cash that we have 100% access to
500k illiquid business assets
300k retirement
120k BTC
20k personal cash

Right now I (P1) drive a 2009 car worth <3k and P2 has mid-tier X3. We both love spending time outside, hiking, camping, getting away from city etc. This would end up being our main family, dog, travel, adventure car.

I'm looking at cars ranging from 50 - 90k MSRP. 50k feels completely fine and doable no problem, but I'm struggling with the higher range (e.g. optioned Yukon/GV80 etc).

Things I worry and think about:
- Future costs associated with having a kid (150k+ with IVF)
- My income & NW has climbed from <100k to current levels mostly in the last 4 years. My business space is extremely risky - it's been great for 6 years, but it could evaporate tomorrow.
- I want to run my business for 5-6 more years max and then retire, at least from that space.
- We will likely have to refinace the balance on the mortgage at current rates (~35k/year in additional costs)
- P2 job is extremely stressful and takes a toll on his health
- A 3.25% SWR today doesn't cover our current burn, without factoring in future kids or new cars.

I'm very aware we are in a great position here. It feels like we can choose a bunch of great options, but I struggle with feeling like we can choose them all. Starting a family, giving P2 the option to leave job, and having option to leave current business in ~5 years are the top priorities - a 90k car is a nice, not need to have. OTOH, I know that our income is very very high and our NW is in a good place, especially for our ages, and shifting to enjoy some of our income and success has been a big focus for me recently.

Any advice or suggestions? Thank you very much in advance!
I think you can afford a new car for your needs, i.e. outdoor and traveling. Don't focus on the price range. Focus on what you need and want for a new car. If it's a SUV, find a reliable one. If your guts telling you it's too expensive, you're probably right.

I think buying a new car should be the least of your worry now. There are a few issues that I will look further:

1) Your fiancé's stressful job. If you are looking to build a family, you both need to figure out his job situation first. Your financial situation can allow you both many options. You don't want absent parent(s), and you don't want to have both stressful job and stress from new born baby.
2) An honest look at your financial picture. How much is his, how much is hers, and how expenses are shared? Although it may be uncomfortable, you should both talk about it and agree how it should handle since you make more much than your fiancé.
3) Plan for kid will take more of your time. So you will find yourself don't need a luxury car at higher price range. Probably a reliable and roomy SUV that kid can grow up into.
Time is the ultimate currency.
Ringofire
Posts: 15
Joined: Thu Feb 09, 2023 6:56 pm

Re: New Car Sanity Check - 50-90k

Post by Ringofire »

I would go with the cheaper car. It sounds like the more expensive option is stressing you out. You have too many unknowns and points of stress to add another one willingly. Fertility treatments can be very taxing emotionally and the result is not guaranteed. You could end up with 1 kid, but you could also end up with 0, or 2, or even more. You don't know if and when it will happen and how much it will end up costing. You don't know how you'll feel throughout the process, if you'll be done after the first try if it doesn't work out, or if you'll want to keep at it after the 10th try. Your fiance's job is stressful. Your extremely lucrative side business is high risk. Your fiance is not yet financially disentangled from his ex. I would wait until at least some of these issues are resolved before spending 90k on a car when you are not feeling comfortable with that expense to start with.
ncbill
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Location: Western NC

Re: New Car Sanity Check - 50-90k

Post by ncbill »

ExtraLegRoom wrote: Thu Mar 23, 2023 2:28 pm No, I actually haven't considered leasing at all - that's a good idea. My first car out of college was a leased Equinox (pre BH days) and I mainly remember dreading that $520 payment every month on my entry level salary, and being so happy when it was finally gone :(

Obviously it's a different situation now, so thank you for that suggestion!
Lease.

Hire a broker from over on leasehackr [sic] dot com forums to negotiate the lease for you.
tashnewbie
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Re: New Car Sanity Check - 50-90k

Post by tashnewbie »

H-Town wrote: Thu Mar 23, 2023 4:32 pm 2) An honest look at your financial picture. How much is his, how much is hers, and how expenses are shared? Although it may be uncomfortable, you should both talk about it and agree how it should handle since you make more much than your fiancé.
Very good thoughts in general.

I especially agree with the above. OP, if I were in your shoes, I'd probably be looking for a pre-nuptial agreement.
er999
Posts: 1343
Joined: Wed Nov 05, 2008 10:00 am

Re: New Car Sanity Check - 50-90k

Post by er999 »

Seems clear that a $90k car is affordable on a million / year income. Just extend your career by another 2 months if you need to or sell some of the $120k in cryptocurrency. At least you have the car if cryptocurrency crashes (that’s my bias though as I think crypto is a Ponzi scheme, you may feel differently)

Since your older car is from 2009 which suggests you tend to keep cars for a long time so the per year cost won’t be that much.

Main issue as others said is finances going forward as a couple and overall spending. A $90k car once / decade isn’t a big deal. A new $50k-90k car every 2 years would be. Getting married, having P2 stay home and then get divorced 5 years later would be a huge hit. Seems like at $120k / year there should be options for other jobs that aren’t terrible for P2.

The potential car is 2.5% net worth so not too bad. Bigger issue is overall future spending — expensive house, future private school/nanny etc. Perhaps you are worried about that $90k car as a marker for that — are you going to need to buy now say a $10k dining room table, etc. That’s why make sure you and your partner are compatible with future spending before getting married / having a child.

As someone with a 10 and 12 year old child there are many opportunities for kid spending (private schools, summer camps, Disneyland trips, needing to buy more airline tickets compared to 1-2) than I would have realized beforehand. It’s easy to inflate your lifestyle as a family. Would take some discipline to keep spending at $120/ year whereas that would be lavish living for single or a couple. If things continue to go well and you retire on 10 million in 5 years should be fine. If you’re trying to do a 3% withdrawal on say 5 million = $150k / year you should still be fine but can’t completely ignore costs then. Most American families of course spend way less.
Parkinglotracer
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Re: New Car Sanity Check - 50-90k

Post by Parkinglotracer »

How is a used highlander for 30K ?
Topic Author
ExtraLegRoom
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Joined: Thu Mar 23, 2023 11:53 am

Re: New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

I really appreciate everybody's thoughts and advice here - thank you!
tashnewbie wrote: Fri Mar 24, 2023 7:40 am
H-Town wrote: Thu Mar 23, 2023 4:32 pm 2) An honest look at your financial picture. How much is his, how much is hers, and how expenses are shared? Although it may be uncomfortable, you should both talk about it and agree how it should handle since you make more much than your fiancé.
Very good thoughts in general.

I especially agree with the above. OP, if I were in your shoes, I'd probably be looking for a pre-nuptial agreement.
I completely agree with everybody talking about getting on the same page financially as being a top top priority. We have had some, but not all the conversations that we need to have here. We are definitely aligned in terms of big picture lifestyle and future plans, but still have some work to sort out on the details (and these kinds of details definitely can add up). I 100% also want a prenup, but haven't started that discussion yet.
er999 wrote: Fri Mar 24, 2023 9:09 am The potential car is 2.5% net worth so not too bad. Bigger issue is overall future spending — expensive house, future private school/nanny etc. Perhaps you are worried about that $90k car as a marker for that — are you going to need to buy now say a $10k dining room table, etc. That’s why make sure you and your partner are compatible with future spending before getting married / having a child.

As someone with a 10 and 12 year old child there are many opportunities for kid spending (private schools, summer camps, Disneyland trips, needing to buy more airline tickets compared to 1-2) than I would have realized beforehand. It’s easy to inflate your lifestyle as a family. Would take some discipline to keep spending at $120/ year whereas that would be lavish living for single or a couple. If things continue to go well and you retire on 10 million in 5 years should be fine. If you’re trying to do a 3% withdrawal on say 5 million = $150k / year you should still be fine but can’t completely ignore costs then. Most American families of course spend way less.
I think you hit the nail on the head for me - I have a realistic, yet risky path to 10M by ~40 , which is honestly mindblowing and so far outside of what I ever considered possible. 3% on 10m would be challenging to spend for us, even with a family. 3% on 5m would definitely require lifestyle shifts. P2 thinks about money in a very different way than I do, and honestly there's a lot I can and have learned from them. We balance each other well in terms of analyzing/considering/planning & living in the moment/enjoying/worrying less :D
er999 wrote: Fri Mar 24, 2023 9:09 am or sell some of the $120k in cryptocurrency. At least you have the car if cryptocurrency crashes (that’s my bias though as I think crypto is a Ponzi scheme, you may feel differently)
Honestly selling some here is a great idea - my cogs are basically <2% of market value and I have ~140k of TLH from '22.
ncbill wrote: Thu Mar 23, 2023 6:25 pm Lease.

Hire a broker from over on leasehackr [sic] dot com forums to negotiate the lease for you.
index245 wrote: Thu Mar 23, 2023 4:20 pm Lease something nice. I'd hate to be "married" to a 90K car. You can afford it either way.
I really did not expect 3 different people to suggest leasing, but it's looking like a really good option, especially if I can run some mileage deductions through my business as well. The lease hackr forums are a little overwhelming but I found a well-reviewed local broker to chat with. Thank you!
Topic Author
ExtraLegRoom
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Re: New Car Sanity Check - 50-90k

Post by ExtraLegRoom »

Parkinglotracer wrote: Fri Mar 24, 2023 10:24 am How is a used highlander for 30K ?
If I'm being completely honest, it's a huge yawn (that is also very practical & financial reasonable) :D

I've been looking at the 2024 Grand Highlander but playing the Toyota waiting game for a highly regarded new car is not my idea of fun.
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Watty
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Re: New Car Sanity Check - 50-90k

Post by Watty »

ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm Right now I (P1) drive a 2009 car worth <3k

....Yukon....

We both love spending time outside, hiking, camping, getting away from city etc. This would end up being our main family, dog, travel, adventure car.
....
rockstar wrote: Thu Mar 23, 2023 4:08 pm Ignoring the price, what do you use the vehicle for?
+1000

The Yukon is a borderline monster truck and if you have a kid you might need a ladder to get the kid in and out of a Yukon, especially if one of you is short. Parking a Yukon will also be difficult so when you take a test drive be sure to try parallel parking it and also try parking it in a busy grocery store parking lot.

Also measure any large car you are looking at to see if it will actually fit in your garage without it being a tight fit. More than one person has gotten a new car home only to find out that it did not fit well(or at all) in their garage. :oops:

When kids are involved it is really common for people to take a carseat with them when they are car shopping since having a car where it is easy to get a kid in and out of is a main car selection factor for many people. You can Google and find reviews of how well car safety seats work in various cars.

Pretty much anything you get will be a big improvement with the safety features compared to a 2009 since there have been so many advances in car safety in the in the last 14 years. Just for safety I would try to replace the 2009 sooner than later.

The Yukon only gets a 4 out of 5 star safety rating so even though it is huge, and size matters, don't assume that it is one of the safer cars out there.
ExtraLegRoom wrote: Thu Mar 23, 2023 1:02 pm ...a 90k car is a nice, not need to have.
It is also getting into being a conspicuous consumption item.

Leaving it on a trailhead when you are camping might not feel real comfortable and it could be more prone to break-ins when left in a remote area. If you have the kid then it might also come off as being a bit ostentatious when you are trying to get involved with other parents or dropping your kid off at daycare.

You can clearly afford whatever type of car you want but I would suggest stepping back and looking at just what you need first. You can then look at the incremental cost to decide if that is worthwhile and decide if it is the best thing to spend the extra money on.

Just for brainstorming you price out buying a less expensive SUV with good towing capacity for $50K and a small camper trailer for $40K. To me with a baby that might be getting more value from your money if you are going to spend $90K
Last edited by Watty on Fri Mar 24, 2023 11:02 am, edited 1 time in total.
Jags4186
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Re: New Car Sanity Check - 50-90k

Post by Jags4186 »

Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
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Watty
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Re: New Car Sanity Check - 50-90k

Post by Watty »

ExtraLegRoom wrote: Fri Mar 24, 2023 10:43 am If I'm being completely honest, it's a huge yawn (that is also very practical & financial reasonable) :D
Most likely with whatever car you get after you have owned it you will mostly get used to it and barely notice it 95% of the time.

Right now you are used to driving a $3K car and you are pretty used to it so you barely notice it unless it starts making a new noise or it breaks down.

It will be somewhat the same six months after you buy a $90K car. When you are doing something like driving to the grocery store you will barely notice the car.

Psychologists call this "hedonic adaptation", google this.
rockstar
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Re: New Car Sanity Check - 50-90k

Post by rockstar »

ExtraLegRoom wrote: Fri Mar 24, 2023 10:43 am
Parkinglotracer wrote: Fri Mar 24, 2023 10:24 am How is a used highlander for 30K ?
If I'm being completely honest, it's a huge yawn (that is also very practical & financial reasonable) :D

I've been looking at the 2024 Grand Highlander but playing the Toyota waiting game for a highly regarded new car is not my idea of fun.
If you really like the outdoors, then you want a vehicle that you don’t mine scratching up and beating up. One of my friends took his fender off pulling into a tight campsite. He subsequently kicked it back into place and shrugged. He was driving a used Forester.

Ignoring the cost, go test drive vehicles that fit your lifestyle. You have plenty of cash. You don’t have to go super expensive. But you also don’t have to go super cheap.

I wouldn’t go super expensive because I beat my vehicles up. I don’t want to worry about scratching or denting it. I also need some clearance as well.

The expensive vehicles are for city drivers that don’t beat up their vehicles. And they’re usually leased since most aren’t made to be kept for long.
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TomatoTomahto
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Re: New Car Sanity Check - 50-90k

Post by TomatoTomahto »

Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Unless I missed it, OP’s gender has not been established. I do, fwiw, often miss a lot.
I get the FI part but not the RE part of FIRE.
rockstar
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Re: New Car Sanity Check - 50-90k

Post by rockstar »

Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
These threads do remind me of those ridiculous house hunting shows with the ridiculously high budgets.
Jags4186
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Re: New Car Sanity Check - 50-90k

Post by Jags4186 »

TomatoTomahto wrote: Fri Mar 24, 2023 11:15 am
Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Unless I missed it, OP’s gender has not been established. I do, fwiw, often miss a lot.
Not sure if you missed it, but you seem to have missed the part where “guy” can refer to a person of unknown gender, a group of multiple genders, or a single gender. You’ve never said “that guy cut me off” without knowing the gender of the person doing the cutting off? You’ve never referred to a group of people as “guys”, even if the group had women, or was exclusively female? Perhaps you haven’t, but doesn’t mean others don’t.
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Re: New Car Sanity Check - 50-90k

Post by smitcat »

TomatoTomahto wrote: Fri Mar 24, 2023 11:15 am
Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Unless I missed it, OP’s gender has not been established. I do, fwiw, often miss a lot.
A female actually, as best I can read.
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TomatoTomahto
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Re: New Car Sanity Check - 50-90k

Post by TomatoTomahto »

Jags4186 wrote: Fri Mar 24, 2023 11:22 am
TomatoTomahto wrote: Fri Mar 24, 2023 11:15 am
Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Unless I missed it, OP’s gender has not been established. I do, fwiw, often miss a lot.
Not sure if you missed it, but you seem to have missed the part where “guy” can refer to a person of unknown gender, a group of multiple genders, or a single gender. You’ve never said “that guy cut me off” without knowing the gender of the person doing the cutting off? You’ve never referred to a group of people as “guys”, even if the group had women, or was exclusively female? Perhaps you haven’t, but doesn’t mean others don’t.
True enough, I'll sometimes say "hey guys" to a mixed gender group. For some reason, that wasn't how I read your post. Apologies.

ETA: when someone cuts me off, I'm more colorful than saying "Guy cut me off." :D
I get the FI part but not the RE part of FIRE.
bighatnohorse
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Re: New Car Sanity Check - 50-90k

Post by bighatnohorse »

3) Plan for kid will take more of your time. So you will find yourself don't need a luxury car at higher price range. Probably a reliable and roomy SUV that kid can grow up into.
That makes sense. You want toys, barf and trash in your $90K vehicle?
You'll need a reliable family grocery getter in the future. And make sure that the vehicle can tow a camper.
Your future interests may change.
HereToLearn
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Re: New Car Sanity Check - 50-90k

Post by HereToLearn »

I usually buy cars and hold forever, but this is a situation where leasing may make sense, especially since you are not 100% certain of the timing of the baby's arrival and how that will impact your car needs. If nothing else, there is something to be said for turning in a leased vehicle after the mess of the toddler years. It goes without saying that you will want leather seats.

I echo Watty's comment about making sure the car fits in the garage, and that you will have enough space to easily access car seats with the car doors open inside the garage. I test drove cars home to my house to see if I could park in my garage w/o having to close the side mirrors.

Someone commented about tall vehicles being problematic for car seats. I never found that to be the case even though I use the running board to enter & exit my car. The flip down tailgate sometimes requires me to climb into the back to rescue items that have rolled forward.

I had not realized Toyota had a Grand Highlander. I wonder if its arrival contributed to the demise of their Land Cruiser.
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Re: New Car Sanity Check - 50-90k

Post by Grover201 »

Your net worth is more than 5 million at a young age, you have more money than you need. There is no point of holding off on buying any car you want.
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Re: New Car Sanity Check - 50-90k

Post by Parkinglotracer »

ExtraLegRoom wrote: Fri Mar 24, 2023 10:43 am
Parkinglotracer wrote: Fri Mar 24, 2023 10:24 am How is a used highlander for 30K ?
If I'm being completely honest, it's a huge yawn (that is also very practical & financial reasonable) :D

I've been looking at the 2024 Grand Highlander but playing the Toyota waiting game for a highly regarded new car is not my idea of fun.
I always look at the maintenance needs, history, rates for the cars too. I love Lexus, Toyota, and Honda reliability. I have had a Lexus es 330 and have a Lexus rx 350. Maybe there is something in the lexus line up that would light your fire.
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Re: New Car Sanity Check - 50-90k

Post by David76 »

If I lived your lifestyle, and I had the same or similar wants and needs from a vehicle, I'd probably buy a Honda Passport TrailSport. However, if image and socio-economic status matter to you, a premium vehicle priced north of $50k makes sense.
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Re: New Car Sanity Check - 50-90k

Post by eric321 »

Can you buy yourself a company car and expense it via a section 179 deduction. That will take the sting out of things.

Even if you buy it and hate it, you can sell it later. Depreciation is pretty much built into leasing so you really don't save much except for the bid/offer between trade-in value and retail value.
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Re: New Car Sanity Check - 50-90k

Post by YeahBuddy »

Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Cosign.
Light weight baby!
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Re: New Car Sanity Check - 50-90k

Post by watchnerd »

If you like spending time outside and have dogs, I really like our new 2023 Ford Bronco Sport (Badlands Premium trim).

Unlike our past Audi SUVs, it's more off-road worthy and more rugged for the dog.
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Re: New Car Sanity Check - 50-90k

Post by Journeyman510 »

David76 wrote: Sat Mar 25, 2023 3:23 pm If I lived your lifestyle, and I had the same or similar wants and needs from a vehicle, I'd probably buy a Honda Passport TrailSport. However, if image and socio-economic status matter to you, a premium vehicle priced north of $50k makes sense.
You are making a negative judgment about OP by assuming someone who wants to spend more than $50k for a car is doing so only for image and socio-economic status. There is no need for that sort of thing.
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Re: New Car Sanity Check - 50-90k

Post by tibbitts »

Journeyman510 wrote: Sat Mar 25, 2023 9:26 pm
David76 wrote: Sat Mar 25, 2023 3:23 pm If I lived your lifestyle, and I had the same or similar wants and needs from a vehicle, I'd probably buy a Honda Passport TrailSport. However, if image and socio-economic status matter to you, a premium vehicle priced north of $50k makes sense.
You are making a negative judgment about OP by assuming someone who wants to spend more than $50k for a car is doing so only for image and socio-economic status. There is no need for that sort of thing.
Oh, we probably all do that subconsciously. It's just convenient that the Honda costs about $49,999.99, so it's okay to buy that, vs. an outrageous $50,000.01 "premium" model.
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Re: New Car Sanity Check - 50-90k

Post by Journeyman510 »

tibbitts wrote: Sat Mar 25, 2023 10:21 pm
Journeyman510 wrote: Sat Mar 25, 2023 9:26 pm
David76 wrote: Sat Mar 25, 2023 3:23 pm If I lived your lifestyle, and I had the same or similar wants and needs from a vehicle, I'd probably buy a Honda Passport TrailSport. However, if image and socio-economic status matter to you, a premium vehicle priced north of $50k makes sense.
You are making a negative judgment about OP by assuming someone who wants to spend more than $50k for a car is doing so only for image and socio-economic status. There is no need for that sort of thing.
Oh, we probably all do that subconsciously. It's just convenient that the Honda costs about $49,999.99, so it's okay to buy that, vs. an outrageous $50,000.01 "premium" model.
I don't think everyone does that. I certainly don't. Members of this board should be able to post questions without being negatively judged.
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Re: New Car Sanity Check - 50-90k

Post by David76 »

I guess Paul Fussell was right when he called class [social and economic status] a "touchy" subject. I apologize for being insensitive. It was not my intention.
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Re: New Car Sanity Check - 50-90k

Post by Valuethinker »

TomatoTomahto wrote: Fri Mar 24, 2023 11:36 am
Jags4186 wrote: Fri Mar 24, 2023 11:22 am
TomatoTomahto wrote: Fri Mar 24, 2023 11:15 am
Jags4186 wrote: Fri Mar 24, 2023 10:54 am Guy has nearly $5mm net worth and over $1mm annual income at age 34. I think you can buy a $90k car and not worry much about it. This thread is ridiculous.
Unless I missed it, OP’s gender has not been established. I do, fwiw, often miss a lot.
Not sure if you missed it, but you seem to have missed the part where “guy” can refer to a person of unknown gender, a group of multiple genders, or a single gender. You’ve never said “that guy cut me off” without knowing the gender of the person doing the cutting off? You’ve never referred to a group of people as “guys”, even if the group had women, or was exclusively female? Perhaps you haven’t, but doesn’t mean others don’t.
True enough, I'll sometimes say "hey guys" to a mixed gender group. For some reason, that wasn't how I read your post. Apologies.

ETA: when someone cuts me off, I'm more colorful than saying "Guy cut me off." :D
This is a North American dialect thing.

Some parts of North America used "you guys" to mean people, generically. I have seen a niece use it to refer to her (female) group of friends.

Other places don't. To the English, it sounds very odd - or very North American, which is pretty much the same thing :? :? :shock:

I am given to understand that in some places in N America, "you guys" sounds very rude - "you all" is the correct usage (that would be in the South, I am guessing?).

It's just linguistics. In French, the plural noun is masculine if it is a mixed group (?)-- I seem to remember. Other languages have a Third Person Plural neutral gender even in the singular form. We do in English in the possessive (its' to go with his/ her) and in the plural we use neutral (their or theirs).

OTOH "folks" is used as a collective noun here, sometimes-- perhaps by South Africans. And in North America too, in places?
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Re: New Car Sanity Check - 50-90k

Post by Valuethinker »

David76 wrote: Sun Mar 26, 2023 12:39 pm I guess Paul Fussell was right when he called class [social and economic status] a "touchy" subject. I apologize for being insensitive. It was not my intention.
As in "Americans talk all the time about race, but not class. Brits talk all the time about class, but not race".

Class discussion is certainly an English obsession (if not necessarily a British one).

https://www.youtube.com/watch?v=UDIHrX-Jp2E

You certainly get a sense that in the North East of the USA there is an elaborate sense of class and some quite fine distinctions as to class. Connecticut v New Jersey. But ethnicity is also buried in that. I am not sure this is the case anywhere else in the USA? Perhaps in the Old South?
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Re: New Car Sanity Check - 50-90k

Post by ralph124cf »

I see that nobody has mentioned vans/mini-minivans. These are very kid friendly, especially with respect to car seats. Sliding doors are very convenient in parking lots.
Ependytis
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Re: New Car Sanity Check - 50-90k

Post by Ependytis »

Clearly, from a financial perspective, you can afford the $90 K car. The question is emotionally do you want to spend that much money? Whenever I’m faced with a question like this I always ask how would I regret not doing something like in your case not buying a $90 K car. The only thing I can think of is status. It seems like based on the car you’re currently driving, status really isn’t that important to you.
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Re: New Car Sanity Check - 50-90k

Post by ZenBogle »

+1 on the Honda Passport Trailsport!

Excellent car, lots of room for stuff in the back, perfect for hiking/mountain roads, & it cost us around $40k.
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Re: New Car Sanity Check - 50-90k

Post by deltaneutral83 »

This has very little to do with mathematics and everything to do with psychology. OP, it will likely be a better use of your time hiring competent lawyers/CPA's/Insurance agents rather than spending time agonizing over $90k purchases of any kind, not just automobiles. Get two of them today and forget about it. The day to day money game is over for you at an early age. Now the real "life" issues begin.
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Re: New Car Sanity Check - 50-90k

Post by HE Pennypacker »

ralph124cf wrote: Tue Mar 28, 2023 3:16 am I see that nobody has mentioned vans/mini-minivans. These are very kid friendly, especially with respect to car seats. Sliding doors are very convenient in parking lots.
I echo this. Ingress and egress with a minivan is vastly underrated
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