Locking yourself into an effectively $1,100-$1,200 monthly payment right after undergrad on a RWD sports car on the east coast is a terrible idea.
Insurance can’t be terribly cheap.
Basing your vehicle choice on what you see in your neighborhood limits you severely as well.
DON’T put money down on a lease.
If you are a TMT investment banking analyst at a bulge bracket/specialty firm, at any buy side (PE/VC) firm, or a software engineer at a FAANG/heavily funded unicorn netting $200k total annual compensation or more disregard this advice and get a BMW M8 Competition
You must not have kids. Lol. I knew I’d get blasted, but I have kids and when I see posts like this, I can’t help think “if my kid did that…!” Poor financial decisions that only affect you is one thing. Coming back to your parents’ house in your $1k/mo car where they pay for the mortgage, utilities, and food, is an entirely different thing.
Anyway, if you’ll notice, The first part of my post that you didn’t quote was congratulating him. So, yes, if wealthy, good for him! But then my 2nd part wouldn’t matter now, would it?
No one has recommended a BMW yet? There is a great disturbance in the force. No but seriously OP why not look into taking over some else’s lease? I am sure you can have a lot of fun over the next 3 years hopping into a variety of rides for $1k a month.
@hassan - Are you looking to lease or finance a CPO? 2019 models do not have any lease support.
Instead of relying on internet strangers to help you make a decision, why not go with a car you will enjoy driving?
Instead of looking at the same type of car someone is driving in your neighborhood, why not look at something else? At $1k/month, you have a lot of options for a sports car.
I would strongly suggest you narrow down your list. Take a look at some broker deals in the “Marketplace”.
I applied new grad incentives on both of my current leases for my masters.
It was a bit amusing when Hyundai requested my paystubs/offer letter as a conditional requirement for the new grad, despite my 10+ years work history at the same employer. It’s apparently a requirement for all new grad incentive applications.
OP said nothing about credit score or prior auto history. Even if they are a 720+ FICO with nothing but a credit card, I don’t see any captive taking collateral risk above $35k. They’re wayyyy on the wrong car here IMO, but I’m glad to be wrong.
I wouldn’t consider myself coming from a wealthy family. I am an electrical engineer full time, while continuing my masters part time, in addition also getting my EIT certification to get my PE licensure and also investing in stock market. I have interned at the same company I am employed for 3 years. I am single, no rent or mortgage as I own the place I reside in. My credit score is 750+, although I do not have any auto finance/lease history as I have bought all cash. Just looking for a vehicle that will put a smile on my face for next 3-4 years.
This thread is meant for suggestions on a vehicle that you guys may have leased/financed and the value for its money and if you would do the same if you could go back. I am an auto enthusiast just like all of us. Just because I mentioned i8 or C7 does not necessarily mean I would only want them. All depends on current deals. I have seen very good deals on some of these used as well.
As someone about 10 years ahead of you career wise (ME rather than EE, with a masters, etc), I can tell you that in the years to come, you will quickly wish you spent a lot less money fresh out of school. I know that if I could go back and do it again, I would take a very different approach to my finances (and I was by no means frivolous).
