Lease/Car Payment- How much $ does it make sense to pay for a car for six figure income?

sedan
suv
#1

Kind of Off Topic- But, how much does it make sense for you to spend on car leasing if one is making $8000-10,000/month? (Entry Six-Figure Annual Income After Tax)

How much do you think should one at least earn to spend $1000-$1500/mo on a car lease?

This is assuming that one is:

-In mid-late 20s
-No debt
-Living with parents or No Mortgage/Rent payment
-Write Off Available
-Little Money Saved Up (Around $30-50k)

What do you guys think?

0 Likes

#2

Go balls to wall go lease a lambo or Ferrari just make sure your parents let you park in garage

7 Likes

#3

why would anyone live with their parents if they were making $10k a month tho?

7 Likes

#4

why not? stacking $$ for big down payment for a house ?

0 Likes

#5

well hahaahaha unrealistic a bit.

0 Likes

#6

Saving money for a big down payment, yet spending $1k-$1.5k on a lease at the same time makes ZERO sense to me.

8 Likes

#7

Is this hypothetical or your current life?

If you make that much money move out first…

Where are you gonna take that girl home in your nice car? Lol

0 Likes

#8

Go get a bike from Target and pocket the money to buy a house so you can move out of mommy and daddys house. LOL

0 Likes

#9

If you want to save… lease an EV or take public transportation… IMO you gotta have a least 400k~500k a year(with NO kids) for 1000~1500 a month kind of payment…

0 Likes

#10

I’d say, if you want to splurge, $1,000 including ALL car expenses (payment, insurance, gas etc). Insurance at that age can’t be cheap for a high end car. It won’t make you broke. You’re only young once … and I’d assume your income will only go up.

1 Like

#11

Another way to look at it is that kind of income could open up a lot of doors on pre-owned luxury and sports cars that have already depreciated, and still leave room in the budget for repairs and maintenance. The cheapest Aston Martin Vantage on Autotrader is 21,000 dollars right now lol. Now obviously I’m not saying go out and buy that one, which I’m sure has tons of problems or preventative stuff due any second now, But there’s a lot of cool and interesting stuff that can be had for cheap on the secondary market, even as a CPO. I don’t know what tickles your fancy, but whatever it is you might want to look at a CPO that is a couple of model years old to compare. You might be surprised.

0 Likes

#12

Just get a fart car

1 Like

#13

IMO buying or leasing an expensive car is one of the dumbest things that could be done at that point. Whole life ahead, nothing to show for it yet - don’t burn the cash. Collect assets and protect/grow net worth.

The $30-50k should be invested in something that will at least hold its value if not appreciate - use it for a down payment on a mortgage.

Then if you really want a sports car, buy something that holds its value - collector level cars. If you reallly want a luxury sedan or SUV, get something CPO that has already taken its massive initial depreciation hit. Or a hackr level deal.

This is all assuming that the income level is secure and stable/growing.

1 Like

#14

Image all the women you would get driving a lambo or Ferrari. If they ask tell them that your parents are you roommates.
YOLO!!!

1 Like

#15

Counterpoint is that he doesn’t have any bills/monthly obligations, he makes decent money, and he can easily afford a $1k/month payment.

Further, being single with no kids he can get any car he wants; coupe, 2 seater sports car, etc. Once he has a family with kids, those become impractical.

No guarantee to how long he lives either. He can save save save and get hit by a bus in a year from now.

If cars are his passion, he’s young and can afford it, why not?

ETA- making $100k/yr and living at home while driving a fancy car does seem somewhat odd.

0 Likes

#16

If you’re pulling in 10k a month… why not just get a baller apartment and invest what you can into stock portfolios and mutual funds?

If finding a woman was my goal, I’ve found they’re far more impressed with how position myself independence-wise than they are with what I’m driving. Most women don’t recognize cars.\

I’m also not saying that’s what OP is trying to do.

0 Likes

#17

OP- what’s throwing everyone off is the living at home aspect.

That’s why every response is to move out first, worry about a car second.

If you stated “I net about $10k/month after all monthly obligations and payments” the responses would be a lot different and more in-line to what your looking for.

0 Likes

#18

Are you out of your mind?

You need to make 400k a year with no kids to afford a $1,000 a month car payment

:rofl::rofl::rofl:

1 Like

closed #19
0 Likes