Yeah…At a young age with a good income, save save save.
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he’s probably looking for some validation, i don’t see an issue with that - maybe he doesn’t have friends or peers to talk to in regards to this in person
I think times are changing. The cost of cars seems to have continued to rise - to the point where people are buying used rather than new and not thinking twice. What are you going to lease for 1000-1500/month that’ll change your life over a car that’s 750/month?
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Not only that but why not hack that $1,000/mo car down to $700-800/mo and save that money for insurance.
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I’ll take it a step further. Why not hack that 700-800/mo down to something like 300-500/month?
Our total car budget each month is (arbitrarily) set at 650/month for both cars before insurance. I set this limit because it helps keep us (ok, me) on the straight and narrow while doing my constant car shopping. Hasn’t burned us yet and I’ve found it a great way to motivate me to push harder.
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I don’t think I’d approach $1k/month without having a high 6-figure income. Not $190k, but $750k. That’s the realm that it would make sense to pay that much for what is basically a toy.
But then I’m comfortable with my “manhood”, so I don’t need a $250,000 prosthetic with a V-12 to make me feel better about it.
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Just wanted to hear what other leasehackers’ opinions are… not to show off.
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Thanks! I agree… I had M3 which was 10% of my income but didn’t feel comfortable as I was paying almost another $600/mo for gas+insurance
What do you think about getting a hacker deal (like i8 roadster for $1k) and then drive it for 1 year and get out of lease early?
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Haha you are absolutely right! X5 for less than $600 is awesome
Hey there,
My intention is not to get laid first of all. Which part of post made you feel that I am spending this much money just to get laid haha.
It is for my enjoyment and if I could drive a high perf car in my 20s like Amgs, Ms or roadsters at hackerlevel deal, why not trying it?
I would rather have the experience and get motivated to work harder with my business than always feeling stuck and regretting.
Plus, if it’s hackerlevel deal, I can choose to opt out of lease early via swapalease.
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If this is your view, why ask (again)? Advice from strangers on a forum is worth exactly as much as you pay for it.
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OK, if you want to get real for a moment…
My daughter, in her second year out of college, makes almost 3x as much as you referenced. Do you know what kind of car she drives?
She doesn’t have one.
On the flip side, do you know how much she puts into her 401k? She caps it. And she invests in other arenas, too.
She does have an “entertainment” budget that she spends on experiences, travel mostly, but not “toys”. Everyone should spend some of their income on having a good time / stuff they enjoy, yes. But her budget is way under the $1,000+ per month that you’re considering for “entertainment”.
Think about savings and retirement. That income feels great now, especially if you’re unaccustomed to it. But if you frivolously spend it, you will regret it inside of five years, and that regret could last for a very long time.
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If invested properly, putting away money is great. If you’re just gonna stick it in a .01% bank account then you’re better off spending it.
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OP there are some salty folks on here. If your in sales and you hit six figures dont get a 1k a month car. If your in a career ie Programmer, Hospital technician even construction…have at it. You have a skill and as long as investment portfolio is where it needs to be then dont listen to anything negative.
To the posters being negative because you think this kid is bragging. This is the new generation @Bostoncarconcierge can testify he worked at a startup. They are not like us, they validate things in a different way. Give the kid some slack close the post if its offending so many people.
B/c, depending on the area in which you live and the myriad things that go into your specific cost of living, $100k is absolutely not “raking in the money” in 2019. In an absolute sense, yes, it’s a lot of $. But it disappears fast, if you’re not careful. JMO.
I personally wouldn’t be driving anything costing more than a solid loaner deal on a 3-series sedan (or I guess 4-series coupe right now), at that income level.
some like OP choose to have a more expensive car. If you still are able to max your 401k and save additionally I say go for it. I am into cars as well and sacrifice in other areas. other people like some on my facebook are comfortable blowing hundreds if not thousands a month on going out and traveling.
Seems like “maxing the 401” is overvalued here. That’s less than $20k savings / year.
Anyone netting $10k / month should, at least in my mind, be doing much more than maxing the 401.
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Maybe, but not if he’s still living with M&D. It’s a lot smarter to pay $300-$400 and get your freedom fund (sounds like he already has that) and house downpayment set.
Then again, if you want to live with the mums & pops forever, spend like a drunken sailor on shore leave in Tahiti, I guess.
from his post I thought he did move out since he said -Nets about $8000-$10000/mo after tax & rent.
but I agree I would feel like an ass if I was living off my parents and leasing a $1500/mo car.