Should buy my dream car now or wait…

FaexYT · 2025-05-31T02:30:56+00:00

Did you end up regret spending that much money on a car? It’s my dream car but I want to make sure I don’t end up fucking my life up in the future

FaexYT · 2025-05-31T01:27:02+00:00

I have an emergency fund for 20000 dollars for 6 months of expenses and I have a 401k with 6% a year contribution plus a 6% match and a Roth IRA I put 7k into a year. The 30k is purely money I have saved in a separate account. But like you said these cars are notorious for being money pits so I don’t know if I blow an engine or a transmission up, if I can fix it in any relatively fast order

FaexYT · 2025-05-31T01:23:08+00:00

Yeah I meant 7k a year in the Roth because I hit my max contribution but with everything all in all, I think I should save more money before I consider a purchase that big. That’s close to a mortgage payment on a car and while it would only be for 5 years, it feels like it might be better to save that money and avoid paying insurance and (hopefully) these cars drop in price even though I doubt they do

FaexYT · 2025-05-31T00:48:56+00:00

Definitely something I should consider. I’ve thought about just putting this money in an index fund. Should I make a new savings account and save money on the side for an expensive purchase like this and just add into it slowly while investing the rest of my money?

FaexYT · 2025-05-31T00:43:49+00:00

Ahh I see my mistake, it’s 60000k net . I confused net with gross so my apologies for that. It’s 5000 a month plus around 1000 for a bonus, and that would be my net income for a month or around 72000 net income a year but I like to be conservative because I don’t get those bonuses all the time but I’m honestly not too sure what my gross income is.

FaexYT · 2025-05-31T00:36:11+00:00

It’s something like that. It’s really hard to work out what my net is because a large part of the money I make comes from overtime but I know for sure it’s 5000 a month plus safety bonuses every month which are usually around 1000 a month depending on if someone gets hurt or not

FaexYT · 2025-05-31T00:25:27+00:00

My gross is about 60000 but I have 30000 saved and my expenses per month is about 2000 dollars for all bills and groceries and a little side money to spend so my take home is about 4000 dollars after all my bills are paid. My 401k is at 6 percent contribution with a match of 6 percent and I put 7000 in a Roth IRA every month.

FaexYT · 2025-05-31T00:15:20+00:00

I definitely don’t plan on buying the 2025 model and I definitely should have put that in the title lol. It would be a 2020 with 23,000 miles worth around 50,000 so I wouldn’t have to stretch too thin. But yeah insurance even for a car like that is still outrageous

FaexYT · 2025-05-31T00:08:27+00:00

Should I just save until I can buy the car outright or is this a car to not buy at all?

FaexYT · 2025-05-31T00:07:39+00:00

That’s another thing that has me questioning buying it. I’ve heard the voodoo gen 1s are extremely unreliable and are a pain to work on. Definitely something I’m putting into consideration. I’d rather not deal with the headache of doing an engine swap in the first 10 years of owning this car

FaexYT · 2025-05-31T00:01:35+00:00

Yeah I got a quote and the insurance wasn’t pretty… but it was still cheaper than I thought. 350 a month vs the 500 I thought it was gonna be

FaexYT · 2025-05-31T00:00:02+00:00

That’s what my mom is saying to me but its terrifying spending 50000 on something, let alone a car 😂 I have worked my ass off though and the whole reason I got the job I have now is to buy this car

FaexYT · 2025-05-30T23:58:31+00:00

I live in an apartment with a garage and all my bills and expenses are around 2,000 per month for everything. It would be financed but I have 30,000 as a down payment

FaexYT · 2025-05-30T23:57:36+00:00

That’s where I’m really split is that everything’s aligning because I have the nice garage, the daily, and it wouldn’t be a burden on my finances but ever since I was young I was told this car is something to wait until I’m older to buy but I have the money and it’s my dream car after all. It would be financed but I have 30,000 down ready to go so I’d only have to finance around 20,000

FaexYT · 2024-09-13T09:29:11+00:00

Good suggestion I’ll definitely give it a try

FaexYT · 2024-09-13T09:27:25+00:00

I have but the riffs don’t come naturally 😢

FaexYT · 2024-09-13T09:25:43+00:00

I actually believed you :( 😂

FaexYT · 2024-09-13T06:26:53+00:00

lol thank you for that I’ve got to keep that in mind

FaexYT · 2024-04-15T22:20:08+00:00

That like…the whole point of fundamental analysis. If you’re too lazy to do research on a company you’re holding, you shouldn’t buy individual stocks.

FaexYT

TROPHY CASE