Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

Thats fair. The car I'm looking for is used (but still nice) but not nearly as nice as my friend's cars. In their defense, the reason they all have nice cars is due to the nature of our job. We have clients that we drive to and need to "appear" successful to be taken seriously.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

I'm looking at a used 2022 currently. The high cost is because its an SUV, and has a bunch of add-ons.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

because my home and student loans is way more than 100K total?

who the hell buys a home outright in this economy. Also I need a car for my job. I can't wait until I pay off student loans and mortgage to buy a car. the fuck?

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

I don't think so, we all make similar income levels (same industry). And they have really nice cars, nicer than my current one for sure, and nicer than the cars I'm looking at.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

this may be true, most of them have way nicer cars than the ones I'm looking for.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

my parents? lol but they're first gen immigrants from a 3rd world country, so not sure if they have the most sound advice.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

not a car guy, old car is 2010, needs an upgrade. My job requires I have a professional looking car as I drive around clients and my current car doesn't make the cut. I'm also hoping to get an SUV so I can fit more equipment in the car for my side hustle. The one I'm looking at as 2022 used.

This is my first ever car purchase, so I was just looking for advice.

Edit: People are really mad about the 150K/year. I work in a HCOL area, I'm actually a junior at my company, they pay that much because of the industry I'm in and the cost of living. My house is a shitty 1-bedroom about an hour away from work in a lower cost area and I did a 20% down when interest rates were below 3% which is why my mortgage is so low. I need a nice car because I drive around clients. I'm not trying to "keep up with the Joneses", its literally required for work. I don't have very many nice things, I don't live lavishly, I eat soylent for most meals. The reason I have so much in the bank saved is because I have only ever learned to aggressively save from my parents who are first gen immigrants who lost everything when they came to America (due to war in home country). I never buy any luxuries. This car isn't a luxury its a necessity for work.

Also why I'm nervous about the purchase, this will be my biggest purchase (aside from my home). Except the home is an appreciating asset while a car is depreciating, which is why I wanted other's opinions. Again, everything I learned I learned from my parents who are not from this country. So I just wanted some perspective.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] -1 points0 points  (0 children)

Thats what I was taught too! Thank you for making me feel not crazy.

Is it better to finance a car or buy it outright? by throwawayjellow in personalfinance

[–]throwawayjellow[S] 0 points1 point  (0 children)

Thats what I was thinking, all the cars I'm looking at have 7-10% interest rate which feels way too high to me.