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Hi all,
I'm beyond excited to receive my bronco. I've just been contemplating whether it's a financially smart move.
About me: I'm a recent college grad taking home around $4k post-tax, rent, and insurance monthly. I have a variety of savings and investment accounts totalling around 90k. I have no debt and my previous car was a $3k rusty beater that I sold after the repairs started costing too much. I'm also in the very fortunate position that my parents do not need my help for anything. However, I do eat out a lot - all meals on weekends and usually also once a week.
Dilemma: I'm struggling to find the balance between spending $$ to live my life vs. saving money to be responsible. None of my friends my age are into cars and so most don't own one or have an econobox like a prius or civic. I've seen tons of financial videos that say to stick to the cheapest car possible and buy outright. If financing, they say to follow the 40/20/10 rule and never lease. However, I was planning on leasing my Bronco (Black Diamond base) and put just enough down to get it to under $400 a month for 3 years (I plan on changing cars often). I live in the city so I've been using public transit within the city and renting cars outside. IIn fact, I could also save around $300 a month by letting go of my apartment's parking spot (yeah, $$, tell me about it lol).
What are your thoughts? I'm content with my life as of now and feel guilty for getting this car. In a weird way, I feel like I don't deserve to have as nice of a car as this. It would also be my most expensive purchase by far. I don't mean to show off with this post but it seems like most people here have spun around the sun a bit more than me so I wanted to get your advice. My parents have always spent a lot of $$ on cars so they keep convincing me that I should get it lol.
I'm beyond excited to receive my bronco. I've just been contemplating whether it's a financially smart move.
About me: I'm a recent college grad taking home around $4k post-tax, rent, and insurance monthly. I have a variety of savings and investment accounts totalling around 90k. I have no debt and my previous car was a $3k rusty beater that I sold after the repairs started costing too much. I'm also in the very fortunate position that my parents do not need my help for anything. However, I do eat out a lot - all meals on weekends and usually also once a week.
Dilemma: I'm struggling to find the balance between spending $$ to live my life vs. saving money to be responsible. None of my friends my age are into cars and so most don't own one or have an econobox like a prius or civic. I've seen tons of financial videos that say to stick to the cheapest car possible and buy outright. If financing, they say to follow the 40/20/10 rule and never lease. However, I was planning on leasing my Bronco (Black Diamond base) and put just enough down to get it to under $400 a month for 3 years (I plan on changing cars often). I live in the city so I've been using public transit within the city and renting cars outside. IIn fact, I could also save around $300 a month by letting go of my apartment's parking spot (yeah, $$, tell me about it lol).
What are your thoughts? I'm content with my life as of now and feel guilty for getting this car. In a weird way, I feel like I don't deserve to have as nice of a car as this. It would also be my most expensive purchase by far. I don't mean to show off with this post but it seems like most people here have spun around the sun a bit more than me so I wanted to get your advice. My parents have always spent a lot of $$ on cars so they keep convincing me that I should get it lol.
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