Is getting this Bronco a smart decision?

[lakesinai]

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.

Listen to your mom & dad, if you keep your parking space. This car is too unique to patk on a city street. If you're leasing it, you're not risking much. And if it is worth more than the residual at lease end, you can buy, then sell it, or hand it back and have had a fun 3 or 4 years of great memories! Or keep it for a lifetime.

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[RedHotFuzz]

People who live like misers die as misers.

Be smart with your money, but be aware that your money exists to provide you joy in life.

 

[BennyBronco69]

Cars are almost never a good financial decision. With that said I make it often bc I'm into cars.

You're into cars and know you're wasting $ on food. Do you have the discipline to make your own meals most days and eat out a couple times? If yes you'll be in good shape.

Think about it. If you eat out even only one meal every day on the low end you're spending $10. On a 30 day month that's $300.

BTW, please remember that you're coming from not having a car. So to the car payment add insurance cost and gas. If you've gone a while without insurance bc you didn't have a car prepare yourself for high rates.

 

[frankk]

Great advice here already. Can't add much. I think the key is, as a recent grad, do you see a significant upside in your future salary...like if you're in Tech, you're salary will climb nicely. If you think you've leveled out, I'd consider that.

You're in good shape to get a Bronco. That could mean a BaseSAS or a Black Diamond depending on your answers above.

 

[Monster1926]

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.

Suze Orman says take the bus until you have $10000000 in the bank.

 

[AZ_Liberty]

My net worth is well over a mil, and if I could buy a 3 year old Bronco and let some other sucker take the depreciation hit I would.

My Bronco will be the first new car I have purchased since 1998.

 

[Colorado buff]

House first. Than car. 90,000 is a nice start, but if you spend 60,000 to buy a bronco that is foolish.

especially a first year with lots of issues. I like the poster that said buy the base model at 30k. Much better choice.

but house first than car. Life maybe short, but you own a house you will have somewhere to live always.

 

[SassyBronco2021]

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.

Life is short kid, I have never leased a car, cuz to many horror stories,keeping up on brakes & other parts, oil changes, etc at your expense of over milage, scratches . Itll add up to alot of $ out of your pocket,that you're returning when your lease expires, financing i feel is a better option

 

[wetdog]

Been where you are long time ago ,everyone should have a convertible /doors off ride at least once in life. Get the bronco drive the shit out of it ,enjoy life if it gets to be too spendy sell it for what you paid

 

[eengineer]

Thanks for the advice everyone!

My advice is: "Pay yourself first and then spend what remains on what you want".

Yeah, my plan was to save around 50% of my take home, which I currently am able to do. Adding the bronco would reduce that to around 40% which seems okay but losing out on those savings is still significant.

I would agree, no need to be eating out as much as he does at his age. That cost adds up very fast, especially with somebody who is trying to get ahead or afford other big things. Learn some basic meals to make and eat out maybe once a week.

Yeah it's a bad habit and it doesn't help that so many of my friends do it too. I've just started to try and curb that down - for both health and financial reasons. It's mostly been for the experience since I eat out with friends and it's a good way to bond and spend time.

Great advice here already. Can't add much. I think the key is, as a recent grad, do you see a significant upside in your future salary...like if you're in Tech, you're salary will climb nicely. If you think you've leveled out, I'd consider that.

Yeah, thankfully I think my income will grow assuming nothing disastrous happens.

House first. Than car. 90,000 is a nice start, but if you spend 60,000 to buy a bronco that is foolish.

Yeah a house is the next step. The bronco I ordered was ~40k MSRP (which is still 10k over what I was originally looking at - GTIs and Civic Sis lol). My uncle is generally very frugal and money minded and his advice was to get the bronco since "you'll never get [your 20s] back - a time where you don't need to be responsible for anyone else".

Btw- your going to be waiting a while on it so you can keep saving until your golden ticket is pulled. If your BD is race red and I change your mind PM me, I’ll buy it.

Haha actually I reserved mine a while ago and since it's one of the cheaper specs it's actually almost ready . I've been thinking about this for a while and finally decided to make this post since the delivery date was approaching.

Been where you are long time ago ,everyone should have a convertible /doors off ride at least once in life. Get the bronco drive the shit out of it ,enjoy life if it gets to be too spendy sell it for what you paid

Yes! This is supposed to be an experience vehicle for me. Doing roadtrips on the weekends with the top down with friends - I'm getting this to make memories. And it doesn't hurt that it looks cool too . Also I love driving stick and there are just so few cars left with that option.

 

[eengineer]

Nothing wrong with a new car in general, especially considering that having a vehicle covered under warranty does provide a certain level of comfort in that you are covered for repairs and such.

Now, the question I would have is did you order an FE or did you get something a little more restrained (like a Base SAS or a Badlands non-SAS mid package).

I have a base 4 door black diamond on order actually! Not the cheapest but I wanted a manual with the extra room for my tall friends haha and the waterproof seats sound good for the beach

 

[Broncolli]

Dude - $300 a month for a parking spot. Move out of the city, stop renting. Buy the Bronco first - build credit and find a cheaper place to live. $300 for a parking spot is carzy. Since we are talking about this - how much is your apartment monthly ?

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