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Is this financially irresponsible?

SnowBronco

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I wanted a Black Diamond, but it couldn't have the Mid Package with the Manual.

So I got a Badlands with a High Package.

I'm not smart.
That's exactly what I was looking at.... Then I ordered a Badlands high package with the upgraded wheels... And already bought other wheels/tires for it to.

I'm not smart either. (I see a trend here with this)
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SnowBronco

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Also, I really hate payments and paying interest. I saved hard and sold my other toys so I could pay cash for this one. Is the financially responsible?! I don't know. I could put it on the mortgage... But I'd still be paying that for 20 years .. so i don't see the point.... Or I could buy another fast car and a trailer.... But meh. I want a bronco. That 40k can hang with me till it's ready. Lol.
 

395N

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This will be a non DD toy for me.
As such it will paid for in full at time of purchase.
Done.
 

Erock

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Welp... I reckon I need to cancel mine... I don’t fit any of the criteria spelled out here for being financially responsible.

On the other hand, I don’t drink coffee, so do I get a pass?
 
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MaverickMan

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Welp... I reckon I need to cancel mine... I don’t fit any of the criteria spelled out here for being financially responsible.

On the other hand, I don’t drink coffee, so do I get a pass?
I dont drink coffee either. I just wake up in the morning instead. Never understood the point of a hot acidic beverage. But yeah I hear, alot of strange talk of paying in full or investing the 50k or not being underwater. I am NOT taking my bronco under water at least not above the tires. I dont get the difference in owing more than a car is worth and just buying a car. Its still a loss unless its super collectible. I've rarely sold a car for half what I paid. I bought my maverick for 3000 put 12,000 in it over 6 years and sold it for 4000. Thats life unless your rich or greedy, I mean financially savvy apparently.
 

11Bronco1776

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YYYEEAAHHH, we aren't in this vehicle for financial responsibility. I KNOW this isn't the smartest choice. A TON of other options out there would be smarter. But, we are a two income, no kid couple that are both making great money with even better future prospects. There won't be a better time! CWOKs for life! (that's Couples Without Kids)
What about a 2 income couple making meh money and with 2 kids. What say you? I say........do it FOR the kids!!
 

Techun

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YYYEEAAHHH, we aren't in this vehicle for financial responsibility. I KNOW this isn't the smartest choice. A TON of other options out there would be smarter. But, we are a two income, no kid couple that are both making great money with even better future prospects. There won't be a better time! CWOKs for life! (that's Couples Without Kids)
DINK > CWOK
 

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I'm amazed that not one single person took into account other financial needs in life in this discussion. Is this payment "financially irresponsible" can only be calculated once the rest of your financial life is in order. Do you have an emergency fund set aside? Are you saving for or making payments on your own home? Are your retirement / 401K contributions fully funded? If you have kids, is your college savings plan for them on track?

The future quality of life for you, your family and your children is based on the choices you make early in life. Save vs Toys, the choice is yours, if you are able to afford both, excellent, enjoy. And don't tell me YOLO is the answer, "You only live once" to make smart financial decisions early in life that will affect the rest of your life.

What is the trajectory of your financial life? In this first example below, a 25 year old started saving $500 per month, by retirement age they will have $1.52M with an average stock market return of 7% (with the money sitting is a broad based market ETF, such as VTI, https://investor.vanguard.com/etf/profile/VTI).

The second person waited until age 35 to start saving for retirement with the same inflation reduced $500 per month. Due to this later start at serious, responsible, savings, the second person will only have half as much as the smart 25 year old, $714K, with an average stock market return of 7%, that is $807K less. Now how many cups of coffee is that?

Investment Calulator

Growth 25.png


Growth 35.png
 

Erock

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@North7 thanks for ruining my day with all your logic and responsibility.
 

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BennyBronco69

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Since I have all this time on my hands waiting for word that production has started, I am constantly looking at B&P thinking, maybe I should not get a BL and go with a loaded BD? Then I look at the price difference and break it down per year, per month, per day, and tell myself "wait a minute, a BL is only the cost of a cup of coffee each day! I can do that!"

Is that genius or what?
Lol

Jokes aside this is how I work out if something is "financially responsible" (in quotes bc cars in general are never a good financial move).

I take my net pay a month. I make myself save/invest 30%. Pay my mortgage and bills (excluding car payment). Anything after is that is my fun $ and allows me to know how much I can "afford" for my car payment.

I don't look at actual vehicle cost bc, as long as I can still save, I need to be able to have fun with my $ too.
 

MaverickMan

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I'm amazed that not one single person took into account other financial needs in life in this discussion. Is this payment "financially irresponsible" can only be calculated once the rest of your financial life is in order. Do you have an emergency fund set aside? Are you saving for or making payments on your own home? Are your retirement / 401K contributions fully funded? If you have kids, is your college savings plan for them on track?

The future quality of life for you, your family and your children is based on the choices you make early in life. Save vs Toys, the choice is yours, if you are able to afford both, excellent, enjoy. And don't tell me YOLO is the answer, "You only live once" to make smart financial decisions early in life that will affect the rest of your life.

What is the trajectory of your financial life? In this first example below, a 25 year old started saving $500 per month, by retirement age they will have $1.52M with an average stock market return of 7% (with the money sitting is a broad based market ETF, such as VTI, https://investor.vanguard.com/etf/profile/VTI).

The second person waited until age 35 to start saving for retirement with the same inflation reduced $500 per month. Due to this later start at serious, responsible, savings, the second person will only have half as much as the smart 25 year old, $714K, with an average stock market return of 7%, that is $807K less. Now how many cups of coffee is that?

Investment Calulator

Growth 25.png


Growth 35.png
Emergency fund? Coconuts
Retirement? Bananas
House payments? Hard labor
Kids? Nope

Life tragectory, sorry I stay poor. Not great but I will know I didnt spend my life worrying.
 

blacksquatched

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Since I have all this time on my hands waiting for word that production has started, I am constantly looking at B&P thinking, maybe I should not get a BL and go with a loaded BD? Then I look at the price difference and break it down per year, per month, per day, and tell myself "wait a minute, a BL is only the cost of a cup of coffee each day! I can do that!"

Is that genius or what?
But are you going to stop drinking coffee?
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