Polo08816

To a degree...

As long as you're financial planning is not horrendous, good income is always better.

MikeyG

iTrader: (12)

Nope, I was referring to R&D. My previuos supervisor who was an MD also moved into a medical liason position involved in Phase 1 and 2 clinical trials and has since said that that was a much more challenging position. Starting at 100K is not uncommon but in my area it comes with a big stressful pricetag. This is not what I do by the way, I am a lab scientist with a BS.

Polo08816

I understand what you're trying to say. I had a different perspective of it initially. I was trying to say it is less stressful and time consuming than investment banking where some people work 80-100 hours a week.

archspeed

iTrader: (8)

Now this dude is a real smartie

You could do it my way. I saved money throughout college working at various jobs, and my main job after college for another year. At 23 I got the Z and paid in full cash for it. No loan headaches

I am 26 now, so it's been quite awhile. Obviously I make a crapload more money now, and I was able to chill and relax and enjoy the Z for the last 3 years without stress and headaches since I don't have any car payments to worry about

archspeed

iTrader: (8)

And yes, I also agreed with some members here that making monthly payments for a car is just straightup a very horrible way of spending money.

To me, if you have to take out a loan to afford a $25k car, then it means you don't have any money and should really not be driving that car.

I see all these people working $15/hr job driving brand new Benz yet fill up their car half way at the gas station because they don't have the money to make the full tank until the arrival of the next paycheck.

Our society is so hellbent on spending every last pennies out of our pockets...what happened to good old-fashioned saving the bucks?

Sigh...

archspeed

iTrader: (8)

Oh, to answer the OP's question.

I live in Northern California. Technically, to own this car I would say a minimum of $65K/year would let you own one and live somewhat comfortably, at least in my area, figuring in rents and living/quality of life expenses.

lbz

iTrader: (14)

I'm good. I don't expect I would buy it the first year out anyway, if I did decide to upgrade.

I figure to keep my 05 for at 12 - 18 months after I've paid it off

SRTtoZ

iTrader: (4)

If you live in NYC you are insane to buy a car, let alone a Z.

I live in the Suburbs and I work in NYC about 50 days+ a year...Its ridiculous to actually drive there...Let alone pay/find parking.

And I'm 24, and I make 60k a month (LOL i meant Year) and live Comfortable (Paying 750 rent).

But yea, either move out of NYC or just save your money, its not worth it. I never have fun bringing my Z to NYC.

Hraesvelg

iTrader: (1)

You make 60,000 a month? Doing what?

Divergent13

I'm guessing he meant year.

SRTtoZ

iTrader: (4)

Yes, Sry I meant year...Im retarded.

BakaN20

iTrader: (26)

I am unemployed, kind of, lol, and I bought my 06 brand new in 06. I pay for insurance myself, I go to school at Penn State, tuition free . I am in the Army guard. I did a tour in iraq, going on my second tour soon. The army pays for all my expenses, so I have money to burn. It all depends on your priorities. A lot of people would save their money, and thats good, I wanted a sweet ride and I had money to burn, so I got it. Some might say its not a good way to live life, just spending for things you want, and I agree. I'm young right now and I have the money to spend, but as soon as I get out of college and into the real world, I know what the deal is. I just keep myself in check, i know not to buy twin turbo kits and body kits and put myself into crazy debt. So its all about your priorities.

dhays

iTrader: (10)

First of all, stay safe in your next tour.

Since you are young, and don't have to pay for your expenses, now is the time to save all that money. Invest it, put it away, and then when you are out of school, get a steady job, and are looking to settle down, you will have money for a down payment on a house.

black06z

iTrader: (1)

Around 35k a year.

DavesZ#3

iTrader: (26)

But seriously - there are about 1000 factors that affect whether any one person can afford a Z or anything else for that matter. This is just like the "how much do you pay for insurance" or "how much is your car note" questions. Like the old saying goes - your actual mileage may vary.

Polo08816

Not necessarily true. If a manufacturer offers a loan at a % WAY below inflation, it is better to take their offer and extend that for as long as possible. If I paid them $30000 now instead of spreading it over the next 5 years with nearly zero interest, then I would have lost purchasing power along with flexbility.

2TH PWR

iTrader: (21)

Financial advisors will say that total car expenses should not exceed 20% your monthly take home. The less you spend on a car the better.
End of thread.

Sora1421

iTrader: (1)

This man knows what he is talking about...I'm only 18 and know that is is an excellent way to buy the car unless you have oodles of money to blow everywhere and spending 30k up front is nothing to you.

dhays

iTrader: (10)

You are missing part of the picture here. Polo is partially correct. If you have $30k to spend on a car, and if you can get financing that is at, or equal to, the rate of return you can get on your money, then by all means finance the car.

The part that many seem to miss is the If you have $30k to spend on a car part. If you don't have the money, you still have no business borrowing money for a car.

He also, quite rightly, mentioned that if you can borrow the money at way below inflation that it increases your flexibility. That is true only if you have that $30,000 sitting in an investment account somewhere. If you don't have the cash available, then debt only reduces your flexibility.

There are too many bad things that can happen to folks financially, particularly if they are young and not well established. The less debt you have the better off you will be in the long run.

BakaN20

iTrader: (26)

Great advice everyone should follow. Should be common sense, but you know how some people are now a days.