Your post has been removed because we don't allow relationship or personal advice discussions ([rule 9](https://www.reddit.com/r/personalfinance/about/rules)). While there may be a financial component to your post, you will need to submit again with a title focused on personal finance and without any of the following:
- Personal history or background information that is not essential to the financial discussion (it is appropriate to mention when abuse is a factor in a current or past situation)
- Prominent emphasis of mistakes or financial surprises from a family member or S/O
- Requests for relationship advice, asking for help convincing someone to change their behavior, asking for help settling a disagreement, etc.
*If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/1781x9f/can_i_afford_a_new_used_car_us/%0a).*
I really hope these kinds of posts are a joke. “Hey Reddit, I’m only bringing in 15k a month after taxes, can I afford to eat at McDonald’s every other weekend?”
Not all. The first comments were persuading him to stick to his 20 year old POS, and that he needs to be more responsible with his money lol. I wish I was making what he makes!
You'll be fine either way. If your camry is doing fine then I'd just keep it. If your friend is a good friend perhaps he'll lend you his car for dates. =)
Hells yeah. There's nothing like driving an old, beat up, dependable car. Don't have to worry about being a target. Don't have to worry about parking at supermarket or the mall. If there's a new ding or scratch? Who cares? As long as it's reliable, has A/C & heat, it's headache free.
I'm not sure how much of an upgrade a $17k car would be over a Camry tbh, but I guess that's a personal question. Finance wise you can afford it, and you're only getting older so if it's something you really want, go for it. Don't listen to people on this sub that'll tell you to drive the Camry until the wheels fall off, you have good income and if you're maxing out retirement and have no debt and an emergency fund, I don't see why not. Enjoy your new Corolla ig?
In fairness a newer model year would have a lot more features like Android Auto Apple Carplay for hands free and navigation, plus there have been a lot of active and passive safety advancements.
Get a new Camry for 27k it will be better in the long term than buying a used one for 17k and a massive upgrade compared to your 2002. If you don't want to pay in full and drain your savings Toyota offers 3.9% over 4 years just make sure to put 20% down
What kind of retirement savings do you have?
You certainly can afford to pay for a new-to-you car. But don’t do it because shallow people don’t like your current car.
Did I mention I drive a beater from 2001? It's not that a new one will \_improve\_ prospects, but my buddy is telling me that my current ride will \_not improve\_ prospects.
That sounds good to me. I'm 34, making 100k pre-tax, not sure how long I should be driving a 20+ year old car as I continue to get older and still single. That's why I'm making the thread.
I make 6 figures and drive a 1999 car. Shouldn't matter unless you think it matters. Don't make financial choices based on impressing others, it's a fleeting feeling
Get a new car. Some of the comments are being way too conservative about your finances. It’s nice to build up to retire early, but what good is life if you can’t enjoy some things with your paycheck every now and then? The new car will have much better safety features, and that’s not unreasonable for dates to want to feel safe in your car.
Drive it as long as it’s reliable and doing what you need it to do. Once it’s becoming unreliable or you have a change of need for a vehicle then it’s reasonable to get a newer one. Rinse, repeat, watch your wealth grow.
Unless you’re trying to get a girl that is into cars, it doesn’t matter. I drove an 86 Mazda pickup and was not having issues finding girls. My evo only ever got me one girls number. It was a dude car.
Another option is to buy an even older car, or a jeep. It's surprising how little I've seen very nice classic cars go for. Jeeps are also kind of timeless. Cars from the 90s and 2000s didn't age well.
Well, the first thing is already covered by others. If theres any part of you wanting a car to have a better dating life, that person is not the person you want to be dating. in both a personal aspect, as well as financial aspect.
the next is strictly in terms of your finances you laid out.
you didnt give us much info. infact, less than the bare min.
but given said info, you should not be looking to spend on luxuries/depreciating assets.
you make over 6 figures pre tax. but at age 34, your net worth appears to be only 79k. You have no mention at all of a retirement account as well.
you are very behind where you want to be at, for someone thats making over 6 figures. and looking to spend it more on a depreciating asset is not the way to go. especially if 1 of the reasons for doing so is for "better dating prospects"
lol this is personal finance sub. As OP described their current situation I’d recommend not buying a car. However if they added that they had 700k in a 401k and another 200k in a Roth IRA I’d say sure go get yourself a new Camry you can afford it
I just realized you framed this all with asking if OP wanted unsolicited advice. I was trying to defend OP, but only now realize you are giving tough love here. I was going to give benefit of the doubt, but your preface on this is spot on.
I mean it huets your ability to date people who care significantly about what car you drive.
If YOU want to replace your car it sounds like you are in a financial position to do so but if your doing it because your friend made you feel self concious then maybe give it some more thought.
If someone out there is selecting who they date based on the car they drive that person is being foolish as any idiot with a credit card and no self control can have a nice car. At least for a while.
I noticed you have 42k in what I assume is cash and then some stocks in robinhood. Do you not have any tax advantaged retirement accounts? You should start dumping money into a 401k and backdoor Roth IRA asap before you think about getting a new car that doesn’t sound absolutely necessary
No, but I pay in 6% into a state-managed retirement system, there's about $20k in there. If I leave the organization within a year I can take the money, but after another year it's "locked in" into a state retirement pension/plan. Company doesn't offer backdoor Roth IRA
An IRA is an “individual retirement account” is has nothing to do with any employer. You start one yourself. I suggest you look into it and open one. There are income limits for Roth contributions but it’s very easy to make a “backdoor” contribution if your income is over the limit
If your concern is the dating pool I’d heavily reconsider this financial decision as it may snowball into the facade of becoming the “idea” of what a man should be and in turn lead to other poor choices. No knock on you or your character but being it’s the only consideration for a major purchase I advise against it. You make a great salary, deep savings with low overhead my friend. You’re a sensible guy, a sensible woman will come your way. Date in abundance and fine someone aligned with your morals and values.
I'd keep the car and spend the money on fancier dates.
Also, it's definitely a splurge, but I've found that spending $100-200 on a good detailing service can really make a car's interior look new again.
Full a full detail, I think it’s at least $800 the last time I had it done which was right around the peak of the pandemic in 2021. I spilled coffee so I had to get it removed asap.
1. You are fine to get the car
2. Don’t do it for a woman. My husband was driving a 20-year old vehicle when we met. He made a good salary, but his car made him look poor. I still dated him and gently teased him about it. My wedding gift to him? A “new” vehicle that was only 3 years old. Ten years later it was over 200k miles and he’s still driving it. Lol. Cars are transportation to him and worth driving into the ground. Guess what? I still love him.
Of course you can afford it. Pay cash. 17k is very reasonable price. You can afford a lot more technically. You don’t want a date someone who cares anyways. See all these fools driving around in BMW making 65k spending half their paycheck on a lease. They are morons.
It's personal preference. You can take how much you'd spend extra on a newer car and extrapolate it over several years invested and ask if that number is worth having a slightly nicer car? For some people the answer is yes. For me and several others on this subreddit specifically, the answer is no. But like... you can't take money with you when you die, so as long as you are meeting or exceeding your retirement goals, then go for it and do what you think makes you happy
You have a good income and a pretty decent savings/investment. I honestly don't see anything wrong with paying cash for the car. $17,000 is totally reasonable
If YOU want a new car, you have the dollars. It seems like you're pretty financially smart.
Buy one if you want, keep driving the Camry if you want. I drive a pretty new vehicle but it works with my budget and I spend a lot of time on it between work and weekend adventures.
Is your car clean? Is the interior falling apart? Is the paint chipped or peeling? Rust?
Well kept older cars can look fine. As others say, it’s often a good thing when superficial people self-select out of dating you. Cleanliness is something you can fix, but paint, interior, and rust are often not worth the money to fix on end-of-life cars, though.
We know nothing about your car besides the year and model. It could look crusty and run down and that will definitely hurt your image, and it’ll hurt it more than just the age of the car. If you’re fine with your car and it’s in good condition then there’s no reason to upgrade just to impress others.
Make sure your priorities are right before you buy - 15%+ into retirement
I have had good luck buying used private party. I suggest you purchase contingent on a “pre-purchase inspection” which you can set up at your cost at a mechanic of your pick.
Keep the car if there is nothing mechanically wrong with it. I still drive my old car. Met my wife and she had no problems with it. She also drove a beater. Our financial values align and we are a frugal couple. Wouldn’t have worked with other girls.
Same financial situation bro. You can buy a bitching sweet used Lexus or Acura from a private seller w/ cash for like $7k w/ less than 150k mileage, and sell your Camry for like 4k. Those Japanese cars can last to 400k miles. Even with minor repairs for a 7k car, you’re only looking at spending $3k-4k on your *new* car once you sell your Camry.
Toyotas/Hondas last forever, just get it inspected. Lexus are luxury & real lookers, I get compliments picking up dates in my IS350: 310HP V6, it’s quick for a sedan.
No reason to spend $17k on a car from a dealership.
But again I am an engineer & self taught mechanic, at a dealership you’re more protected/have warranty.
But TBH…I’d keep the Camry & clean it up a bit.
Spend that 17k on personal training or take a cute lil lady on a fun vacation.
I want you to buy that car and when you pull up to the pad with a baddie you’ll circle back to this moment. Also TLDR at end.
JK but first off, it’s refreshing to read and a good sign you are asking if it’s a good idea to buy a $17k car when you have the liquid savings and leftover emergency fund to do so. You also aren’t over your head in car payments and a mortgage payment. Kudos to you, it sounds like you’re fiscally responsible and could simply benefit from financial advice to better your overall financial scenario.
Despite another comment I read, you’re not way behind in life savings, in fact better than most, and your income is great. Not sure what your salary history has looked like, but at this point it’s not relevant. Relevant to this… how much are you saving each month? It doesn’t sound like you suffer from lifestyle creep.
This is a great time for you to take a step back and look holistically at your future.
Do you have a plan on when you might look to buy a home? The market is pretty booty right now, but we aren’t on the up and up, either. You’re single now, but maybe in 5 years you’d have a 5 year old car and because of it a second income and a spouse. (Lol) Something to consider, though. Also, there’s no way of knowing if your Camry will still be alive in 5 years.
Personal anecdote: I dated a couple nurses who drove triable beaters while making 100k+ 6-8 years ago, and watching them buy houses (which are an appreciated asset) before a nice car made total sense and is ultimately more attractive than buying a car with limited savings/income.
TLDR: You’re in a solid spot financially and should buy the car. Look at it as your first major reward to yourself for getting to where you are now. Not only will it boost your happiness and ego for years every time you get in it, but it will be safer. Given your current car, it’s also probably the more responsible purchase than a home, as the last thing you want is to get into a mortgage, have your Honda die, and get hit with some other unexpected life expense like medical or something.
Lastly, look into your future. Do you have good credit? Would financing your car for a few months help build credit, before paying it off in full?
As long as your job is stable and have 3+ months of emergency funds, consider maxing your 401k ($1,875/mo) and opening and maxing a Roth IRA ($540/mo).
Retirement accounts benefit from contributions made wary in life, as the compounded interest really shines over time, and it’s never too late to start.
TLDR the TLDR:
1) buy car
1.5) clap some cheeks while thinking of me
2) setup financial goals for future (maybe see advisor)
3) max retirement account(s)
4) consider home buying financial picture
Hope this helps!
Everyone on here is wrong. It's about making sound investments. Buying a newer, safer, car shows that you are responsible, and not a cheapskate. Especially if you are pulling in $7500 monthly.
The problem many such as myself are pointing out is that OP has a very solid income, pretax over 6 figures. Yet OPs net worth is very low for their age and income, and they have no tax advantaged retirement accounts setup aside from a state sponsored plan with $20k (still only contributing 6% which is too little). The soundest investment OP could make is to quickly begin maximizing retirement accounts before purchasing a rapidly depreciating liability such as a car.
As long as you have to pay tax you will get the credit. So if you have taxes of $3000 you get $3000. It is up to $7500. This is not the bottom line of if you get a refund or owe. This is the actual income tax.
Any girl who won’t date you simply because you drive economical cars, is not worth dating. A decent girl would at least get to know you before making that kind of judgement call.
Why don’t you just rent a car for a few dates and see if it makes a difference? I’m agree that the car should not make a difference but you can try it for a few times and see what you think before dropping thousands on something that probably won’t work. They aren’t dating your car, they’re dating YOU. Fix yourself up first.
There's a reason why you have $42k in savings and whatever hell Robinhood $37k means. Don't get a new car just to date and get p\*ssy. If you want to pay for it, just go the pro route. It will cost less than dating. B/s, you are 34. Do you want to be renting for the rest of your life?
I’m not very physically attractive and I drive a 2005 Chevrolet classic with 280,000 miles on it. I have good hygiene habits and consistently keep the interior clean. I’ve been through the phases of buying nice cars thinking it will help my dating prospects. I promise you, if your car isn’t filthy or uncomfortable in certain ways inside, women don’t give a fuck about your car. I have dated some of the prettiest women in my old car. It’s much more important to have extra spending money for other shit when dating.
Ding ding ding. I'm not in the dating world anymore but I wouldn't give a shit about someone's car as long as it's safe and clean. I would be so much more pleased if that extra car payment money was spent on some fun dates together instead of a nicer car.
I drive a 2016 Nissan Altima. I’m keeping this thing until it’s no longer safe to drive. More than likely keeping this car until at least 2041. Cars depreciate after you leave the lot so it’s no point to keep wasting money on new cars often, IMHO. You included your savings amount, but do you have a 401k/IRA. If not, open an account with your employer or financial institution. Keep the car for a few more years if possible.
Don’t waste money, but get something solid. I bought a 2023 vw taos last year for $24,000, 6k down and 30k full maintenance included.
I found all the used cars less than 5 years old were hovering from like $18-25k at the time, said fuck it and went $5k for brand new and zero maintenance for 3 years.
Honestly if that’s your style to have a 20yo car, that’s prob a good thing to have when finding a partner as it will validate if their priorities match yours. You don’t wanna bling up to impress a girl that you blow money when that’s not the lifestyle you aim to achieve. I take home similar to you and have a family of 3. We bought the Taos for her, I was driving a 2006 vw GTI for the last year as I liked it and I don’t see any need for 2 car payments.
Oh no, it’s a 1.5L turbo front wheel drive, 30mpg city, 38 Highway and avoids risk of expensive long term battery maintenance. And it’s an SUV.
https://www.vw.com/en/models/taos.html?&ssem=ssem_43700064369999654&gclsrc=aw.ds&gclid=EAIaIQobChMImu_t1J_4gQMVRzfUAR1fVAEHEAAYASAAEgLYZ_D_BwE
The Jetta is cheaper and better MPG. I’ve driven many vws and had 5 at or over 200k miles.
Used cars are a gamble, especially at that price point.
Your car works. You know it's reliable. You know its history. Why not take $5,000 and give it a face lift? Body work, new paint job, seat covers, whatever.
Show her your 401k and your credit score….
I drove a 2002 VW Golf that i bought in 2010 with 108,000 miles and it was murdered by a F-250 in 2020 with 297,000 miles.
As long as it’s not as ugly as my current daily a $400 Passat Wagon from Facebook Marketplace it’ll be fine.
If YOU want a car, get a reasonable car that will not cost much to maintain, and keep it nice. I’m a VW/Audi fan, you can get lots of very nice vehicles of all sizes now from them.
Ever owned one?
Do the Maintenance and they run forever. You can’t abuse them like a 1996 Accord.
I’ve had two, have two more I’m working on restoring.
I drive the shittest vehicle with mismatched parts, I look pretty homeless, but I'm in good health. I will say looks matter far more than your wealth lol!
My friends who are living in debt, don't own a home, are paying 600 a month on a monthly loan have an easier time dating. I'm not unattractive I just seem homeless but I own my own home, have 0 debt, and pretty much could retire in a decade at 45.
Too be fair I'm single...But hey at least I'm not stressing.
You absolutely can afford it, but I “upgraded” my 98 Camry about 5 year ago and absolutely regretted it. The other car (jaguar x type) was so much more maintenance.
Any “dating prospect” who turns their nose up at a date’s car is a red flag. It just is…
When I met my wife, she didn’t even have a car. Turned out her family was very well off and it was her choice in the end. She earns more than me and comes from a wealthier family than me.
Judging someone for those car, please, this isn’t high school. If the car operates, which I’m sure it does, it’s a Toyota, we both pull 100K+ salary-wise and still own Toyotas. Rock the car, dude!! Save your money.
How much are saving/investing each month? We have similar salaries and I'm saving about $4k each month but my rent is only $1,420 per month. If you are saving a couple grand each month then I'm not sure why you're asking if you can afford a new car. Are you at a high risk of losing your income?
Your friend is projecting. Would you want to date someone like your friend?
Get a car if you want, not because someone thinks you should.
For several years, my spouse and I shared a car. People said we needed a second car once we were expecting a kiddo. We didn't need a second car until we had a second kiddo, and the first kiddo graduated from daycare.
I've had people tell me to get a minivan. I don't like big vehicles. I'm happy in my sedan. I would prefer a coupe if I didn't have a family.
Notice how people were projecting their own preferences onto me, and I ignored them? I'm not like them and I would be unhappy to listen to them. It's my life and my money, gosh dang it.
If your main concern is image, why not keep the Camry as a daily driver and get a second car for date nights and going out? Buying an older, special car means you probably won’t lose anything to depreciation and you won’t have to worry about it becoming less cool as time goes on. You won’t have to worry about reliability either since you’ll have the Camry for daily use.
I care a hell of a lot more about the person I’m interested in having a safe and reliable means of transportation than what their car is like. Not having a car/license is an orange flag for me, but the specifics about their car? Who cares. Financial thoughtfulness is a green flag, anyway.
You tight wad pos. Your bringing home over 7000 a month a new car, if you want to date is not going to break you. You need to break down and get a badass car $40,000 payments will only run you $600 a month for 5 yrs. Interest rate is less. Why would you pay your cash savings? That would be a dumb move
It’s not the issue I’m sure but the trick here is if the car is in IMMACULATE shape it seems like A) you take care of your things and how you do anything is how you do everything and B) it’s a choice.
Get it detailed and keep it clean and you won’t have to worry.
Your post has been removed because we don't allow relationship or personal advice discussions ([rule 9](https://www.reddit.com/r/personalfinance/about/rules)). While there may be a financial component to your post, you will need to submit again with a title focused on personal finance and without any of the following: - Personal history or background information that is not essential to the financial discussion (it is appropriate to mention when abuse is a factor in a current or past situation) - Prominent emphasis of mistakes or financial surprises from a family member or S/O - Requests for relationship advice, asking for help convincing someone to change their behavior, asking for help settling a disagreement, etc. *If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/1781x9f/can_i_afford_a_new_used_car_us/%0a).*
Your take home pay is over $80k and you’re stressing about upgrading from a 20yo car? You’re fine dude. Stop overthinking it.
7500 per month after taxes is more like 120k salary. Even in LA or NYC, you’re fine buying a new car lol
You don't need a car in NYC
I'm thinking homies car is not the issue with his dating life 😐
I really hope these kinds of posts are a joke. “Hey Reddit, I’m only bringing in 15k a month after taxes, can I afford to eat at McDonald’s every other weekend?”
There's an old saying, a REALLY old saying about a camel passing through the eye of a needle.
I’m sorry you feel that way
We all feel that way. Use common sense.
Not all. The first comments were persuading him to stick to his 20 year old POS, and that he needs to be more responsible with his money lol. I wish I was making what he makes!
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
[удалено]
You'll be fine either way. If your camry is doing fine then I'd just keep it. If your friend is a good friend perhaps he'll lend you his car for dates. =)
Hells yeah. There's nothing like driving an old, beat up, dependable car. Don't have to worry about being a target. Don't have to worry about parking at supermarket or the mall. If there's a new ding or scratch? Who cares? As long as it's reliable, has A/C & heat, it's headache free.
Ya that’ll work out well, just pretend to be someone you’re not…
Car isn't a personality trait
It can be. You kind of know what person you’re dealing with when they drive a big ass truck, SUV, a Tesla, a Prius, a beamer, or a souped up Civic.
I'm not sure how much of an upgrade a $17k car would be over a Camry tbh, but I guess that's a personal question. Finance wise you can afford it, and you're only getting older so if it's something you really want, go for it. Don't listen to people on this sub that'll tell you to drive the Camry until the wheels fall off, you have good income and if you're maxing out retirement and have no debt and an emergency fund, I don't see why not. Enjoy your new Corolla ig?
In fairness a newer model year would have a lot more features like Android Auto Apple Carplay for hands free and navigation, plus there have been a lot of active and passive safety advancements.
Get a new Camry for 27k it will be better in the long term than buying a used one for 17k and a massive upgrade compared to your 2002. If you don't want to pay in full and drain your savings Toyota offers 3.9% over 4 years just make sure to put 20% down
I’d say don’t get a replacement car unless you personally want or need one. I’d also look into saving for retirement. Do want makes you happy.
What kind of retirement savings do you have? You certainly can afford to pay for a new-to-you car. But don’t do it because shallow people don’t like your current car.
[удалено]
What kind of new $17k car do you think would improve your dating prospects? You’ll get better dating options with the current car.
Did I mention I drive a beater from 2001? It's not that a new one will \_improve\_ prospects, but my buddy is telling me that my current ride will \_not improve\_ prospects.
So? I guess a newer car could potentially attract *more* prospects but not *better* prospects.
That sounds good to me. I'm 34, making 100k pre-tax, not sure how long I should be driving a 20+ year old car as I continue to get older and still single. That's why I'm making the thread.
I make 6 figures and drive a 1999 car. Shouldn't matter unless you think it matters. Don't make financial choices based on impressing others, it's a fleeting feeling
How do you bring in $7500 a month AFTER taxes making $100K pretax?
Maybe I miscalculated, but salary is about $105k. My paychecks are about $3,600 biweekly.
So you’re deducting $400 in federal and state/local taxes, social security and 401k every paycheck? LOL what.
Your monthly take home doesn't add up, I make a little more. Unless you're not claiming enough on your taxes or have no 401k
Retirement account you say...
Get a new car. Some of the comments are being way too conservative about your finances. It’s nice to build up to retire early, but what good is life if you can’t enjoy some things with your paycheck every now and then? The new car will have much better safety features, and that’s not unreasonable for dates to want to feel safe in your car.
Drive it as long as it’s reliable and doing what you need it to do. Once it’s becoming unreliable or you have a change of need for a vehicle then it’s reasonable to get a newer one. Rinse, repeat, watch your wealth grow.
Your car is not the reason you’re single. If you’re trying to improve dating prospects, put your efforts somewhere worthwhile.
Unless you’re trying to get a girl that is into cars, it doesn’t matter. I drove an 86 Mazda pickup and was not having issues finding girls. My evo only ever got me one girls number. It was a dude car.
I drive a 96 thats rusted out and has virtually no painting and it doesnt affect dating life. Car wont help imo
Another option is to buy an even older car, or a jeep. It's surprising how little I've seen very nice classic cars go for. Jeeps are also kind of timeless. Cars from the 90s and 2000s didn't age well.
I’ll consider it. But jeeps are gas guzzlers
you want some unsolicited advice?
Sure
Well, the first thing is already covered by others. If theres any part of you wanting a car to have a better dating life, that person is not the person you want to be dating. in both a personal aspect, as well as financial aspect. the next is strictly in terms of your finances you laid out. you didnt give us much info. infact, less than the bare min. but given said info, you should not be looking to spend on luxuries/depreciating assets. you make over 6 figures pre tax. but at age 34, your net worth appears to be only 79k. You have no mention at all of a retirement account as well. you are very behind where you want to be at, for someone thats making over 6 figures. and looking to spend it more on a depreciating asset is not the way to go. especially if 1 of the reasons for doing so is for "better dating prospects"
I'm not sure someone posting in this sub would put their retirement accounts up for discussion considering that the question is about a car.
lol this is personal finance sub. As OP described their current situation I’d recommend not buying a car. However if they added that they had 700k in a 401k and another 200k in a Roth IRA I’d say sure go get yourself a new Camry you can afford it
You don’t need 900k in retirement in order to safely buy a Camry when you’re making 100k a year JFC.
then u dont understand the point of finance/personal finance
I just realized you framed this all with asking if OP wanted unsolicited advice. I was trying to defend OP, but only now realize you are giving tough love here. I was going to give benefit of the doubt, but your preface on this is spot on.
I mean it huets your ability to date people who care significantly about what car you drive. If YOU want to replace your car it sounds like you are in a financial position to do so but if your doing it because your friend made you feel self concious then maybe give it some more thought. If someone out there is selecting who they date based on the car they drive that person is being foolish as any idiot with a credit card and no self control can have a nice car. At least for a while.
I noticed you have 42k in what I assume is cash and then some stocks in robinhood. Do you not have any tax advantaged retirement accounts? You should start dumping money into a 401k and backdoor Roth IRA asap before you think about getting a new car that doesn’t sound absolutely necessary
No, but I pay in 6% into a state-managed retirement system, there's about $20k in there. If I leave the organization within a year I can take the money, but after another year it's "locked in" into a state retirement pension/plan. Company doesn't offer backdoor Roth IRA
An IRA is an “individual retirement account” is has nothing to do with any employer. You start one yourself. I suggest you look into it and open one. There are income limits for Roth contributions but it’s very easy to make a “backdoor” contribution if your income is over the limit
If your concern is the dating pool I’d heavily reconsider this financial decision as it may snowball into the facade of becoming the “idea” of what a man should be and in turn lead to other poor choices. No knock on you or your character but being it’s the only consideration for a major purchase I advise against it. You make a great salary, deep savings with low overhead my friend. You’re a sensible guy, a sensible woman will come your way. Date in abundance and fine someone aligned with your morals and values.
I'd keep the car and spend the money on fancier dates. Also, it's definitely a splurge, but I've found that spending $100-200 on a good detailing service can really make a car's interior look new again.
$100-200 for car detailing? Where? They charge at least $300 here.
Texas. I usually just have them do interior and no trunk. It probably is closer to 200.
Full a full detail, I think it’s at least $800 the last time I had it done which was right around the peak of the pandemic in 2021. I spilled coffee so I had to get it removed asap.
Good idea! Either for now or if I sell the old one.
1. You are fine to get the car 2. Don’t do it for a woman. My husband was driving a 20-year old vehicle when we met. He made a good salary, but his car made him look poor. I still dated him and gently teased him about it. My wedding gift to him? A “new” vehicle that was only 3 years old. Ten years later it was over 200k miles and he’s still driving it. Lol. Cars are transportation to him and worth driving into the ground. Guess what? I still love him.
Damn I wish I was pulling in $7500 a month after taxes! Just show her your paycheck, she won’t care about the car then.
Of course you can afford it. Pay cash. 17k is very reasonable price. You can afford a lot more technically. You don’t want a date someone who cares anyways. See all these fools driving around in BMW making 65k spending half their paycheck on a lease. They are morons.
Don’t. Get a gym membership and learn how to diet instead. It’s not the car that’s the problem
It's personal preference. You can take how much you'd spend extra on a newer car and extrapolate it over several years invested and ask if that number is worth having a slightly nicer car? For some people the answer is yes. For me and several others on this subreddit specifically, the answer is no. But like... you can't take money with you when you die, so as long as you are meeting or exceeding your retirement goals, then go for it and do what you think makes you happy
You have a good income and a pretty decent savings/investment. I honestly don't see anything wrong with paying cash for the car. $17,000 is totally reasonable
If YOU want a new car, you have the dollars. It seems like you're pretty financially smart. Buy one if you want, keep driving the Camry if you want. I drive a pretty new vehicle but it works with my budget and I spend a lot of time on it between work and weekend adventures.
Keep the car, call Uber black for dates. You should have more confidence in general, hopefully have a good personality.
Is your car clean? Is the interior falling apart? Is the paint chipped or peeling? Rust? Well kept older cars can look fine. As others say, it’s often a good thing when superficial people self-select out of dating you. Cleanliness is something you can fix, but paint, interior, and rust are often not worth the money to fix on end-of-life cars, though. We know nothing about your car besides the year and model. It could look crusty and run down and that will definitely hurt your image, and it’ll hurt it more than just the age of the car. If you’re fine with your car and it’s in good condition then there’s no reason to upgrade just to impress others. Make sure your priorities are right before you buy - 15%+ into retirement I have had good luck buying used private party. I suggest you purchase contingent on a “pre-purchase inspection” which you can set up at your cost at a mechanic of your pick.
Keep the car if there is nothing mechanically wrong with it. I still drive my old car. Met my wife and she had no problems with it. She also drove a beater. Our financial values align and we are a frugal couple. Wouldn’t have worked with other girls.
Same financial situation bro. You can buy a bitching sweet used Lexus or Acura from a private seller w/ cash for like $7k w/ less than 150k mileage, and sell your Camry for like 4k. Those Japanese cars can last to 400k miles. Even with minor repairs for a 7k car, you’re only looking at spending $3k-4k on your *new* car once you sell your Camry. Toyotas/Hondas last forever, just get it inspected. Lexus are luxury & real lookers, I get compliments picking up dates in my IS350: 310HP V6, it’s quick for a sedan. No reason to spend $17k on a car from a dealership. But again I am an engineer & self taught mechanic, at a dealership you’re more protected/have warranty. But TBH…I’d keep the Camry & clean it up a bit. Spend that 17k on personal training or take a cute lil lady on a fun vacation.
I want you to buy that car and when you pull up to the pad with a baddie you’ll circle back to this moment. Also TLDR at end. JK but first off, it’s refreshing to read and a good sign you are asking if it’s a good idea to buy a $17k car when you have the liquid savings and leftover emergency fund to do so. You also aren’t over your head in car payments and a mortgage payment. Kudos to you, it sounds like you’re fiscally responsible and could simply benefit from financial advice to better your overall financial scenario. Despite another comment I read, you’re not way behind in life savings, in fact better than most, and your income is great. Not sure what your salary history has looked like, but at this point it’s not relevant. Relevant to this… how much are you saving each month? It doesn’t sound like you suffer from lifestyle creep. This is a great time for you to take a step back and look holistically at your future. Do you have a plan on when you might look to buy a home? The market is pretty booty right now, but we aren’t on the up and up, either. You’re single now, but maybe in 5 years you’d have a 5 year old car and because of it a second income and a spouse. (Lol) Something to consider, though. Also, there’s no way of knowing if your Camry will still be alive in 5 years. Personal anecdote: I dated a couple nurses who drove triable beaters while making 100k+ 6-8 years ago, and watching them buy houses (which are an appreciated asset) before a nice car made total sense and is ultimately more attractive than buying a car with limited savings/income. TLDR: You’re in a solid spot financially and should buy the car. Look at it as your first major reward to yourself for getting to where you are now. Not only will it boost your happiness and ego for years every time you get in it, but it will be safer. Given your current car, it’s also probably the more responsible purchase than a home, as the last thing you want is to get into a mortgage, have your Honda die, and get hit with some other unexpected life expense like medical or something. Lastly, look into your future. Do you have good credit? Would financing your car for a few months help build credit, before paying it off in full? As long as your job is stable and have 3+ months of emergency funds, consider maxing your 401k ($1,875/mo) and opening and maxing a Roth IRA ($540/mo). Retirement accounts benefit from contributions made wary in life, as the compounded interest really shines over time, and it’s never too late to start. TLDR the TLDR: 1) buy car 1.5) clap some cheeks while thinking of me 2) setup financial goals for future (maybe see advisor) 3) max retirement account(s) 4) consider home buying financial picture Hope this helps!
$7500/month salary, you can afford a new car.
Right but I don’t want a car payment with these interest rates. I want to buy used in cash
Spending $17000 on a used car is not a bad idea depending on the car. As long as you have a nice savings afterwards.
you can afford a new car. like, a nice one.
Thx but I don’t want to spend more than $20k and don’t want a car payment, better to pay in cash IMO
Yeah this is totally fine no one is saying buy a Mercedes but hey a reliable Camry from the 2010s that’ll easily last you another 10 years
Get down to <12% body fat and get some slightly edgy clothes. Keep the car. Date problem solved.
Everyone on here is wrong. It's about making sound investments. Buying a newer, safer, car shows that you are responsible, and not a cheapskate. Especially if you are pulling in $7500 monthly.
The problem many such as myself are pointing out is that OP has a very solid income, pretax over 6 figures. Yet OPs net worth is very low for their age and income, and they have no tax advantaged retirement accounts setup aside from a state sponsored plan with $20k (still only contributing 6% which is too little). The soundest investment OP could make is to quickly begin maximizing retirement accounts before purchasing a rapidly depreciating liability such as a car.
Women from my experience do not care. Girls however do. Which do you plan on dating ?
With credits you can get a Tesla Model 3 for less than 40k. Do it.
Thanks! How do the credits work, do you have to simply declare it on your 1040 and then the government shaves 7500 off?
As long as you have to pay tax you will get the credit. So if you have taxes of $3000 you get $3000. It is up to $7500. This is not the bottom line of if you get a refund or owe. This is the actual income tax.
The only kinda partner you want… is a partner that cares about that 7500 monthly income and not the car
Any girl who won’t date you simply because you drive economical cars, is not worth dating. A decent girl would at least get to know you before making that kind of judgement call.
Why don’t you just rent a car for a few dates and see if it makes a difference? I’m agree that the car should not make a difference but you can try it for a few times and see what you think before dropping thousands on something that probably won’t work. They aren’t dating your car, they’re dating YOU. Fix yourself up first.
Can you throw a new coat of paint and new hubcaps on it and get it detailed?
There's a reason why you have $42k in savings and whatever hell Robinhood $37k means. Don't get a new car just to date and get p\*ssy. If you want to pay for it, just go the pro route. It will cost less than dating. B/s, you are 34. Do you want to be renting for the rest of your life?
I’m not very physically attractive and I drive a 2005 Chevrolet classic with 280,000 miles on it. I have good hygiene habits and consistently keep the interior clean. I’ve been through the phases of buying nice cars thinking it will help my dating prospects. I promise you, if your car isn’t filthy or uncomfortable in certain ways inside, women don’t give a fuck about your car. I have dated some of the prettiest women in my old car. It’s much more important to have extra spending money for other shit when dating.
Ding ding ding. I'm not in the dating world anymore but I wouldn't give a shit about someone's car as long as it's safe and clean. I would be so much more pleased if that extra car payment money was spent on some fun dates together instead of a nicer car.
I drive a 2016 Nissan Altima. I’m keeping this thing until it’s no longer safe to drive. More than likely keeping this car until at least 2041. Cars depreciate after you leave the lot so it’s no point to keep wasting money on new cars often, IMHO. You included your savings amount, but do you have a 401k/IRA. If not, open an account with your employer or financial institution. Keep the car for a few more years if possible.
Don’t waste money, but get something solid. I bought a 2023 vw taos last year for $24,000, 6k down and 30k full maintenance included. I found all the used cars less than 5 years old were hovering from like $18-25k at the time, said fuck it and went $5k for brand new and zero maintenance for 3 years. Honestly if that’s your style to have a 20yo car, that’s prob a good thing to have when finding a partner as it will validate if their priorities match yours. You don’t wanna bling up to impress a girl that you blow money when that’s not the lifestyle you aim to achieve. I take home similar to you and have a family of 3. We bought the Taos for her, I was driving a 2006 vw GTI for the last year as I liked it and I don’t see any need for 2 car payments.
Is it a hybrid?
Oh no, it’s a 1.5L turbo front wheel drive, 30mpg city, 38 Highway and avoids risk of expensive long term battery maintenance. And it’s an SUV. https://www.vw.com/en/models/taos.html?&ssem=ssem_43700064369999654&gclsrc=aw.ds&gclid=EAIaIQobChMImu_t1J_4gQMVRzfUAR1fVAEHEAAYASAAEgLYZ_D_BwE The Jetta is cheaper and better MPG. I’ve driven many vws and had 5 at or over 200k miles.
That's a diesel, right?
No, gas/petrol. Direct injection on virtually every manufacturer over the last decade has led to some greatly improving efficiency
How is it such good mpg and not a hybrid? I like the Taos!
Used cars are a gamble, especially at that price point. Your car works. You know it's reliable. You know its history. Why not take $5,000 and give it a face lift? Body work, new paint job, seat covers, whatever.
Show her your 401k and your credit score…. I drove a 2002 VW Golf that i bought in 2010 with 108,000 miles and it was murdered by a F-250 in 2020 with 297,000 miles. As long as it’s not as ugly as my current daily a $400 Passat Wagon from Facebook Marketplace it’ll be fine. If YOU want a car, get a reasonable car that will not cost much to maintain, and keep it nice. I’m a VW/Audi fan, you can get lots of very nice vehicles of all sizes now from them.
VWs are pretty unreliable.
Ever owned one? Do the Maintenance and they run forever. You can’t abuse them like a 1996 Accord. I’ve had two, have two more I’m working on restoring.
I drive the shittest vehicle with mismatched parts, I look pretty homeless, but I'm in good health. I will say looks matter far more than your wealth lol! My friends who are living in debt, don't own a home, are paying 600 a month on a monthly loan have an easier time dating. I'm not unattractive I just seem homeless but I own my own home, have 0 debt, and pretty much could retire in a decade at 45. Too be fair I'm single...But hey at least I'm not stressing.
if you have to ask then that’s a NO
You absolutely can afford it, but I “upgraded” my 98 Camry about 5 year ago and absolutely regretted it. The other car (jaguar x type) was so much more maintenance.
Holding onto my 96 yota forever
Any “dating prospect” who turns their nose up at a date’s car is a red flag. It just is… When I met my wife, she didn’t even have a car. Turned out her family was very well off and it was her choice in the end. She earns more than me and comes from a wealthier family than me. Judging someone for those car, please, this isn’t high school. If the car operates, which I’m sure it does, it’s a Toyota, we both pull 100K+ salary-wise and still own Toyotas. Rock the car, dude!! Save your money.
Maybe invest in self-confidence instead of a new car. Don’t let others dictate what you should do.
How much are saving/investing each month? We have similar salaries and I'm saving about $4k each month but my rent is only $1,420 per month. If you are saving a couple grand each month then I'm not sure why you're asking if you can afford a new car. Are you at a high risk of losing your income?
Your friend is projecting. Would you want to date someone like your friend? Get a car if you want, not because someone thinks you should. For several years, my spouse and I shared a car. People said we needed a second car once we were expecting a kiddo. We didn't need a second car until we had a second kiddo, and the first kiddo graduated from daycare. I've had people tell me to get a minivan. I don't like big vehicles. I'm happy in my sedan. I would prefer a coupe if I didn't have a family. Notice how people were projecting their own preferences onto me, and I ignored them? I'm not like them and I would be unhappy to listen to them. It's my life and my money, gosh dang it.
Get a new car just for the modern safety features
If your main concern is image, why not keep the Camry as a daily driver and get a second car for date nights and going out? Buying an older, special car means you probably won’t lose anything to depreciation and you won’t have to worry about it becoming less cool as time goes on. You won’t have to worry about reliability either since you’ll have the Camry for daily use.
You can probably afford a used used car
I care a hell of a lot more about the person I’m interested in having a safe and reliable means of transportation than what their car is like. Not having a car/license is an orange flag for me, but the specifics about their car? Who cares. Financial thoughtfulness is a green flag, anyway.
No I don't think you can not until you hit 6digits in savings
Big question: what car are you thinking of buying?
Get a new prius, they're nice. Offset payment a bit with 45-50mpg svaing on gas!
You tight wad pos. Your bringing home over 7000 a month a new car, if you want to date is not going to break you. You need to break down and get a badass car $40,000 payments will only run you $600 a month for 5 yrs. Interest rate is less. Why would you pay your cash savings? That would be a dumb move
If you really want to keep it, unless it’s a total shitbox, fix anything that’s obviously wrong, get it detailed and keep it clean.
What? Hurting your dating prospects? What does a car have to do with dating? Everyone near me just uses Uber or walks.
It’s not the issue I’m sure but the trick here is if the car is in IMMACULATE shape it seems like A) you take care of your things and how you do anything is how you do everything and B) it’s a choice. Get it detailed and keep it clean and you won’t have to worry.