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Discussion Starter #1
Hi everyone,
New here! I am 23 yrs old and am looking to buy a QV. It is an ambitious goal but one I believe I can afford. I want to ask and have you all weigh in on this. I currently drive a Ti sport (2018) that I got almost a year ago. I now have decided that a QV should be my next step as I have poured so much money into mods and it still leaves a lot to be desired. So, like I said. I have a 2018 Ti Sport that I owe around 10k on. I have around 11k in cash to put down on the QV as well. I pull in around 75k a yr, net 4200k/month. My monthly payment target less insurance is about no more than 470. That assumes I spend around 48k on the QV. I am fine with financing 72 month because I DO NOT plan on selling but may consider earlier terms. What does everyone think? Sound like an okay plan? Would it be better to use my cash to pay off my current giulia and then private sell? Or trade into dealer and and put cash down? Either way, I would only be financing around 20-25k max I think! Thanks all!
 

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Hi everyone,
New here! I am 23 yrs old and am looking to buy a QV. It is an ambitious goal but one I believe I can afford. I want to ask and have you all weigh in on this. I currently drive a Ti sport (2018) that I got almost a year ago. I now have decided that a QV should be my next step as I have poured so much money into mods and it still leaves a lot to be desired. So, like I said. I have a 2018 Ti Sport that I owe around 10k on. I have around 11k in cash to put down on the QV as well. I pull in around 75k a yr, net 4200k/month. My monthly payment target less insurance is about no more than 470. That assumes I spend around 48k on the QV. I am fine with financing 72 month because I DO NOT plan on selling but may consider earlier terms. What does everyone think? Sound like an okay plan? Would it be better to use my cash to pay off my current giulia and then private sell? Or trade into dealer and and put cash down? Either way, I would only be financing around 20-25k max I think! Thanks all!
You'll get a lot of opinions here, only you can make the decision. What QV(s) are you looking at for $48k?
 

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I say go for it. I'm 25 and I bought my QV knowing I'd keep it for at least 4 years. If you plan on keeping the car and even buying an extended warranty it'll be worth it. too many younger dudes are always buying cars and selling. Stick to one car. It'll save you a lot of money. Especially the QV which I have loved the same ever since the first day I bought her!
 

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It seems like you've spent a lot of time rationally considering this, and that shows a lot of maturity for your age.

I think if you can afford it, and plan to keep it for a while, that's not a crazy amount to finance. But I would honestly stay away from such a long loan term if you can.
 

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I'm going to be the devil's advocate here.
Anybody who tells you 'go for it...life is short' because it's not their hard earned money and it's not coming out of their paychecks.
I'd say DON'T do it.
Firstly, any car purchase with a 72-months term is not a car you can afford yet.
Cars are depreciating consumable goods. You see I don't even use the word "asset" here.
You're getting a $48K QV so most likely it would be a 2017 (to me, I'd never buy a first year production car; it simply got too much bugs)
So a 2017 would leave you one more year of factory warranty and are you prepared for repair bills for the next six?
A car like QV won't be cheap like a Toyota Corolla in terms of repair and maintenance, I think you'd already knew that so I won't go into that.
At age 23, you're still very young and still have a long way to go. Why the rush? Life is short but at 23, life is NOT that short for you. So don't rush into a financial ruin that would take years to correct later.
Besides, most car guys when buying a new car/toy always think ' Oh, I'm gonna keep this car FOREVER and I'll NEVER sell'. But when the next refreshed QV comes out in a couple of years then your 2017 would look dated and you would want to "upgrade" again.
So I'd say DON"T do it. Just wait until you can pay cash for your toy and pay cash for repair/maintenance for the upkeeps. It' would be fewer headaches and much less worries.
This be the same advice I'd given my boys...and they're only 13.
It's your money so you'd decide. But since you'd asked for advice and opinions...here you have it.
 

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"Afford it" is a relative term, unique to everybody. You dont give enough context of your financial situation. What is your debt, what is your job security and future earning potential? YOLO only applies to us old people in our 40's not 20's lol.

First: Read the book "millionare next door" like I did when I was 23.

Here's how to look at your finances top down.

Take your 75k a year.
Deduct taxes.
Set aside your savings to invest and meet your financial goals.
What is remaining you can spend on your home - I would add family here but assuming you're not married.
Take what is remaining and spend it on whatever the heck you want - this is your "who gives a %#@& money" or throw away money on hobbies, trips, etc.

So there's your answer. If you are meeting your savings goals, taking care of your responsibilities, then have enough play money left over for a QV then go buy it an enjoy it.

Lastly: definitely worth the extra $$$ for an 18. Bugs worked out and extra warranty. Mine's for sale at $52k so @ 72 months not much more monthly.
 

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People are acting like a 23 yr old buying a 50k car is the biggest financial burden of his life. That’s like $700 a month. Prolly less than what most 23 yr olds spend at the bar or on weed a month. Let’s not be naive. The opportunity to make more and more money has never been greater than in today’s world. One can work a regular job then Uber. Doordash. Etc to easily earn an extra $200 a week without hard labor. You can ride your bike for 2 hours a day on doordash and make $65 delivering food. You literally get paid to exercise. And it should be mandatory for most kids in 20s nowadays. A lot of soft bodies walking around lol.
@Jsmith32 Buy the car and never seek advice on buying a Bugatti from someone who drives a beetle.
 

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People are acting like a 23 yr old buying a 50k car is the biggest financial burden of his life. That’s like $700 a month. Prolly less than what most 23 yr olds spend at the bar or on weed a month. Let’s not be naive. The opportunity to make more and more money has never been greater than in today’s world. One can work a regular job then Uber. Doordash. Etc to easily earn an extra $200 a week without hard labor. You can ride your bike for 2 hours a day on doordash and make $65 delivering food. You literally get paid to exercise. And it should be mandatory for most kids in 20s nowadays. A lot of soft bodies walking around lol.
@Jsmith32 Buy the car and never seek advice on buying a Bugatti from someone who drives a beetle.
you a crazy cugine...LOL
will PA allow NY'ers to visit??...need to get me an authentic Cheese-steak;)
 

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Long decades ago, newly single, paying child support, coming back from a year in the Bush in Vietnam, I had my intact GI Bill, and about $40k (todays money) and wanted to buy a hot car, but my long term career goals were not in accordance with that, so I drove my VW for a quarter million miles, lived very frugally, worked every job I could find, went back to college, then Med School, married, two kids, a long residency and fellowship, and still worked very possible opportunity.

All those years, I wanted another sports car, but family and other needs came first. It was decades before we could afford my long wanted Cobra, Porsches, and other cars, beach home, education for my kids, and so much more. If I had instead spent and obligated myself with a car purchase, I am not sure I would have been ultimately to have so much more.

I used to see Corvettes and Z cars and Trans AM's, and say I could buy one with cash. But it had to wait.

To the OP, your choice, but one's future is unpredictable for sure. You are very early in your career. My daughter has kept her job, but her company has had to let many of her friends and co-workers go; something I am sure 6 months ago none of them planned on. I believe it is good to enjoy life as it comes, but perhaps not wise to put one's self in a position from which recovery would be difficult.

Best wishes to the OP. NV
 

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you a crazy cugine...LOL
will PA allow NY'ers to visit??...need to get me an authentic Cheese-steak;)
Absolutely. Anyone should be free to move about this country. Anyone stops you don’t shower and Just say you are “peacefully” protesting lol. I recommend angelos, Oregon steaks or delassandros. Whiz American and onions.
 

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Discussion Starter #14
Thanks everyone. I do have a fiance and we are getting married next month actually. I brought this up with her and she is behind it (I made a spreadsheet and showed her how we can afford it ha). To answer questions here, great job security! After my savings goals and essentials I have around $1300 remaining each month and that is after I set aside a little cash for a home. So with a 540 payment and Insurwnce plus gas costs, I still have around 400-500 left per month that I will likely invest!
 

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I am in a similar situation, looking to buy too! I am also in my 20s! I’d say go for it. Sounds like you have a solid plan and it is well thought out.
 

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Discussion Starter #17
Also to add, my debt situation is minimal. I have been very fortunate to not have student loans or any other debt than my current car!
 

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Also to add, my debt situation is minimal. I have been very fortunate to not have student loans or any other debt than my current car!
richest man isn’t the one who still has his first dollar. It’s the one who still has his first friend. Work hard and enjoy it. Spend it. Live life to the fullest. If it was a $50k Tesla or Lexus no one would question it. In the end only you can make the best decisions for yourself. Some won’t work out well. But hard work will always prevail.
 

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Thanks everyone. I do have a fiance and we are getting married next month actually. I brought this up with her and she is behind it (I made a spreadsheet and showed her how we can afford it ha). To answer questions here, great job security! After my savings goals and essentials I have around $1300 remaining each month and that is after I set aside a little cash for a home. So with a 540 payment and Insurwnce plus gas costs, I still have around 400-500 left per month that I will likely invest!
Congratulations on getting married and the best part is that she is also behind this!!
All things indicating that you've already made up your mind about this QV. Well, if that's the case, GO FOR IT (y) and enjoy the heck out of it!!

Final words of advice: Please use double condoms. Those solid double-lines showing up on the EPT could get very expensive very quickly and $400-500 left per month could get dried up faster than you've ever known.
 

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richest man isn’t the one who still has his first dollar. It’s the one who still has his first friend. Work hard and enjoy it. Spend it. Live life to the fullest. If it was a $50k Tesla or Lexus no one would question it. In the end only you can make the best decisions for yourself. Some won’t work out well. But hard work will always prevail.
Agree and very well put. However, IMHO, hard work alone will NOT ALWAYS prevail without careful planning and sound decisions.
 
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