A lot of individuals have different approaches to their cars and side piece
cars that they buy. Personally, I’m still fine tuning my approach. I bought my daily used because I didn’t want to take a huge depreciation on a car that I’ll likely run in to the ground. I’ve recently been considering a new daily/fun car. I’m also trying to be financially responsible with a growing family.
In the past I’ve pondered on what the appropriate percentage of your income your car purchase should be. It wildly varies from person to person. Some believe it’s okay to have a $50k car on a $50k salary since you can pay it off over time. Others believe only a $10k Camry is acceptable on a six figure salary. I don’t think there is a set ratio out there, like buying a house. Since we spend a lot of time in the car, there is a lot to be said for comfort, piece of mind, and entertainment for the dreary drives.
I’m curious how you approach this topic. What is your financial approach when it comes to buying a daily/fun car? Do you max out your retirement before you allow yourself to buy the car of your dreams? Do you daily a beater until you pay off your home mortgage? Do you put all your money in from your paycheck and enjoy the ride? Do you save up cash and buy it without the need for an auto loan?
How do you enjoy your car oPPo?
When it comes to money, some times it can get a bit contentious. Please don’t judge others on how they spend money; keep it civil. It has no harm or impact to you.
Lotus for your time.