Not much to add here but I don't know anyone who was happier having spent the money on cars instead of stability. You have plenty of time for toys but could probably get a used G37 in the low $20's and get the enjoyment without the huge cost.

As a rule I won't buy brand new anymore. My wife's Range Rover SS was a 2010 with 10k miles and we got it $27k below new cost.

Life is best enjoyed when you find your balance between cost and benefit. I sleep a lot better at night when not worried about the balance.

Congrats on your graduation and best of luck whatever your choice.

 

Out of college I'm starting at 125k and I still think my g37 is a big big purchase. Just owning this car and making payments and gas n what not I'm not able to save as much as I would like..
Lets not forget about other living expenses and leisure expenses

Your money tho, congrats on graduating and landing a job righth away that's always a huge challenge

If I were to do it again I'd just save up first and consider a used car. Paying off student loans would come first too

 

I just want to say I totally agree with most all of the advise you have gotten so far from everyone. Buying a new G at this stage in your life would be a bad decision. Savings and student loan repayment should be tops on your list as the others have stated. I wish I had the internet and all this great advise when starting out.... all the money I've wasted on cars.... if I had only put it in the bank!!
Well at least you had the smarts to even ask for advise...cudos to you..

As far as your used car selection list... I'd go with the used G35 or Z, stay away from Audi and BMW, the cost of up keep is far more than the Nissan product, and the Mazda Rx8's had issues with oil consumption (almost all of them).

 

Sometimes buying new is better than used. You can get low APR on a G and it might be the same as buying a 28K car that doesn't make you love it.

Buy a car is never something you should do. But sometimes you want it. I would wait to buy something expensive. 401K? most people, and young ones are invested in high risk stuff lost tons with the economy crash. Gold will follow.

 

Are you drunk? First you saying buying new is better then used, and then say you should never buy new? Wait to buy something expensive? 401k? Gold?

What the hell are you talking about!?

 

I would put "nice new car" at the absolute bottom of the list. You need to grow into the "working world". You are going to have a lot of expenses and you're going to need to get used to them. I would do the following:
1. Stretch your existing car as long as possible. Not having a car payment, having low insurance, ad valorem, fuel consumption, etc., is awesome.
2. Get out of debt. Period.
3. Fund your retirement. Start now.
4. Save, save, save.
5. Save some more.
6. Buy a house.
7. Save some more.
8. Shop for a G. I will say this. Sometimes new can be better, both due to the low interest rates for financing (often 0.9%) as well as the fact that the depreciation is very slow on these cars (as well as others in it's class).

 

Yikes ... breezed over that detail.

There's no shortage of great advice in here (I'm taking plenty of notes myself), so I won't reiterate, but squashing that debt should be top priority op.

 

I'm gonna be the guy who disagrees with everyone else. Buy the car now and enjoy it. Next thing you know, you'll find a girl, buy a house, have kids, and before you know it you're driving a minivan....

If you wait til you have money, you'll always be waiting. The more money you make the more bills you pay. You'll enjoy the car a lot more now.

(putting on fire suit)....haha!

 

OK, back to reality....

I drove my POS for 2 years post college. I then upgrade to a used F150 and drove it for another 2 years. Now that I have no debt (except for my house) I got my G. Do I wish I got it earlier - yes, but it would have been a dumb move financially.

 

Knock down that student loan first, 55k is a lot and when you buy this car you will be 100k in debt.

 

hey man, everyone wants new car. I work for investment firm and here are some my sugguestions:

1. Don't buy that car now. you can't afford it. Use this formula, you can only afford the car if it is 30% of your annual salary.
2. Student loan. 50k, what is the Int? if it is more than 5%, that is lot of to pay each month. have you consolidate them with lower APR?
3. Do you have CC debit? pay them off first.
4. saving some money. Did i say pay off CC debit?
5. If you buy that car now, you will have to give up your personal life (include girls, beers, travel).
6. get $20k car. it is flashy, but get you A-B. and it is new. No one will laught atyou. even if someone does, F them. it is your life.
7. Give yourself at least 3 years, have a good work experience. When you start making like 80k and have at least 20k save up (and no CC debit). you can buy brand new 40k car.

It is all up to you. Everyone has their own lifestyle, and way of living. to me, most important thing is to have NO Debt and some savings. and make sure your CC score is at least 740

 

a new car can come anytime. Don't be that guy that still lives with your parents when you're almost 30 years old....

save some cash in the bank...

 

these guys are right...

if you're going to get one go used, not brand new....

I went used after college, but I didn't have any loans,was on a partial athletic scholarship while there....I'm in gradschool now, with the down payment my pops helped me out with my car payment is about $300 a month...

I'm not completely on my own as you are so i have a larger margin for error compared to you it seems (assumption since I don't know your life story)... but a 40k car with that salary and loans isn't the brightest idea... you can get one used in the 25k or less neighborhood...I'd look into that

 

He's saying that a lot of young guys that invested in the 2040 retirement 401K have lost a lot of money because of the economy crash since 2040 plans are more high risk.

Gold prices are going to come down too because it's artificially inflated right now, in a bubble, like 2006 real estate.
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My advice would be to get a 3-4 year old used performance sedan (328i , G35 , A4 etc). Interest rate is low now for car purchase (3% ish). If your bank does not give you a good rate, get membership at a credit union.

I bought a 32k car with a 60k salary + student loans. That $622 / month payment and 2.5k/yr on insurance was really hard on me!

Financially buying a brand new BMW out of college was a lousy idea. Emotionally, it was
very satisfying.

However, no car is worth altering your lifestyle and savings.

Get a gently used car for 20k, start an IRA or 401k, aggressively invest , pay off Std loans in 5 years. By that time your earning potential will be a lot more and you can buy the G37 or whatever it is you desire at the time - with cash and not even feel the pinch