would you buy this car in my situation?

Question

i am 25 years old and have been out of college for 3 years now. I am a cpa in san antonio and have been doing very well for the past three years. I really want to buy a corvette z06 within the next three months, and would like to hear the opinion of people that are out in the real world like myself. I bring in 4200 dollars a month net, and will be getting a raise next april, when i will net around 5000 dollars. I have my own house and have 26 in savings, and another 30k in mutual funds, and about 10k set aside for the car. I also have a 300zx that is in great condition for a trade in(ask dealer for a quote, they said 8-9k, trade in) My father thinks it would be a bad move and would stretch me to thin. I know it would make money tight, but i am single with no relationship in the works, so all the money i make goes towards me. Also i have 23k in retirement already. would someone in my position purchase a 65k car?

i was able to save so much money because i lived with my parents for a year and a half after i became a cpa

every cpa i know has a nice car, so do not call me stupid for buying a pricy car, because in that case we would all be driving a ford focus so shut up.

Answer 1

Personally, I would never spend that much money on a car (I'm a CPA and I drive a Camry, that is fully paid off, BTW). But everyone needs different things to validate themselves - you really want the car. You are very well off for being so young, but I'd have a few more questions before I can say whether you should do it.

1st - do you have a mortgage on the house? how much and how many years left? what kind of mortgage (i.e. Fixed rate, ARM)? If you have an ARM - your payments will be going up soon (if they haven't already).

2nd - how long have you been living on your own and how much have you been able to save SINCE you've been on your own? What are your monthly expenses? Because it's not about how much you make, but how much you SAVE.

Basically - will you be able to continue to save some $ each month after buying the car? Monthly payments on that car will be hefty!

Without knowing the answers to the questions - I'm leaning towards saying no, you shouldn't buy a car that expensive at this time. You should continue to put into retirement what you can, and save up some extra cash to buy the car several years down the road - when you don't have to borrow as much to do so.

Answer 2

I'd say not to do it if you're concerned about it putting a big stretch on your finances. You want to end up in the situation where you can't really afford your car, so you would have to turn around and sell it anyways. Save your money and put it towards a car that you may really need in future. If you're needing another car now, then just use the 10k that you already have alloted. Then put the rest of the money into a "car fund" so that you'll have money for insurance, maintence, gas, etc., or even for an car related emergency.

Answer 3

me personally no because i understand where your at but also keep in mind the economy an if you put yourself in that situation it would not be a good move because youd be spending alot of your money an paying big$ out for payments.wait a year an buy the same car watch how much money you save vettes depreciate fast so why spend all that money to lose a good nest egg you got going..bad move i think my opinion...

Answer 4

Go buy it if it is important to you. Cars are worst money waste of all. I would dump that 10K in stocks and learn to manage money rather than depends on professionals to mange the money for you. (mutual funds). Financially, You have long way to go if you have to depends on mutual funds and your CPA job.

Answer 5

do it now before the kids come

Answer 6

i'd definitely buy it

Answer 7

SAME QUESTION AND SAME ANSWER "NO".