need financial advice?
ok so i just turned 24. I bought my first house at 22 years old. I did not go to collage and currently i do have about $31,000 saved in the bank. Iv been thinking about buying a new car that cost 40k a jeep. But, im beating myself up saying i cant afford it but it would make me very happy because i really want it but i just feel funny about pulling the trigger on it. Do yall think im in a good financial position to buy this new vehicle ? also i earn about 60k a year and thats from my rental income and job. More than half of it goes back to bills though.
- opinionatedLv 71 week ago
rule of thumb, never buy a car worth more than 1/2 your gross income. wanting to spend 40K on a car, is not smart, you worked hard for what you got, that most do not at your age, rethink about buying new cars
- River EuphratesLv 74 weeks ago
Pretty obvious you didn't go to *college* (or pay attention in high school).
If you walk onto a Jeep lot with $31K to throw down, you can probably talk one hell of a deal.
- STEPHENLv 74 weeks ago
You're doing OK so why ruin it by buying a heap of sh1t like a $40,000 Jeep?
- ElGrandeLv 74 weeks ago
Leave as much in savings as you can, and keep building it. Don't throw $30K away on a depreciating asset.
Go find a nice pre-owned Jeep that's $15-20K, and throw $10K at it. Then, pay it off as fast as you can. Since Jeeps really have no major changes, and most of the "eye candy" on them is aftermarket, you're really not ahead if you purchase a brand new one.
Wranglers do not depreciate as quickly as most vehicles, so buying used saves you the depreciation.
- How do you think about the answers? You can sign in to vote the answer.
- AlCaponeLv 74 weeks ago
You are in a much better position financially that most 24 year olds out there and you have obviously made good wise decisions -- up to now. So now, you want to blow your savings on a car ???? Slap yourself and get your good sense back.
Think about it. You spend your money and buy a $40K Jeep. In 3 years, it's only worth $20K. You've lost half your money already. In 5 years, it's only worth $10K. You just blew your savings on a few years of fun in a Jeep, which is not known for its reliability.
Your life is not over at 24. You have a full life ahead of you and you've done good up to now. There are many more years ahead and your savings are going to come in handy.
- regeruggedLv 74 weeks ago
Consider taking over a lease on a vehicle. There are two sites. www.leasetrader.com or www.swapalease.com. Lots of vehicles, monthly rental rates and terms left on leases. In the meantime, save as much as you can then buy a vehicle you want, for cash. I personally would not select a Jeep Wrangler. Lots of better and cheaper vehicles available for sale.
- MurzyLv 74 weeks ago
Don't buy it. Lease it.
- Anonymous4 weeks ago
It's obvious that you didn't go to "collage" lol
Pay cash for a used car because cars depreciate fast and you can't always count on your rental income.
- jimanddottaylorLv 74 weeks ago
Anyone who has rental property and $31,000 in the bank at 24 is on the right path. Most 24 year old's have a degree in their hand and $31,000 in student loans.
Any car depreciates, so it is stupid to buy one. You know that you will be poorer because of this purchase. Financially, you should not do it.
On the other hand, You can afford this 'stupid' car purchase more than most people. It will not be the end of you,
- Anonymous4 weeks ago
Pay cash for a less expensive car. Under $10k.