/biz/ - Business & Finance

[Anonymous No.54861899]

Is spending $25k on a car too much? I can pay $15k on cash and the rest in payments so save capital for crypto.

[Anonymous No.54861927]

>>54861899
Depends on your needs, wants and desires. 25k is not really that much though.

[Anonymous No.54861928]

>>54861899
No, of course not. Spending 20k+ on a car at a young age is a dumb financial move everyone has to learn from.

[Anonymous No.54861933]

>>54861899
If you have $15k you can afford $15k.

[Anonymous No.54861942]

>>54861899
and you will pay 30% in taxes just to make the transaction, so now you are spending 32k and you were too stupid to realize it until next year

[Anonymous No.54861951]

>>54861899
Bro just buy what you want. Just pay the debt off fast

[Anonymous No.54861953]

>>54861933
I have $25k I just want more capital for when BTC hits $15k

>in bro btc is never going to $15k again

[Anonymous No.54861963]

>>54861942
$25 includes tax you boomer assuming tard kys

[Anonymous No.54861996]

You're not gonna listen anyway so just do it and learn from your dumbass decision.

[Anonymous No.54862012]

>>54861899
I only buy used but I don't drive a lot either. No reason I'd ever pay that much

[Anonymous No.54862057]

>>54861996
where is the dumb ass decision anon. fucking explain instead of being an uptight piece of shit.

[Anonymous No.54862103]

>>54862057
It's the fact that you don't need a car that costs that much at a young age. Yes, we can tell you're young mostly because you're actually asking this question. Buy a ten-fifteen year old 5-8k used beater instead. Future you will thank present you.

[Anonymous No.54862152]

>>54861953
Mumu bros… this poor bobo is literally questioning whether he can afford a Corolla

[Anonymous No.54862404]

>>54861899
That's fine, I paid 22k for a new honda civic ex-t 7 years ago, could afford to pay cash outright if I sold my stocks but I financed it and paid it off within 3 years. That same car could be sold for 13k today. Had 0 problems with it.
Thinking about it in terms of leasing cost, that means I basically leased it for 9k over 7 years, or $107/month.
Where can you lease a car for $107/month for 7 years? Looking at prices today the cheapest is a weekly lease at $91/week or $394/month.
That's a ton of savings.

With used cars you might save money in the immediately sale, but there's always the chance it'll fall apart or having problems and that takes time and effort and work (how much do you value your time? peace of mind?), and then you have to weigh the cost of fixing it vs just scrapping it. If fixing it costs more than it's worth then you're out all that money you paid buying it.

[Anonymous No.54862500]

>>54862404
I am about to buy my first car and the potential headache of issues with a used car is pushing me towards buying new. That, and my region of Canada uses salt on roads during the winter, so used cars are almost certain to be rusted out on the bottom.

[Anonymous No.54862526]

Depends how much dough you got. Don't spend more than 10 percent of your net worth on a car. If you're wealthy that number should be way less.

[Anonymous No.54862540]

>>54862404
You fucking get anon.

> could afford to pay cash outright if I sold my stocks but I financed it and paid it off within 3 years

In the same position except I'm all in cash right now, just want to save some capital in the mean time incase BTC dips. I really don't to be dealing with used car maintanence and repairs, also there's just something immature about having a car with an ugly interior with soda on it (all used car I'm seeing seem to be horrendous on the interior). Anyways thanks for your post, glad there's still some reasonable people who don't sperg out with "BRO JUST DRIVE A 2005 BEATER WHO CARES IF THERES COFFEE STAINS OR IF ITS HAD 3 OWNERS, JUST BUY SOME TOOLS AND FIX IT YOURSELF", I can't tell if these people are boomers or just yuropoors, maybe both.

[Anonymous No.54862564]

>>54862500
the quality of used cars right now are absolute shit, don't let anyone tell you otherwise. back in 2019 i'd opt for a used car, but these days the used car market is absolutely fucked.

[Anonymous No.54862581]

>>54861953
>absolute state of bear copers
kek, you can't afford a car

[Anonymous No.54862652]

>>54862581
i'm just slurpmaxxing kys

[Anonymous No.54862818]

>>54861899
That better by the hybrid model, or you're just pissing away money to saudis

[Anonymous No.54862859]

>>54861899
bro. if you have 15k.
you should be looking for cars that are like 8k-10k. and really really try hard to get one for 5k
and extra extra hard, to get one for 1k-500 bucks.

its doable.

girls dont care about your car if you know how to use your dick and brain.

[Anonymous No.54862870]

you want a car you can drive for 20k miles then sell again for more or what you paid for it.
thats the whole deal.
its the only way it works.

[Anonymous No.54862874]

>>54862859

Cars under $15k kind of suck. I think $15-20k is the sweet spot, you can find newer good cars that aren't going to break on you quickly.

[Anonymous No.54862875]

>>54861899
How young are you? If you’re ugly and cant get pussy then it’s too much, if you’re in your prime then a nice car is priceless just for the social gains.

[Anonymous No.54862899]

>>54861899
You can buy a relatively low mileage corolla for ~$15k. Just do that and wait until you actually need one. It's very easy to just get bored with car and want a new one for the sake of wanting a new one.
Avoiding financial mistakes is just as useful as making good financial decisions, they're essentially the same thing.

[Anonymous No.54862906]

The last few weeks we have had some form of "I have X amount of money should I buy a car" thread nearly every single day.
+

[Anonymous No.54862945]

>>54862875
Basically a nice car in your 20s is a got my shit in order and are stable, if it’s an expensive supercar you’ll just look like a silverspoon even if you’re not and people will look down on you. Get like an entry lvl bmw, audi or w/e, something that looks achieveable for a young adult, for like 30-40k or buy used for cheaper if you learn how not to get ripped off. Even if girls might not care, their parents and peers will.

[Anonymous No.54862962]

/biz brovders I know you're all looking for the next big thing LOL so hear me out. One way you can judge projects is the amount of effort they put in.

If they got no website it's most likely a scam. Even if they got a nice looking site, it be a rug. If they put in the effort to build real tech behind their project like a DAPP, it's worth checking out.

Me and a buddy just built this DAPP that might turn out to be the next Peperinho of the dog world. It took weeks of hard testing, bug solving, and whatnot to build it until it works.

Join us at t dot me/LabraLOL and you'll see what it's about. /Biz/ anons are starting to come in.

[Anonymous No.54863312]

>>54862500
you do not buy used used you just buy pre owned and shop for the best deals
there are many people in the market just like you who shun pre owned which opens it up since it really is the sweet spot of a few people who are not cheap, have money, but do not want to waste money

[Anonymous No.54863770]

>>54863312
I was viewing the websites of pre-owned car dealerships in my area and it doesn't seem worthwhile. I would generally be saving ~ 5-7k CAD by purchasing preowned cars with around 100k km versus buying a new cars. Surely it makes more sense to pay the extra money for a new vehicle under those conditions?

[Anonymous No.54863790]

>>54862962
seek help

[Anonymous No.54864280]

>>54863770
No, it doesn't make more sense because of 2 reasons.
1) you are, I assume, young and don't have a lot of disposable income in the first place. That money should be going towards other uses especially whatever is going to make you money rather than take it away from you.
2) You're going to be financing that difference versus just paying in full.
You can play reindeer games about "well if I just do a 72 month term and put half down on a $15k car I'll have $7k more to buy BTC with which when subtracting the costs of borrowing will still out perform the scenario in which I paid in full" but it's also nice just not to have debt. Really depends on you.
You're also getting diminishing returns in terms of value. The best value is something in the 40-50k mile range thats about 5 years old. It's new enough but probably still has a lot of meat on the bone.
Get a Corolla and run it into the ground and just get whatever you want after that.
That's another reason you should just buy used. No one buys a Corolla as a lifer car because they just at everything except being economical.
You buy a new one and you'll still ditch it after 50k miles. Which is why you see them for sale with that many miles. Someone did exactly what you're looking to do now and then got sick of it and now they're driving around in an F150 or something.

[Anonymous No.54864377]

>>54862404
except the fact you are leaving out insurance and gas over 7 years? get fucking real, you lost 100k USD in that trade, and im being conservative.

[Anonymous No.54864390]

>>54861899
Get some of that into cryptos built for decentralized assets, identities, and rights.

[Anonymous No.54864415]

>>54861951
XMR, WOJAK, and ORE are good options

[Anonymous No.54864474]

>>54861953
You'll wait forever, the best bet is to probably buy PEPE, a decentralized ID and right tokens like ORE, or a privacy token like ZEC.

[Anonymous No.54865037]

>>54863770
You are not looking correctly, use a proper database

[Anonymous No.54865371]

>>54864474
Privacy tokens like RAIL and DASH are worth a mention.

[Anonymous No.54865394]

>>54864390
Cryptos that shield transactions and assets from outside view and track look like the real deal.

[Anonymous No.54865448]

>>54862404
if you pay over 10k for a car and you're not financially 1% you are fucking stupid as shit

[Anonymous No.54865489]

>>54861899
I'm amazed they still sell entry level new cars for only that much.

[Anonymous No.54865617]

>>54864280
If I come across something like a 5 year old corolla with 50k km AND it is at least 5k cheaper than a new corolla, I will pounce on it. Up to this point, I have not seen this sort of deal on any preowned website in my province.
I am willing to spend up to $25k CAD on a car (40k is sitting in a high yield savings account), so at this point, I will probably be using that to buy a base trim corolla or spending 20-22k on something like a Subaru forester with 80k KM.

I think my province may be an outlier in terms of car supply, because none of the dealerships seem to have more than ten new cars or so. That is, except for Ford which has a hundred F150s.

[Anonymous No.54865645]

>>54865617

[Anonymous No.54865667]

>>54861899
Never a bad idea OP, New life is already sprouting in the automotive entertainment industry and Ride is really the game changer

[Anonymous No.54865693]

>>54861899
Ain't gonna say anymore. Y'all gonna lose everything you've got. Look at nft, look at metaverse. Ain't you gonna learn? Gay

[Anonymous No.54865715]

>>54864474
Based. Nice to see how Self custody focused token is gaining tractions.

[Anonymous No.54865738]

>>54865489
Having a VR app gives such a juicy feeling. Made compatible with cars to allow fags at the backseat watch VR contents or play games on the go.

[Anonymous No.54865824]

>>54861899
Get your savings here fag, Now is a good time to stockpile TORN and stake in the newly launched autocompounding and re-staking ppTORN vault.

[Anonymous No.54865865]

>>54865645
>>54864280
See pic rel for example. On top, is the price of the base model 2023 Toyota corolla. Beneath, I have identified the cheapest preowned Toyota from two separate websites in my city (mind you, these preowned vehicles are Camrys rather than Corollas, as there literally are no preowned corollas).

A) Camry is the same price as a new corolla, despite being 4 years old and having 70k KM,
B) Camry is 7k cheaper but is 9 years old and has 120k KM.

[Anonymous No.54865879]

>>54861899
It's retarded to spend more than $10k on a car. Nobody cares what you drive. You're just another invisible drone. Nobody is thinking "OMG that guy drives a BMW?? What a chad." They don't even see you.

[Anonymous No.54865941]

>>54865693
You'd be much happier to know that in-car entertainment is the new trend, packed with the metaverse experience and NFTs.

[Anonymous No.54865948]

>>54861899
sdawd

[Anonymous No.54866013]

>>54864415
Based. DiD tokens are my comfiest Hodl rn.

[Anonymous No.54866054]

>>54862500
bro i feel you

used cars are like just 2-5k less than a new 2023 at MSRP and they are both overpriced

>>54861899
Im also looking for a car OP but I think you're spending too much

Here's my setup

>Current car - worth 5-7k (without adding a huge gay mark up like everyone else) Will sell
>Looking for a new 20-35k car or slightly (<5k mi) used 2022
>Moving from a 2seater to a crossover cuz practicality
>400k crypto
>100k cash
>just quit my job so no income

I'm looking to either put 10k down if i can get 0-1% APR (some new car deals) or just buy it in cash outright. depends what the dealer can offer me in terms of price off for taking their financing

35k is the top trim and 20k is the medium trim

Even this doesn't feel great for me right now. If your entire networth OP is only about 30k then i would recommend looking for a car that cost <3k and reliable. Or start biking / walking. unless you live at home and dont have rent? do you have a job?

want to buy my car?

[Anonymous No.54866070]

>>54865879
>Nobody cares what you drive
women and niggers

[Anonymous No.54866220]

>>54864377
I was comparing buying to leasing a car.
If you lease a car you still have to pay your insurance and gas retard, so there's no reason to include it in the comparison.
>>54865448
I make double the median income for my age group, I'm doing just fine buying a cheap reliable car. How you doing big guy?

[Anonymous No.54866251]

>>54861953
you'll probably get buttfucked by a car dealer in a backloaded deal.

[Anonymous No.54866266]

>>54861899
25k on a car in 2023 is basically starter price for a car nowadays, sorry bro u got priced out

if u bought a car 2 years ago it would have been 5k for a fresh new car

Cars were the best performanig asset in the last 4 years

[Anonymous No.54866591]

>>54861899
Dude I've spent $50k on DEXT last year, $25k sounds like nothing to me, go for it
But now I have $200k on DEXT thanks to that too kek

[Anonymous No.54867243]

Depends on what you're buying and if you understand how to maintain it.
Some dogshit European car? Waste of money. The car will disintegrate before you pay it off.
Same goes for like 75% of American cars.
Low mileage Toyotas/Lexus/Hondas will last a decade after you pay it off.
If you don't have like 40k liquid, Id search for something under 17k; there are plenty of good options there.
For the love of god dont get a Ford, Dodge, or BMW.
Get a Rav4 or a Civic. They dont even need to be a beat to shit one for a decent price.

[Anonymous No.54867274]

>>54865865
based st johns poster. Don't buy my car, I need to cash out my PEPE first

[Anonymous No.54867377]

>>54861899
these days thats about the floor for a new one

[Anonymous No.54867409]

buy used
also go back in time and do it properly. got my 2016 toyota in 2018 for like $13k

[Anonymous No.54867481]

>>54867409
this. just go back before 2020. i got my elantra for 14k. or buy pic

[Anonymous No.54867827]

>>54861899
25K isn't that much money, but if you are asking about spending 25K on a car you have bigger problems

[Anonymous No.54868519]

Anymore the old 10k value rule where you could get something decent without it being ragged out or high mileage is long gone. For grins I looked at used Ford Rangers in my area. Cheapest one was round 10k. But the mileage was insane. At the other end, low mileage used, they wanted 24,000. For a 1999 st cab. Under 8k miles on it though. Back in 2003 I bought a used 2000 Ranger st cab w/under 25k miles for 9,000 (Financed I paid almost 12k total but I drove the truck for a decade)

[Anonymous No.54869032]

>>54865865
You're comparing a Corolla and a Camry. They are two different cars and therefore your comparison is invalid.
>>54865879
Good luck getting a car for $10k that isn't clapped out.

[Anonymous No.54869887]

>>54865371
>>54864415
>>54864390
>>54864415
>>54864474
These street shillers are damn annoying

[Anonymous No.54869927]

>>54867481
Someone needs to.......
>deal......
>with.....
That guy

[Anonymous No.54872680]

>>54869927
Kek

[Anonymous No.54873793]

>>54861899
Yes

[Anonymous No.54874245]

>>54861899

If it's not marked up, you are getting a base model, and you need it to go to work, it might not be the stupidest idea.

I drove a $1500 Integra, a $3000 Miata, a $5000 A4, etc. With all of them, it got to a point where I was under them every other weekend. As much as /o/ acts like being able to do basic mechanics shit, it's probably not the best use of your time. Also good luck if your wiring gets fucked. Finally, the cost of having your car strand you on the way to work is significant.

>>54861953

18k in 6 months in the absolute worst case scenario

[Anonymous No.54874569]

>>54865645

I feel like you people haven't seen the state of the used car market in the past 3 years. To give an example, here is a 5 year old economy car on kijiji

https://link.kijijiautos.ca/?utm_content=vip&utm_campaign=android_social_buttons_dynamic&apn=ecg.move.ca&ibi=ecg.move.CA&isi=1327751487&link=https%3A%2F%2Fwww.kijijiautos.ca%2Fcars%2Fmazda%2F3%2Fused%2F%3Futm_campaign%3Dandroid_social_buttons_dynamic%26utm_medium%3Dsocial%26utm_source%3Dandroid%26utm_content%3Dvip%23vip%3D28474378&utm_medium=social&utm_source=android


You are paying 5k less than a brand new car, and this one has 10k worth of damage on the carfax report. That's just one example of how shitty the used market is. In no way shape or form does it make sense to buy used right now. If you need a car and can secure new at msrp then buy it. Used is baby brain tier value.

[Anonymous No.54874635]

>>54861899
Why not just buy a used car for $8,000 cash and drive it for the next 10 years with zero payments?

How dumb are you zoomies exactly?

[Anonymous No.54874637]

>>54874569

This is correct. There are also strong indications that the car market will drop and cars will get cheaper.

[Anonymous No.54874647]

>>54861953
>Retarded bear
>Has no car
>Thinks BTC will EVER be available below $20K ever again in history

The absolute state.

[Anonymous No.54874658]

>>54874635

>How dumb are you zoomies exactly?

Right. Until the transmission goes, because 8k cars right now have 150k on them.

[Anonymous No.54874664]

>>54874569
this guy gets it 100%, the used car market is absolutely fucked. i really hope used dealshipships get the rope soon.

[Anonymous No.54874682]

>>54874658
Never had a transmission die on me. Ever. And big fucking deal if does. Go to a wrecker and grab a new one for $250.
You zoomie retards need to learn some manual skills, and charging your phone is not one of those.

Even better if you drive a manual and know how to use a clutch properly, you will never have to worry about replacing a clutch.

[Anonymous No.54874791]

>>54874658

Transmissions generally don't just "go" overnight, it'd be pretty obvious during a test drive if it's slipping, shifting hard, etc. and probably on its way out. And even if it is, if you're broke and can't afford better right now, buy a $15 bottle of Lucas transmission fix and throw it in there and you'll probably be able to get another 25-50k+ out of it. If you can afford a better car, obviously look elsewhere.

[Anonymous No.54874985]

>>54874682

> Go to a wrecker and grab a new one for $250.

I would bet good money you can't tell me the order of the pressure plate, clutch, and throughout bearing go in. Either that, or you are a mechanic, your dad owns a shot, or cars are your life. That's to say, even if you do have the skills, you place your niche above a thousand other basic ones. It's not reasonable for a regular person to have all the tools and skills necessary to swap a transmission in their driveway. And keep in mind, that's if he has a driveway.

> Even better if you drive a manual and know how to use a clutch properly, you will never have to worry about replacing a clutch.

That's complete bullshit, which you would know if you actually knew what you were talking about.

Misguided idiot.

>>54874791

I agree with the moron above on buying a manual transmission, where generally it's just the clutch or one gear being out. But automatic transmissions do "just go" pretty quickly. There is a short timeframe between shifting hard and failure.

And that's out of a 1000 other things that go wrong and don't make sense to take to someone if you paid 7k for a car. Starter, generator, belts, main gaskets, rear main seals, random-ass electric shit, banal shit like your exhaust rusting through, battery connectors loosening, ac compressor going, ignition switch going, heater core leaking. The shit never ends. If you are a "car guy", those are minor annoyances. It's a "minor annoyance" when your hood latch cable stretches as you are getting to the starter, etc. For normal people, they have no idea what they are looking at.

And before you two go on an "every man should", fill out the agenda:

> do you hit at 25 from the holster in 1 second?
> can you run 5 miles in 35?
> are you an EMT-P?
> have you built your own deck/bathroom/flooring?
> can you swim?
> do you DL double your bw?
> would you get your ass handed to you in MMA by a 16 year old competitive amateur?
> can you rappel?

[Anonymous No.54875935]

>>54874985

Almost none of the things you listed save me money, whereas knowing how to at least do basic maintenance on my car does. Especially with shops these days charging like $100/hr, unless you make that much money at your full time job, you're saving money doing the work yourself. Especially if it's relatively simple stuff that doesn't require expensive and specialized tools.

[Anonymous No.54876105]

>>54875935

> Especially if it's relatively simple stuff that doesn't require expensive and specialized tools.

Hey, I wasn't the one who said it. Shops are a complete rip off, but they will still do things more cost effectively than an amateur can unless you are just doing pads. And even then, watch an amateur push back the rear caliper without rotating it or fail to align the pads correctly.

There is a huge up-front cost, and I am saying that it might not be the best to pay it unless you either plan to be a mechanic, are a car hobbyist, or really have no money whatsoever.

> Almost none of the things you listed save me money

Being fit and healthy saves you more money than anything else. Knowing how to work on your house will save you way more money than working on your car. People routinely get quoted 30k to build a deck. It's arguably faster than doing your clutch, a $1500 job.

[Anonymous No.54876110]

>>54861899
Corolla only went up 5k since 2018? Damn. I paid like 20 for mine.

[Anonymous No.54876260]

>>54861928
eh, i spent 24k on a new car out of college, drove it for 12 years, sold it for 8k
one of the best financial decisions i made, since it required nothing beyond regular maintenance

[Anonymous No.54876296]

>>54876110
base trim?

[Anonymous No.54876350]

>>54876260

The last couple years have been outlier, but depreciation is what kills you. And the newer the car, the more you lose in depreciation. You would have lost even less money if you bought something 2-3 years old and then sold it after 12 years as a 14-15 year old car. Considering the car was 12 years old when you sold it and had zero major repairs, I don't think it would have turned into a lemon in its 13-15th years.

During more normal times (ie. not COVID) a new car loses 10% of its value within minutes as soon as they hand you the keys and you drive it off the lot. After the first year it's down 20-30%. After 5 years it has depreciated by close to 60%.

Nothing wrong with it if you have the money and a rapidly depreciating asset like a car is a small percentage of your net worth. But I'd hardly consider it a wise financial move. You're always losing less money to depreciation if you buy used, even if it's a car that's only a year or two old.