The question that has been asked 1000 times already, but decided to post it anyways knowing the ultimate decision comes down to a case by case basis, but here I am doing it anyways. Fire away and poke holes anywhere you see them. Feedback for or against is all welcome. The most expensive car I’ve ever bought was a $32k car, so this is a big jump. Anyways, here’s me.
I’m 42 and make $120k a year at a stable job. I love my job. I have a stay at home wife and 2 kids, a 12 yo being the oldest. I currently drive a 2016 i3. I was an original launch day Model 3 reservation holder, but backed out after realizing I was never going to get $7,500 credit off a $35,000 car. Got a used $19k i3 instead. I can’t stop thinking about it. This is my dream car. For as long as I can remember as a kid building and racing RC cars, I’ve wanted an EV. I’m a big EV fan. It’s my hobby.
Back to the financials. Like I said, $120k gross salary. I max out my 401k every year and almost have a million in net worth. In 2010, we did the opposite of most people and sold the McMansion and bought a smaller foreclosure, fixed it, and now live comfortably with our $860/mo mortgage payment (included P&I, and taxes and insurance escrow). I want to pay for my kid’s college.
So I ask, do I pull the trigger? I’m struggling doing so even though I think the math works out. Like I said, this would be by far the most expensive car I’ve ever bought. And this is me raised by my mother and father who are very well off, but my father always buying $15k used cars and keeping them for 10 years. I’m I stupid for not following his footsteps that have worked out very well?
Thanks in advance of letting me ramble on and on. I need people to push me or pull me from this ledge.
I’m 42 and make $120k a year at a stable job. I love my job. I have a stay at home wife and 2 kids, a 12 yo being the oldest. I currently drive a 2016 i3. I was an original launch day Model 3 reservation holder, but backed out after realizing I was never going to get $7,500 credit off a $35,000 car. Got a used $19k i3 instead. I can’t stop thinking about it. This is my dream car. For as long as I can remember as a kid building and racing RC cars, I’ve wanted an EV. I’m a big EV fan. It’s my hobby.
Back to the financials. Like I said, $120k gross salary. I max out my 401k every year and almost have a million in net worth. In 2010, we did the opposite of most people and sold the McMansion and bought a smaller foreclosure, fixed it, and now live comfortably with our $860/mo mortgage payment (included P&I, and taxes and insurance escrow). I want to pay for my kid’s college.
So I ask, do I pull the trigger? I’m struggling doing so even though I think the math works out. Like I said, this would be by far the most expensive car I’ve ever bought. And this is me raised by my mother and father who are very well off, but my father always buying $15k used cars and keeping them for 10 years. I’m I stupid for not following his footsteps that have worked out very well?
Thanks in advance of letting me ramble on and on. I need people to push me or pull me from this ledge.