Just starting out here. Finally in a position to get my finances together and looking for some advice on buying a new car with my current situation.
Salary $350k/yr. Debt ~$280k @~6%. $100k in savings. $20k retirement. Rent $1500 a month - maybe buying soon?
Work is <5 miles away, I ride my bike when possible, but weather doesn't always permit, so I need to drive.
I have a dumpy 20 year old car. I don't NEED a new one, but want to upgrade my situation because it's old and uncomfortable. I could fix some broken things on the car for about $2k, but that's about as much as the car is worth. I was thinking of buying a newer one. I know it would be smartest to fix the car while putting the rest of my $ away in various retirement accounts and towards my debt or possible soon-to-be mortgage. A a $10k used car would be the next logical option, followed by a $25k new car, leading up to what I really want, a $50k Tesla Model 3. I would hopefully keep it for 10ish years?
Not that the Tesla would make me that much happier than a used something-or-other but I've been in the "delayed gratification" phase for a long time, and trying to live a bit more "in the now". Is this a reasonable purchase? Or should I be concerned with the amount of debt I have
Any advice would be greatly appreciated
Submitted May 23, 2019 at 11:14PM by erdocmd http://bit.ly/2EvgCL5
