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  1. #1
    Registered User bov188's Avatar
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    Unhappy Saved up for several months for a down payment - Now I feel guilty to spend it

    All the previous cars I've owned have been commuters/beaters. I come from a lower/lower-middle class family where money was always an issue, so we never had nice things. We just had the bare minimum things we needed.

    But now that I have a career and I feel more established I wanted my next car to be something I can commute in, but also really enjoy driving. Something that when it comes time for routine maintenance, I don't have to feel bad about spending the money.

    I'm leaning towards a used '16-'18 Audi S3 or Lexus IS 300 F Sport ... Or something similar in that class. Depending on year and mileage that should put me in the ball park of $25-30k.

    So I've spent the past several months putting money aside and I have $16k put away for a down payment, but now I feel guilty as hell to spend that much.

    Cliffs:
    - I want an enjoyable, fun, but also practical car
    - I feel guilty to spend the money (Even though I have it)

    Anyone else ever feel this way?
    Did you end up buying the car you wanted and regret it?
    Or did you go for something cheaper and feel like you missed out?
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  2. #2
    Registered Republican Omnivium's Avatar
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    How much do you make? Are you already set for retirement without the 16k?

    If you put that 16k in an index fund it would be about 280k in 30 years. Then again, you only live once. It's up to you brah
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  3. #3
    Beardiful tng83's Avatar
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    Pay ttl up front and save the rest. Pay car off early. If youre credit is good it wont make sense to empty your savings to save a grand in interest over 5 years.
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  4. #4
    Gooner for Life frezKo's Avatar
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    Originally Posted by Omnivium View Post
    How much do you make? Are you already set for retirement without the 16k?

    If you put that 16k in an index fund it would be about 280k in 30 years. Then again, you only live once. It's up to you brah
    Please tell me how to put money in an index fund, (srs)
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  5. #5
    Manlet of Steel Exiled93's Avatar
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    Originally Posted by frezKo View Post
    Please tell me how to put money in an index fund, (srs)
    VTSAX and VTWAX are 2 popular ones. SAX is Vanguard total US stock market index, WAX is Vanguard Worldwide stock market index.

    The minimum for either is $3000 to open an account. Just go to vanguard's site, open a personal brokerage account and connect your bank to it, deposit the 3k, then after that you can buy in at smaller amounts whenever you want.

    There's other index funds too but Vanguard has a low expense ratio. But you can just research that on your own.
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    Originally Posted by bov188 View Post
    All the previous cars I've owned have been commuters/beaters. I come from a lower/lower-middle class family where money was always an issue, so we never had nice things. We just had the bare minimum things we needed.

    But now that I have a career and I feel more established I wanted my next car to be something I can commute in, but also really enjoy driving. Something that when it comes time for routine maintenance, I don't have to feel bad about spending the money.

    I'm leaning towards a used '16-'18 Audi S3 or Lexus IS 300 F Sport ... Or something similar in that class. Depending on year and mileage that should put me in the ball park of $25-30k.

    So I've spent the past several months putting money aside and I have $16k put away for a down payment, but now I feel guilty as hell to spend that much.

    Cliffs:
    - I want an enjoyable, fun, but also practical car
    - I feel guilty to spend the money (Even though I have it)

    Anyone else ever feel this way?
    Did you end up buying the car you wanted and regret it?
    Or did you go for something cheaper and feel like you missed out?


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    Cycling, walking, swimming.
    No car.
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  7. #7
    RN and vette crew 1QWIK7's Avatar
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    If you're not into cars, just get the cheapest, most reliable car, and finance it. Like someone said, if you have great credit, you'll have little to no interest to pay, so you're basically given the opportunity to pay off a car without being penalized for doing so.

    If you are into cars, then the above still applies, minus getting the cheapest. Just shop smart for what you want to get.

    I never understood why someone would blow their entire savings on a DP or to buy out a car. If you have good credit.

    I rather have a monthly payment, then to deplete a large chunk of my savings into a car. You may have a title to the car you just bought, but now you risk being in a hole if god forbid something IMPORTANT comes up that you need the money for. A house repair, medical, dental, (god forbid a death in the family etc). Then you're forced to scramble in selling the car you have the title for, possibly low balling yourself out of desperation of money.

    I have seen my friends do this so much in the past. And they all failed doing it. If you have good credit, use it. And be smart about it.
    Schooling everyone that has to do with automotive one brah at a time. It's tiring but someone gotta do it lol


    I have a manual car but auto IS WAY BETTER THESE DAYS. ACCEPT THE FACTS BRAHS! LOL
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  8. #8
    Registered User elterrible987's Avatar
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    Originally Posted by 1QWIK7 View Post
    If you're not into cars, just get the cheapest, most reliable car, and finance it. Like someone said, if you have great credit, you'll have little to no interest to pay, so you're basically given the opportunity to pay off a car without being penalized for doing so.

    If you are into cars, then the above still applies, minus getting the cheapest. Just shop smart for what you want to get.

    I never understood why someone would blow their entire savings on a DP or to buy out a car. If you have good credit.

    I rather have a monthly payment, then to deplete a large chunk of my savings into a car. You may have a title to the car you just bought, but now you risk being in a hole if god forbid something IMPORTANT comes up that you need the money for. A house repair, medical, dental, (god forbid a death in the family etc). Then you're forced to scramble in selling the car you have the title for, possibly low balling yourself out of desperation of money.

    I have seen my friends do this so much in the past. And they all failed doing it. If you have good credit, use it. And be smart about it.



    ^^^

    This is good advice and pretty surprising coming from this guy because the other day he had zero idea how insurance works and was giving factually incorrect advice on insurance but this is solid.
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  9. #9
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  10. #10
    RN and vette crew 1QWIK7's Avatar
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    Originally Posted by elterrible987 View Post
    ^^^

    This is good advice and pretty surprising coming from this guy because the other day he had zero idea how insurance works and was giving factually incorrect advice on insurance but this is solid.
    Actually i didn't make a mistake. The only mistake i made was co-signing to another post pre-maturely when i clearly should have understood what he wrote originally before doing so.

    I hope i know how insurance works, my cousin works for geico.

    But yeah thanks.
    Schooling everyone that has to do with automotive one brah at a time. It's tiring but someone gotta do it lol


    I have a manual car but auto IS WAY BETTER THESE DAYS. ACCEPT THE FACTS BRAHS! LOL
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  11. #11
    Registered Republican Omnivium's Avatar
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    Originally Posted by frezKo View Post
    Please tell me how to put money in an index fund, (srs)
    I actually buy ETF's because they're easier to buy and sell, but they're basically the same thing. I use the robinhood app. Some common ETF's are SPY, QQQ and DIA. Good luck brah
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  12. #12
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    Originally Posted by bov188 View Post
    All the previous cars I've owned have been commuters/beaters. I come from a lower/lower-middle class family where money was always an issue, so we never had nice things. We just had the bare minimum things we needed.

    But now that I have a career and I feel more established I wanted my next car to be something I can commute in, but also really enjoy driving. Something that when it comes time for routine maintenance, I don't have to feel bad about spending the money.

    I'm leaning towards a used '16-'18 Audi S3 or Lexus IS 300 F Sport ... Or something similar in that class. Depending on year and mileage that should put me in the ball park of $25-30k.

    So I've spent the past several months putting money aside and I have $16k put away for a down payment, but now I feel guilty as hell to spend that much.

    Cliffs:
    - I want an enjoyable, fun, but also practical car
    - I feel guilty to spend the money (Even though I have it)

    Anyone else ever feel this way?
    Did you end up buying the car you wanted and regret it?
    Or did you go for something cheaper and feel like you missed out?
    Get the Lexus and reward yourself. Put 12 down instead of 16 and have a little left. Everytime I've bought a car, the first time I drive it I saw, "why did I take so long to do this?" You enjoy driving. Just do it.
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  13. #13
    Registered User bov188's Avatar
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    Originally Posted by Omnivium View Post
    How much do you make? Are you already set for retirement without the 16k?

    If you put that 16k in an index fund it would be about 280k in 30 years. Then again, you only live once. It's up to you brah
    Obviously I can't retire right now. I have a 401k which I've been putting 10% of each paycheck into for the past 8 years, and my house

    Originally Posted by tng83 View Post
    Pay ttl up front and save the rest. Pay car off early. If youre credit is good it wont make sense to empty your savings to save a grand in interest over 5 years.
    Credit is 800+ so depending on the rate I get I would probably put down less. But since it's a used car the interest rate will be higher

    Originally Posted by 1QWIK7 View Post
    If you're not into cars, just get the cheapest, most reliable car, and finance it. Like someone said, if you have great credit, you'll have little to no interest to pay, so you're basically given the opportunity to pay off a car without being penalized for doing so.

    If you are into cars, then the above still applies, minus getting the cheapest. Just shop smart for what you want to get.

    I never understood why someone would blow their entire savings on a DP or to buy out a car. If you have good credit.

    I rather have a monthly payment, then to deplete a large chunk of my savings into a car. You may have a title to the car you just bought, but now you risk being in a hole if god forbid something IMPORTANT comes up that you need the money for. A house repair, medical, dental, (god forbid a death in the family etc). Then you're forced to scramble in selling the car you have the title for, possibly low balling yourself out of desperation of money.

    I have seen my friends do this so much in the past. And they all failed doing it. If you have good credit, use it. And be smart about it.
    I never said I'm blowing my entire savings. This is money I've put aside separate from any other savings. I put this aside specifically for a car

    Originally Posted by AlBHappy View Post
    Get the Lexus and reward yourself. Put 12 down instead of 16 and have a little left. Everytime I've bought a car, the first time I drive it I saw, "why did I take so long to do this?" You enjoy driving. Just do it.
    I do love driving and I'm leaning towards the Lexus. Cost of ownership on the Audi seems much higher
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  14. #14
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    If you think 16k is bad, Save up the full 25-30k and see how that feels
    I paid off one of my cars with a 25k check and it hurt

    I’m like you, but I can’t do it
    I’m driving a 12 year old domestic sedan, could easily afford a new vehicle, but just can’t do it
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    RN and vette crew 1QWIK7's Avatar
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    Originally Posted by bov188 View Post
    Obviously I can't retire right now. I have a 401k which I've been putting 10% of each paycheck into for the past 8 years, and my house



    Credit is 800+ so depending on the rate I get I would probably put down less. But since it's a used car the interest rate will be higher



    I never said I'm blowing my entire savings. This is money I've put aside separate from any other savings. I put this aside specifically for a car



    I do love driving and I'm leaning towards the Lexus. Cost of ownership on the Audi seems much higher
    Whether that's your entire savings or even 25% of what you have saved.

    That still doesn't make sense to blow that amount, on a car.

    If your credit is good, why not just use it to finance? You'll pay almost no interest. But you'll still have all that money in your savings. For the cars you want, say it's 25k, your payment will be peanuts. If you don't want a monthly payment that take forever to pay off, opt for a shorter loan term.
    Schooling everyone that has to do with automotive one brah at a time. It's tiring but someone gotta do it lol


    I have a manual car but auto IS WAY BETTER THESE DAYS. ACCEPT THE FACTS BRAHS! LOL
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    Originally Posted by 1QWIK7 View Post
    Whether that's your entire savings or even 25% of what you have saved.

    That still doesn't make sense to blow that amount, on a car.

    If your credit is good, why not just use it to finance? You'll pay almost no interest. But you'll still have all that money in your savings. For the cars you want, say it's 25k, your payment will be peanuts. If you don't want a monthly payment that take forever to pay off, opt for a shorter loan term.
    what does it matter? Your still gonna pay the 25k, either with additional interest or not
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    RN and vette crew 1QWIK7's Avatar
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    Originally Posted by 5x10 View Post
    what does it matter? Your still gonna pay the 25k, either with additional interest or not
    I just stated why.

    Money in savings is more important than having a title to the car. If you're not paying interest on something, why not have the luxury of paying it off in 2 years? or 3 years? Or whatever you feel comfortable with.
    Schooling everyone that has to do with automotive one brah at a time. It's tiring but someone gotta do it lol


    I have a manual car but auto IS WAY BETTER THESE DAYS. ACCEPT THE FACTS BRAHS! LOL
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    Originally Posted by 1QWIK7 View Post
    I just stated why.

    Money in savings is more important than having a title to the car. If you're not paying interest on something, why not have the luxury of paying it off in 2 years? or 3 years? Or whatever you feel comfortable with.
    and he already stated he has a separate savings account solely for this car, meaning, his savings are covered
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    Car buying thread turns into a retirement thread. It's almost backwards but it's a lot different paying for something with money you already have rather than just singing that you'll pay later. Makes you think a lot more.

    So you put a lot into saving all this money and it probably feels pretty good now having a little money in the bank. Having a decent down payment will help you get better financing, and with the rates today, along with good credit, the interest is about the same rate as inflation, arguably less actually. After about 20-25% down it doesn't effect the rates much so put that much down and keep some of that moeny in the bank, and still have a nice car.
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    Originally Posted by 1QWIK7 View Post
    I just stated why.

    Money in savings is more important than having a title to the car. If you're not paying interest on something, why not have the luxury of paying it off in 2 years? or 3 years? Or whatever you feel comfortable with.
    But he will be paying interest on it. There is no 0% on used cars
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    it's hard to spend money like that when you've become accustomed to saving it and being financially responsible. I came to a similar cross roads a year ago and had to take full stock of my financial picture before i felt comfortable pulling the trigger on a new vehicle (owned my previous one 11 years).

    If you have specifically and intentionally saved money for a new vehicle then you should not feel guilty about spending that money. This money was deliberately accounted for and you can tell yourself that this is not an impulse purchase. If you've managed to put away 16k and you haven't felt burdened in doing so then you should have confidence in your ability to manage your finances. Ultimately, we could all live on rice and water and take the bus to work to save money, but life is hardly worth living if you don't enjoy what it has to offer. I think that after driving beaters and economy cars for so long that you will be able to fully appreciate this new vehicle, and if you plan the purchase as much as you've planned the saving, you will have no regrets.
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    Originally Posted by Chronic23 View Post
    But he will be paying interest on it. There is no 0% on used cars
    Who said that? My brother just bought a 2017 car last year through his credit union at 0%. Not 1%. Not .07%. 0%

    Maybe through the dealer it's not possible, as dealers have to make money.
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    Originally Posted by 5x10 View Post
    what does it matter? Your still gonna pay the 25k, either with additional interest or not
    Agreed. Plus its a lot easier to replenish your savings account if you are debt free and don't have a bunch of payments drafting out of your account ever month.



    Originally Posted by 1QWIK7 View Post
    I just stated why.

    Money in savings is more important than having a title to the car. If you're not paying interest on something, why not have the luxury of paying it off in 2 years? or 3 years? Or whatever you feel comfortable with.
    It really just depends on how stable someone is. Between a house payment, car payment, credit card payments, etc. its pretty easy to have $1500-2500 auto drafted from your account every single month. On chit you already have, but you owe on. No thnx Jeffrey. I paid off everything except the house and its amazing how fast money piles up in your bank account when you don't owe a bunch of payments. I don't plan on buying anything financed again. And that includes vehicles in the future. Even if my credit union guarantees me a 1.99% interest rate. Its just not worth it to me.




    He'll be paying more then the 25K on the car unless he manages a 0% interest anyways.
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    Originally Posted by guest89 View Post
    Agreed. Plus its a lot easier to replenish your savings account if you are debt free and don't have a bunch of payments drafting out of your account ever month.




    It really just depends on how stable someone is. Between a house payment, car payment, credit card payments, etc. its pretty easy to have $1500-2500 auto drafted from your account every single month. On chit you already have, but you owe on. No thnx Jeffrey. I paid off everything except the house and its amazing how fast money piles up in your bank account when you don't owe a bunch of payments. I don't plan on buying anything financed again. And that includes vehicles in the future. Even if my credit union guarantees me a 1.99% interest rate. Its just not worth it to me.




    He'll be paying more then the 25K on the car unless he manages a 0% interest anyways.
    If he was able to save that much money in "several months", i'm assuming he has no credit card debt. And he just charges what he needs to, and pays that off in full at the end of the billing cycle.

    Does he own a house? Whether he has a mortgage or rent, obviously that comes first.

    Which only brings up my point even more. Why deplete a large portion of what you saved, when YOU COULD finance at a low interest? No one saying financing is always better than buying a car outright. I said if good credit allows, finance the car with little to no interest and just eep that money in the savings. But we don't know OP's financial status. We don't know what his "other savings" looks like. We don't know how much he makes per year. I am only replying given the info in this thread.

    Money does pile up when you don't have payments you're right. Except when you just throw that much money in one shot on a car. And there are more important stuff to have the money ready for, in case you REALLY need it. And i stated what in my original post.
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    Originally Posted by 1QWIK7 View Post
    Who said that? My brother just bought a 2017 car last year through his credit union at 0%. Not 1%. Not .07%. 0%

    Maybe through the dealer it's not possible, as dealers have to make money.
    I have literally never seen that before. The only time I've ever seen 0% is when the manufacturer offers it. Was it a local credit union? The best I've seen is we use to have one near me that offered 1.9% up to 84, but they just switched it to 2.9%. Then sometimes if you buy a certified vehicle, the manufacturer will also offer a special interest rate, but again the lowest I've seen is 1.9% for 60.
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    Originally Posted by Chronic23 View Post
    I have literally never seen that before. The only time I've ever seen 0% is when the manufacturer offers it. Was it a local credit union? The best I've seen is we use to have one near me that offered 1.9% up to 84, but they just switched it to 2.9%. Then sometimes if you buy a certified vehicle, the manufacturer will also offer a special interest rate, but again the lowest I've seen is 1.9% for 60.

    Yes, a small local credit union in town, i think they only have 3 branches. The 0% rate was for members who banked with them for at least 2 or 3 years IIRC. At least from what i remember. So yeah not open to everyone.
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    Only on the misc does a car buying thread turn into an investing and retirement thread. I get it, there are better things to do with $15k than spending it on a car.

    I thought about it over the weekend, and usually the more I think about these things the less likely I am to actually pull the trigger. In fact, I went through this several months ago and I couldn't make up my mind, and that's when I started hoarding cash for a down payment.

    For those wondering, my wife and I have over $75k in savings ($15k for the down payment is separate)

    The one fact that doesn't change is that I do, "Need" a new car. I'm currently driving a 2011 2.0T Sonata w/ 134k miles, but I've been told by multiple places I need a new turbo (Turbo spools but not building boost). Lowest estimate was $3.2k. I just got an entire new engine at 120k miles (Covered by a recall thank god), and since I got the new engine 2nd/3rd gear has felt really lazy, and there's some hesitation during shifts. Idk if it's how they programmed the ECU with the new engine or what, but the car hasn't felt the same since.

    I could get the turbo replaced, but I'm also coming up on new rear shocks and struts, 4 new tires, and brakes all around. Even if I do the brakes myself I'm probably looking at $4.5k minimum.

    Right now Lexus has .9% financing for 60mos on CPO IS300 and there's 2 F Sports at my local dealership. I'm leaning towards the Lexus right now because the financing special, but also the cost of ownership seems much better than an Audi (Even if I settled for an A3 Quattro)

    But then there's this little voice in the back of my head that's telling me to go buy a base model civic from 2010 just to save money
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    Like my original post said, if you're not into cars, get the cheapest most reliable car as possible, of course within modern times, and just enjoy that and keep saving money.

    If you are into cars, treat yourself dude. And .9% on a 25k car is nothing. Obviously that's still interest needed to be paid on a car you could buy outright but again, it's good to finance stuff here and there.

    Btw there's no other cars you like besides lexus? lol
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    Originally Posted by bov188 View Post
    Only on the misc does a car buying thread turn into an investing and retirement thread. I get it, there are better things to do with $15k than spending it on a car.

    I thought about it over the weekend, and usually the more I think about these things the less likely I am to actually pull the trigger. In fact, I went through this several months ago and I couldn't make up my mind, and that's when I started hoarding cash for a down payment.

    For those wondering, my wife and I have over $75k in savings ($15k for the down payment is separate)

    The one fact that doesn't change is that I do, "Need" a new car. I'm currently driving a 2011 2.0T Sonata w/ 134k miles, but I've been told by multiple places I need a new turbo (Turbo spools but not building boost). Lowest estimate was $3.2k. I just got an entire new engine at 120k miles (Covered by a recall thank god), and since I got the new engine 2nd/3rd gear has felt really lazy, and there's some hesitation during shifts. Idk if it's how they programmed the ECU with the new engine or what, but the car hasn't felt the same since.

    I could get the turbo replaced, but I'm also coming up on new rear shocks and struts, 4 new tires, and brakes all around. Even if I do the brakes myself I'm probably looking at $4.5k minimum.

    Right now Lexus has .9% financing for 60mos on CPO IS300 and there's 2 F Sports at my local dealership. I'm leaning towards the Lexus right now because the financing special, but also the cost of ownership seems much better than an Audi (Even if I settled for an A3 Quattro)

    But then there's this little voice in the back of my head that's telling me to go buy a base model civic from 2010 just to save money

    I would dump that thing soon while it still starts up and drives before something chits the bed and its undrivable without a multi thousand repair. I wouldnt put any money into it and get rid of it soon.
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    25-30k should be the most you should ever spend on a car. Its super wasteful past 30k.

    Used luxury cars can be a steal because they lose almost half their value after 2 years. I get a good laugh looking at the prices of used luxury cars because the first owner was either balling or an idiot.

    Cars in general aren't made to be fun because of public roads. If a cop sees you driving all crazy you'll get slapped with all kindz of tickets and now you're left with a "fun" car.

    Honestly if I were in youre shoes I would just buy new - Nissan Altima, Hyundai Sonata, Chevy Malibu - those are all good choices.
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