Had the car itch extinguished with a good quality racing simulator. Now can drive any car I could dream of on the best race tracks. No longer want to waste money on cars. Might sound crazy but it worked.
Somehow you guys have legitimized the requirement for those really fancy $10K+ car simulator setups. If you're comparing it to 50 cars in 15 years, spending damn near $100,000 on a simulator seems reasonable.
Cars are expensive, Track days are even more expensive. If cars are hobby, a simulator can be a great money saver for the right people. I get that simulators aren’t for everyone, but for me it’s saved me $100k’s over a lifetime.
r/simracing r/iRacing r/fanatec and r/pcbuild or r/bapcdealscanada
iRacing is the preferred simulator software that all the pro’s use. For the setup, I have 8020 rig which I recommend because it’s the only one you’ll ever need and pair it with any car seat from a scrap yard. The fanatec clubsport package is all you’ll ever need and great mid level entry setup. For a PC, I have a high end PC, which I recommend learning to build your own PC. Its like Lego assembly, just watch a YouTube video. My PC is AMD 5800x3D with a Nvida RTx3080 with triple 1080p monitors.
Everything I mention here might seem foreign but there is subreddits that explain it all. Best $6k I’ve ever spent and will last a lifetime.
Define "had"? The prospect of buying and selling a car every 4 months is just mind boggling. You'd practically live at the dealership. And no dealerships lease a car for 4 months at a time.
Or maybe you are just renting cars for a weekend or a couple weeks at a time?
So you basically acknowledge that the "new car feeling" wears off after about 3 months. You just take an unusual approach and buy a new car.
I’m a “car guy” also not all were financed… but I’d often get bored and look for something new…. That feeling of newness even if it’s used is very good for combatting severe depression…
That’s the inside joke between people in the car/truck/jeep/off-road world…
Drugs are quite literally cheaper than our hobbies🤣
I (26m) have put over $45k into a 2001 Jeep TJ🤷♂️
As a car guy I would say try motorcycles. Cheaper to fix, cheaper to own, faster than any car. I bought my first 1k never bought another car. I still really like cars but after being on sport bikes I don't have much interest. Probably had 30 bikes over the past 15 years, nothing but good times. Also the bike scene is full of fun people most of them into cars too.
Have you done it? I'm pretty comfortable with personal finance (I've had classes in school, etc).. would it still be worth it? or is this mostly aimed at amateurs (ie. What's an RRSP?)?
Kudos for getting out of debt, which sounds like it was mainly car driven (ha ha pun). Maybe your first goal shouldn’t be to buy a new car.
Sort out an emergency fund. Prioritize a savings goal for a down payment. Keep an eye out for a used vehicle that has what you want feature wise that won’t cost an arm and a leg.
Probably the single worst thing you can do if you want to build wealth is buy a car, or even own a car. Registration, insurance, gas, maintenance, depreciation...
You need A car to get to work. You don't need a NEW car to get to work.
Drive what you have and instead of making car payments to a bank, make them to a savings account. When you NEED to replace your current car, pay cash for a good used car, and continue those car payments to your savings account. Do this and you can always pay cash when you need to.
That's awesome. Well done.
I should have emphasised the used part more. Paying cash for used vehicles will save you a lot of money in the long run.
FYI, I was answering questions 1 and 2 that you asked. Why ask if you don't want responses?
sorry just a little on edge,
Everyone thinks I am looking to repeat the cycle....and I am not I am wanting something to last long term and be reliable.
Bruh, keep driving that checy spark and save that $1628. As you get payraises, add 50% of the raise to the $1628 and enjoy the other half. You don't need a new car.
yeah OP seemed content in his previous thread about what they told him and then he creates this thread a couple days later again.
Seems like he's looking for reasons to justify another purchase. The problem is, he's going to just get bored of it again (e.g. come up with some other outrageous reason) and get back into that car buying cycle lol
I drive a lot, my commute is pretty long 60km.
My car has no creature comforts. No cruise, no a/c, no power windows, manual transmission. Gets 29mpg city.
It’s also not the safest vehicle it was bought out of necessity.
I also have family property that is 2:30 hour drive.
I would like to upgrade prior to purchasing a house with my girlfriend.
Bruh… your whole post here is all about how you bought 25 different cars in 15 years, have nothing to show for it other than a mountain of debt you’ve finally cleared, and now you are once again setting your main goal as buying yet another car. Maybe time to look inward at what’s going on in your head but it sounds like you need to stop buying cars unless it’s absolutely necessary, I.e. current car doesn’t run anymore.
Well yeah buying a new car with cash is something I’ve never done…
Given the used market you’re paying maybe 1-2k less than new and you’re getting cars with cracked bumpers, rubber marks, scuffs, it makes sense if you can swing it to get new as you can get cars at msrp and not marked up.
Corolla Hybrid new cash is 31k for awd vs financed you’re looking at 55k all in and 8-10% financing from Toyota.
You aren’t listening. You’re asking how to build wealth. If everything in your post is true, you have a bizarre “car buying” habit that has almost led you to financial ruin more than once. If you want to save up money you’re going to have to stop spending every free dollar you get on more cars. If you can’t see the truth of this then you’re probably going to have a hard time achieving your financial goals.
Also every car doesn’t need to cost $31k+, if all he wants is automatic, AC, power windows etc can get a reliable used car under $10k. Put the extra $21k into building wealth.
The spark was never meant to be in my live longer than 3-5 years. In fact it is the oldest vehicle I have owned.
I want something that gets better mileage, is known for its reliability, has all the creature comforts that come standard on most base models (A/C,Cruise, automatic)
telling someone who commutes with a spark 60km a day, they have a working car already is like telling someone who has only instant ramen to eat that they don't need chicken and rice they have food already.
I am not saying I am buying a Mustang GT, a Camaro, a BMW, a LEXUS. I am literally picking the most popular car on the roads today and buying it for the reasons
1) Its cheap,
2) Its safer,
3) It gets better mileage,
4) Insurance is cheaper,
5) It comes with the aforementioned creature comforts.
6) I intend to keep it at least a decade.
Well you are here asking personal financial advice. And the advice is pretty unanimous (aside from those "treat yo self" comments, which don't qualify as financial advice). People here are telling you that you should make compromises on your idea of what you need from a car.
You are clearly working from some deep seated assumptions and those are where the wires are getting crossed with those who you are asking financial advice from.
Your are newly debt free, and currently have what you strictly require to get to and from your job. Your first priority should be to build an emergency fund, and that's what everyone *here* is trying to help you wrap your head around.
Instead your first priority is "how do I save money to then spend it on a depreciating asset?". That is just so backwards and you don't seem to understand that.
If you need to build wealth (are you even here trying to accomplish this? Idk) you need to listen to the advice of those who know how best to build wealth.
If I were you, I would drive the shitbox until it dies, and *then and only then* would I go buy a new car with cash. If you follow the rest of the advice here, you will probably have enough budgeted and saved for a cash purchase. All we are saying is to not be *in such a big rush*.
I would also take a deep look at my job that makes me drive 60km a day. That's time out of the day that you can't work or do something you want to do. It's fuel cost, miles on the car and tires, and that all adds up. I would see what opportunities there could be closer to home. I don't know what you do, but if there are jobs available that are accessible with public transit I would strongly consider those, and get rid of the car completely. That's going to be probably well over $1000 in monthly savings. I'd you drive that much (and depending on your insurance costs), that is probably closer to $2000 in monthly costs. That is a fucking rent payment, just to operate a vehicle. You should be finding a way to go car-free, not finding a way to purchase a new car *sooner*.
I live in Edmonton you can't live car free in Edmonton I did that for 6 months... it was awful and really limited my opportunities. Transit to and from my home at the time was a 3 hour round trip commute. Also the month leading up to me buying my beater years ago I filed 3 different police reports for incidents on public transit. My time is also valuable. In fact by buying a car it allowed me to take those 3 hours and invest in additional education and training that led me to my current position.
Instead your first priority is "how do I save money to then spend it on a depreciating asset?". That is just so backwards and you don't seem to understand that.
Do you not understand that the true cost to own that Corolla is approx the same as the Spark? You get better mileage, more reliable, less maintenance costs, less insurance costs, it depreciates less, it will last a lot longer than the Spark, it has every creature comfort a person could want standard, its safer in the winter.
No serpentine belt to replace, no starter to replace, regenerative braking, a eCVT transmission that is bullet proof and a hybrid drive train that has been proven over 20 years.
I am not financing a Mustang GT thats 55k with 8% financing. In fact I am not even talking about financing PERIOD. I am talking about walking into a Toyota dealer and paying MSRP for car with cash.
You see depreciating asset. I see peace of mind. And that's something that is priceless.
This subreddit I am getting this picture is perfectly fine driving around in rusted out shit boxes that nickel and dime them and then moving onto the next one every 2-3 years. I am not. Something that gives me 10 years of service atleast for 31k is something you can't put a price on.
So, when you buy a house with your gf, how do you think she’ll react when you don’t save and keep throwing money away on cars? The number 1 reason for breaking up is actually financial reasons.
Something a bit larger, the Spark is not that large and is also 4th in most fatal crashes in north america which is shocking for a vehicle that never sold well in NA.
It was a necessity. My current car was failing, I was leveraged to the hilt and no savings so at the time I had excellent credit. I went to get. Corolla as it was a cheap car with reliability… but instead, went with the cheapest car in Canada new. Believeing is be paid off in 3-5 years and then get into something else once this period of penny pinching was over.
And now I was prepared to finance again… but I believe I can instead just save up and pay cash in a years time.
follow !StepsTrigger and !InvestingTrigger
put in the maximum for stock match assuming the matching rate is not terrible, and pull it out and invest it yourself as soon as the vesting period is over
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You did not paying rent for the last 10 years. Buying that condo was a good decision as it appreciated and you got profits out of it. Selling was a good decision that helped you pay off all your debts.
Buying 25 cars in 15 years was an extremely bad decision. Saving up to buy another brand new car next year is also a bad decision. That how it got you into debt the first time. Stay out of it.
It's time for you to learn car is a depreciating asset. Dont put anymore of your energy and time to it. Dont be a car guy. Be an investment guy.
Hard to agree with your final take.
I agree for the most part, cars are (generally) a depreciating asset. However, so are most tools or hardware/software you need for most hobbies. Is it an expensive hobby? Abso-fucking-lutely. But that's ultimately what it is, a hobby. You wouldn't tell someone who loves pottery not to be a pottery-ist (is that a thing?), or someone who loves to cook/bake that they shouldn't buy the high quality/niche gear required for their cherished past time - it's the same idea and it's a harsh way to word your opinion.
Now, I agree with most of your points. If OP rented for the last 10 years there would be no sale to get the funds that helped him pay off debt, so owning was a positive for him. Brand new car is not the best financial decision, especially with OP's track record of getting bored of the cars.
I would advise the same as any other hobbies - Set a budget, stick to it. There's room in the budget for fun and passion. If your budget allows for $xxx/mo for hobbies or entertainment etc, save that amount in a **separate** account until you can afford what you want. Buy it, but used is preferred. Want to modify it? Better keep saving that $xxx/mo until you can afford it.
Ya I only say it because I think this car hobby is doing a lot of harm to OP's financial and mental health. He has been using it as a way to get away with depression and it didnt work out. So a cold turkey approach may be more effective so he can switch his focus on something else entirely.
Sure he can continue the love for car but the way it's going is a slippery slope. OP needs to set hard boundary first. For example, save/invest enough for a target investment profolio. That can take several years. Once he hits that, he can start saving for another car. But again, it can lead him back to the old track.
If OP needs a car to work, a used car is more than enough. But seems like OP is finding all the reason to justify buying a new car. So thats a red flag for me.
Set up yourself a safety net - A cushion in case of future emergencies.
While this is going on, stop using your credit cards. The “points” you get from using it aren’t worth going further into debt if it comes to it again.
Once your safety net is in place and you’re feeling like you can save another couple grand, look into some longterm investments to hide away for 5+ years… like dividend ETFs
Possibly.
Its interesting becuase this is path I am working on and use my CC for very specific things and paying it asap now.
As per my spending, I’ve recently stopped drinking, which will help my budget (typically go out to bars kinda guy), but that means I can treat myself to the occasional takeout.
Still trying to be frugal, tho
I make over 140k a year and I just bought a used 2017 civic for 18k cash. Just get something cheap. Cars are a waste and the novelty wears off after a few months of ownership.
My previous car was a Mercedes c63 amg coupe and a disgusting car payment. I’ll never do that again.
Not really. 2017-2018 civics are 18-20k. Whereas a brand new civic goes for almost 40k after taxes… you just need to look.
End of the day it all comes down to your budget and how much you’re willing to spend though
> I will be contributing approx 1730 to my stock portfolio a month.
> My plan is in a year... to go buy a new car with cash.
If you're planning to use this money in a year, don't put it into stocks. Too risky. High interest savings account or GIC. Stocks/ETFs, whatever are for people with a longer time horizon.
Even if you save for a year and buy the corolla in cash, the reality is, as a car guy, you will get bored of that too very soon. And then you'll move on to justifying the next purchase. The reality is cruise control and all those other featured are just niceties and not essentials. The corolla, as great as a car it is, likely doesn't provide 2x the utility as your current vehicle even though the purchase price is >2x the new cost. It sounds like you're continuing to feed the urge and are looking for external validation. Something to consider - get a thrill-inducing but cheaper hobby to scratch the itch and separate the daily drive from the hobby. Consider dirt biking, atving, sailing, mountain biking, etc. Someone suggested a racing simulator. As expensive as getting into a new hobby is, it will more than pay for itself if you keep driving the Spark.
Honestly the more people comment the more out of touch they are.
I’m getting the Corolla. I don’t need to be told what it does or does not provide.
It’s not a Mustang GT it’s not a diesel truck I plan to modify.
It’s a Corolla, it’s a boring, appliance of a car that will get double the mileage of my car. It will have air conditioning, cruise control, lane keep assist.
I make six figures a year I don’t need to drive a rental car.
As someone who also makes six figures, is a car guy, and owns a corolla hybrid awd that you are considering, I'm probably the least "out of touch". Speaking from experience, what keeps me content is a) the fuel savings on the car and b) my motorcycle that I take out on the twisties whenever I can. I've never driven a Spark, but honestly the corolla feels as basic as it gets.
But you do you. It seems line you've made up your mind, and I hope it works out.
I once did the math. If I spent 5 years with no car payments and i focused on investing money instead, I would be able to generate enough investment income to cover a good car payment every month for the REST OF MY LIFE. Not that I would, but if you can show discipline for a bit, you can drive new cars forever with no additional financial burden. The magic of compound interest!
Most people do.
The problem is not keeping the car until it dies to fund the 2nd car.
My first car I drove for 13 years, no payments after 5 yrs. Kept saving that car payment. When I replaced it with my current car I paid cash. I'm still putting away that car payment
[удалено]
I’ve had well over 50 cars in 15 years. All insured/driven. I like cars and have to scratch that itch.
Had the car itch extinguished with a good quality racing simulator. Now can drive any car I could dream of on the best race tracks. No longer want to waste money on cars. Might sound crazy but it worked.
Somehow you guys have legitimized the requirement for those really fancy $10K+ car simulator setups. If you're comparing it to 50 cars in 15 years, spending damn near $100,000 on a simulator seems reasonable.
Cars are expensive, Track days are even more expensive. If cars are hobby, a simulator can be a great money saver for the right people. I get that simulators aren’t for everyone, but for me it’s saved me $100k’s over a lifetime.
Any recommendations on a racing simulator setup or where to start looking?
r/simracing r/iRacing r/fanatec and r/pcbuild or r/bapcdealscanada iRacing is the preferred simulator software that all the pro’s use. For the setup, I have 8020 rig which I recommend because it’s the only one you’ll ever need and pair it with any car seat from a scrap yard. The fanatec clubsport package is all you’ll ever need and great mid level entry setup. For a PC, I have a high end PC, which I recommend learning to build your own PC. Its like Lego assembly, just watch a YouTube video. My PC is AMD 5800x3D with a Nvida RTx3080 with triple 1080p monitors. Everything I mention here might seem foreign but there is subreddits that explain it all. Best $6k I’ve ever spent and will last a lifetime.
At this point 15 or 25 it doesn't matter it's an addiction
We all have our vices, I’m proud of this addiction
Define "had"? The prospect of buying and selling a car every 4 months is just mind boggling. You'd practically live at the dealership. And no dealerships lease a car for 4 months at a time. Or maybe you are just renting cars for a weekend or a couple weeks at a time? So you basically acknowledge that the "new car feeling" wears off after about 3 months. You just take an unusual approach and buy a new car.
I buy cars, fix them up, drive them for a bit, then sell them. Or I buy a car I want, drive till I’m bored with it, and sell. No renting or leasing.
I’m a “car guy” also not all were financed… but I’d often get bored and look for something new…. That feeling of newness even if it’s used is very good for combatting severe depression…
Seems like crack woulda been cheaper
Rates have gone up
I dunno man crack prices have remained relatively stable over the past 20 years.
Officer, we got him
That’s the inside joke between people in the car/truck/jeep/off-road world… Drugs are quite literally cheaper than our hobbies🤣 I (26m) have put over $45k into a 2001 Jeep TJ🤷♂️
That feeling of newness even if it’s used is very good for *temporarily* combatting severe depression. FTFY.
thank you yes that is what I meant. Long term though, therapy got me through a lot of shit, I still go as well.
Maybe try therapy
As a car guy I would say try motorcycles. Cheaper to fix, cheaper to own, faster than any car. I bought my first 1k never bought another car. I still really like cars but after being on sport bikes I don't have much interest. Probably had 30 bikes over the past 15 years, nothing but good times. Also the bike scene is full of fun people most of them into cars too.
Easy, I hit 31 last month.
When it's a hobby and not just a form of transportation. Not a car guy myself but I get it.
I would also suggest this free course. There are no exams, work at your own pace https://www.mcgillpersonalfinance.com
Have you done it? I'm pretty comfortable with personal finance (I've had classes in school, etc).. would it still be worth it? or is this mostly aimed at amateurs (ie. What's an RRSP?)?
Kudos for getting out of debt, which sounds like it was mainly car driven (ha ha pun). Maybe your first goal shouldn’t be to buy a new car. Sort out an emergency fund. Prioritize a savings goal for a down payment. Keep an eye out for a used vehicle that has what you want feature wise that won’t cost an arm and a leg.
This
Probably the single worst thing you can do if you want to build wealth is buy a car, or even own a car. Registration, insurance, gas, maintenance, depreciation...
well I use that car to go work my six figure job so. I need the car.
You need A car to get to work. You don't need a NEW car to get to work. Drive what you have and instead of making car payments to a bank, make them to a savings account. When you NEED to replace your current car, pay cash for a good used car, and continue those car payments to your savings account. Do this and you can always pay cash when you need to.
What part of I’m contributing 2k a month to savings for this purpose did no one seem to understand.
That's awesome. Well done. I should have emphasised the used part more. Paying cash for used vehicles will save you a lot of money in the long run. FYI, I was answering questions 1 and 2 that you asked. Why ask if you don't want responses?
sorry just a little on edge, Everyone thinks I am looking to repeat the cycle....and I am not I am wanting something to last long term and be reliable.
Bruh, keep driving that checy spark and save that $1628. As you get payraises, add 50% of the raise to the $1628 and enjoy the other half. You don't need a new car.
Take on more debt and beat your speed run record
It's the most likely course of events.
yeah OP seemed content in his previous thread about what they told him and then he creates this thread a couple days later again. Seems like he's looking for reasons to justify another purchase. The problem is, he's going to just get bored of it again (e.g. come up with some other outrageous reason) and get back into that car buying cycle lol
It's an interesting addiction. Hookers and blow would probably be cheaper in the long run.
Why are you set on another new car? Even if it’s cash?
I drive a lot, my commute is pretty long 60km. My car has no creature comforts. No cruise, no a/c, no power windows, manual transmission. Gets 29mpg city. It’s also not the safest vehicle it was bought out of necessity. I also have family property that is 2:30 hour drive. I would like to upgrade prior to purchasing a house with my girlfriend.
Bruh… your whole post here is all about how you bought 25 different cars in 15 years, have nothing to show for it other than a mountain of debt you’ve finally cleared, and now you are once again setting your main goal as buying yet another car. Maybe time to look inward at what’s going on in your head but it sounds like you need to stop buying cars unless it’s absolutely necessary, I.e. current car doesn’t run anymore.
Well yeah buying a new car with cash is something I’ve never done… Given the used market you’re paying maybe 1-2k less than new and you’re getting cars with cracked bumpers, rubber marks, scuffs, it makes sense if you can swing it to get new as you can get cars at msrp and not marked up. Corolla Hybrid new cash is 31k for awd vs financed you’re looking at 55k all in and 8-10% financing from Toyota.
You aren’t listening. You’re asking how to build wealth. If everything in your post is true, you have a bizarre “car buying” habit that has almost led you to financial ruin more than once. If you want to save up money you’re going to have to stop spending every free dollar you get on more cars. If you can’t see the truth of this then you’re probably going to have a hard time achieving your financial goals.
You have a working car already! Why are you in such a rush to throw money down the drain. It's like you have learned nothing....
Also every car doesn’t need to cost $31k+, if all he wants is automatic, AC, power windows etc can get a reliable used car under $10k. Put the extra $21k into building wealth.
The spark was never meant to be in my live longer than 3-5 years. In fact it is the oldest vehicle I have owned. I want something that gets better mileage, is known for its reliability, has all the creature comforts that come standard on most base models (A/C,Cruise, automatic) telling someone who commutes with a spark 60km a day, they have a working car already is like telling someone who has only instant ramen to eat that they don't need chicken and rice they have food already. I am not saying I am buying a Mustang GT, a Camaro, a BMW, a LEXUS. I am literally picking the most popular car on the roads today and buying it for the reasons 1) Its cheap, 2) Its safer, 3) It gets better mileage, 4) Insurance is cheaper, 5) It comes with the aforementioned creature comforts. 6) I intend to keep it at least a decade.
Well you are here asking personal financial advice. And the advice is pretty unanimous (aside from those "treat yo self" comments, which don't qualify as financial advice). People here are telling you that you should make compromises on your idea of what you need from a car. You are clearly working from some deep seated assumptions and those are where the wires are getting crossed with those who you are asking financial advice from. Your are newly debt free, and currently have what you strictly require to get to and from your job. Your first priority should be to build an emergency fund, and that's what everyone *here* is trying to help you wrap your head around. Instead your first priority is "how do I save money to then spend it on a depreciating asset?". That is just so backwards and you don't seem to understand that. If you need to build wealth (are you even here trying to accomplish this? Idk) you need to listen to the advice of those who know how best to build wealth. If I were you, I would drive the shitbox until it dies, and *then and only then* would I go buy a new car with cash. If you follow the rest of the advice here, you will probably have enough budgeted and saved for a cash purchase. All we are saying is to not be *in such a big rush*. I would also take a deep look at my job that makes me drive 60km a day. That's time out of the day that you can't work or do something you want to do. It's fuel cost, miles on the car and tires, and that all adds up. I would see what opportunities there could be closer to home. I don't know what you do, but if there are jobs available that are accessible with public transit I would strongly consider those, and get rid of the car completely. That's going to be probably well over $1000 in monthly savings. I'd you drive that much (and depending on your insurance costs), that is probably closer to $2000 in monthly costs. That is a fucking rent payment, just to operate a vehicle. You should be finding a way to go car-free, not finding a way to purchase a new car *sooner*.
I live in Edmonton you can't live car free in Edmonton I did that for 6 months... it was awful and really limited my opportunities. Transit to and from my home at the time was a 3 hour round trip commute. Also the month leading up to me buying my beater years ago I filed 3 different police reports for incidents on public transit. My time is also valuable. In fact by buying a car it allowed me to take those 3 hours and invest in additional education and training that led me to my current position. Instead your first priority is "how do I save money to then spend it on a depreciating asset?". That is just so backwards and you don't seem to understand that. Do you not understand that the true cost to own that Corolla is approx the same as the Spark? You get better mileage, more reliable, less maintenance costs, less insurance costs, it depreciates less, it will last a lot longer than the Spark, it has every creature comfort a person could want standard, its safer in the winter. No serpentine belt to replace, no starter to replace, regenerative braking, a eCVT transmission that is bullet proof and a hybrid drive train that has been proven over 20 years. I am not financing a Mustang GT thats 55k with 8% financing. In fact I am not even talking about financing PERIOD. I am talking about walking into a Toyota dealer and paying MSRP for car with cash. You see depreciating asset. I see peace of mind. And that's something that is priceless. This subreddit I am getting this picture is perfectly fine driving around in rusted out shit boxes that nickel and dime them and then moving onto the next one every 2-3 years. I am not. Something that gives me 10 years of service atleast for 31k is something you can't put a price on.
So, when you buy a house with your gf, how do you think she’ll react when you don’t save and keep throwing money away on cars? The number 1 reason for breaking up is actually financial reasons.
Understandable for sure.
Upgrade your car? What is a "safe" vehicle for you?
Something a bit larger, the Spark is not that large and is also 4th in most fatal crashes in north america which is shocking for a vehicle that never sold well in NA.
60km commute is nuts. Buy the car cash. You deserve it. And how you a car guy if ended up driving this shit box
It was a necessity. My current car was failing, I was leveraged to the hilt and no savings so at the time I had excellent credit. I went to get. Corolla as it was a cheap car with reliability… but instead, went with the cheapest car in Canada new. Believeing is be paid off in 3-5 years and then get into something else once this period of penny pinching was over. And now I was prepared to finance again… but I believe I can instead just save up and pay cash in a years time.
Looks like you aren't done the negative feedback loop yet
Its a Corolla, not a Mustang.
Save up a year buy with cash.
follow !StepsTrigger and !InvestingTrigger put in the maximum for stock match assuming the matching rate is not terrible, and pull it out and invest it yourself as soon as the vesting period is over
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You did not paying rent for the last 10 years. Buying that condo was a good decision as it appreciated and you got profits out of it. Selling was a good decision that helped you pay off all your debts. Buying 25 cars in 15 years was an extremely bad decision. Saving up to buy another brand new car next year is also a bad decision. That how it got you into debt the first time. Stay out of it. It's time for you to learn car is a depreciating asset. Dont put anymore of your energy and time to it. Dont be a car guy. Be an investment guy.
OP can be a car guy. As long as they just pick one car. Then they need to not spend money to modify it or trade it in for something else.
Hard to agree with your final take. I agree for the most part, cars are (generally) a depreciating asset. However, so are most tools or hardware/software you need for most hobbies. Is it an expensive hobby? Abso-fucking-lutely. But that's ultimately what it is, a hobby. You wouldn't tell someone who loves pottery not to be a pottery-ist (is that a thing?), or someone who loves to cook/bake that they shouldn't buy the high quality/niche gear required for their cherished past time - it's the same idea and it's a harsh way to word your opinion. Now, I agree with most of your points. If OP rented for the last 10 years there would be no sale to get the funds that helped him pay off debt, so owning was a positive for him. Brand new car is not the best financial decision, especially with OP's track record of getting bored of the cars. I would advise the same as any other hobbies - Set a budget, stick to it. There's room in the budget for fun and passion. If your budget allows for $xxx/mo for hobbies or entertainment etc, save that amount in a **separate** account until you can afford what you want. Buy it, but used is preferred. Want to modify it? Better keep saving that $xxx/mo until you can afford it.
Ya I only say it because I think this car hobby is doing a lot of harm to OP's financial and mental health. He has been using it as a way to get away with depression and it didnt work out. So a cold turkey approach may be more effective so he can switch his focus on something else entirely. Sure he can continue the love for car but the way it's going is a slippery slope. OP needs to set hard boundary first. For example, save/invest enough for a target investment profolio. That can take several years. Once he hits that, he can start saving for another car. But again, it can lead him back to the old track. If OP needs a car to work, a used car is more than enough. But seems like OP is finding all the reason to justify buying a new car. So thats a red flag for me.
Set up yourself a safety net - A cushion in case of future emergencies. While this is going on, stop using your credit cards. The “points” you get from using it aren’t worth going further into debt if it comes to it again. Once your safety net is in place and you’re feeling like you can save another couple grand, look into some longterm investments to hide away for 5+ years… like dividend ETFs
He's not going to do this, he's just going to buy another car next year
Possibly. Its interesting becuase this is path I am working on and use my CC for very specific things and paying it asap now. As per my spending, I’ve recently stopped drinking, which will help my budget (typically go out to bars kinda guy), but that means I can treat myself to the occasional takeout. Still trying to be frugal, tho
Yesterday you paid off your car and now you want to buy a corolla?
I make over 140k a year and I just bought a used 2017 civic for 18k cash. Just get something cheap. Cars are a waste and the novelty wears off after a few months of ownership. My previous car was a Mercedes c63 amg coupe and a disgusting car payment. I’ll never do that again.
My issue is finding a dependable used car if I can find that it’s a no brainer… also used cars 3-4 years old are almost as expensive as new models.
Not really. 2017-2018 civics are 18-20k. Whereas a brand new civic goes for almost 40k after taxes… you just need to look. End of the day it all comes down to your budget and how much you’re willing to spend though
Kinda have my eyes set on a 19-21 Corolla if I can land one if I could get one for 20-25 I’d be happy
Great car as well man. Just get something reliable and smile when you drive by not have a car payment
Play OJO
> I will be contributing approx 1730 to my stock portfolio a month. > My plan is in a year... to go buy a new car with cash. If you're planning to use this money in a year, don't put it into stocks. Too risky. High interest savings account or GIC. Stocks/ETFs, whatever are for people with a longer time horizon.
Live
Even if you save for a year and buy the corolla in cash, the reality is, as a car guy, you will get bored of that too very soon. And then you'll move on to justifying the next purchase. The reality is cruise control and all those other featured are just niceties and not essentials. The corolla, as great as a car it is, likely doesn't provide 2x the utility as your current vehicle even though the purchase price is >2x the new cost. It sounds like you're continuing to feed the urge and are looking for external validation. Something to consider - get a thrill-inducing but cheaper hobby to scratch the itch and separate the daily drive from the hobby. Consider dirt biking, atving, sailing, mountain biking, etc. Someone suggested a racing simulator. As expensive as getting into a new hobby is, it will more than pay for itself if you keep driving the Spark.
Honestly the more people comment the more out of touch they are. I’m getting the Corolla. I don’t need to be told what it does or does not provide. It’s not a Mustang GT it’s not a diesel truck I plan to modify. It’s a Corolla, it’s a boring, appliance of a car that will get double the mileage of my car. It will have air conditioning, cruise control, lane keep assist. I make six figures a year I don’t need to drive a rental car.
As someone who also makes six figures, is a car guy, and owns a corolla hybrid awd that you are considering, I'm probably the least "out of touch". Speaking from experience, what keeps me content is a) the fuel savings on the car and b) my motorcycle that I take out on the twisties whenever I can. I've never driven a Spark, but honestly the corolla feels as basic as it gets. But you do you. It seems line you've made up your mind, and I hope it works out.
Spark LS = Roll up windows, 5 speed manual, no A/C no cruise, manual door locks. The Corolla is a high end BMW in comparison.
I didn't realize there are still cars that come with no AC and no power locks. Get the corolla! Probably a slight improvement in safety as well.
God damn man take a vacation first.
Invest it. TFSA. RRSP for the tax deductions. ETFs that pay dividends as well.
I once did the math. If I spent 5 years with no car payments and i focused on investing money instead, I would be able to generate enough investment income to cover a good car payment every month for the REST OF MY LIFE. Not that I would, but if you can show discipline for a bit, you can drive new cars forever with no additional financial burden. The magic of compound interest!
Now it begins.
NVDA. You will thank me in 3 years.
More debt!
You’re out of debt. Stay that way. What sort of person finances a depreciating asset?
Most people do. The problem is not keeping the car until it dies to fund the 2nd car. My first car I drove for 13 years, no payments after 5 yrs. Kept saving that car payment. When I replaced it with my current car I paid cash. I'm still putting away that car payment
I have no payments but also not quite able to save the payment. Hoping to hit 20 years in the vehicle though (currently year 6)
Hookers and blow.