Can I afford a 90,000 dollar car?

Question

Ok, I am 20 yrs old, I have 104,000 in the bank and am making about 25-30K a month. I also have a 270,000 dollar condo paid for. Please dont mention the current economy as a reason not to buy as this does not hurt my income. If I cannot afford a 90,000 dollar car how much can I afford??? I am thinking buy not lease....this is not a lie of my finances....I would not care to lie on a website to people I do not know...again, please assume I will be making 25K a month or MORE in the future.

Answer 1

Unless you are a Colombian drug lord, or a p**n star under wraps, there is no way you are making 3-400k bucks a year. Doctors, dentists, and lawyers who have been in business for years don't have salaries that big. I'm agreeing with the poster above- I call BS.

Answer 2

If you have that kind of money and your condo paid for, you can probably afford it.  If I were in your position, though, I'd save up for a few months and buy it straight out.  Do you have any other debts or expensive hobbies?  I see no reason you'd have a problem paying for it.

What kind of car are you thinking about?  Most really expensive $90K+ sports cars are awesome to drive, but they can also be h**l to keep running.  Maintenance is ridiculously overpriced on them (figure you'll probably pay $5-10k a year in repairs and basic stuff because it'll HAVE to go to the dealer for ANYTHING, and god only knows what your insurance will be) and cars like this are notoriously unreliable.  I'd suggest buying something cheaper and more reliable, like a little Honda Civic or something, to have as a run about car for when your awesome $90k showpiece is in the shop, 'cause that's going to be often.  I'd also suggest keeping that thing garaged most of the time, because in addition to being unreliable it's going to be an easy target for thieves and vandals.  If you buy this thing as a second car, you can have it to drive around on the weekends or to important get togethers, but probably get a huge break on insurance as a "pleasure" driver and not have to worry so much about something bad happening to it.

Think of this $90,000 car as a toy.  Don't expect to drive it every day or you'll regret ever blowing that much money on something that's going to drop in value like a rock and have to be treated like a baby.  If you're still comfortable spending $90,000 on a luxury toy/status symbol, go ahead!  You only live once, and it sounds like you should have no problems affording it.

Answer 3

Hold on... I gotta go turn off my BS meter... it's going berzerk!

**EDIT** - My favorite line: "I would not care to lie on a website to people I do not know". Good one. So, instead of reaching out to a financial advisor, accountant, etc., you choose to spill your financial "problems" onto a website seen by millions of anonymous folks?

THAT is why nobody believes you. Anyone having your so-called financial well-being would NOT be on Yahoo! Answers asking perfect strangers what to do with it.

Answer 4

yes, you can afford it

Answer 5

Shouldn't you be saving for a Learjet instead?

Answer 6

Yeah, my BS meter went flying all over the place when I read this "question." I knew from the title that it was some bored kid who has no idea who he really is.

I read your other questions. You've supposedly got a problem spending money you don't have. You said you can't control your spending and it would appear, based solely on your questions, that you've squandered $200,000 in the last two months.

You're living in a fantasy world if you think you can afford that car with the impulsive behavior about which you write on the internet. If you weren't some impetuous college dropout then I'd say you could, if you were responsible and carefully supervised by an accountant.

Edit: You're an absolute fool. If you have no guidance that means you don't have an accountant and, by extension, don't pay taxes. I defy most competent adults to do their taxes entirely on their own, much less the 20 year old who asks "are cigarettes healthy?" on Yahoo Answers.

Edit 2: Victoria - Doctors and lawyers EASILY make $400,000 a year (often much more). Trust me on this.

Answer 7

That is absurd. You already know you can. I make about 10 k a month and own a 95k SL Mercedes and a 50 k Ford F350.

In addition I own a $565,000 house in an exclusive neighborhood.

I don't feel put out at all by my purchases. I still have money to travel and have fun.

My BS Meter went off too, but my saying is "catch me if you can"....

Answer 8

If you already have enough to cover it in the bank why not just take that out and buy it? Especially if you are making that kind of money a month. On another note....what do you do? :P

Answer 9

Sounds like you have enough tied up in assets to buy it.  I'm assuming you'll pay cash - financing will cost you more and is unnecessary.  Just make sure you have enough to live on for a few months should something bad happen.  

P.S. Hopefully you're buying a Tesla Roadster!!

Answer 10

If you have to ask us what you can afford, maybe you need to sit down with your accountant and take a closer look at your finances.

Whatever your income is, what you buy is your business. Also, why should we care? It seems like you are only bragging and very conceited. If you feel it's necessary to show off, then go ahead and show off. You're the one who will be making a fool of himself.

Even if I had the money, I would not waste it on a $90k car.

EMT

You asked the question...so expect all kinds of answers. If you don't want your feelings hurt, then don't ask questions. If you're so pissed off, delete this question and forget you ever asked it. You are asking for opinions...you're getting them. It's too bad if you don't like them.

Answer 11

if you have that much money saved and make that much money why not. if you make that much money, you should be smart enough to know what you can and can't afford!

Answer 12

ok how do i make 25 k a month ? according to everything you have you should pay cash for that car ! cause the interest and insurance will be the deal breaker ... but go ahead buy it you only live once and if the world ends tomorow you missed out ~

Answer 13

"25-30K a month"?  In what, Thai bhat?  Nobody making that kind of money in US dollars would need to ask that here, they'd already have a financial advisor to tell them.