Should i buy one excellent car or two good cars on my income.?

Question

I have always been a car freak and now i am an architect, making around 45,000 a year income, living un a house which im paying 600 a month for, and iw as wondering if i should buy a USED great luxury vehicle around the 40,000 dollar range and finance it for 4 or 5 years, or should i buy two cars for lets say 15,000 dollars each such as a used mustang and a older bmw?

I was wondering what you think.....please serious answers only please.

thank you

Answer 1

I agree with your first 2 answers, but I'm not you.  Decide the difference between what you want and what you need.  Invest your money, buy a transportation car and buy your luxury car with your investment gains.

Car loans are the worst (so called ) investment ever!

Answer 2

I would never buy any vehicle that I couldn't pay cash for.  Financing anything that goes down in value is a bad idea. And financing it for over 4 years ot more makes no fiscal sense.  The amount of interest you would pay is outrageous.

As far as investing goes, there has never been a 15 year period ( since 1900) in which the stock market averaged lower than a 12%  per year average return.  (Not every year  mind you,  but on average).  So if your time horizon is longer than 15 years, you should consider some good mutual funds that have been around a long time and have proven track records with managers who are still managing those funds.

Answer 3

Why would you want two cars, you only can drive one at a time. Just buy one for around $15000. The other $25000 not spent on a motor car, invested at say 8% pa will have increased to $36,733 in five years time.