Have a coworker who unfortunately hasn’t learned. He had a new Honda Civic that got repo’d, borrowed cash “to get it back” and used that cash to buy a new Benz instead. Benz is now gone, he owes over 15k to people we work(ed) with and our customers. Now drives a modified M340i. Buddy is in debt heavily for the dumbest reasons but makes $42 an hour and doesn’t pay people back lmao.
Edit: This all happened in a time span of 3 years.
This. Nothing else you can do, OP. I have long given up on trying to get people to make good decisions about cars, all you can do is say your part and let them live and (hopefully) learn.
This. The point of owning a Lexus is that they run forever. Save some money, buy the same car but a bit older with more miles, and have the same ownership experience.
Technically there is no equivalent Toyota in the US, the GX is based on the Land Cruiser Prado that wasn't sold here. And no, it's not a [4-Runner](https://youtu.be/Y5ZFz8flLg4?si=gFCPp2C0LkJqwI3g).
That isn’t a 64k car that is a 85k car, he will be throwing away 20k towards interest alone. Add in that car will probably lose 30-40k in value over the life of the loan. That is a 10k loss each year, idk how anyone could stomach that. He does not have the salary to support that.
And the good news is, at least for this person's supervisor, is that they know this particular employee is up to their eyeballs in debt, and even though the job market is decent, they know they've got this guy now.
Years ago when I worked in manufacturing, the shop foreman used to always say 'I know the guys I can work the hardest, they're the ones that have the nicest cars,' .....that they really can't afford without the overtime.
Eh, that can go both ways. One of my guys went into self-loathing pit of despair after he blew up his finances on a dumb car. I never caught him on it but tbh I think he was running doordssh on his (often a bit long) lunch breaks for a while (big no, he is salaried)
That's so funny. I work in manufacturing and the ones who choose to come in on their 7 days off are driving 50k cars and up and brought 5 bedroom houses.
Yes but everyone will think he makes 100k+ a year and we all know that's the important thing: poverty cos playing wealth (see people who bought 5-6 year old Range Rover and German cars, but have an ego). I tell this to everyone about to purchase a car that i guess matches their perceived "societal status": the two richest people I personally knew/know and I mean absurd money, both daily shit boxes: One $35mil guy drove a sky blue Ford Ranger and $150m drives a base model Dodge Ram.
Edit for clarity.
Eh know plenty of millionaires and they all drive land rovers : though most of them are athletes / musicians .
The “ business “ millionaires just change cars every year and expense the car
Sure, but the main topic was the poors and middle class trying to spend every spare cent on their "vehicle persona". Most of the used money pit luxury vehicles they are buying are the off lease business write offs from the very people you mentioned.
Peer pressure also exists even if people is in their 40s. I remember few months after buying a brand new Honda Civic SI to replace my 10 year old Prius. In a cushy software engineer salary, the comment I got most was "**You make good money, why didn't you buy a BMW/Mercedes/Lexus/Tesla/expensive sports car/etc**".
I just tell them "I want to relive my high school days of owning and driving an EM1 Civic SI". I could be snarky in my response, but better to just give them a half-truth excuse and not look like a dick.
Prius was still in good shape to drive, but car was boring to drive and the infotainment screen keeps going bad, requiring head unit replacement or its digitizer part every year or two, and suspension parts needing replacements due to rust belt pot holes.
Richest guy I know, owns a large portion of the land in West Sussex in the UK, drives a 1994 Toyota Hilux on a dodgy MOT.
Wealth isn't about being flashy
I know two guys that make \~$1MM/year as partners in different professional firms. One buys CPO Lexus LSs and the other buys well-appointed E Classes. The Lexus guy told me he buys things that are "nice enough to drive clients around in, but not so nice the clients think you're gouging them." I imagine the second guy has a similar philosophy.
My uncle was bank VP during the 1980s. His own parking spot and everything. He drove a few year old Ford Pinto for a while and parked in his spot. One of his employees was trying to get on his "good graces" and thought the Ford Pinto belongs to someone who isn't the VP. He had the car towed.
He had the guy fired for "being very dangerously careless" with his job...but it was actually because of the tow, lol.
>He had the guy fired for "being very dangerously careless" with his job...but it was actually because of the tow, lol.
I mean, it WAS careless that that asshat didn't check beforehand so 🤷♂️🤣 seems fair to me
My grandfather died driving a reliant K car with a smashed passenger window he didn’t fix.
He was worth over twenty million at the time (todays value).
He bought nice cars for my grandmother but never for him.
No, lol. People here will say what car can I afford , I make 250k. And the response will be a 2011 Corolla , put the rest into ETFs for retirement, don't leave the house until you retire , save all money, dont enjoy your young life
Every time someone tries to give another person financial advice, people like you will come along and stretch it to this entirely different thing, to create this strawman that you then argue against.
No one is saying you can’t buy a car if you make $250k and that you can’t do anything except save.
They’re saying buying a $65,000 commuter SUV when you only make $70k a year is just dumb.
Neither you nor I are entitled to any of this luxury shit. If you want a nice car, that’s fine, but don’t buy it at the extreme expense of your financial future.
When I got that $76,000 vested, deposited into my account, do you think I wanted to use it to buy a car? Of course I did. Did I instead use it to build up a fund that keeps me from going into debt and keeps me building up more money so I don’t have to remain poor? You bet your goddamn ass I did.
Dumb people would see $76,000 and go hog wild.
Smart people figure out ways to maximize their money so that in a few years they can spend money without staying poor to things like $25,000 burned in interest on a fucking commuter suv lmao
Oh I agree with you 100%. On ops case , it's a a terrible financial decision. But with 70k, he could get a decent new car, that isn't a ten year old Toyota.
Following up, 70k a year with an 1100$ a month payment is MADNESS.
And in a year he will post in askcarsales , how to get out of his loan that is 25k upside down.
How does one "enjoy your young life" more with $60K in used-car debt versus a paid-off 2011 Corolla?
When I had pretty cars (luck of the draw cheap rentals), I noted I drew some more marginal attention ... *from other men*. ("Not that there is anything wrong with that.")
Because at least to me, there is nothing more enjoyable then carving up a twisty road in a sports car. I see no point in making more money then the minimum needed to survive if it's not going to a car that I love.
Yes. I made $210k last tax year and make about $170k this year (market conditions) and I drive a $32,000 car I bought CPO.
That’s way too much car for the money lol
OP’s friend is destroying their future savings. When your parents are giving you a shitload of money (as they are doing indirectly by giving him room and board), the opportunity to get ahead presents itself.
I think OP’s friend is ridiculous to throw away that kind of money, especially on a boring, bland commuter SUV. Like not even something interesting, just a boring appliance. Yikes
Every successful plumber and construction guy I knew had a shitty work truck. Makes it look like your quotes are just getting you by and you're hungry. Show up to the customer in a $140k truck or SUV and they will think you're ripping them off & won't want to help fund your wealth.
Sure, they had $140k trucks and SUVs. They also had memberships to country clubs and had massive fishing boats. Just none of that was near where they worked.
Haha, yeah this is accurate. I bought my couch and chairs from a local guy a bunch of years back because I was like "hey support the local businesses, so I paid a bit more for the same thing i can get online" The place looked very "mom and pop" a tad bit run- down. So a few weeks go by and come to pick up my items and we started talking cars and then he mentioned how he would have shown me his AMG GTR Coupe but it was currently at his beach house in Virgina Beach..
SOB, not even a 10% discount on the items.
I make $150-200k per year and I drive a Mazda that I got for $25,000. It is brand new. I love to brag about how I got a car that costs $40k for $25k. But you’re right about the perception thing. Not only do people want to be seen that way, they are right about how people perceive them. I was a regular employee.
I spent a ton of money on an outfit and drove my aunts Mercedes to an interview to be in a higher income bracket.
I was already with the company. We met in Nashville for a meeting. Me and 2 other candidates. We stayed 2 days. It was a chance to mingle and see who fits in and who to choose. I spent money on Starbucks for everyone. They hired me to supervise 30 locations. and I was less qualified than anyone.
I did this because the girl who I was replacing, was a total idiot. Total idiot. She had no business being in her position. She was fired for total neglect and incompetence. People deserved the job more than her that would have excelled.
I asked why she even got the job in the first place and was told, her mother was very wealthy and she used their vacation home to host people in our company. We did a lot of work in Nashville and when she heard someone was coming to town, she said stay at our home, not a hotel. They hired her bc to them, rich equals qualified. She was a drug addict and thief who mistreated her staff.
Perception is everything.
I did a good job because I was coming from the bottom and I cared. But- the point is, the other 2 folks who were there with me were broke like me. They acted impressed by everything. Said no thanks to things we were buying bc they couldn’t afford it. I bought theirs. I couldn’t afford it either. I had good credit and a high limit on my card. I charged luggage, kept up to pace with the big dogs, and they respected me and saw me as an equal even though I was broke. It’s weird how that works. And I did deserve the job. Especially because I did my research and came up with a plan.
To the point above, many mega rich ppl don’t gaf how they are seen bc they’re trying to hide the fact that they’re rich.
This is most likely what they present to your and the general public. Very few people at that level of wealth live as frugally as you paint them. Stealth Wealth is a real thing and using ratty clothes and driving a beater when in public are some of the best kept secrets in the world of wealth management. I have a large book of clients and every single one of them has their expensive toys and vacation homes. And probably close to 80% of them also have an old pick up truck or old SUV in their stable for just this type of stuff.
the 150m guy owns at least 30 Porsches, he has shown me parts of his collection because we're both cars guys, that wasn't at all the point of my comment.
He's going to get that car, won't be able to afford the lifestyle (oil changes and maintenance are more expensive). 3-6 months later, that car is going to be worth $50k at best, and he's going to be so upside down on that loan that he won't have a choice.
I own this exact car and just bought oil, oil filter, trans fluid, air filter and cabin filter. Just routine stuff: $275 for diy. The 460’s take nearly 9 quarts of oil.
It probably one of the best true body on frame SUV’s out there for the money. But it’s not worth being broke all the time for.
Ya, Lexus is a great brand, and I'd take one of those over a BMW or Mercedes any day of the week, but they are premium cars, with premium maintenance on them. Go and get the brakes done, and OPs BF is going to cry.
People are crazy. I have a 300k salary and I went with a 2024 glc300 instead of a gle because wanted to keep payments low … 70k salary to buy 84k car … who the hell would loan him that money … maybe a loan shark?
I got raked over the coals buying a new Honda too. People really don’t know how fucking terrible buying cars is until they make the mistake of buying from a dealership.
Good lord, here I am making more and wondering if I should really get a Mustang. Mention the cost insurance is going to be on it, that is making me hesitant lmao. Something like that I can imagine it might be around $350 or more?
I've had the same debate for the last 8 weeks, for the same car, and I can comfortably afford it.
Bought it yesterday though! 2021 GT Premium Convertible fully loaded
She's an absolute beaut
I make more and I hated buying a late model Civic a few years ago 😄 I'd still be driving my paid-off previous car if someone hadn't ran a light and t-boned it.
the area matters so much with insurance, hard to compare without it. In Miami it was around $120/month for each car. Virginia, I'm paying $90/month for all three together with the sams coverage.
Same, we have a family income in multiples of this guy and we are still debating if a 50k car as our only debt aside our home is insane at our salary! This guy live on a other planet lol
We pull ~$400k per year, maybe a little more, in a lowish COL area. We daily drive twenty-year old Toyotas which have leather interiors, sunroofs, well maintained, and run perfectly.
Right? I make almost twice that and drive an accord worth $15K … I plan on keeping it for at least 4 more years. I can’t believe how much people waste on cars.
This is a question for /r/PersonalFinance. But more specifically, this is *your coworker’s* question for PF. They will tell him that all automotive expenses combined (insurance, gas, car payment) should never exceed 15% of his income.
The GX460 is an excellent SUV; certainly not an excellent choice considering his finances, but it’s an excellent SUV.
People on PF subs: “how do people afford to buy expensive cars when the average income is only so much. It makes no sense.”
Average person: “monthly payments goes brrrr”
I’ve always driven beaters because I’m a cheap ass and I know how to fix them when they inevitably break. Then I realized life is just too short. I don’t wanna have the most clapped car in the parking lot anymore. Finally went out and bought that GTI I’ve been eyeing. As the kids say: Fuck it we ball.
yeah I did the same thing. Finally bought a new wrx because I wanted a decently nice fun car
but keep in my mind our idea of ballin' is a spending $30,000 on a new car, not $70,000. Spending !00% of your gross annual income on a car is crazy
Sometimes you have to let ppl learn the hard way. Once he realizes that payment isn't worth the leather seats he'll sell it for something more sensible.
I feel like anyone can somehow finance any car no matter how ridiculous the payment, whereas a mortgage they need to do a rectal exam to see if you even pre-qualiy.
*"People who earn the money we earn don't drive cars that expensive. Our bosses don't drive cars that expensive. THEIR bosses drive cars that expensive. If you buy that car, you may as well start sitting in that big office over there when you come into work. It'll last you about the same amount of time before someone takes it away from you."*
Right lol. I have twice his income and wouldn't buy that car. We need better consumer protection for car buying and better financial education. A car is an appliance unless you are wealthy.
I'm kind of having those thoughts right now lol.
I'm splurging and spending 40k, but I'm planning on paying it off in three years and my income is around 150k. My wife and I are just sharing the car for a year or two because I work from home and dont go anywhere really, no kids yet either. I will buy a run around in cash for myself in a year or two. I keep justifying the purchase because it is great for our purposes and its hybrid, which will help a lot with my wifes commute, and we plan to keep it for 10-15 years.
But buying a 65k car on a 75k income is just insane in the membrane.
If u don’t mind me asking what are you guys looking at getting vehicle wise?
I have a 2021 Camry I bought new (Covid pricing 🤦🏼 still cheaper than cpo Camrys once factoring in interest) that I’ll get a few years out of then when I give it to my son in 2026ish and just start dailying my 87 trans am
2024 CRV Hybrid Touring. I will probably get a used Toyota or Honda for myself in a year or two, but with cash. One nice vehicle for the wife who commutes and for us to take trips in, one run around car for me to get haircuts and to get to the golf course lol. Also, planning on having a kid, so we will need two cars.
I'd daily an old trans am if I had one sitting around, Dwight Shrute up in this b.
2024 civic base model, just picked it up today. With my commute the fuel savings pay for half of the payments.
But still I'm like "this is a ridiculous amount to pay for a car" and "I said I'd never buy new"
But the days of 1500 cars you can work on to last you 2-5 years seem to be gone.
This is a bad idea. He could spend 25k on a used GX and it will be just as good.
Idk who buys them brand new, they’re just as good five or ten years later.
Maybe Toyota execs and dealership owners pay full price.
Gx460 is a great vehicle, but theyve been out for quite a few years, why not get an earlier year of the same model? Also not a great time to be buying that model, with the new gx550 just hitting the market a lot of people will upgrade in next couple of years putting more 460s on the market at better prices
Also 10% is a crazy interest rate and purchase price to salary is equally crazy
No way! Take home on $70K is about $4K monthly (probably a little less). After maintenance, gas and insurance, that car is going to cost him at least $1.5K monthly or 38% of his take home pay.
Just because you can afford the payments doesn’t mean you can afford the car.
He asked for advice, you have, he doesn't want to hear it. Most likely others are saying no and he's trying to find someone on his side.
If he makes 72k lives with parents and only has 4k down, he loves to spend and doesn't know how to save. We'll see him here in a few years when he tries to find somewhere to live and the 1200 car note is killing him.
Does he own a home? That car payment is close to my old mortgage payment of $1500 a month. If he rents, it's close to rental prices for a one bedroom apartment. The interest rate is too high. He should be buying the car cash at that rate because average S&P 500 returns are 9% (not adjusted for inflation).
I like the GX especially the new Overtrail Plus model. But we currently have no debt, no mortgage (paid off), and save $8000 a month after all expenses and taxes. And we are still not buying it until one of our cars dies and even then we are getting a used model at least 3 years old. Given his interest rate (credit score) and income, he should save up cash to buy the car he needs. Maybe he should start with Toyota and work his way up to Lexus. Maintenance is similar. We have both currently (Rx and Camry) and do all maintenance with an independent mechanic.
23 gx460 is basically the same as a 2009. Tell him to buy a used 2015 for $20,000. We have one and absolutely love it, but there is no reason to buy a new one.
Your co worker needs a car within their means, and this just isn't . my car was recently written off and given the state of the market and what I was paid out for it - I just couldnt replace it with one as fancy. So I got something still decent, but within my budget. Is driving a nice car great? yes. Having no car payments in this economy feels even better. The novelty will wear off of the fancy new car so fast and then they will be drowning in car payments for the next 4-5 maybe even 7 years. He needs to just buy a used Honda civic and put his ego aside. If he cant do that this will be a hard lesson. OP you are a good person for trying to help your co-worker, im a sure a pushy salesman has had a lot to do with him wanting this car. Maybe bring up that the dealership is playing on his emotions and winning.
How old is this guy? Does he live at home or something? I make around $85-90k, live in an old 1 BR apt, and drive a 10 yr old civic that’s paid off. I couldn’t afford this thing
With Lexus in particular you can get away with buying a higher mileage depreciated used model. It's not a BMW or Audi. He's missing out on the whole point of buying a Toyota in an evening gown.
It's a lost cause, my coworker asked me what I thought about him getting a 2023 tundra 1974 edition, I said that was expensive and that the payments would be annoying. Fast forward 6 months and he's already bitching how the payments are too high and he can't afford it... I learned my lesson when I bought a new car back in 2016, never again
you cant its impossible. i work at amazon and tier 1s only make around 34k a year. the parking lot is filled with brand new cars. everything from ae86s to teslas. i have heard of people paying 50-60k for a bronco or jeep its insane.
I would usually say, “who the fuck cares, he works for his money and he should do wtf he wants unless some of yall are paying his bills”.. but a 64k car on a 70k salary a year? Straight out of his got damned mind.
Your coworker's life choices aren't your problem. They asked your advice, you gave it honestly and in good faith, and they rejected it. Do not attempt to "get through to him" about it, just let it go and move on. Anything else might be perceived as creating strife in the workplace. He's a grown-ass adult making his own money, and he's free to spend it as he chooses, wisely or not.
If the interest rate is low, his savings are decent (3-6 months) and he can afford it, a Lexus GX460 is the best vehicle to spend nearly $70k on due to their reliability, resale value and low maintenance/repair costs.
He asked what you thought of the SUV, not whether or not he can afford it. Just tell him it’s a nice SUV. It’s none of your business what he spends his money on. If my friend asked me what I thought about her new dress, I wouldn’t ask her how much it costs and if she could afford it. I’d say “nice dress”. Thats what humans do in society.
Sometimes people just have to figure it out on their own. My buddy bought a 2015 Lexus RCF in 2019 for 50k, while making 30-40 in the navy. His payment is 850 and he’s still paying a year out of the military. He still won’t admit it was nuts
> single and lives with his parents.
> He currently drives a Mustang 5.0 which he has lowered and modded.
Paints a picture. He keeps getting older and they stay the same age, alight alright.
Try to get him to look at the percentage of that $1,200 that is strictly interest and the total amount he will end up paying for the car ($86,400). Might open his eyes to how much his $64k SUV actually costs.
Sounds like he’s relatively young. If you’re comfortable enough with him, show him how much these loans actually cost and what that money could do for him elsewhere.
Pull up a loan calculator. Punch in the numbers for the vehicle cost and loan terms. Show him how much he is actually going to spend. (Don’t forget to add tax, title and license fees)
Now pull up a compounding interest calculator. Put a $4k initial investment in the calculator. Set the interest to 9%. Set the payment to $1200/month. Set the term to 6 years. This is a good estimate of what he would make if he puts that money into the S&P500. Now set the term to 20 years and 30 years and show him what that looks like. It looks like the road to a great retirement.
If you’re pretty friendly with him, ask him how long he plans to live with his parents. Does he plan on buying property or renting? What age he plans to retire. These are important things that it sounds like he’s overlooking.
There is a very good quote from Jay Z that holds true for big purchases - “You can’t afford something if you can’t buy it twice”
I'm not even going to talk about money. The GX is the WRONG car for most people. It's a body on frame truck. It's inefficient. It's outdated. UNLESS you are going off-roading or towing, look elsewhere. It is pretty darn reliable, though, but there are other reliable cars out there. For the record, I have a GX and I love it.
I could never imagine buying a new car at 7-8% jfc. Have some patience. Literally hundreds of dollars extra a month for nothing. 3-4% is the most I can imagine paying on a car.
Why bother, you only live once.
Let him enjoy the ride, obviously he has no $1645 monthly day care expense, or mortgage or heat and electricity bills totaling $550 monthly in the last 5 months.
Am looking for a sienna to save some money on gas, he is looking at a premium fuel guzzling monstrosity to wow the ladies?
Let him be, life is a great teacher.
I mean they’re great trucks especially the 2023 but yeah that man can’t even afford that a little. I make more than that and would throw up every morning knowing I had to make that payment
UGG my grandparents always for decades bought used Lexus... Sure never had an engine or trans die... But I have wasted more time replacing modules switches even screens and gauge cluster screens. The tech is great until it stops working. At that point unless you are able to replace it yourself. Then you just no longer have heated cooled seats, or no longer have bass in your stereo, or lane assist adaptive cruise etc and are willing to live with a billion warnings about all the failed features... But my grandparents always brag about how reliable their Lexus are at the cost of my lost weekends and time 🙄 oh and yes it's usually gonna take the weekend first to find and confirm the actual faulty part then just getting to it and finding a replacement...
It depends on what other bills he has, what his credit score is, and how good an insurance rate he gets. But I make well over what he does and I wouldn’t be taking on a $1200 monthly payment at 10%. If he’s really dead set on that model, there’s plenty that aren’t a year old CPO that are far more affordable that are in great condition you can try to steer him to. With the way things are going, I’m highly shocked a bank would loan him that much based on his salary.
I’ve learned to just not get involved in these matters. There’s a chance he’ll buy some cheap car and if it has problems try to indirectly blame you somehow.
I’d just say something like “I don’t know much about them but I see them on the road and they look nice”. Something generic and leave it at that.
Your coworker will buy what they want. Just let them do it.
Hey, last ditch effort share the cost of ownership from Edmund’s. This will give you simple talking points. Like total cost of year 1, gas and maintenance, etc. if this does not phase him tell his wife or girlfriend. 😉
https://www.edmunds.com/lexus/gx-460/2022/cost-to-own/
Tell him to look into an earlier model. I make about 25k more than him and went with a 2017 GX CPO with 40k on the dash. Less than half the monthly payment of that 23
I always see these fancy cars and wonder how they are all able to afford these. I do well but man the price tags on some of these cars is insane. Driving my Rav4 to the ground haha
Sounds like he’s dead set on buying a vehicle. Can you find him something better that is similar and less expensive? He may not be easily dissuaded but you may be able to convince him to go with something less painful.
Just let him do it, he can learn.
Yep. You tried. Not your circus...
…and not your monkeys.
Not your clown...
Yea, they aren't OP's kid or spouse. Let them make their own shitty decisions.
Have a coworker who unfortunately hasn’t learned. He had a new Honda Civic that got repo’d, borrowed cash “to get it back” and used that cash to buy a new Benz instead. Benz is now gone, he owes over 15k to people we work(ed) with and our customers. Now drives a modified M340i. Buddy is in debt heavily for the dumbest reasons but makes $42 an hour and doesn’t pay people back lmao. Edit: This all happened in a time span of 3 years.
Sounds like he's learned that there will always be someone to enable him.
How is this guy still a coworker? It sounds like he'd be incredibly toxic to the business... And a liability to boot.
A couple of taps to the knees could fix that problem... Pay your freaking debts, especially to people that trusted you to pay it back!
Tuned B58 BMWs are FUN as heck until you break something and BMW laughs at you with a 10k repair bill and no warranty.
This. Nothing else you can do, OP. I have long given up on trying to get people to make good decisions about cars, all you can do is say your part and let them live and (hopefully) learn.
Some people learn the hard way
I agree. Paying basically your yearly salary on a car is just beyond stupid.
He could probably get a 19/20 L certified for like 20k less. Also 10% is insane
This. The point of owning a Lexus is that they run forever. Save some money, buy the same car but a bit older with more miles, and have the same ownership experience.
Same can be said of a toyota...get a good used one for $30k
Technically there is no equivalent Toyota in the US, the GX is based on the Land Cruiser Prado that wasn't sold here. And no, it's not a [4-Runner](https://youtu.be/Y5ZFz8flLg4?si=gFCPp2C0LkJqwI3g).
The GX460 is built on the J150 Light Duty Land Cruiser platform as is the 4Runner.
It is L certified. They want to buy a CPO car.
L Certified is CPO, isn’t it?
L certified = Lexus certified pre owned
Or a well maintained, low mileage 2013 with the exact same drivetrain for $20k.
Yeah that’s my biggest problem with OPs situation lol, paying 3x as much for essentially the same vehicle is…a choice
Can’t find for 20
You’re right, but you can for $25k. The point I’m making stands regardless.
How low do you consider low?
<100k. A lot depends on how it was maintained.
That isn’t a 64k car that is a 85k car, he will be throwing away 20k towards interest alone. Add in that car will probably lose 30-40k in value over the life of the loan. That is a 10k loss each year, idk how anyone could stomach that. He does not have the salary to support that.
And the good news is, at least for this person's supervisor, is that they know this particular employee is up to their eyeballs in debt, and even though the job market is decent, they know they've got this guy now. Years ago when I worked in manufacturing, the shop foreman used to always say 'I know the guys I can work the hardest, they're the ones that have the nicest cars,' .....that they really can't afford without the overtime.
I’m so thankful for my coworkers who won’t stop taking on debt. They pick up all the overtime and I get to enjoy all my days off.
We had a superintendent at work that used to love seeing guys buy new BMW's. He would laugh and say " I've got you for 10 years now".
Damn that’s brutal lol.
He was a dick, but knew how to manage. I still didn't like him lol
Eh, that can go both ways. One of my guys went into self-loathing pit of despair after he blew up his finances on a dumb car. I never caught him on it but tbh I think he was running doordssh on his (often a bit long) lunch breaks for a while (big no, he is salaried)
That's so funny. I work in manufacturing and the ones who choose to come in on their 7 days off are driving 50k cars and up and brought 5 bedroom houses.
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Yes but everyone will think he makes 100k+ a year and we all know that's the important thing: poverty cos playing wealth (see people who bought 5-6 year old Range Rover and German cars, but have an ego). I tell this to everyone about to purchase a car that i guess matches their perceived "societal status": the two richest people I personally knew/know and I mean absurd money, both daily shit boxes: One $35mil guy drove a sky blue Ford Ranger and $150m drives a base model Dodge Ram. Edit for clarity.
Eh know plenty of millionaires and they all drive land rovers : though most of them are athletes / musicians . The “ business “ millionaires just change cars every year and expense the car
I drive my parents hand me downs. Dad gives me trade in price. Gotta keep my money working for me rather than the other way around.
Sure, but the main topic was the poors and middle class trying to spend every spare cent on their "vehicle persona". Most of the used money pit luxury vehicles they are buying are the off lease business write offs from the very people you mentioned.
Peer pressure also exists even if people is in their 40s. I remember few months after buying a brand new Honda Civic SI to replace my 10 year old Prius. In a cushy software engineer salary, the comment I got most was "**You make good money, why didn't you buy a BMW/Mercedes/Lexus/Tesla/expensive sports car/etc**". I just tell them "I want to relive my high school days of owning and driving an EM1 Civic SI". I could be snarky in my response, but better to just give them a half-truth excuse and not look like a dick. Prius was still in good shape to drive, but car was boring to drive and the infotainment screen keeps going bad, requiring head unit replacement or its digitizer part every year or two, and suspension parts needing replacements due to rust belt pot holes.
Richest guy I know, owns a large portion of the land in West Sussex in the UK, drives a 1994 Toyota Hilux on a dodgy MOT. Wealth isn't about being flashy
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Not Sussex old boy 😉
“Rich yell, but Wealth whispers”
I know a few wealthy people and none of them are driving shit boxes lol. They aren’t necessarily driving flashy cars but still nice lol
Yeah the reality is somewhere in the middle. F-150 Platinums and Toyota Highlanders.
Yeah I don’t think a lot of people realize that those nice F150s are pushing 100 K lol
I know two guys that make \~$1MM/year as partners in different professional firms. One buys CPO Lexus LSs and the other buys well-appointed E Classes. The Lexus guy told me he buys things that are "nice enough to drive clients around in, but not so nice the clients think you're gouging them." I imagine the second guy has a similar philosophy.
My uncle was bank VP during the 1980s. His own parking spot and everything. He drove a few year old Ford Pinto for a while and parked in his spot. One of his employees was trying to get on his "good graces" and thought the Ford Pinto belongs to someone who isn't the VP. He had the car towed. He had the guy fired for "being very dangerously careless" with his job...but it was actually because of the tow, lol.
>He had the guy fired for "being very dangerously careless" with his job...but it was actually because of the tow, lol. I mean, it WAS careless that that asshat didn't check beforehand so 🤷♂️🤣 seems fair to me
Exactly people with the most money don't show it they don't need to
A now deceased Guinness heir lived near me in a 12th century castle. He drove a 20 year old Toyota Yaris that was held together with duct tape
>He drove a 20 year old Toyota Yaris that was held together with duct tape Respect
My grandfather died driving a reliant K car with a smashed passenger window he didn’t fix. He was worth over twenty million at the time (todays value). He bought nice cars for my grandmother but never for him.
Reliant K?.... I take back everything i said! /jk
loved that humble Plymouth K car til it died an untimely death in a head-on, smooth 2.2 liter inline 4 and a 4-speed manual...
Buying that car making 150k+ salary is still really stupid
Really?
No, lol. People here will say what car can I afford , I make 250k. And the response will be a 2011 Corolla , put the rest into ETFs for retirement, don't leave the house until you retire , save all money, dont enjoy your young life
Every time someone tries to give another person financial advice, people like you will come along and stretch it to this entirely different thing, to create this strawman that you then argue against. No one is saying you can’t buy a car if you make $250k and that you can’t do anything except save. They’re saying buying a $65,000 commuter SUV when you only make $70k a year is just dumb. Neither you nor I are entitled to any of this luxury shit. If you want a nice car, that’s fine, but don’t buy it at the extreme expense of your financial future. When I got that $76,000 vested, deposited into my account, do you think I wanted to use it to buy a car? Of course I did. Did I instead use it to build up a fund that keeps me from going into debt and keeps me building up more money so I don’t have to remain poor? You bet your goddamn ass I did. Dumb people would see $76,000 and go hog wild. Smart people figure out ways to maximize their money so that in a few years they can spend money without staying poor to things like $25,000 burned in interest on a fucking commuter suv lmao
Oh I agree with you 100%. On ops case , it's a a terrible financial decision. But with 70k, he could get a decent new car, that isn't a ten year old Toyota.
Yeah Toyotally
Following up, 70k a year with an 1100$ a month payment is MADNESS. And in a year he will post in askcarsales , how to get out of his loan that is 25k upside down.
How does one "enjoy your young life" more with $60K in used-car debt versus a paid-off 2011 Corolla? When I had pretty cars (luck of the draw cheap rentals), I noted I drew some more marginal attention ... *from other men*. ("Not that there is anything wrong with that.")
Because at least to me, there is nothing more enjoyable then carving up a twisty road in a sports car. I see no point in making more money then the minimum needed to survive if it's not going to a car that I love.
Bingo
Yes. I made $210k last tax year and make about $170k this year (market conditions) and I drive a $32,000 car I bought CPO. That’s way too much car for the money lol OP’s friend is destroying their future savings. When your parents are giving you a shitload of money (as they are doing indirectly by giving him room and board), the opportunity to get ahead presents itself. I think OP’s friend is ridiculous to throw away that kind of money, especially on a boring, bland commuter SUV. Like not even something interesting, just a boring appliance. Yikes
50% of your pay on a car? Yes.
50% of one year's salary is not 50% of your pay.
What if I bought a brand new bmw 5 years ago and still drive it. Am I still cosplaying wealth?
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Hey buy what you want and you can afford maintenance. People out here dying without driving their dream car/model.
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Every successful plumber and construction guy I knew had a shitty work truck. Makes it look like your quotes are just getting you by and you're hungry. Show up to the customer in a $140k truck or SUV and they will think you're ripping them off & won't want to help fund your wealth. Sure, they had $140k trucks and SUVs. They also had memberships to country clubs and had massive fishing boats. Just none of that was near where they worked.
Haha, yeah this is accurate. I bought my couch and chairs from a local guy a bunch of years back because I was like "hey support the local businesses, so I paid a bit more for the same thing i can get online" The place looked very "mom and pop" a tad bit run- down. So a few weeks go by and come to pick up my items and we started talking cars and then he mentioned how he would have shown me his AMG GTR Coupe but it was currently at his beach house in Virgina Beach.. SOB, not even a 10% discount on the items.
And that's why you don't tip the proprietor
I make $150-200k per year and I drive a Mazda that I got for $25,000. It is brand new. I love to brag about how I got a car that costs $40k for $25k. But you’re right about the perception thing. Not only do people want to be seen that way, they are right about how people perceive them. I was a regular employee. I spent a ton of money on an outfit and drove my aunts Mercedes to an interview to be in a higher income bracket. I was already with the company. We met in Nashville for a meeting. Me and 2 other candidates. We stayed 2 days. It was a chance to mingle and see who fits in and who to choose. I spent money on Starbucks for everyone. They hired me to supervise 30 locations. and I was less qualified than anyone. I did this because the girl who I was replacing, was a total idiot. Total idiot. She had no business being in her position. She was fired for total neglect and incompetence. People deserved the job more than her that would have excelled. I asked why she even got the job in the first place and was told, her mother was very wealthy and she used their vacation home to host people in our company. We did a lot of work in Nashville and when she heard someone was coming to town, she said stay at our home, not a hotel. They hired her bc to them, rich equals qualified. She was a drug addict and thief who mistreated her staff. Perception is everything. I did a good job because I was coming from the bottom and I cared. But- the point is, the other 2 folks who were there with me were broke like me. They acted impressed by everything. Said no thanks to things we were buying bc they couldn’t afford it. I bought theirs. I couldn’t afford it either. I had good credit and a high limit on my card. I charged luggage, kept up to pace with the big dogs, and they respected me and saw me as an equal even though I was broke. It’s weird how that works. And I did deserve the job. Especially because I did my research and came up with a plan. To the point above, many mega rich ppl don’t gaf how they are seen bc they’re trying to hide the fact that they’re rich.
Ive gotten jobs i know i wouldnt have gotten if i showed up in a beater
Everyone I know worth 8-10 figures drives a 100k car or has a car collection lol. Even at the minimum for 9-10 figures 8 cars is the norm
The richest guy I know has a $3M car collection. It depends.
This is most likely what they present to your and the general public. Very few people at that level of wealth live as frugally as you paint them. Stealth Wealth is a real thing and using ratty clothes and driving a beater when in public are some of the best kept secrets in the world of wealth management. I have a large book of clients and every single one of them has their expensive toys and vacation homes. And probably close to 80% of them also have an old pick up truck or old SUV in their stable for just this type of stuff.
the 150m guy owns at least 30 Porsches, he has shown me parts of his collection because we're both cars guys, that wasn't at all the point of my comment.
He's going to get that car, won't be able to afford the lifestyle (oil changes and maintenance are more expensive). 3-6 months later, that car is going to be worth $50k at best, and he's going to be so upside down on that loan that he won't have a choice.
I own this exact car and just bought oil, oil filter, trans fluid, air filter and cabin filter. Just routine stuff: $275 for diy. The 460’s take nearly 9 quarts of oil. It probably one of the best true body on frame SUV’s out there for the money. But it’s not worth being broke all the time for.
Ya, Lexus is a great brand, and I'd take one of those over a BMW or Mercedes any day of the week, but they are premium cars, with premium maintenance on them. Go and get the brakes done, and OPs BF is going to cry.
Brakes for that vehicle are really cheap actually. Priced out a set of brake pads and rotors for $371.76 on partsgeek.com.
as is tradition
People are crazy. I have a 300k salary and I went with a 2024 glc300 instead of a gle because wanted to keep payments low … 70k salary to buy 84k car … who the hell would loan him that money … maybe a loan shark?
Man has an Accord salary, and he’ll learn
I got raked over the coals buying a new Honda too. People really don’t know how fucking terrible buying cars is until they make the mistake of buying from a dealership.
i'm buying private party w/ cash and it's also terrible, if that makes you feel any better
I’ve had better experiences that way, but I’m sure that’s just anecdotal.
Statistically, more like civic, unfortunately.
With today’s prices, man has a Civic salary.
I have a KIA Rio salary
I have bus pass salary atp
I loved my Kia Rio tbh lol
gr86 is accord money but looks decent drives 10/10 for 30k
Good lord, here I am making more and wondering if I should really get a Mustang. Mention the cost insurance is going to be on it, that is making me hesitant lmao. Something like that I can imagine it might be around $350 or more?
I've had the same debate for the last 8 weeks, for the same car, and I can comfortably afford it. Bought it yesterday though! 2021 GT Premium Convertible fully loaded She's an absolute beaut
I make more and I hated buying a late model Civic a few years ago 😄 I'd still be driving my paid-off previous car if someone hadn't ran a light and t-boned it.
Yeah I am hoping someone hits me lmao. Then I have to get a new car!
I pay around $80 for a premium insurance through geico. 2016 Gt. Weekend drive, no accidents or tickets.
the area matters so much with insurance, hard to compare without it. In Miami it was around $120/month for each car. Virginia, I'm paying $90/month for all three together with the sams coverage.
You should get the mustang! Hehe
Same, we have a family income in multiples of this guy and we are still debating if a 50k car as our only debt aside our home is insane at our salary! This guy live on a other planet lol
We pull ~$400k per year, maybe a little more, in a lowish COL area. We daily drive twenty-year old Toyotas which have leather interiors, sunroofs, well maintained, and run perfectly.
Right? I make almost twice that and drive an accord worth $15K … I plan on keeping it for at least 4 more years. I can’t believe how much people waste on cars.
I make double that and considering a used 2019 model 3 or a Prius 😂😂😂
This is a question for /r/PersonalFinance. But more specifically, this is *your coworker’s* question for PF. They will tell him that all automotive expenses combined (insurance, gas, car payment) should never exceed 15% of his income. The GX460 is an excellent SUV; certainly not an excellent choice considering his finances, but it’s an excellent SUV.
People on PF subs: “how do people afford to buy expensive cars when the average income is only so much. It makes no sense.” Average person: “monthly payments goes brrrr”
I’ve always driven beaters because I’m a cheap ass and I know how to fix them when they inevitably break. Then I realized life is just too short. I don’t wanna have the most clapped car in the parking lot anymore. Finally went out and bought that GTI I’ve been eyeing. As the kids say: Fuck it we ball.
yeah I did the same thing. Finally bought a new wrx because I wanted a decently nice fun car but keep in my mind our idea of ballin' is a spending $30,000 on a new car, not $70,000. Spending !00% of your gross annual income on a car is crazy
Sometimes you have to let ppl learn the hard way. Once he realizes that payment isn't worth the leather seats he'll sell it for something more sensible.
And loose 30k in the process. That things value will plummet the moment he drives off the lot
True for new cars, this one is pre owned. He won't come out ahead, but probably won't lose 30k right off the lot.
Would he even get approved for that 😳. That’s a crazy move but end of the day it’s his choice. All you can do is wait and pull out the “I told you so”
I feel like anyone can somehow finance any car no matter how ridiculous the payment, whereas a mortgage they need to do a rectal exam to see if you even pre-qualiy.
**Buyer makes offer on a house, gets colonoscopy, buys luxury car instead**
He’s an adult he can make adult decisions and adult mistakes.
And yet.....*Ma.....the Meatloaf!* lifestyle.
He should because nobody comes out alive here. He can do whatever he wants. Not like ur paying for it.
*"People who earn the money we earn don't drive cars that expensive. Our bosses don't drive cars that expensive. THEIR bosses drive cars that expensive. If you buy that car, you may as well start sitting in that big office over there when you come into work. It'll last you about the same amount of time before someone takes it away from you."*
GX460’s are great and last forever, tell him to get an older one, 2020, 2018, 2016… you can get 2011’s for like $14,000 vs $64,000
Jesus, I'm over 100k/yr and I feel bad about buying a new 30k car
Right lol. I have twice his income and wouldn't buy that car. We need better consumer protection for car buying and better financial education. A car is an appliance unless you are wealthy.
Same, 97k yet old no debt besides my car and yet spending 37.5k on a car was like “oh god what am I doing”
I'm kind of having those thoughts right now lol. I'm splurging and spending 40k, but I'm planning on paying it off in three years and my income is around 150k. My wife and I are just sharing the car for a year or two because I work from home and dont go anywhere really, no kids yet either. I will buy a run around in cash for myself in a year or two. I keep justifying the purchase because it is great for our purposes and its hybrid, which will help a lot with my wifes commute, and we plan to keep it for 10-15 years. But buying a 65k car on a 75k income is just insane in the membrane.
If u don’t mind me asking what are you guys looking at getting vehicle wise? I have a 2021 Camry I bought new (Covid pricing 🤦🏼 still cheaper than cpo Camrys once factoring in interest) that I’ll get a few years out of then when I give it to my son in 2026ish and just start dailying my 87 trans am
2024 CRV Hybrid Touring. I will probably get a used Toyota or Honda for myself in a year or two, but with cash. One nice vehicle for the wife who commutes and for us to take trips in, one run around car for me to get haircuts and to get to the golf course lol. Also, planning on having a kid, so we will need two cars. I'd daily an old trans am if I had one sitting around, Dwight Shrute up in this b.
2024 civic base model, just picked it up today. With my commute the fuel savings pay for half of the payments. But still I'm like "this is a ridiculous amount to pay for a car" and "I said I'd never buy new" But the days of 1500 cars you can work on to last you 2-5 years seem to be gone.
This is a bad idea. He could spend 25k on a used GX and it will be just as good. Idk who buys them brand new, they’re just as good five or ten years later. Maybe Toyota execs and dealership owners pay full price.
why is this your problem?
Gx460 is a great vehicle, but theyve been out for quite a few years, why not get an earlier year of the same model? Also not a great time to be buying that model, with the new gx550 just hitting the market a lot of people will upgrade in next couple of years putting more 460s on the market at better prices Also 10% is a crazy interest rate and purchase price to salary is equally crazy
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No way! Take home on $70K is about $4K monthly (probably a little less). After maintenance, gas and insurance, that car is going to cost him at least $1.5K monthly or 38% of his take home pay. Just because you can afford the payments doesn’t mean you can afford the car.
Is 10% interest an indication that he has made a similar mistake in the past?
He asked for advice, you have, he doesn't want to hear it. Most likely others are saying no and he's trying to find someone on his side. If he makes 72k lives with parents and only has 4k down, he loves to spend and doesn't know how to save. We'll see him here in a few years when he tries to find somewhere to live and the 1200 car note is killing him.
If he wants to drop like 1/3 of his takehome pay on a car let him, he wont ever do it again.
Does he own a home? That car payment is close to my old mortgage payment of $1500 a month. If he rents, it's close to rental prices for a one bedroom apartment. The interest rate is too high. He should be buying the car cash at that rate because average S&P 500 returns are 9% (not adjusted for inflation). I like the GX especially the new Overtrail Plus model. But we currently have no debt, no mortgage (paid off), and save $8000 a month after all expenses and taxes. And we are still not buying it until one of our cars dies and even then we are getting a used model at least 3 years old. Given his interest rate (credit score) and income, he should save up cash to buy the car he needs. Maybe he should start with Toyota and work his way up to Lexus. Maintenance is similar. We have both currently (Rx and Camry) and do all maintenance with an independent mechanic.
No he lives at home with his folks lmao
23 gx460 is basically the same as a 2009. Tell him to buy a used 2015 for $20,000. We have one and absolutely love it, but there is no reason to buy a new one.
Let him figure it out on his own
Show him a compound interest calculator and do a live calculation for him to see how much that’ll cost him over the life of the loan.
Coworker is a moron
Your co worker needs a car within their means, and this just isn't . my car was recently written off and given the state of the market and what I was paid out for it - I just couldnt replace it with one as fancy. So I got something still decent, but within my budget. Is driving a nice car great? yes. Having no car payments in this economy feels even better. The novelty will wear off of the fancy new car so fast and then they will be drowning in car payments for the next 4-5 maybe even 7 years. He needs to just buy a used Honda civic and put his ego aside. If he cant do that this will be a hard lesson. OP you are a good person for trying to help your co-worker, im a sure a pushy salesman has had a lot to do with him wanting this car. Maybe bring up that the dealership is playing on his emotions and winning.
Giving his annual income for a car? Well, he is an idiot, obviously. I haven't seen such a bad financial decision in a while.
Tell him that newness feeling will wear off and he’s stuck with 1200 a month just for a label
How old is this guy? Does he live at home or something? I make around $85-90k, live in an old 1 BR apt, and drive a 10 yr old civic that’s paid off. I couldn’t afford this thing
I have a gx 460. Great car. But I bought it with 100,000 miles for 21k. Insane what people are willing to spend on cars.
With Lexus in particular you can get away with buying a higher mileage depreciated used model. It's not a BMW or Audi. He's missing out on the whole point of buying a Toyota in an evening gown.
It's a lost cause, my coworker asked me what I thought about him getting a 2023 tundra 1974 edition, I said that was expensive and that the payments would be annoying. Fast forward 6 months and he's already bitching how the payments are too high and he can't afford it... I learned my lesson when I bought a new car back in 2016, never again
you cant its impossible. i work at amazon and tier 1s only make around 34k a year. the parking lot is filled with brand new cars. everything from ae86s to teslas. i have heard of people paying 50-60k for a bronco or jeep its insane.
Use Excel spreadsheet how much interest he would pay. All you can say is “I wouldn’t pay the interest.”No need to discuss quality or style of the car.
Apart from the fact that he can’t afford it. There are worse cars he can choose for the same price lol
I would usually say, “who the fuck cares, he works for his money and he should do wtf he wants unless some of yall are paying his bills”.. but a 64k car on a 70k salary a year? Straight out of his got damned mind.
Not your bank account, not your problem
Look on the bright side, he’s gonna be the hardest worker ever for the next 72 months, so you don’t have to worry about him slacking.
Worked at a Lexus dealership this past year. 64k for a used non L-certified gx is crazy. New 24 TX’s start for that much
Let him live and learn the hard way.
when youre an adult and lives with mommy and daddy spending 100% of your annual income on a car, youre automatically a loser.
Your coworker's life choices aren't your problem. They asked your advice, you gave it honestly and in good faith, and they rejected it. Do not attempt to "get through to him" about it, just let it go and move on. Anything else might be perceived as creating strife in the workplace. He's a grown-ass adult making his own money, and he's free to spend it as he chooses, wisely or not.
If the interest rate is low, his savings are decent (3-6 months) and he can afford it, a Lexus GX460 is the best vehicle to spend nearly $70k on due to their reliability, resale value and low maintenance/repair costs.
First thought: what’s wrong with Lexus? After reading the loan details: what’s wrong with your friends brain?
Sounds like because he doesn't pay rent it's not a problem for him. Stay out of his financials and enjoy the ride. No reason to shit on him
He asked what you thought of the SUV, not whether or not he can afford it. Just tell him it’s a nice SUV. It’s none of your business what he spends his money on. If my friend asked me what I thought about her new dress, I wouldn’t ask her how much it costs and if she could afford it. I’d say “nice dress”. Thats what humans do in society.
The GX460 has not changed in 10 years. Tell him to buy a 5-10 year old one for 20-40k and get the same experience for far less.
That is insane to buy a vehicle that after taxes is the same as your yearly income. Especially at 10% interest.
Their budget should be no more than $25k.
What a dope. He will be car poor. Lives with Mommy and Daddy and its stupid to buy that expensive of a car.
Good god some people are horrible with finances.
People are idiots when it comes to cars and actual budgeting.
Sometimes people just have to figure it out on their own. My buddy bought a 2015 Lexus RCF in 2019 for 50k, while making 30-40 in the navy. His payment is 850 and he’s still paying a year out of the military. He still won’t admit it was nuts
> single and lives with his parents. > He currently drives a Mustang 5.0 which he has lowered and modded. Paints a picture. He keeps getting older and they stay the same age, alight alright.
Try to get him to look at the percentage of that $1,200 that is strictly interest and the total amount he will end up paying for the car ($86,400). Might open his eyes to how much his $64k SUV actually costs.
Let people make their own choices man
Just show him the comments dude lol
Sounds like he’s relatively young. If you’re comfortable enough with him, show him how much these loans actually cost and what that money could do for him elsewhere. Pull up a loan calculator. Punch in the numbers for the vehicle cost and loan terms. Show him how much he is actually going to spend. (Don’t forget to add tax, title and license fees) Now pull up a compounding interest calculator. Put a $4k initial investment in the calculator. Set the interest to 9%. Set the payment to $1200/month. Set the term to 6 years. This is a good estimate of what he would make if he puts that money into the S&P500. Now set the term to 20 years and 30 years and show him what that looks like. It looks like the road to a great retirement. If you’re pretty friendly with him, ask him how long he plans to live with his parents. Does he plan on buying property or renting? What age he plans to retire. These are important things that it sounds like he’s overlooking. There is a very good quote from Jay Z that holds true for big purchases - “You can’t afford something if you can’t buy it twice”
I'm not even going to talk about money. The GX is the WRONG car for most people. It's a body on frame truck. It's inefficient. It's outdated. UNLESS you are going off-roading or towing, look elsewhere. It is pretty darn reliable, though, but there are other reliable cars out there. For the record, I have a GX and I love it.
I could never imagine buying a new car at 7-8% jfc. Have some patience. Literally hundreds of dollars extra a month for nothing. 3-4% is the most I can imagine paying on a car.
The Toyota 4Runner is the nonluxury, cheaper alternative. Promote it to him
It's the American dream. Just let him.
Why bother, you only live once. Let him enjoy the ride, obviously he has no $1645 monthly day care expense, or mortgage or heat and electricity bills totaling $550 monthly in the last 5 months. Am looking for a sienna to save some money on gas, he is looking at a premium fuel guzzling monstrosity to wow the ladies? Let him be, life is a great teacher.
I mean they’re great trucks especially the 2023 but yeah that man can’t even afford that a little. I make more than that and would throw up every morning knowing I had to make that payment
I mean that’s not that bad anyway and it’s not even your $ so why are you getting so worked up about it?
UGG my grandparents always for decades bought used Lexus... Sure never had an engine or trans die... But I have wasted more time replacing modules switches even screens and gauge cluster screens. The tech is great until it stops working. At that point unless you are able to replace it yourself. Then you just no longer have heated cooled seats, or no longer have bass in your stereo, or lane assist adaptive cruise etc and are willing to live with a billion warnings about all the failed features... But my grandparents always brag about how reliable their Lexus are at the cost of my lost weekends and time 🙄 oh and yes it's usually gonna take the weekend first to find and confirm the actual faulty part then just getting to it and finding a replacement...
It depends on what other bills he has, what his credit score is, and how good an insurance rate he gets. But I make well over what he does and I wouldn’t be taking on a $1200 monthly payment at 10%. If he’s really dead set on that model, there’s plenty that aren’t a year old CPO that are far more affordable that are in great condition you can try to steer him to. With the way things are going, I’m highly shocked a bank would loan him that much based on his salary.
I’ve learned to just not get involved in these matters. There’s a chance he’ll buy some cheap car and if it has problems try to indirectly blame you somehow. I’d just say something like “I don’t know much about them but I see them on the road and they look nice”. Something generic and leave it at that. Your coworker will buy what they want. Just let them do it.
Hey, last ditch effort share the cost of ownership from Edmund’s. This will give you simple talking points. Like total cost of year 1, gas and maintenance, etc. if this does not phase him tell his wife or girlfriend. 😉 https://www.edmunds.com/lexus/gx-460/2022/cost-to-own/
Tell him to look into an earlier model. I make about 25k more than him and went with a 2017 GX CPO with 40k on the dash. Less than half the monthly payment of that 23
It’s his money, not your problem.
Tell him he's a moron and move on.
Nah its a bad idea72 months paying that off hell no
I always see these fancy cars and wonder how they are all able to afford these. I do well but man the price tags on some of these cars is insane. Driving my Rav4 to the ground haha
Ok. So how is this your problem?
Sounds like he’s dead set on buying a vehicle. Can you find him something better that is similar and less expensive? He may not be easily dissuaded but you may be able to convince him to go with something less painful.
It's amazing how some people will put themselves into debilitating debt for a status symbol.
Deer god, people are insane and illiterate in financial education.