Quote:
Originally Posted by mynycbimmer
Technically, a 16 year old with a weekend job could probably afford to cover the monthly lease payments but that doesn't change the fact he would be living beyond his means.
Most financial advisors advocate spending no more than 20% of your annual gross income on a car, so for a $50K car you would need to make about $250K. Makes sense when you think about it, a $50K car just shouldn't be affordable to the average guy.
IMO, too many people are driving cars they can't really afford. I don't see the point in driving a $50K car but living in a rental or having no net worth.
If I were a fresh grad, I'd buy a Honda, drive it until the wheels fall off, and save like crazy for the down payment on a condo.
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Depends on the person man. I agree with you about jobs, but some people think differently man. You may care more about a large house than a nice car, but some people would rather have a nice car and a smaller home. I'm still in high school and I buy a 335i, drive it till the wheels fall off, and save for the same down payment on a condo. It all depends on the person. If you want something bad enough, like a house, you'll work for it just as hard as you worked for your car.