Can someone help tell me if I can afford this car?

Submitted by ThoughtsInSpacee t3_1282bkn in personalfinance

30yo male Single

Currently unemployed

Hey guys, can someone tell me if this is a bad idea?

I worked in tech, made 150k base + 50k comps . Outside a major city. Quit voluntarily to take a year off from burnout my entire life. Reevaluating where i want to work next but Planning on moving to a major city so no worries on finding a job in a year.

the stats
350k in investments
170k cash (for emergencies / buying dips)
Current car 6-9k resale value
800 credit
No income currently but looking at some freelance work if needed

Im going to move back to a big city in a few months, back in with parents to take care of some personal stuff with relatives. So pretty much no expenses minus insurance and maintence

Once i get a new job (in 12 months? ) ill move out into my own apt and wont have any issues to afford stuff and will have regular expenses again

CAR: 22/23 wrx GT

This is the car ive wanted since forever and its a future useable car for my own family. Priced at ~40-46k total after taxes (-7k after i sell current car). My current car wont be able to transport my family its a coupe

THE CONCERN

Is this car too expensive considering there is SOME uncertainty about being unemployed? Ill have nearly no expenses.

Insurance will go from 450/yr to 1250/yr

Ill have to pay for garage parking or park on street (200/yr street, 5000/yr garage( and factor in scratches / broken windows in the city too. 1000/yr broken windows

I can get a cheaper car like a camry or corolla also but it might leave this itching feeling in the back of my head that i didnt get the car i want.

I think i can afford it but is this financially dumb?

Thanks for reading

EDIT: Also consider i have a 2d coup from 09 right now and its not reasonable to use it to move across the country or drive anyone around but me.

Theres also a lot of mods on my current car including sound system , subs, exhaust etc that would be very prime targets in the city for theft

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catamaranpilot t1_jeh2cnc wrote

Let me get this straight, You have >$500k , no job, moveing cross country to live with your parents for free, your parents are poor and also have no job and you are asking if it is OK to spend $46k on a toy car just because you want it.... really dude, this is just sad.

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ThoughtsInSpacee OP t1_jeh4846 wrote

Im confused? Why is this sad?

Im not that financially literate , and have a lot of conflicting pros and cons here. Im literally a child with adult money

My friends and family all have their bias personal opinions and i wanted an opinion from a community with a financial planning bias.

Ill need the car to drive my parents around, myself to work if its farther, and to move myself across the countrry. Also snowy mountains occasionally

So you think is dumb or no?

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tbone1111 t1_jegvqg5 wrote

I think you're in a good position financially. Congratulations! But it's never a good idea to take on this kind of loan payment unemployed no matter how Bright the future is. If it's not mandatory I would not do it right now. Just my opinion. Good luck to you

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ThoughtsInSpacee OP t1_jegwnjh wrote

I was going to pay ~30 k down and pay off the other 15k on a loan

Your last bit about “right now” is ideal.

I should wait but i also want this car to drive me across the country for the move

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chilipepr t1_jegwf1l wrote

Sure you can afford it, but buying a new car vs one 2 or 3 years old will extend your retirement a couple years.

You say your single, so what family do you need to transport? Don’t forget another chunk for yearly excise tax. I have lived in a city, you don’t want a new car in the city.

TLDR: You can afford it, but it is not the wisest decision to do so.

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ThoughtsInSpacee OP t1_jegx81p wrote

This is exactly what i feel.

I want this car. Its been what i wanted since forever, but it might not be the wisest. Also cities are bad for [ new] car, but my parents apartment IS in a NICER neighborhood

As for family, my parents are old, dont drive or speak english, and as they age more will need help getting around. Also i mean having a sedan for 10 years down the line for my own family.

As for buying used - yes, except i want the features in the 22/23. I can get these slightly used too for slight cheaper. Just put the new price for more conservative calculations and consideration

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chilipepr t1_jegzj7r wrote

Run your car a couple more years and then buy a used ‘23

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ThoughtsInSpacee OP t1_jeh000p wrote

This is ideal and what i would do normally, but i need a slightly bigger car too to move across the country, which is why im trying to lump in the car ive wanted anyways .

Im also really leaning into selling everything i have now including my car, FLYING home and then just waiting to buy the wrx when i get a job again

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Sometimes_Stutters t1_jeh4mje wrote

>Currently unemployed

I stopped reading here (not really, but it’s a good dramatic effect)

Can you afford the car? Yes. You look pretty good financially.

Would I spend the money on that car? No. Probably not. I’m a car guy. I work with the most unbelievable cars in the world. It’s fucking sweet.

I’ve had access to the best cars in the world. Listen. The happiness doesn’t last. You get the hit. It’s great. But the daily rush dies.

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ThoughtsInSpacee OP t1_jeh4ypc wrote

Part of it is ill be moving to a city with heavy rain and steep hills, occasional snow and mountains nearby. Overall just safer feeling for me and my loved ones with the better chassis, AWD, more interior space, better airbags and better driving assistance.

The alternative is a corolla or something as my current manual 2d isnt realistic

The unemployment is voluntary for about a year, but ya thats one of the major cons i have listed.

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JustADudeBeingADood t1_jegw8c5 wrote

Your parents are taking care of you financially and you have them as a safety net.

It would be pretty low risk to buy an expensive car with the cash you have.

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ThoughtsInSpacee OP t1_jegwueh wrote

My parents are actually very poor. They dont even work right now, drive, or speak english. They have their own expenses and finances sorted out comfortably but i wouldn’t expect them to take care of anything for me. Only provide me the free rent.

Im planning all the finances only considering my own.

Does that change much?

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JustADudeBeingADood t1_jegxc1y wrote

Not really. Frankly, when you are single and have no kids AND no crazy debt, your rent/utilities are your big expense. If that is being provided free of charge, that is a massive support.

You can buy it with minimal risk since you can live for nearly free whenever you are unemployed.

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ThoughtsInSpacee OP t1_jegxo6j wrote

Yeah youre reiterating well what i feel are the PLUS for buying this. Just feels bad having a net outflow of money with no inflow in the short term. Feels dumb buying a car especially if i wont need to drive it to work for a while(haha unemployed)

Thanks for your views and thoughts :)

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JustADudeBeingADood t1_jegy1sl wrote

You can say that about any purchase past a Toyota Camry, rice and beans, and clothes from Goodwill.

You can make this purchase without risking your financial health because of your parents covering you when your employment abruptly ends or if you can't find employment soon. Whether or not this is "worth it" is purely based on how much you value cars over other types of luxuries.

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ThoughtsInSpacee OP t1_jegyiws wrote

Interesting, i guess as you said, i can be comfortable spending said amount on a “luxury” and thats exactly what this is. A luxury.

Ive been trying so hard to reframe it as a necessity (COPE) but this specific expensive car isnt necessary.

This helps me a lot with my decision making. Thanks!

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