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  • Bev
    replied

    Kids and carpooling:
    Honda-Odyssey, Passport, Pilot
    Protect your seats/keep barf bags handy/stow gear in rear

    After your carpooling days:
    Acura MDX/RDX

    Leave a comment:


  • Tim
    replied
    The choice isn’t loan or the car.
    The choice is loan or investment.

    Just a note about the carpooling. Kids and carpooling can put a ton of wear and tear on the interior. All your desires for a “cool car” logically lead to utility as a priority. One of the advantages of sticking with two seats might be someone else driving. Just saying. CRV might suffice for your needs.

    Leave a comment:


  • lakeswim
    replied
    Originally posted by VentAlarm View Post

    And, as above, I get that the Tesla is cool, but as the dad of three kids, I can tell you that the cool days are behind you. Get something practical. Heck, buy a pilot or odyssey with 100k miles on it, then get a model S as a toy in a couple years if you want. With y’all’s income, it’s not inappropriate to buy a 50k toy when the loans are paid off.

    My neighbors had their third kid a couple months ago. The husband texted me that his wife told him “leave and come back with a minivan. I don’t care what it looks like, just go get it today.”
    Ha, this was me. I had my third kid a couple months ago. I had the baby on a Sunday and was sitting in Carmax on Wednesday. It would have sent my husband, but I had done all the financials online. I won't say it was a great deal given the used car market right now (close to $30K for a 2018 model with 24,000 miles), but we really like our Chrysler Pacifica.

    Leave a comment:


  • TheDangerZone
    replied
    Sounds like you are open to feedback unlike some of the other posters here that come in and want positive reinforcement that spending beyond their means is okay.

    Fresh attending with 325k in student loans. If you follow WCI you should know the core commandment is to live like a resident for a few years, slowly grow in to your income and then enjoy the good life after 3-5 years.

    Where is your income going if you’re just planning to make the minimum payments? How much are you planning to put away towards building your wealth? You have some home equity but you’re still nearly -200k in the hole right now. The math on the low interest rate only makes sense if you’re straight up investing that money instead of knocking out the loans.

    I wouldn’t count on partnership income, either. A lot can happen between now and then. From stringing you along to selling out to private equity, nothing is guaranteed. You’re also going to have to buy in to the practice and pay that back so it’s unlikely you’re going to be cash flowing significantly more than you are now, at least for a year or two after partnership.

    My advice is to but a reliable, used car that meets your needs. Three rows, AWD, shouldn’t cost you more than 15-20k. Skip the 50-60k Tesla until you can actually afford it, not when it’s at the expense of student loans or jump starting your wealth building.

    edit: Just jumped on Autotrader and found a whole bunch of Toyota Highlander with three rows and AWD under 100k miles all under 20k. A car like that is likely good for 100k more. No excuse for spending way above that if utility is your primary goal.

    Leave a comment:


  • Lordosis
    replied
    Originally posted by RheumMD View Post

    Thanks. My two sister in laws live down the street and they each have two kids so we are kind of a carpool gang these days. That's really the only reason for a bigger car. AWD certainly not 100% necessary, but there are definitely days it is a necessity as they don't plow streets here and I cannot get anywhere in my FWD Civic. Appreciate everyone's responses, I'm gonna start looking more into the $20-25k SUV range, used cars are just really tough to find these days.
    Yeah you are speaking minivan language. The practicality will make up for the times you use it to commute.

    Snow tires are more important than AWD

    Leave a comment:


  • VentAlarm
    replied
    Originally posted by RheumMD View Post

    Totally agreed. We live very modestly and don't spend much, nor do I anticipate increasing that much. It sort of comes back to the student loan argument with interest rates being so low right now (I'm looking at refinancing and getting around 2.6%), then I am questioning why it is necessary to pay them off so quickly since that doesn't add a lot to total interest on a 7-10 year refinance and makes it easier to cash flow month to month. Big purchases definitely aren't a good idea right now, but a car upgrade is needed at some point. Smart sense says to go for something more in the $20-30k range, so that's likely what I'll end up doing.
    And, as above, I get that the Tesla is cool, but as the dad of three kids, I can tell you that the cool days are behind you. Get something practical. Heck, buy a pilot or odyssey with 100k miles on it, then get a model S as a toy in a couple years if you want. With y’all’s income, it’s not inappropriate to buy a 50k toy when the loans are paid off.

    My neighbors had their third kid a couple months ago. The husband texted me that his wife told him “leave and come back with a minivan. I don’t care what it looks like, just go get it today.”

    Leave a comment:


  • childay
    replied
    Originally posted by StarTrekDoc View Post
    When you have that many little ones and project into the future all the equipment you'll be hauling...minivan is the only way to go. There simply isn't anything it can't do. The harder part is the weather that sounds a bit challenging where the minivan may struggle at times.
    +1. As slightly painful as it is to admit, the sienna is quite nice. Both sienna and pacifica come with AWD option.

    Leave a comment:


  • RheumMD
    replied
    Originally posted by Nysoz View Post

    Out of curiosity I checked for used ones. 2019 Mazda CX-5 are around $25-30k around me. Going older gets you closer to $20-25k.

    Unfortunately this is a problem with the used car market now. Spending $17k instead of $50k makes sense cause that’s a huge stretch. Spending $30k instead of $50k for that used car much less of a stretch or sense. Let alone a new one that runs around $40k.
    Agreed, it's a weird time. Used Tesla Y's are going for $5-10k over the price of a new one. Part of that is the manufacturing being backed up and December being the earliest ship date, but it's been the same with pretty much all used cars. One of the few times that buying new with a nice warranty might make more sense than used.

    Leave a comment:


  • Nysoz
    replied
    Originally posted by dayman View Post

    We spent 17K-ish on a two year old Mazda CX-5 a couple of years ago. Nice car. More than big enough for our family of 4. Can get it AWD if you want.

    You do what you want, but spending 50K on a car when you are fresh out of training with 325K in student loans is starting down a slippery slope...
    Out of curiosity I checked for used ones. 2019 Mazda CX-5 are around $25-30k around me. Going older gets you closer to $20-25k.

    Unfortunately this is a problem with the used car market now. Spending $17k instead of $50k makes sense cause that’s a huge stretch. Spending $30k instead of $50k for that used car much less of a stretch or sense. Let alone a new one that runs around $40k.

    Leave a comment:


  • RheumMD
    replied
    Originally posted by VentAlarm View Post
    You can buy whatever you want and it’s not going to financially ruin you. The issue that buying something nice now is emblematic of failing to delay gratification. The “right” move is to buy something cheap but reliable until your loans are paid off then upgrade cash. Something like a 5y/o pilot or cx9 or something. Then, 3 years from now, save up cash and buy whatever you want. Buying a Tesla now would only set your plan back a few months; which means nothing in the long run, but could be the first of many decisions that you make to set you back “just a couple more months” if you next decide to upgrade the house, then front load 529s, then upgrade house, then get solar panels, then furnish, then a little land scaling, then do the deck, then upgrade the other family car. It’s essentially a slippery slope argument against it.
    Totally agreed. We live very modestly and don't spend much, nor do I anticipate increasing that much. It sort of comes back to the student loan argument with interest rates being so low right now (I'm looking at refinancing and getting around 2.6%), then I am questioning why it is necessary to pay them off so quickly since that doesn't add a lot to total interest on a 7-10 year refinance and makes it easier to cash flow month to month. Big purchases definitely aren't a good idea right now, but a car upgrade is needed at some point. Smart sense says to go for something more in the $20-30k range, so that's likely what I'll end up doing.

    Leave a comment:


  • VentAlarm
    replied
    You can buy whatever you want and it’s not going to financially ruin you. The issue that buying something nice now is emblematic of failing to delay gratification. The “right” move is to buy something cheap but reliable until your loans are paid off then upgrade cash. Something like a 5y/o pilot or cx9 or something. Then, 3 years from now, save up cash and buy whatever you want. Buying a Tesla now would only set your plan back a few months; which means nothing in the long run, but could be the first of many decisions that you make to set you back “just a couple more months” if you next decide to upgrade the house, then front load 529s, then upgrade house, then get solar panels, then furnish, then a little land scaling, then do the deck, then upgrade the other family car. It’s essentially a slippery slope argument against it.

    Leave a comment:


  • StarTrekDoc
    replied
    Originally posted by RheumMD View Post

    Thanks for the reply. People mover and driving to work are the biggest things. Making use of the solar panels on our house is nice also. 3rd row is really for carpool, I have 4 nieces/nephews that live down the street, purely for kids. I will also look into minivans, though not great for commuting to work.
    When you have that many little ones and project into the future all the equipment you'll be hauling...minivan is the only way to go. There simply isn't anything it can't do. The harder part is the weather that sounds a bit challenging where the minivan may struggle at times.

    Outback maybe an option.

    We took a close look at the Niro too while waiting for the Y and that maybe worthwhile as they have three different engines that maybe suitable to you.

    Leave a comment:


  • udrag14
    replied
    I drove a majority of 7 seater a couple years ago [before Model Y].

    Most of the 7 seater ICE vehicles are quite small in the 7th seat.

    We got a Subaru Ascent. It is quite practical and large for an AWD. I have no complaints with it.

    Leave a comment:


  • RheumMD
    replied
    Originally posted by StarTrekDoc View Post
    So what are your priorities? Utility? People mover? Cost efficiency? Value over years? Green? Badge?

    AWD = weather/driving vs really need AWD - rural - high clearance.

    3rd row mid-SUV = worthless beyond kindergarten sized kids.

    You have a X3. Use that as your litmus test of size of car.

    The mere mention of 3rd row speaks that you're best suited for Minivan land if Pilot is deemed 'too big'.

    If minivan: Honda/Toyota would be my suggestion (still own our Odyssey 2004). or hybrid chrylser pacifica if you really want an electric option.

    If purely midSized and really not needing that 3rd row beyond the rare occasional; you may get away with Y or highlander or Mitsubishi. -- just be cautious on this.


    We love our Y. Drove up from San Diego and staying in Monterey this week with the family, dog, and the Y. Plenty of room and comfortable. Even did autopilot yesterday on hwy 1 to test it out -- that was an E-ticket ride
    Thanks for the reply. People mover and driving to work are the biggest things. Making use of the solar panels on our house is nice also. 3rd row is really for carpool, I have 4 nieces/nephews that live down the street, purely for kids. I will also look into minivans, though not great for commuting to work.

    Leave a comment:


  • RheumMD
    replied
    Originally posted by dayman View Post

    Don't agree with the mindset of "well I need a family car, 35-50K is just what they cost". Sounds like you do need a family car, but there are lots of ways to do it cheaper.

    We spent 17K-ish on a two year old Mazda CX-5 a couple of years ago. Nice car. More than big enough for our family of 4. Can get it AWD if you want.

    You do what you want, but spending 50K on a car when you are fresh out of training with 325K in student loans is starting down a slippery slope...
    Thanks. Was going to look at Mazdas as well, CX-5 and CX-9. I hate buying expensive cars, and my original plan was the $20-30k range so will look around more.

    Leave a comment:

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