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  • legobikes
    replied
    Originally posted by Marko-ER View Post

    I never have any regrats
    And I never have any ragrets.

    Leave a comment:


  • blippi
    replied
    compact suv has been fine for family of 4 95% of the time. other 5% has been travelling with substantial luggage (could get roof rack), guest squeezed between car seats, or need for more than one guest.

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  • drwifey
    replied
    How tall are you? I would bring your carseat and put it in any of the cars you’re thinking of getting. I’ve heard the Tesla is tight for rear facing car seats. Also look up The Car Mom on YouTube. She reviews all the cars with families as the focus!

    Leave a comment:


  • Marko-ER
    replied
    Originally posted by Craigslist View Post
    500k in loans, i make less than that in income, i still bought a model y, no ragrats
    I never have any regrats

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  • Marko-ER
    replied
    Originally posted by Random1 View Post
    Have $60k in the bank, would put maybe $25k down and keep payments around $500 a month.

    Buy a car for 25,000 and keep 35 in the bank and have no payments, would be a better financial choice. The question is whether you need a new car for 53,000 or want a new car that costs 53,000. I dont think it is going to break the bank, for you.

    Growing up , we had a toyota starlet, which makes those tiny chevy's look big. I was one of three and my brother was 250 lbs sitting in the back seat next to me. Some how we didn't need a new car, because that was our new car. My dad also didn't like paying extra for air or windows with little buttons when you could roll them down yourself just as easy. The point is, figuring out what you need and what you want and how it fits into your financial plan. Putting that extra 35 in a retirement plan and brokerage account now , may make a substantial difference in 20 years
    Agree with the points above, the decision as outlined is probably the ideal for the budget-minded majority on this forum (unfortunately a minority mindset for the rest of the general population and physicians too). Particularly for a new attending, it's easy to get on the hedonic treadmill, it's harder to get off. And so you know where I am coming from: I am 5 years into attending-hood and I still drive a 12+ year old Honda accord, and when my wife's car was totalled we replaced it with a 1-year old vehicle off-lease on with an extended 5-year certified warranty for just under 30K. Maybe a lightly used corporate vehicle or certified used 1-2 year old car is the way to go?

    Now that being said, used vehicle market is insane right now. I also agree with others that at least in a tesla model Y, the 3rd row usefulness is questionable, it's just a very tight space (not Lexus RX3 "tight", but tighter than say Acura MDX). Do a few more test drives, but as suggested Honda Pilot is certainly OK. You should also consider Toyota Rav4 Prime, which is a solid, solid vehicle that will last you a long time, has decent acceleration/styling, should hold its value etc. With the 7.5K tax credit, your take home price should be around 33-37K depending on the trim level and extras and that way you can still take advantage of your solar panels with 40 miles all electric range.

    I would probably aim for RAV4 prime myself, but I am holding out for another year to see if the car market loosens up a bit and hate to say it, but Rav4 is blaaaaand and just super common. I was also pretty high on VW ID4 when it was announced but after test driving it, no go. ID4 is a car appliance, in both the best and worst sense of the word. So now waiting to see what happens with Ioniq 5 or maybe even the base/commercial version of Ford F150 lightening, both of which should be around 35K after tax credits. Fast charging on the Ioniq (faster than most Teslas) and newly announced open access to supercharger network for non-Tesla vehicles is intriguing, but I don't want to buy first model year, let them iron out the wrinkles. Sorry to hijack the conversation, but anyone else looking at Ioniq 5?

    Leave a comment:


  • Nysoz
    replied
    Originally posted by Random1 View Post

    Because borrowing money to buy a depreciating consumer good is not an investment. 5 year treasuries pay .73% right now, which is considered a guaranteed return, not a speculative stock market return. because every one knows that can go up or down. So if you can borrow for less than .73% for 5 years you are probably winning the interest game. Otherwise you are speculating that your returns will be higher. The other issue is that many people , just seem to purchase more car when they are not paying cash.
    So paying cash for the same depreciating consumer good is that much better? No matter what, you're paying the same amount of money into the car principle. Either up front or over time. Paying over time, you pay a low interest rate which gives you extra flexibility of paying down other higher interest you may have or to invest.

    Sure, investing in anything is speculating. Choosing to pay cash is speculating in a sense. Even though past performance and such, historically over a long time frame, investing wins over low interest debt. VTI returns 8.8% since inception (2001), 14.7% for the past 10 years, 44.3% the past year.

    The key is buying a reasonable car for your budget. Save 20% towards retirement and spend the rest on whatever you want. That may be vacations, a doctor house, fancy food, paying down loans, investing, or a fancy car. Loans/mortgages don't give you free range to buy whatever you want, just options and liquidity if used appropriately.

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  • TheDangerZone
    replied
    Originally posted by Random1 View Post
    Car loans are cheap money with low interest rates. As long as you’re investing the difference and making more than the loan interest, it can make sense.

    Because borrowing money to buy a depreciating consumer good is not an investment. 5 year treasuries pay .73% right now, which is considered a guaranteed return, not a speculative stock market return. because every one knows that can go up or down. So if you can borrow for less than .73% for 5 years you are probably winning the interest game. Otherwise you are speculating that your returns will be higher. The other issue is that many people , just seem to purchase more car when they are not paying cash.
    The problem is that tacking a new car loan onto 300k in student loans on a new attending salary with justification that they'll pay off once partner is a slippery slope.

    I would once again like to ask OP, where is his income going if not to loans? Is it going straight to a taxable or retirement account? If it's just being spent upgrading lifestyle then it's not going to end well.

    Leave a comment:


  • Hoopoe
    replied
    Tesla is great but still an expense and will never be a bargain but can be a good value relative to the fun factor and driving experience. Keep in mind the range estimates on the Y are some of the most optimistic since it’s bigger and so highway travel above 70mph gets way less than stated range probably about 240 miles and since you don’t want to arrive with 5% battery plan on 200 miles of real world USABLE range between destinations. Additionally the extra seats are so small they won’t work for all but the smallest children. That said, it seats 4 comfortably and is the most fun car out of its class. I test drove the whole group from Range Rover, Acura, BMW, Mercedes, and Honda CRV hybrid. It was the clear winner.

    If you live in a climate that gets hot budget $1k extra for a high quality ceramic tint as all the glass inside is beautiful but makes it a functional greenhouse in the summer.

    For charging, check and see if the hospital has free charging. All 4 that I work at do and it makes a huge difference in operating cost especially with a long commute. So I only need to supercharge on long road trips otherwise all charging is covered by hospital.

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  • Larry Ragman
    replied
    We love our Toyota Highlander. Right now used cars are expensive, I'd look certified pre-owned but be prepared to buy new.

    Leave a comment:


  • Random1
    replied
    Car loans are cheap money with low interest rates. As long as you’re investing the difference and making more than the loan interest, it can make sense.

    Because borrowing money to buy a depreciating consumer good is not an investment. 5 year treasuries pay .73% right now, which is considered a guaranteed return, not a speculative stock market return. because every one knows that can go up or down. So if you can borrow for less than .73% for 5 years you are probably winning the interest game. Otherwise you are speculating that your returns will be higher. The other issue is that many people , just seem to purchase more car when they are not paying cash.

    Leave a comment:


  • Tim
    replied
    Originally posted by Nysoz View Post

    Car loans are cheap money with low interest rates. As long as you’re investing the difference and making more than the loan interest, it can make sense.
    Compound requirements. Leveraging investments multiples losses as well as gains.
    Past performance ......blah, blah, blah.
    It can make sense. Car loans only make sense if you can afford to pay it off and choose not to.

    Leave a comment:


  • Nysoz
    replied
    Originally posted by Turf Doc View Post
    Also think you should pay straight cash for it if you're going to get it. Why should an attending have a car loan?
    Car loans are cheap money with low interest rates. As long as you’re investing the difference and making more than the loan interest, it can make sense.

    Leave a comment:


  • Turf Doc
    replied
    Seems like a good student loan to income ratio, why 10-15 years payoff? Yeah good interest rate, but that kind of presumes you're doing something better with the money. What's your cashflow look like if you were going to pay those off in 5 years? Can you still meet all your goals OTHER than buying a sweet tesla?

    Also think you should pay straight cash for it if you're going to get it. Why should an attending have a car loan?

    Seems to me like almost no individual decision will sink you, just be careful that it's not the beginning of a bunch of other expensive decisions

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  • Craigslist
    replied
    500k in loans, i make less than that in income, i still bought a model y, no ragrats

    Leave a comment:


  • JB14
    replied
    Originally posted by Lordosis View Post

    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
    I can't recommend snow tires enough. They are like magic! Our first two years back in Minnesota we didn't have them on our Prius. Put them on for the 3rd winter and I swear it was like having AWD. When we bought our 2016 Dodge Caravan, I went about 2 weeks with the factory tires before getting a set for that car too.

    Leave a comment:

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