What Car Should I Get?

[NYCFC_Dan]

I decided I don't want to be/am not ready to be a home owner yet.
I think maybe 3-5 years down the road it's a possibility but at the moment I know I can't afford my dream home so I don't want to buy a house I won't retire in.
With that being said I'm buying my dream car.
Currently leaning towards the 2016 Cayman S.
Purchase time frame August-December so 2017 are in consideration.
I'm ok with a sedan but it's got to be something in the M3 class.
Budget >$80k
Current list... In order of favorites
Cayman S
BMW M4
Audi A7


EDIT:
Yes... I'll reveal forum financials lol.

 

[BxLio91]

In sky blue.

 

[NYCFC_Dan]

In sky blue.

Nah... Murdered out.

 

[Seth]

Volvo 164e. This is a 1971 model, and as you can see they *already* come in sky blue.

 

[NYCFC_Dan]

Edit: must be new lol

 

[Tom in Fairfield CT]

Hmmm. Appeal for new donation level, then post a question about an 80,000 car...

How many elite donors did you get?

 

[Ohenry]

A brand new 1949 DeSoto woody with classic whitewalls.

 

[Vito]

I'd probably put the Audi A7 as the #1

 

[NYCFC_Dan]

Hmmm. Appeal for new donation level, then post a question about an 80,000 car...

How many elite donors did you get?

Lol yeah financials are open for review. We are just shy of covering our hosting for the entire year. I believe it's 17 donors so far. With giveaways and hosting last year I spent close to $1k so it really is a big help. Trust me I'm very appreciative.

 

[Tom in Fairfield CT]

Just kidding, good on you bro. You work hard. Enjoy the new car. Although the house is a better investment. Even if it's not your dream home, it starts your money working for you.

 

[NYCFC_Dan]

Just kidding, good on you bro. You work hard. Enjoy the new car. Although the house is a better investment. Even if it's not your dream home, it starts your money working for you.

Thanks man. I'm still young so I know I can get my house a couple years down the road and to my liking. However if I get the house now I'm not touching a luxury car for some time. More than likely retirement age

 

[Ulrich]

Thanks man. I'm still young so I know I can get my house a couple years down the road and to my liking. However if I get the house now I'm not touching a luxury car for some time. More than likely retirement age

Cars depreciate immediately. Houses, provided you don't buy in a fly-by-the-seat-of-their-pants developer specials and are not in a depressed area of the country, will appreciate to some degree. You should figure on having a starter home to create more equity and then you can put a higher percentage down for your second home.

But if your heart is really set on getting a luxury car, go with the War Rig.

 

[mgarbowski]

With a 3-5 year time frame, I think our boy is making the right choice. There is no guarantee the house will retain its value especially over a short time frame. The transaction costs for a real estate sale are huge. When he sells the starter, 6% off the top goes to the real estate agents. Plus on both transactions, there are taxes, title fees, his title insurance, mortgage company title insurance, real estate insurance, appraisal, credit report, survey fee, engineering report, his attorney fee, mortgage company attorney fee, mortgage recording fee, property tax, and more. You don't want to be paying all that now, and again in a few years if you can avoid it.
Buy the damn car and have fun.

 

[Ulrich]

With a 3-5 year time frame, I think our boy is making the right choice. There is no guarantee the house will retain its value especially over a short time frame. The transaction costs for a real estate sale are huge. When he sells the starter, 6% off the top goes to the real estate agents. Plus on both transactions, there are taxes, title fees, his title insurance, mortgage company title insurance, real estate insurance, appraisal, credit report, survey fee, engineering report, his attorney fee, mortgage company attorney fee, mortgage recording fee, property tax, and more. You don't want to be paying all that now, and again in a few years if you can avoid it.
Buy the damn car and have fun.

I don't remember all of the fine points to the rule, but if you live in the house for min 3 years before selling, a single person can keep $250K profit tax free as long as it's rolled into the next home ($500K for a couple). That's a huge tax loophole that benefits home owners.

 

[mgarbowski]

I don't remember all of the fine points to the rule, but if you live in the house for min 3 years before selling, a single person can keep $250K profit tax free as long as it's rolled into the next home ($500K for a couple). That's a huge tax loophole that benefits home owners.

Yes, and it's $500k if married (hey, it could happen). That's why I didn't list capital gains taxes on the list. Everything else up there still applies. With enough appreciation, and depending on the benefit Dan would get from the mortgage interest deduction on federal taxes, a house can still come out ahead, but you need to run a spreadsheet and make some major assumptions to determine that ahead of time.

None of which has anything to do with answering Dan's question. I'm not much of a car guy, so I have little to offer there. But when others jumped in to suggest a completely different course, I wanted to weigh in with support for his original plan.

 

[FredMertz]

All-wheel drive Tesla Model S 85D.

No question -- much cooler, much more unique, and much better equipped at a similar price.

If you've never driven one, definitely take a test drive...

 

[NYCFC_Dan]

All-wheel drive Tesla Model S 85D.

No question -- much cooler, much more unique, and much better equipped at a similar price.

If you've never driven one, definitely take a test drive...

Ugh.. I wish man. I'd rather get a Tesla than any other car. However it's a cash price.. Can't do that much cash.

 

[FredMertz]

Ugh.. I wish man. I'd rather get a Tesla than any other car. However it's a cash price.. Can't do that much cash.

Why can't you finance a Tesla? I don't own one, so legitimately asking. I was under the assumption you can finance it just like any other car and you still get the tax rebates.

 

[northernburbs]

With a 3-5 year time frame, I think our boy is making the right choice. There is no guarantee the house will retain its value especially over a short time frame. The transaction costs for a real estate sale are huge. When he sells the starter, 6% off the top goes to the real estate agents. Plus on both transactions, there are taxes, title fees, his title insurance, mortgage company title insurance, real estate insurance, appraisal, credit report, survey fee, engineering report, his attorney fee, mortgage company attorney fee, mortgage recording fee, property tax, and more. You don't want to be paying all that now, and again in a few years if you can avoid it.
Buy the damn car and have fun.

The fees and taxes depends on where you live. My family in Florida and Virginia have not needed to use lawyers.
I think NY might be the only state that requires that you hire a lawyer. (big surprise)

 

[NYCFC_Dan]

Why can't you finance a Tesla? I don't own one, so legitimately asking. I was under the assumption you can finance it just like any other car and you still get the tax rebates.

Well I mean THEY don't finance them. You have to pay cash. I suppose a bank could.