What car should I buy used for $35k-$40k?

bears1208:

You shouldn't

Asatar:

Might as well post before IlliniProgrammer tells you to buy an old Honda

kmzz:

http://losangeles.craigslist.org/sfv/cto/2678702627.html unfortunately, body style will be outdated pretty soon

i saw a guy drivin this http://losangeles.craigslist.org/lgb/cto/2658038533.html with a suit/tie and wayfarers lookin like a damn boss

Holy shit that M6 for $40k sounds great. Not sure about the Shelby though haha.

nate1749:

Nicer cars tend not to be about who can afford them, but who can afford to maintain them. I've never owned a porsche, but I'm sure it's just as ugly when you take it to the dealer out of warranty as an audi is. If you decide to get a nice sports car (a5 isn't really a sports car, the s5 is the real one), expect some items to cost 3x as much (brakes, tires) and to last 1/3 the amount of time (brakes, tires).

Good to know - wasn't really thinking about maintenance costs.

I have a question about financing: would you guys recommend taking out a 4 year loan and pay equal amounts, or take out a 5-year loan and pay the final year's payment right when I get my bonus after my 4th year of working? That way, I can have more spending money month-to-month for four years, and during the summer before b-school (if I end up going after 4 years) I can spend some of my bonus to finish paying for the car and sell the car immediately after to net a positive cash flow. I probably won't need a car during b-school, right?

MBAApply:

If you are single, go for the Porsche. For that kind of money you can get a well sorted 911 (type 997.1 -- model years 2005-07). Cayman is fine too, although I think if you can get a 911, get one. Just pay the few hundred bucks for a PPI (inspection) before buying it - it's worth it.

Here's the thing. When or if you get married -- your future wife (no matter the nationality) will force you to get the luxury sedan (Audi, BMW, etc.) over any sports car. Trust me on this. I don't care how much bravado you have now about how "no man, I will never let a woman push me around" but chances are, even if you had the money, your wife will have a big say in your choice of vehicles especially if there's kids on the way, and the "emotional opportunity cost" is much higher then compared to now (assuming you're not married). Even if you are making big bucks, your future wife will guilt you into putting money into your child's college fund, home renovations, vacation home, etc. - basically the sports car will somehow always end up on the bottom of the priority list and she will make sure of that.

I really love the A5, but it's the kind of car that down the line you have a better chance to convince your wife to buy. In other words, you can always get an A5 or similar sort of luxury vehicle - now or later. But it's harder to buy a sports car if you're married, no matter how much money you have (or even if you can buy it, you'll have less time to enjoy it since you'll be tasked with hauling kids).

Live large. Get the Porsche! Yes it will be more expensive and the upkeep can be a little more than an Audi, but you can enjoy the car more now than you ever will down the road (and this may be your only chance to enjoy it as a single guy... unless you get divorced decades from now).

bears1208:

For one, you shouldn't spend based on what you hope to get in a bonus. What if you don't perform well or your firm hits unexpected hard times? Secondly, saving at a young age is paramount for early retirement. I'd probably spend half of what you are looking to spend on an older used m3 and then when you have a much higher base in a few years buy a porsche (or in my case a lotus).

What's the difference between salary and bonus for a banker? Both are a sure thing if you don't get fired, both are lost if you do get fired.

benpacogrander:

Also, A5's are SLOW!! google there 0-60 times. quite pathetic for how beautiful of a car it is.

Is it noticeably bad? I don't really drive more than 10 mph above speed limit.