<p>This sounds like something my son would try. No way I’d let him live with me, without learning how to think and manage money like a grown up, while he saved to buy a better car than mine! We have this discussion ALL the time!</p>
<p>FWIW, my H FINALLY got a his long awaited used BMW M5, and he was making about 160K. NOW he wants a motorcycle…</p>
<p>D1 wants a Birkin bag. I told her that she should buy ME a Birkin bag.</p>
<p>How would other parents handle a child who moves back home after college to save money?</p>
<p>I’d be supportive if my D’s were saving money for a specific purpose like grad/professional school, starting a business, or towards a first house or condo or even first month’s rent and security on an apartment. Also, if the stay was going to be for a short period prior to starting another educational program or before starting a job in a different locale. We would probably charge nominal rent, and expect some help with household chores and errands. Probably take the rent money at the end and put it towards their tuition, Roth IRA, or somesuch.</p>
<p>Saving to buy a $50k car, I think we’d charge more rent and not be so quick to gift it back. :)</p>
<p>Everyone has his/her own preferences but, why would a young person want some sedan targeted more at the middle-aged anyway (no offense intended to posters here)? Most young people are more interested in more sporty cars. If I saw someone in their 20s driving an E-class I’d just figure they borrowed the car from their middle-aged father.</p>
<p>^^agree with slithey…in fact, I’d start collecting rent to help ME buy my next car ( I only buy used but boy, would it be a NICE used car). Or maybe a vacation in February. I could use one right now.</p>
<p>If the OP has no other expenses, (free food, free rent, mom still buys him clothes, face it, it’s not like he’s going to be dating girls that like to go out when they find out he’s living with his parents, so he’s not going to need a lot of socializing money…) and he has a $100K a year job, with almost 50% going to taxes, he can save $50K in that first year. So then he can get the car. I’m betting its a cougar magnet.</p>
<p>I started a business in my early twenties and was considering a sports car or a german sedan. I bought the german sedan as it would be more useful for marketing (we made the sales calls). It was also a bit of a problem looking so young when you were trying to make deals with people in their 40s and 50s. I also considered looking for a product to add a little gray.</p>
<p>Cougar magnet…lol. OP, is that what you’re looking for?</p>
<p>I don’t get how people would be impressed by an E-Class anyway. I see many of those every day.</p>
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It’s funny how things do a 180 for most of us.</p>
<p>younghoss really… Get off. I was assuming that the person was an ADULT who paid their own mortgage or rent, living expenses, etc. Given that the OP is saying it would be their first nice car I am certain that they were not trading in something worth 25,000.
I didn’t post to get bashed. I posted to give a realistic idea of what the payment on a 50thousand car is. Someone had posted that the payment would be 1000. Even with 0 interest, I knew for a fact that the payment was more like 1500.
sueinphilly,…I totally understand that amount of money is more than most people’s living expenses for a month. That is the general point I was trying to make. It was definitely a once in a lifetime purchase for me. Note that I am still driving the car with over 100K miles on it.</p>
<p>I have a good friend whose daughter graduated college in June '09 and she is living at home. But it makes a ton of sense: Daughter travels full-time for her job during the week, and her boyfriend lives at home as well. So when daughter comes home Friday night, she lives with Mom and Dad and sees the boyfriend.</p>
<p>And, since she has literally no expenses, she’s saving virtually her entire salary. A few years of that and she’ll plop right into a 4-bedroom house.</p>
<p>Very sweet.</p>
<p>finaid.com has some nifty calculators.
$50,000 loan, 6%, 6 years amortization, level payment, simple interest = $828/mn </p>
<p>Which means that borrower needs to make >$1200/mn minimum ($14,400/yr) to clear enough to make car payments.</p>
<h2>Everyone has his/her own preferences but, why would a young person want some sedan targeted more at the middle-aged anyway (no offense intended to posters here)? Most young people are more interested in more sporty cars. If I saw someone in their 20s driving an E-class I’d just figure they borrowed the car from their middle-aged father. </h2>
<p>I want the E-Class coupe, not the sedan</p>
<p>It’s been my dream car for a while now.</p>
<p>I’m a very self-conscious person. I care about image.</p>
<h2>My daughter and I would be spectacularly unimpressed by a guy who was living at home just so he could save up money to buy an “impressive” car. That’s immature, not impressive. </h2>
<p>Yes, but the point is, AFTER I buy the car and move out, things will be a lot different from then on.</p>
<p>In other words, I’m willing to sacrifice a couple years for that.</p>
<p>But it’s not as bad as you think. We live in a million dollar house. I’m saying that because it kind of makes a big difference, even if it’s my parents’. That’s also why my parents don’t mind that I live with them, because they figure it’s more worth it anyways.</p>
<p>I know a guy who bought a really fancy sports car for himself at your age. Guess what? He’s still driving it many, many years later and not by choice, either. Too bad he didn’t invest the money in something else. True story.</p>
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<p>No, it really doesn’t. In fact, it makes it worse. People at least <em>understand</em> when a kid from a modest background lives with his parents, because they get that the entire family doesn’t have a lot of money and this approach is most economical for all. When a kid from a more well-to-do family lives with his parents, the assumption is far worse – barring a medical issue, or a need to be close to an elderly parent, that the kid has no initiative or drive.</p>
<p>Really, no worthwhile girl is going to be impressed that you have a room in a million-dollar house and that you have a fancy car.</p>
<p>OP…I think many on this thread are reacting to what seems to be your primary and very narrow goal of having a high-priced fancy car. You many have reasons for living with your parents - perhaps your parents and you really prefer this arrangement for a period of time. If it works for you and them, there’s no need to defend it. Keep in mind that you haven’t tried it yet…and it may not be what you expected. So keeping your finances flexible rather than tying them up with a high-priced luxury that you don’t really need may be the better way to go. Good luck to you.</p>
<p>OK…my opinion…if you need to ASK what kind of salary can support your car purchase, you probably don’t have enough money to buy the car.</p>
<p>The best thing you could do for yourself is establish your OWN independently financed lifestyle…get your own place…pay your own bills…by the things you NEED…in other words…grow up.</p>
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<p>I know the same guy.</p>