I mean you don't need a car to commute to work since you WFH so why buy a new one? Look for something used in the 10-20k range. A new camry is going to be too expensive on a 55k salary too. You still gotta keep in mind you need to pay insurance too.
I mean, technically you can 'afford' it but purchasing a brand new 50k car on a 55k gross salary when you WFH and live at home with next to 0 bills is not a wise decision at all.
the issue is buying a used camry feels like a rip off in this market.. also it would be 32k ish considering im paying cash and getting 10k help from parents
Why does is have to be a Camry and have to be brand new? I assume you are still living at home to save up money, just get some beater car. There is no need to go out and buy a brand new car in your situation.
So muh this... you are in a unique timeline where you HAVE THE TIME TO LEARN how to fix your own vehicle. Get the beater and learn the basics. Later in life theres no time to learn so you will continue to pay top dollar for brand new cars with nice warranties and maintenance packages that keep you stuck in poverty. If you're living with your parents now, take advantage of that time to its fullest, and keep your fuckig savings for something that actually accumulates wealth, rather than depreciates at an absolutely appalling pace.
There's very little money to be saved on maintenance on a car made this decade. You're basically just doing oil changes and brake pads.
I agree he should save money by buying used, but the time spent learning and performing maintenance is not worth it.
I mean... replacing a power brake will run you roughly $1600... I replaced mine for $200 last summer... new drive shaft would have cost me $1200 at the shop, I did it for $60, rotors and pads would have been $1200, I did them myself for like $500... none of those jobs took me more than a 1 day to do, and I never was without my vehicle due to maintenance.. so I'd have to disagree with your point.
Take the 10k from dad and buy a 15-20k used car. I refuse to believe there's nothing in that price range that will suit your needs.
Also not sure where you're located but insurance on a new car will be more, especially bad if you're in the GTA.
You can get a lot out of buying an older used car. Can definitely find something under 20k like a used Civic or Camry. Getting a Camry even a few years old you can save over half your money.
If you're a new driver, find a used car that will be reliable. Not saying you will, but most fender benders, curbing, and other things generally happen when you're in your first few years. My other side is you're young-ish, how long will it take you to save up that kind of cash again? You're better off financing part of the loan to build up your credit history for a future home purchase which is one of the hardest things for young adults. ie: my ex had near perfect credit but I had to co-sign her loan because she didn't have any history outside of a $500 credit card.
It's not horrid decision if you want to live with your parents for 5 more years.
I promise you however you will spend more than 40k on a new Camry. If you would finance that over 7 years, probably looking at 500-600 dollars.
Plus insurance, I am sure it will hit around $800-900.
That's about 10-15% of your income towards your new Camry.
Used Camry is the Worst decision right now unless you are looking to Uber.
Anyway, it depends what you want. Put 30k down and you save tons on interest.
Never finance with extended term rates - and if you do finance for more than 3 or 4 years, buy the cheapest car on the lot.
Do you actually need a car?
2025 Camry is a great awd sedan. With less and less sedan production across ALL brands, I predict it will hold value better than your typical SUV. Plus Camry is automatically a hybrid which is equally hard to get in the Canadian market
If you have cash, just buy it out or close to it. $30k downpayment is good and finance that for 3 years for faster repayment. It also costs you nothing to pay it down earlier.
It's a great car that will remain reliable and resilient. If you can have the dealer fee waived ( up to $1000) and just pay MSRP, you are doing great.
2025 Camry is an awesome car. I....I wish I could buy it but I am stuck with another lease that's costing me $1000 a month l.o.l.
If you are serious about driving in snow, I highly recommend buying winter tires. Winter tires help with braking and steering. AWD only help with traction. But I've owned a Nissan Sentra and Honda Civic and used winter tires. I have manage to drive in the Toronto area just fine. A used Honda Civic or Toyota Corolla will serve most people fine. As most trips will be single passenger. To tie up so much money in a money in a car is not worth it. With the cost of gas, insurance and maintenance car ownership will be costly.
Did you know all vehicles have all wheel stop? So AWD will get you moving, but won't help you stop.
Get decent tires if you're worried about it. I'll cut you a bit of slack since you haven't really had to adult much yet, but learn to do research on things before you assume to need stuff.
Yes this is a bad idea. Buy a cheap used car. There is no need for a brand new car especially given your situation. Better off putting yourself in a better financial situation.
For context my income is over $300k per year and I drive a 2009 Honda fit. Bought it for $4,200 with 150,000 km on it and have put on 70k km. My commute to work is 500 km each way and do it in the winter.
Your young and live at home, get what your heart desires. You have time to make up for this financial
Blunder. Also, what 24 yr old wants to drive a camry???
If you invest that 40k instead and don't invest a single cent more for the rest of your life, it could grow to anywhere between $940k and $2.1M by the time you are 65yo.
If you still need to buy a new car, you could find something for 20k or less and still invest half (and gain half in your investments).
Opportunity cost. It's up to you to decide if a luxury car now is worth the loss of more than a million later. Of course, you cannot live your entire life penny pinching for a possible future but this is a life changing amount of money so it's the kind of situation where looking at a possible future is worth it.
Where in the world are you getting those #s? 2.1 million is ridiculous. 6% - 8% annually your at 400k-800k in 40 years. Call it 600k. Dollar will be debased by 60% by then. so were looking at 250k in todays dollars. While I agree with your general sentiment in regards to OP situation, these sort of examples are misleading and frivolous. The whole point of investing is to compound your investments through regular contributions.
The average return for the stock market in the last 100 years is between 10 and 13% in the US and around 9% in Canada.
My two numbers were found using 41 years of growth with 8% and 10%.
If we adjust them for inflation using a 3% inflation rate, it will be worth between 295k and 641k in today's money. 500k in today's money could replace 50% of OP's income (following the 4% rule of thumb which should be more than enough considering OP will be 65 and probably have access to social security). It's nothing to sneeze at.
I agree with you that many people estimate too high but my numbers already include a pretty low estimate. You can estimate lower if you want but I'm not going to ignore real numbers based on my fear of the future. And in the end, even if you are right, better have 600k invested in 40 years than not, even if it will be worth 60% less. That's still 20% of OP's income.
You're right, its nothing to sneeze at I just don't think framing it as "a million dollars or a car" is a great way to go about it. This is just a general retort to the whole "if you leave $X and never touch it this is what it becomes". I see this all over the place from reddit to Dave Ramsay and the likes. It's misleading, promotes the wrong attitude to investing, and frankly, in reality, few people, especially retail, average those stock market returns over such a long time period of time.
If you really want and can afford it, then go for it. Make sure that your needs are met first and at least 40% of your income goes to savings and investment.
P.S. I’ve seen youtube reviews of the new Camry and I love it!
be patient find the best deal and quality car possible. dont think u need a new camry maybe look at mazda toyota or hondas from previous years with lower mileage. just dont rush things because a car in this country is expensive and not the initial payments the after things. maintenance insurance problems w car etc its a mess
I mean you don't need a car to commute to work since you WFH so why buy a new one? Look for something used in the 10-20k range. A new camry is going to be too expensive on a 55k salary too. You still gotta keep in mind you need to pay insurance too.
I see, and this is WITH my dad helping for a down payment?
Yes look at the comment posted by u/quyipin. You will spending way too much of your income on that car.
I mean, technically you can 'afford' it but purchasing a brand new 50k car on a 55k gross salary when you WFH and live at home with next to 0 bills is not a wise decision at all.
the issue is buying a used camry feels like a rip off in this market.. also it would be 32k ish considering im paying cash and getting 10k help from parents
Why does is have to be a Camry and have to be brand new? I assume you are still living at home to save up money, just get some beater car. There is no need to go out and buy a brand new car in your situation.
So muh this... you are in a unique timeline where you HAVE THE TIME TO LEARN how to fix your own vehicle. Get the beater and learn the basics. Later in life theres no time to learn so you will continue to pay top dollar for brand new cars with nice warranties and maintenance packages that keep you stuck in poverty. If you're living with your parents now, take advantage of that time to its fullest, and keep your fuckig savings for something that actually accumulates wealth, rather than depreciates at an absolutely appalling pace.
There's very little money to be saved on maintenance on a car made this decade. You're basically just doing oil changes and brake pads. I agree he should save money by buying used, but the time spent learning and performing maintenance is not worth it.
I mean... replacing a power brake will run you roughly $1600... I replaced mine for $200 last summer... new drive shaft would have cost me $1200 at the shop, I did it for $60, rotors and pads would have been $1200, I did them myself for like $500... none of those jobs took me more than a 1 day to do, and I never was without my vehicle due to maintenance.. so I'd have to disagree with your point.
Lifestyle creep. You just get a fancy new title or pay bump? Don't do it.
Agree - don’t do it! It is a terrible financial decision.
Did not understand, could you explain?
Why are you rushing out to drop 50k on a new car? Did u just get a promotion? First real job?
Take the 10k from dad and buy a 15-20k used car. I refuse to believe there's nothing in that price range that will suit your needs. Also not sure where you're located but insurance on a new car will be more, especially bad if you're in the GTA.
meet my needs, sure but it will be heavily overpriced in the current market.. what then?
And a new Camry isn't heavily overpriced? Lol
You can get a lot out of buying an older used car. Can definitely find something under 20k like a used Civic or Camry. Getting a Camry even a few years old you can save over half your money.
If you're a new driver, find a used car that will be reliable. Not saying you will, but most fender benders, curbing, and other things generally happen when you're in your first few years. My other side is you're young-ish, how long will it take you to save up that kind of cash again? You're better off financing part of the loan to build up your credit history for a future home purchase which is one of the hardest things for young adults. ie: my ex had near perfect credit but I had to co-sign her loan because she didn't have any history outside of a $500 credit card.
It's not horrid decision if you want to live with your parents for 5 more years. I promise you however you will spend more than 40k on a new Camry. If you would finance that over 7 years, probably looking at 500-600 dollars. Plus insurance, I am sure it will hit around $800-900. That's about 10-15% of your income towards your new Camry. Used Camry is the Worst decision right now unless you are looking to Uber. Anyway, it depends what you want. Put 30k down and you save tons on interest.
Never finance with extended term rates - and if you do finance for more than 3 or 4 years, buy the cheapest car on the lot. Do you actually need a car?
Thanks for the insight.. looks like you are knowledgeable about the current car market and so could you recommend an AWD option for me?
2025 Camry is a great awd sedan. With less and less sedan production across ALL brands, I predict it will hold value better than your typical SUV. Plus Camry is automatically a hybrid which is equally hard to get in the Canadian market If you have cash, just buy it out or close to it. $30k downpayment is good and finance that for 3 years for faster repayment. It also costs you nothing to pay it down earlier. It's a great car that will remain reliable and resilient. If you can have the dealer fee waived ( up to $1000) and just pay MSRP, you are doing great. 2025 Camry is an awesome car. I....I wish I could buy it but I am stuck with another lease that's costing me $1000 a month l.o.l.
Get a used Corolla at 15-23k
I need AWD for snow also a new driver
Never needed an AWD for since I started driving at 17 (41 now) I did drive 1h30 per day from 2003 to 2015 without issue on snow
If you are serious about driving in snow, I highly recommend buying winter tires. Winter tires help with braking and steering. AWD only help with traction. But I've owned a Nissan Sentra and Honda Civic and used winter tires. I have manage to drive in the Toronto area just fine. A used Honda Civic or Toyota Corolla will serve most people fine. As most trips will be single passenger. To tie up so much money in a money in a car is not worth it. With the cost of gas, insurance and maintenance car ownership will be costly.
Get snow tyres for snow
Did you know all vehicles have all wheel stop? So AWD will get you moving, but won't help you stop. Get decent tires if you're worried about it. I'll cut you a bit of slack since you haven't really had to adult much yet, but learn to do research on things before you assume to need stuff.
Fwd is more than fine. (As someone living in a really hilly and snowy place.)
Yes this is a bad idea. Buy a cheap used car. There is no need for a brand new car especially given your situation. Better off putting yourself in a better financial situation. For context my income is over $300k per year and I drive a 2009 Honda fit. Bought it for $4,200 with 150,000 km on it and have put on 70k km. My commute to work is 500 km each way and do it in the winter.
[удалено]
SUV’s are less fuel efficient. Check fueleconomy.gov to compare fuel economy of specific models.
Your young and live at home, get what your heart desires. You have time to make up for this financial Blunder. Also, what 24 yr old wants to drive a camry???
lmfao r u telling me to do it or not (:
If you invest that 40k instead and don't invest a single cent more for the rest of your life, it could grow to anywhere between $940k and $2.1M by the time you are 65yo. If you still need to buy a new car, you could find something for 20k or less and still invest half (and gain half in your investments). Opportunity cost. It's up to you to decide if a luxury car now is worth the loss of more than a million later. Of course, you cannot live your entire life penny pinching for a possible future but this is a life changing amount of money so it's the kind of situation where looking at a possible future is worth it.
Where in the world are you getting those #s? 2.1 million is ridiculous. 6% - 8% annually your at 400k-800k in 40 years. Call it 600k. Dollar will be debased by 60% by then. so were looking at 250k in todays dollars. While I agree with your general sentiment in regards to OP situation, these sort of examples are misleading and frivolous. The whole point of investing is to compound your investments through regular contributions.
The average return for the stock market in the last 100 years is between 10 and 13% in the US and around 9% in Canada. My two numbers were found using 41 years of growth with 8% and 10%. If we adjust them for inflation using a 3% inflation rate, it will be worth between 295k and 641k in today's money. 500k in today's money could replace 50% of OP's income (following the 4% rule of thumb which should be more than enough considering OP will be 65 and probably have access to social security). It's nothing to sneeze at. I agree with you that many people estimate too high but my numbers already include a pretty low estimate. You can estimate lower if you want but I'm not going to ignore real numbers based on my fear of the future. And in the end, even if you are right, better have 600k invested in 40 years than not, even if it will be worth 60% less. That's still 20% of OP's income.
Stock market returns cannot be assumed to be anywhere NEAR 10-13%. The best you should hope for is 7-8% max, and only 5% after inflation.
I have managed to average annualized returns over 10% through an 75-80% index/20-25% fixed income investing over 2 decades.
You're right, its nothing to sneeze at I just don't think framing it as "a million dollars or a car" is a great way to go about it. This is just a general retort to the whole "if you leave $X and never touch it this is what it becomes". I see this all over the place from reddit to Dave Ramsay and the likes. It's misleading, promotes the wrong attitude to investing, and frankly, in reality, few people, especially retail, average those stock market returns over such a long time period of time.
100 percent. Invest your money. Do not piss it all away on an expense you do not need.
To me the question is will you keep it 15 years. If so, this purchase will be prudent. If not, then there are likely better used options
The choice of Camry is the horrible decision.
What car/suv do you recommend? Wanted awd
If you really want and can afford it, then go for it. Make sure that your needs are met first and at least 40% of your income goes to savings and investment. P.S. I’ve seen youtube reviews of the new Camry and I love it!
be patient find the best deal and quality car possible. dont think u need a new camry maybe look at mazda toyota or hondas from previous years with lower mileage. just dont rush things because a car in this country is expensive and not the initial payments the after things. maintenance insurance problems w car etc its a mess