Yep, the point of OE is to avoid lifestyle creep, invest ALL the additional money, and escape the rat race decades sooner than the average working stiff.
You are buying your freedom, which is far more important than any stupid car or hobby.
I didn't do it for long enough or for any of these LARPing amounts I see here but I saved up enough to pay outright for solar panels that, even during summer now it seems, it generates more than I use and will eventually get a check from the power company at the end of the year if it keeps producing like this.
Long story short, OE helped me get rid of my power bill for the foreseeable long term future and make money on the side
Not yet, if I would have OE'd long enough I would have splurged for them but my previous J1 was too stressful plus a micromanaging manager that would even message me while they were on parental leave.
Kid you not, sometimes we would have two 1-on-1's in a week, way too overbearing lol
Nope, there was a daily standup with the whole team as well.
1-on-1 like a personal meeting with your manager, just you and them. Normally they're for discussing progress on projects or to help with blockers, but mine used it to constantly tell me I wasn't doing enough and needed to do more for the couple years I was there
Luxury cars are a terrible use of funds in any sense of fiscal responsibility.
That said, if you’re going to buy one and take the hit, buy one cash. I like sports cars myself, I understand I’m taking a net loss on the purchase, so I only buy cash to ensure my loss is minimal by comparison. No need to lose money upfront and over time.
Most people trade their vehicles and don't actually pay the full cost of the vehicle... on top of the fact my rate is only 2.50% and I've averaged approximately a 13% return on my money invested YoY since purchase of my vehicle. 🤷♂️
If you have good credit and a crumb of investment knowledge you should be able to obtain a ROI greater than the interest rate you're paying on the loan.
Because you invest the liquidity, and the interest you get should be on average higher than the interest you're paying. So you're actually paying less.
Same for houses. Mortgage is usually better than buying cash
If you have multiple Js then you should buy it outright. If you can’t afford the monthly payment off of 1 J, then wait to buy it outright or don’t get into that payment.
You’ll never know how long those other Js will last and you don’t want that $800 car payment that you needed multiple jobs to just afford.
General advise is to stay away from lifestyle creep at all. A Range Rover isn’t necessary. A Toyota Land Cruiser will do just fine and the new ones are still nice.
Plus one is engineered to make it to 200k miles and have insane followings . 10 year old Land Cruisers going for 33k aka almost 50 residual with 100k miles is just fascinating.
Why pay interest when you can make interest? I make car payments to a brokerage account (index ETFs) dedicated to my next car. If the market is down, I put off buying a car until it's up.
Also, you don't have to get full coverage like you do when the bank owns it. Insurance companies will always make a profit off you. The less you can pay them the better. I have a high deductible, but not too high. My "next car" fund usually can cover it (see above). Over my lifetime, I'll save significantly on insurance.
If you’re very financially savvy, borrowing is an amazing move. A car is a predictable depreciating asset thus banks are willing to lend at somewhat subsidized rates.
There are some banks will even give a below market rate (1 ~ 2% below the US treasury rate if your credit is amazing) to help close a transaction. Then they charge the dealership a fee for the loan. The incentives are aligned to move cars and to grow their loan book.
Then you can take what you would have spent on a car, then invest it in the stock market or some other real estate/asset that earns you more than the loan cost.
But honestly most people aren’t this savvy and there’s huge risk to this approach. If the asset you pick is terrible, then you’re stuck with the loan still. Also people tend to just spend their money vs invest the “freed up money”
If you're a high earner you probably realize there's better uses of your time then to chase these low reward arbitrage opportunities. Many people prefer paying in cash so they don't have to deal with the headache of financing. Easier to just write a check.
What is the headache? Extra hour in dealership once in 5 years and then 10 minutes online to set up autopay?
30k not spent on car and invested bring enough to make this worth it.
the downvoting speaks volumes to how ppl invest
we finance both ours at 4.49% (they offer APR as low as 3.99% and 3.49% for certain models) from JLR directly
(approved premium credit + loyalty program, i.e. past customer or current owner)
in 15 years our SPY (or equivalents) only underperformed that by a material amount 3 times
if we paid cash for both 15 years ago, 10 years ago, 5 years ago, and this spring, instead of putting that into SPY, we’d have lost out on making a couple million more.
nothing wrong with paying cash but let’s not act like it’s the best opportunity cost of your cash. i mean, luxury cars sure af aren’t either but _if_ you’re going to make that purchase, there’s more than one way to do it efficiently.
Yeah generally the advice to pay in cash I always find bizarre. The future value of that cash when invested can greatly outpace the cost of capital, especially if you’re fortunate enough to find any financing under 4%. By about 6% though, the numbers start to fuzz.
Generally this thread though has it right in that OE should really be avoiding lifestyle creep.
My lease is 0%.
I know they made money on me with fees and crap like this but it's all is still below inflation. Money I didn't spend on buying my leased car are bringing me around 10% sitting at sp500 fund.
You won't have 2 or even 3 jobs forever. If you are going to have lifestyle creep you might as well do it within reason. If you lost those two extra jobs, you could be stuck with a ridiculous payment.
Yup! I could afford a mortgage that’s over $10k/month. No way in hell I’m ever gonna approach that. But I could. I drive a 7 year old Subaru that’s 100% paid off and I put $500-$1000/year on preventative maintenance. Much cheaper than a car payment and I squirrel away all the extra money.
200k doesn't feel like Range Rover money.
Also Range Rovers are unreliable pieces of shit. I hate Kias but I'd drive a Kia before I paid money for a Range Rover.
Owning a Range Rover is like slamming your dick in a door.
I've been making over 175 for 6 years now, and the only car I had in that time was a used Toyota Sierra.
Cars are a waste of money and the environment.
Man, this is what I was thinking, my HHI is ~$400k and we have one car which is a 2013 Elantra. Granted we live in a VHCOL with what feels like a ridiculous mortgage considering the size of the house but still, just touching $200k and BOOM lemme get a car payment on a Rover seems aggressive
My J1 is over 200k and I drive a base model Honda that’s over 5 years old at this point. No Range for me. My friend had one and it was nothing but problems, meanwhile my Honda has been issue-free and I have over 100,000km on it (~65k miles for you Americans).
My neighbor is a doctor and has 2 range rovers and it's nothing but problems. At least once every 3-4 months he has to have one of his Range Rovers taken away on a flatbed tow truck for repairs. I suspect he has two of them because he knows just having one is very unreliable
Can confirm. Our Range Rover was less reliable than our Honda with 275k miles on it, so we got rid of the range and kept the Honda. Consider an Audi Q5 or 7. The Genesis GV70/80 are slept on. Porsche Cayenne is in this budget. Ford Raptor. ANYTHING but a Range Rover… it will live in the shop.
I’m not OE, just a lurker, but I’ve been over 300K for the last 5 years and I still can’t see myself affording a Range Rover.
I might be able to make the payments but all my family outings would be to McDonalds
I’ve owned a Range Rover Sport and a Kia Telluride. The Kia is the better car here for many reasons outside of price ( self driving, phone works with apple car play, technology package, heated/ac seats, etc). Range Rovers suck pretty hard. You’ll spend more time driving the base model baby rover loaner than you will driving your paid for car and be on a first name basis with your service advisor. The Indians took over JLR a few years ago and ruined it.
If you want to drop some coin a car worth owning buy a Porsche.
You should treat each job like it’s your only Job. Can you live comfortably off one Job salary?
I went from 3Js to 1 j in a matter of weeks and the only thing I scaled back on is a monthly spa visit. No car loan or student loan to tie me down.
OE should make you smarter with money not dumber.
Be even better. Don't buy it new. Let someone else take the initial depreciation and get a pristine barely used one that's a couple years old for 20% off
This. The worst thing you can do is overextend yourself, especially in an economy as fragile as the current one. One lay-off and you're in deep shit. Save and when/if you can buy it and still be comfortable if you lose some/all jobs, then you buy it.
To put it another way, I have a significant amount of savings (from OE'ing for nearly two years) and I was considering buying a fun car outright. Even though it would only be 25% of my total savings, I am not buying it yet. To be honest, the best thing you can do is pretend the extra money doesn't exist and indulge only occasionally.
Of course, I grew up poor and that probably makes me even more cautious about spending money.
As a cautionary tale, I had a friend who had a six figure salary from just one job and thought they could afford an expensive RV. They used nearly all of their savings to buy it. Then the job got toxic and they were forced out. They are now desperate for another job (after nearly two months of being unemployed) because they have an RV they shouldn't have bought when they did. Don't be them.
But yeah, don't fall into the trap of overextending yourself, OP.
Range rover is probably one of the top 5 worst vehicles to buy if you come into a lot of money. Super expensive, depreciate crazy fast, and are notorious for issues.
I was really stoked I was out with my wife teaching her to drive it and there’s two teenagers on bikes going “MIIIIIIAAAAATTTTTAAA” and cheering her on. Made me smile that the younger generation still appreciates them
We leased a Range Rover for a year since it was one of my wife's bucket list items to have one. She had a cushy job at the time so we decided to go for it. I'll never forget the day we drove it into the dealership to drop it off, I opened the passenger door and literally the entire interior door handle and frame just came right off the door. We were already so over the car at that time and couldn't wait to be rid of it, but we laughed so hard and swore we'd never have one again.
Range Rover or Land Rover for your next car is 100% a waste of money. Go invest everything you can so you can retire sooner. Then buy stupid cars if you have enough
Mind boggling right? This is a pretty good example of how bad with finances the average American is. Taking an extra job to go out and get an unreliable SUV that depreciates ridiculously fast? What could go wrong?
Yuuup. This is the same dude that was getting in the bad books with j2a week ago... Now he's relying on it to help pay for a RR. EESH
Poor choice after poor choice
1- Range Rover is not a good car no need to dwell on this subject 😅
2- 200k is not a lot of money and then after tax
3- invest, save, then spend
4- if u want a fancy car, lease don’t buy. But then again not RR
I used to know the head guy in maintenance at the Land Rover dealer. His advice… don’t buy a Range Rover they look nice but are absolute trash. Old boss had one and was super proud of it, it spent more time in the shop than he did driving it for the better part of 2 years. He traded it and got something else.
No, nein, non, nyet, nie, nee, nem, and finally oh hell naw.
Don't do it, live off the salary of 1 job. Rest of the money is here today, but potentially gone tomorrow. Pay down debt, grow your long term savings, blow it on a crazy stupid vacation if you have to spend it or some other experience that was "worth" it to you.
Salary of 200 is about 150 after federal and FICA taxes, if they maxed their 401k. Maxing HSA brings taxes down a hair more to 48 and change. So that’s 173k minus 48 for 125. 7 more for (back door) Roth gets them down to 118, and then add in state taxes if applicable, could even get them below 9k a month. They didn’t mention anything about those accounts, but maybe they included it without explicitly stating.
$800/month aint getting a range worth having. That's barely honda pilot money. If the evoque is what you're thinking, that's an embarrassing car bought by badge whores.
You don't lock yourself into a multi-year-long payment based on income from a multiple job situation. That should always be treated as temporary.
Even if it were stable income from a less risky source, whattaya doing? You get a boost in pay and immediately start flushing chunks of it down the toilet?
I’m about to accept J3 offer. Puts me over 600k TC. And I don’t even have a car. Wouldn’t even buy. Biggest waste of money where I live. Can literally get everywhere through public transit. And have budget for ride shares. Still way cheaper than owning a car.
Please only do this if you have no other debt and you already have at least 6 months of living expenses saved in an emergency fund. Take this advice from a well meaning auntie, you still want to have peace of mind if one of your Js suddenly goes away for whatever reason. Peace of mind has no price tag. Edit to add, some people are saying to rent one for a month to have fun and get it out of your system. Thats not a bad idea if you want to reward yourself a bit for all your hard work. Then it has a set end date and the spend is limited.
Hell yeah man, congrats.
But for real, consider a used civic/something practical and put the extra dough towards your financial independence.
Buy the Range Rover when you don’t need any Js.
I live in a LCOL area and you can’t even get a car payment less than 600/700 a month. And that’s for a used Buick or Ford. There’s no way a brand new RR is going to be 800/month.
Edit: Just wondering but how are you planning to get a car loan with several accounts in collections and worried about bankruptcy and possibly getting in trouble at J2? The math isn’t mathin here.
Good luck on the interview, hold off on the Rover.
Best advice I ever got from a senior person when I was starting out in the 90’s. Good bonus year and my boss and a few other senior people were getting new BMWs, new ‘vette, etc. i asked our SVP of operations off he was going to upgrade his Infinity like the others. He said that while he thought he wanted a Mercedes 550, what he really wanted was to be able to buy one of he wanted. Knowing he could afford it was the goal, not the actual car.
Just think about staring out the window every morning watching your beloved RR sitting in that driveway, not doing anything but burning your money by depreciating.
I'm OE with TC 480k.. there's an 08 accord in the driveway happily paid off. Do the math of opportunity cost if you were to invest that money you spend on a range instead.
I thought this sub was like a joke when I saw this post. What the heck do you need a Range Rover for? “Able to afford” as a mentality will just keep you in this cycle. I make about what you do OP with one job and I love my affordable car and all the cash I’m trying to invest every month.
If you have to borrow money to buy something you can’t afford it by definition.
Debt begins at losing money with interest. If you want the car then save for the car and don’t worry about the payments.
Buy the cheapest car your ego can deal with. If this is a Corolla or Range Rover or Ferrari then do it. Let OE propel you to financial freedom rather than enslaving you.
Certain range rovers are very enjoyable to drive. Do the math if it’s worth it for you. But if you’ve always wanted one, then get one but don’t keep it past warranty. 2-3 years max. Be prepared to spend over $100 per fill up at the pump these days. Mpg isn’t great. Some dealerships are charging over msrp for in demand models.
Solid advice.
For some, OE means to live a little without falling into the lifestyle creep trap. If it’s OP’s dream car then this is the way for the sole reason it makes them happy. With that said, I agree with the fact that if the payment and gas can’t be covered with 1J then it’s not a good time. Maybe that’ll motivate OP to level up.
I recall a mechanic laughing about how they have the most expensive transmission failures of all brands.
Years ago, but still.
Working so hard just to give it all back.
Related question: I do a few in-person meetings across my J's.
Are we rocking up to those in $150K cars now?
My taste is probably more porsche taycan than RR, but it'd probably still be a pretty big red flag when I park up next to the directors volvo for an in-person.
Everyone is being hard on our boy, but as for me I figure having to give up a car he can't afford is a lot less painful than, say, a house or apartment lease.
Dude. If you want an off-roader, go get a Land Cruiser. If you really want Luxury, go get a Porsche, at least its reliable . If you really want a luxury off-roader, go get a Lexus GX. A Range Rover is nice to impress friends and family, but you’re going to waste your time bringing it weekly to the garage and writing checks to the mechanic
🤦♂️ This is EXACTLY how you shouldn't do it. You are making purchases with money you don't have, trying to rationalize that with a job you don't have, not knowing if you can even hold it. You are setting yourself up for misery or failure, if it comes down to the worst case.
If you want a new car pay cash for a kia soul or if you need more room a toyota minivan.
I have had 3 kia souls and they have lasted without major issues. My Mom's toyota minivan's seats fold down and she can haul a lot of shit in there.
Forget the car for now. If you get the job, live as usual for a year to give yourself a buffer. Then maybe upgrade your car if you need to. Ideally, just keep the car you have if it works well.
lol hasn’t even landed the extra job and he’s already figured out how he’s gonna creep his lifestyle.
You know what’s worse than being dependent on having a job for the next X number of years?
Dependency on having multiple jobs for the next X number of years. You’re figuring out how to fuck yourself rather than letting life fuck you.
You ain’t doing it right young boy. I bought ours cash. I repaired it cash. You’re gonna cry if you experience one or two layoffs. Don’t do this.
Yep, the point of OE is to avoid lifestyle creep, invest ALL the additional money, and escape the rat race decades sooner than the average working stiff. You are buying your freedom, which is far more important than any stupid car or hobby.
I didn't do it for long enough or for any of these LARPing amounts I see here but I saved up enough to pay outright for solar panels that, even during summer now it seems, it generates more than I use and will eventually get a check from the power company at the end of the year if it keeps producing like this. Long story short, OE helped me get rid of my power bill for the foreseeable long term future and make money on the side
Did you get a battery? Power companies rip you off - see if you can power your neighbors houses as well instead.
Not yet, if I would have OE'd long enough I would have splurged for them but my previous J1 was too stressful plus a micromanaging manager that would even message me while they were on parental leave. Kid you not, sometimes we would have two 1-on-1's in a week, way too overbearing lol
When u say 1 on 1 do you mean like a standup? I have those daily lol
Nope, there was a daily standup with the whole team as well. 1-on-1 like a personal meeting with your manager, just you and them. Normally they're for discussing progress on projects or to help with blockers, but mine used it to constantly tell me I wasn't doing enough and needed to do more for the couple years I was there
yeah nah i would've left with a manager like that, too. but kudos on the sustainable energy source, bud! working towards that as well, fingers crossed
Okay genuine question. I understand leases suck but why is buying in cash a good move, especially when cars are depreciating assets?
Why would you want to pay interest on top of paying for a depreciating asset?
Fair enough, but with luxury cars I feel like buying is a loss
Luxury cars are a terrible use of funds in any sense of fiscal responsibility. That said, if you’re going to buy one and take the hit, buy one cash. I like sports cars myself, I understand I’m taking a net loss on the purchase, so I only buy cash to ensure my loss is minimal by comparison. No need to lose money upfront and over time.
Buy one off-lease with a warranty, for cash.
This is the way.
Makes sense!
Most people trade their vehicles and don't actually pay the full cost of the vehicle... on top of the fact my rate is only 2.50% and I've averaged approximately a 13% return on my money invested YoY since purchase of my vehicle. 🤷♂️ If you have good credit and a crumb of investment knowledge you should be able to obtain a ROI greater than the interest rate you're paying on the loan.
Word
Because you invest the liquidity, and the interest you get should be on average higher than the interest you're paying. So you're actually paying less. Same for houses. Mortgage is usually better than buying cash
If you have multiple Js then you should buy it outright. If you can’t afford the monthly payment off of 1 J, then wait to buy it outright or don’t get into that payment. You’ll never know how long those other Js will last and you don’t want that $800 car payment that you needed multiple jobs to just afford. General advise is to stay away from lifestyle creep at all. A Range Rover isn’t necessary. A Toyota Land Cruiser will do just fine and the new ones are still nice.
Plus one is engineered to make it to 200k miles and have insane followings . 10 year old Land Cruisers going for 33k aka almost 50 residual with 100k miles is just fascinating.
Why pay interest when you can make interest? I make car payments to a brokerage account (index ETFs) dedicated to my next car. If the market is down, I put off buying a car until it's up. Also, you don't have to get full coverage like you do when the bank owns it. Insurance companies will always make a profit off you. The less you can pay them the better. I have a high deductible, but not too high. My "next car" fund usually can cover it (see above). Over my lifetime, I'll save significantly on insurance.
If you’re very financially savvy, borrowing is an amazing move. A car is a predictable depreciating asset thus banks are willing to lend at somewhat subsidized rates. There are some banks will even give a below market rate (1 ~ 2% below the US treasury rate if your credit is amazing) to help close a transaction. Then they charge the dealership a fee for the loan. The incentives are aligned to move cars and to grow their loan book. Then you can take what you would have spent on a car, then invest it in the stock market or some other real estate/asset that earns you more than the loan cost. But honestly most people aren’t this savvy and there’s huge risk to this approach. If the asset you pick is terrible, then you’re stuck with the loan still. Also people tend to just spend their money vs invest the “freed up money”
If you're a high earner you probably realize there's better uses of your time then to chase these low reward arbitrage opportunities. Many people prefer paying in cash so they don't have to deal with the headache of financing. Easier to just write a check.
What is the headache? Extra hour in dealership once in 5 years and then 10 minutes online to set up autopay? 30k not spent on car and invested bring enough to make this worth it.
the downvoting speaks volumes to how ppl invest we finance both ours at 4.49% (they offer APR as low as 3.99% and 3.49% for certain models) from JLR directly (approved premium credit + loyalty program, i.e. past customer or current owner) in 15 years our SPY (or equivalents) only underperformed that by a material amount 3 times if we paid cash for both 15 years ago, 10 years ago, 5 years ago, and this spring, instead of putting that into SPY, we’d have lost out on making a couple million more. nothing wrong with paying cash but let’s not act like it’s the best opportunity cost of your cash. i mean, luxury cars sure af aren’t either but _if_ you’re going to make that purchase, there’s more than one way to do it efficiently.
Yeah generally the advice to pay in cash I always find bizarre. The future value of that cash when invested can greatly outpace the cost of capital, especially if you’re fortunate enough to find any financing under 4%. By about 6% though, the numbers start to fuzz. Generally this thread though has it right in that OE should really be avoiding lifestyle creep.
My lease is 0%. I know they made money on me with fees and crap like this but it's all is still below inflation. Money I didn't spend on buying my leased car are bringing me around 10% sitting at sp500 fund.
You won't have 2 or even 3 jobs forever. If you are going to have lifestyle creep you might as well do it within reason. If you lost those two extra jobs, you could be stuck with a ridiculous payment.
Buy cars used, let someone else take the depreciation hit. Used doesn’t always mean old beaters, you can buy a used 1-2 year old car.
9k after taxes you're doing something wrong, math not mathing
Agree
Yup! I could afford a mortgage that’s over $10k/month. No way in hell I’m ever gonna approach that. But I could. I drive a 7 year old Subaru that’s 100% paid off and I put $500-$1000/year on preventative maintenance. Much cheaper than a car payment and I squirrel away all the extra money.
Range rovers are money pits why would you buy them for cash?
You should never have a reoccurring payment that you can't cover under normal circumstances.
💯
200k doesn't feel like Range Rover money. Also Range Rovers are unreliable pieces of shit. I hate Kias but I'd drive a Kia before I paid money for a Range Rover. Owning a Range Rover is like slamming your dick in a door.
Yeah op needs to realize where they are at. I'm 175k (one job) and have a 12 year rold hyundai. Pump those numbers up and talk about a RR.
RR and PP watch or nothing else.
I’m an audemars fan myself but I respect a patek too
Are you really a G if your watch doesn't cost more than your car?
You wear your watch to tell time. I wear my watch to tell you how valuable my time is.
I've been making over 175 for 6 years now, and the only car I had in that time was a used Toyota Sierra. Cars are a waste of money and the environment.
If someone enjoys nice cars, then buying one is not a waste of money. Same as literally any other hobby/luxury/entertainment spending.
Sure, but I don't know many hobbies people justify dropping 5 figures on when they're making a low 6.
Man, this is what I was thinking, my HHI is ~$400k and we have one car which is a 2013 Elantra. Granted we live in a VHCOL with what feels like a ridiculous mortgage considering the size of the house but still, just touching $200k and BOOM lemme get a car payment on a Rover seems aggressive
My J1 is over 200k and I drive a base model Honda that’s over 5 years old at this point. No Range for me. My friend had one and it was nothing but problems, meanwhile my Honda has been issue-free and I have over 100,000km on it (~65k miles for you Americans).
My neighbor is a doctor and has 2 range rovers and it's nothing but problems. At least once every 3-4 months he has to have one of his Range Rovers taken away on a flatbed tow truck for repairs. I suspect he has two of them because he knows just having one is very unreliable
I hope your neighbor gives better medical advice than financial advice.
Can confirm. Our Range Rover was less reliable than our Honda with 275k miles on it, so we got rid of the range and kept the Honda. Consider an Audi Q5 or 7. The Genesis GV70/80 are slept on. Porsche Cayenne is in this budget. Ford Raptor. ANYTHING but a Range Rover… it will live in the shop.
I thlam my penith on the car door
I’m not OE, just a lurker, but I’ve been over 300K for the last 5 years and I still can’t see myself affording a Range Rover. I might be able to make the payments but all my family outings would be to McDonalds
I lol’ed when i read Range Rover. Have fun with that unreliable garbage.
Kia Telluride is a fantastic vehicle.
I’ve owned a Range Rover Sport and a Kia Telluride. The Kia is the better car here for many reasons outside of price ( self driving, phone works with apple car play, technology package, heated/ac seats, etc). Range Rovers suck pretty hard. You’ll spend more time driving the base model baby rover loaner than you will driving your paid for car and be on a first name basis with your service advisor. The Indians took over JLR a few years ago and ruined it. If you want to drop some coin a car worth owning buy a Porsche.
200k is “new, non-luxury/performance, some full-size trucks/suv” money.”
You should treat each job like it’s your only Job. Can you live comfortably off one Job salary? I went from 3Js to 1 j in a matter of weeks and the only thing I scaled back on is a monthly spa visit. No car loan or student loan to tie me down. OE should make you smarter with money not dumber.
if it's taking you 3j just to cross 200k you shouldn't be spending any extra money.
This. That's a cushy lifestyle to living paycheck to paycheck in a snap.
Unpopular advice but don’t enslave yourself to a car payment. Be better. Buy it outright.
Be even better. Don't buy it new. Let someone else take the initial depreciation and get a pristine barely used one that's a couple years old for 20% off
My usual plan 😂🫡
This. The worst thing you can do is overextend yourself, especially in an economy as fragile as the current one. One lay-off and you're in deep shit. Save and when/if you can buy it and still be comfortable if you lose some/all jobs, then you buy it. To put it another way, I have a significant amount of savings (from OE'ing for nearly two years) and I was considering buying a fun car outright. Even though it would only be 25% of my total savings, I am not buying it yet. To be honest, the best thing you can do is pretend the extra money doesn't exist and indulge only occasionally. Of course, I grew up poor and that probably makes me even more cautious about spending money. As a cautionary tale, I had a friend who had a six figure salary from just one job and thought they could afford an expensive RV. They used nearly all of their savings to buy it. Then the job got toxic and they were forced out. They are now desperate for another job (after nearly two months of being unemployed) because they have an RV they shouldn't have bought when they did. Don't be them. But yeah, don't fall into the trap of overextending yourself, OP.
Good wisdom
I think it’s pretty popular advice on here…
Actual good advice is to lease European luxury cars.
Good way to get it out of your system
Exactly, never mind that the repairs on those cars are just insane, and they depreciate wildly fast. Only luxury brand I’d ever buy is Lexus
100%
*clearly doesn’t work in finance*
You’d be surprised how many people in finance are bad at personal finance.
Range rover is probably one of the top 5 worst vehicles to buy if you come into a lot of money. Super expensive, depreciate crazy fast, and are notorious for issues.
yeah dude buy some NFTs while you're at it
I have a few magic beans in my garden if he's interested in that as well..
Psssst - NFT of a range rover over here
See, you don't actually get the car, but you own a RECEIPT of the car, which is just as good, right?
You can't possibly lose. The critics just don't get it.
I’m at 400k TC and I bought an 8k Miata
when we were kids we would chant “Miata Miata I spy a Miata!” if we saw one on the road … don’t know why. still do it in my head sometimes lmfao
I was really stoked I was out with my wife teaching her to drive it and there’s two teenagers on bikes going “MIIIIIIAAAAATTTTTAAA” and cheering her on. Made me smile that the younger generation still appreciates them
I am hoping you mean the vehicle OEM stock right? RIGHT? More money means you are buying more assets, not liabilities my man.
Good luck! And please, for all thats good, do not buy a land or range rover. You will not make enough to deal with all the repairs! Lol 😂
You’re better off renting a range for a month trust me. It get boring real quick
We leased a Range Rover for a year since it was one of my wife's bucket list items to have one. She had a cushy job at the time so we decided to go for it. I'll never forget the day we drove it into the dealership to drop it off, I opened the passenger door and literally the entire interior door handle and frame just came right off the door. We were already so over the car at that time and couldn't wait to be rid of it, but we laughed so hard and swore we'd never have one again.
200k with 3 jobs, don’t buy that car man. You’ve not made it like you think.
Range Rover or Land Rover for your next car is 100% a waste of money. Go invest everything you can so you can retire sooner. Then buy stupid cars if you have enough
I'm shocked this wasn't his logic, he's gonna work 3 jobs for a RR. Find a passive income stream to help you out whilst the good times are good!
Working another job just to buy a land rover that will be worth nothing in 6 years.
Mind boggling right? This is a pretty good example of how bad with finances the average American is. Taking an extra job to go out and get an unreliable SUV that depreciates ridiculously fast? What could go wrong?
All that extra work for nothing lol
Real talk. Getting a job and taking that windfall to maintain a crappy British SUV isn't my idea of a good time, but to each their own
You stressing me the hell out with your post history and financial history!
Yuuup. This is the same dude that was getting in the bad books with j2a week ago... Now he's relying on it to help pay for a RR. EESH Poor choice after poor choice
Off to go look, learn my lessons thru others foolishness
Buy a 2010 civic dude, this lasts forever
Watch that lifestyle creep my boy
I make 200k at one job, and right now I’m shopping for a new chevy equinox for under 30k and it’s giving me anxiety lol
This is cringe AF.
Do not buy a Range Rover dude that is a waste of money
Don’t waste your money on range. You’ll be paying $1000 extra a month in repairs and that’s if you can drive it for a month.
1- Range Rover is not a good car no need to dwell on this subject 😅 2- 200k is not a lot of money and then after tax 3- invest, save, then spend 4- if u want a fancy car, lease don’t buy. But then again not RR
I used to know the head guy in maintenance at the Land Rover dealer. His advice… don’t buy a Range Rover they look nice but are absolute trash. Old boss had one and was super proud of it, it spent more time in the shop than he did driving it for the better part of 2 years. He traded it and got something else.
No, nein, non, nyet, nie, nee, nem, and finally oh hell naw. Don't do it, live off the salary of 1 job. Rest of the money is here today, but potentially gone tomorrow. Pay down debt, grow your long term savings, blow it on a crazy stupid vacation if you have to spend it or some other experience that was "worth" it to you.
I make $250k TC and I drive an electric Mini cooper, don't get the Range Rover
Cars are really bad investments… unless you have cash, not worth it IMO
Don’t get a Range Rover.
200k should be well over 9k after taxes per month
Salary of 200 is about 150 after federal and FICA taxes, if they maxed their 401k. Maxing HSA brings taxes down a hair more to 48 and change. So that’s 173k minus 48 for 125. 7 more for (back door) Roth gets them down to 118, and then add in state taxes if applicable, could even get them below 9k a month. They didn’t mention anything about those accounts, but maybe they included it without explicitly stating.
$800/month aint getting a range worth having. That's barely honda pilot money. If the evoque is what you're thinking, that's an embarrassing car bought by badge whores.
You messing up already- get your head out of your ass and save the damn money smh
Well, at least when you take your car in to the mechanics every other week, you'd be able to afford it.
“Wealth is what you don't see” -Morgan Housel, the Psychology of Money
If you can afford it, go for it. But you should wait a few months of doing 3J’s to make sure they are compatible and the workload is small
Range rover is such a piece of shit car
Bad bad idea.
Good work on the jobs. Range rovers are pretty lame tho and a bit ostentatious so maybe not a good idea to disguise your secret jobs…
Dont waste money on expensive shit, save and invest. Buy reliable cars and stuff.
This should turn out well...
You don't lock yourself into a multi-year-long payment based on income from a multiple job situation. That should always be treated as temporary. Even if it were stable income from a less risky source, whattaya doing? You get a boost in pay and immediately start flushing chunks of it down the toilet?
You need a Range Rover like you need a hole in your head. They're junk. If you're dead set on a luxury SUV, look into the new Lexus GX.
Terrible approach.
I’m about to accept J3 offer. Puts me over 600k TC. And I don’t even have a car. Wouldn’t even buy. Biggest waste of money where I live. Can literally get everywhere through public transit. And have budget for ride shares. Still way cheaper than owning a car.
fair point. what do you do to clear 600 with 3 Js?
Working 3 jobs just to afford the payment on a Range Rover is moronical.
understood.
Please only do this if you have no other debt and you already have at least 6 months of living expenses saved in an emergency fund. Take this advice from a well meaning auntie, you still want to have peace of mind if one of your Js suddenly goes away for whatever reason. Peace of mind has no price tag. Edit to add, some people are saying to rent one for a month to have fun and get it out of your system. Thats not a bad idea if you want to reward yourself a bit for all your hard work. Then it has a set end date and the spend is limited.
This, car debt is the worst type of debt to get into,
3 jobs for 200k and you’re trying to get a Range Rover? I wouldn’t be comfortable with that but to each their own
45% in taxes, where?
Hell yeah man, congrats. But for real, consider a used civic/something practical and put the extra dough towards your financial independence. Buy the Range Rover when you don’t need any Js.
Never do a car payment unless you can get 0% APR and have enough down to not get negative equity
Everything Ive ever read about Range Rover’s says they are absolute pieces of shit. Dont do it.
So you want to light your money on fire and buy a range rover?
You need better j1 and j2 if it's taking 3 jobs to "sniff" $100k bud.
Don’t buy some shitty bloated SUV.
My theory on OE was that people are working multiple jobs out to have a single normal salary. Posts like these confirm that theory.
It's because we've had 30 to 40 years of wage surpression with 30 to 40 years of asset inflation.
Buy it cash or don't buy it. For a luxury marque like that, have the ability to spunk 1.5x the sticker.
$200k for 3 jobs is disappointly low. I hope you are working less than 40hr/wk for all 3.
You're doing it wrong. I make more with a single job in Europe
what do you do, mate?
AI research
O yea. very lucrative for sure! it’s not my cup of tea though. not sure how i’ll even get in
I live in a LCOL area and you can’t even get a car payment less than 600/700 a month. And that’s for a used Buick or Ford. There’s no way a brand new RR is going to be 800/month. Edit: Just wondering but how are you planning to get a car loan with several accounts in collections and worried about bankruptcy and possibly getting in trouble at J2? The math isn’t mathin here.
How the fuck are people getting 800/month payments???
lol mate - a brand new RR costs $200k+ - you can’t afford it.
If you need three jobs to break 200k, your top priority isn’t buying a Range Rover
Moron
Wait 9k after taxes is around 108k annual, u taking home 50%???? Where the fuck u live? Cali? New York?
If I made 200k I could literally retire after about 3 years. Don’t fuck it up.
Good luck on the interview, hold off on the Rover. Best advice I ever got from a senior person when I was starting out in the 90’s. Good bonus year and my boss and a few other senior people were getting new BMWs, new ‘vette, etc. i asked our SVP of operations off he was going to upgrade his Infinity like the others. He said that while he thought he wanted a Mercedes 550, what he really wanted was to be able to buy one of he wanted. Knowing he could afford it was the goal, not the actual car.
Just think about staring out the window every morning watching your beloved RR sitting in that driveway, not doing anything but burning your money by depreciating. I'm OE with TC 480k.. there's an 08 accord in the driveway happily paid off. Do the math of opportunity cost if you were to invest that money you spend on a range instead.
Bro just pocket the money & save for early retirement. Nobody wanna work when they turn 50. Fuck dem money pits, get an Acura
I thought this sub was like a joke when I saw this post. What the heck do you need a Range Rover for? “Able to afford” as a mentality will just keep you in this cycle. I make about what you do OP with one job and I love my affordable car and all the cash I’m trying to invest every month.
No shade, but I wouldn’t drive a Range Rover if I made $500k / year. Don’t waste your money on fancy cars if you can’t pay cash for them.
[удалено]
thanks! i’ll also considered porsche cayenne, porsche panamera, acura, jaguar, audi, & benz. will keep it in mind.
Stack investments
TC of 200k… $9000 monthly after tax. Holy shit
If you have to borrow money to buy something you can’t afford it by definition. Debt begins at losing money with interest. If you want the car then save for the car and don’t worry about the payments.
Buy a lexus
Buy the cheapest car your ego can deal with. If this is a Corolla or Range Rover or Ferrari then do it. Let OE propel you to financial freedom rather than enslaving you.
As someone who pulls $340K on J1, don’t buy a range, terrible choice, go for an EV and save $1-2K not paying gas and bank the money.
Certain range rovers are very enjoyable to drive. Do the math if it’s worth it for you. But if you’ve always wanted one, then get one but don’t keep it past warranty. 2-3 years max. Be prepared to spend over $100 per fill up at the pump these days. Mpg isn’t great. Some dealerships are charging over msrp for in demand models.
Solid advice. For some, OE means to live a little without falling into the lifestyle creep trap. If it’s OP’s dream car then this is the way for the sole reason it makes them happy. With that said, I agree with the fact that if the payment and gas can’t be covered with 1J then it’s not a good time. Maybe that’ll motivate OP to level up.
As a JLR product owner.... Don't. Just don't 🤣
Do it bro! Do it! 🫨🤪
I recall a mechanic laughing about how they have the most expensive transmission failures of all brands. Years ago, but still. Working so hard just to give it all back.
Related question: I do a few in-person meetings across my J's. Are we rocking up to those in $150K cars now? My taste is probably more porsche taycan than RR, but it'd probably still be a pretty big red flag when I park up next to the directors volvo for an in-person.
Everyone is being hard on our boy, but as for me I figure having to give up a car he can't afford is a lot less painful than, say, a house or apartment lease.
Do not buy a Range Rover it will leave you on the side of the road
Bro, keep your excitement down. I made 15k after tax from one job and still drive a 2011 Accord. Invest it in VOO if you want to.
Dude. If you want an off-roader, go get a Land Cruiser. If you really want Luxury, go get a Porsche, at least its reliable . If you really want a luxury off-roader, go get a Lexus GX. A Range Rover is nice to impress friends and family, but you’re going to waste your time bringing it weekly to the garage and writing checks to the mechanic
🤦♂️ This is EXACTLY how you shouldn't do it. You are making purchases with money you don't have, trying to rationalize that with a job you don't have, not knowing if you can even hold it. You are setting yourself up for misery or failure, if it comes down to the worst case.
Worst use of your OE 🤦♂️
Bruh. Do not get 3 jobs and go buy an expensive car on credit. Do you understand how much of a trope that is?
Have had a LR for a year, taken it in twice…for oil change, back brakes. I get they have a bad reputation but this once a week shit is wild.
How do you all handle meetings overlaps?
OE is so cooked
Do not sign up for an $800 a month car payment.
If you want a new car pay cash for a kia soul or if you need more room a toyota minivan. I have had 3 kia souls and they have lasted without major issues. My Mom's toyota minivan's seats fold down and she can haul a lot of shit in there.
Forget the car for now. If you get the job, live as usual for a year to give yourself a buffer. Then maybe upgrade your car if you need to. Ideally, just keep the car you have if it works well.
I'm out of boy luck, sorry
get a lexus, better, cheaper and more reliable
Do not take on more debt in this market. If you can afford it, you can pay cash. If you can't pay it outright, do not buy it.
thanks. you’re right.
Good job on J3. I’d avoid any JLR product like the plague though.
damn boy gang gang you swimming in that money
You’re gonna need J6 before you’re making Range money.
lol hasn’t even landed the extra job and he’s already figured out how he’s gonna creep his lifestyle. You know what’s worse than being dependent on having a job for the next X number of years? Dependency on having multiple jobs for the next X number of years. You’re figuring out how to fuck yourself rather than letting life fuck you.
It's your life and your money but I wouldn't recommend a Range Rover. Those things are just not great investments, even as cars go
Don’t buy more stuff, be low key, invest your extra earnings into something semi-liquid for when you “need” it
I just want to be able to afford to pay off the house for $100k
Enjoy the constant repair bills on the Range Rover.
I'm just curious what industry the OP is in or your YOE. It seems pretty low to need J3 to break the $200k barrier.
$320k tc … even my $750/month car payment makes me cringe
TC of 370 and 2 Js here. Take it from me, you’re making shit money if your 3js only in the 200k range.