Submitted by Remarkable-Sir8050 t3_10a8mhy in personalfinance
In January I’ll be making roughly 87k base salary and about 8-9k in year end bonus. I currently live with my mom and she owes me about $80k that she’ll put towards the down payment of a home when i end up buying one, targeting Q4 2023 when hopefully rates come down and prices too. I currently have about $17k in liquid cash, another maybe 5k in watches I can sell relatively easily if I choose to do so.
My current car is a rebuilt title 2013 g37x that has a couple issues that I could live with but I’ve put it on the market to see what happens, hoping to get 9-10k for it. My credit score whenever I buy would be good/excellent which will prob yield me a 7% rate or so.
What I really want is a 2023 genesis Gv70 2.5T in the advanced package, price on those is $54,000 MSRP. I’m trying to decide whether I should continue driving my current car or really decide to sell it and put that money towards the down payment on the GV70.
If I buy the GV70 I think I’d put down 20-25k and finance the rest. Thought process for the large down payment is that I currently am trying to learn about the market/how to invest so I have nothing in the market. I also believe the interest rate as high as they are now would beat whatever return I could get as a fledgling investor, thus I want to have as much of a down payment as I can. Another option is to maybe get a loan from my dad as he’s pretty well off and may have the liquid cash required, loan from him I imagine would be lower.
Flip side is I keep the car I have now, maybe spend 1.5k to repair some things and drive it till it dies. I just have never had a new car and I really like the genesis but want to be responsible.