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You Deserve Nice Things & You Can Afford To Drive A Luxury Car (I Know You Probably Think It’s Unattainable But It’s Not)

I’m sure you’ve read a ton of articles that promise financial stability, in exchange for driving the same car for like 18 years. Please. What’s the point of making and saving money if you can’t use it to increase your quality of life? Anyway, you’re supposed to be here to have a good time and holding onto every single penny won’t make you happy.

You Deserve Nice Things

You deserve nice things. You really do. While I firmly believe in striking a balance between spending vs. saving, because balance is key with everything in life, I also firmly believe in treating yourself when you can afford to, also known as not living above your means.

Let’s Talk About If You Can Afford It

So you want a luxury car. I’m not going to sit here and tell you spend only x amount of your annual income on a car because that’s not realistic and it’s also insulting. Also, if you’re like me and you really love and value a nice car over pretty much everything else, it doesn’t make sense. Instead, let’s look at some key things that point to if you can afford it.

  • Are you in credit card debt? If you said yes, start paying it way down before you splurge on a car. It’s not wise to choose paying for your car over paying down your debts. That’s how you end up bankrupt.
  • Will a luxury car payment impact your ability to afford the essentials? If a luxury car payment will make it tough for you to afford the essentials, like rent and groceries for example, wait until you get a raise or save more money.
  • Do you have money saved for retirement? Because you should, girl. Go save some up before buying a new car. Ideally, 10% of your income should go straight to this.
  • Do you have a rainy day fund? Yeah, you need one because you never know what could happen! Put into this what it takes for you to survive for 6 months before you treat yourself.

Go For Certified Pre-Owned Or Used

No, I’m not joking, go for a Certified Pre-Owned or used car over one new off the lot. It’s stomach churning the amount a luxury car devalues in the first year of ownership, and anyway you can get them not new at incredible savings.

Personally, I love Certified Pre-Owned and highly recommend this option for your luxury car purchase. Why? CPO cars are the pick of the litter, protected from defects and ridiculously expensive repairs. On top of this, you’re probably eligible for loaner cars at no cost to you, satellite radio, and other cool perks that again, save you money. Not all CPO programs are the same from manufacturer to manufacturer, so each one can offer you different benefits.

P.S. A car that’s two years old or even four years old can still feel brand new, without the exorbitant purchase price!

If You’re Financing

Cars are a depreciating asset honey, so it’s smart to keep your financing to as short a period of time as you can possibly afford to adhere to. It will save you a killing on what you could be paying on interest!

Is Leasing A Good Option?

Nope. Not on luxury cars. Dealers are making money off you like crazy on this, since you need to get into a new lease every few years, and on top of that they’re making money selling the car you just exited for a profit. You can’t win here, and leasing is never a good option on a luxury car. I mean, just think about it, why would car dealers even lease cars if it only benefited you?

Bre is a female millennial go getter residing in New York. One part entrepreneur, one part geek, she obtained her degree in Textile/Surface Design from The Fashion Institute of Technology.

She has held some exciting roles in both fashion as a designer working for brands like Victoria’s Secret and Henri Bendel, as well as in ad tech working for publishers like Ziff Davis.

Today she operates her own luxury label, Bre Avery, and is also the Chief Chick at Chipchick.com which reaches millions of women each month.

Bre is passionate about keeping women informed of the latest technology trends and products to improve their lifestyle and believes in providing real, useful information and advice to her readers.