Lexus December to Remember offer. Did i miss out on a good offer? Advice needed

[tali26]

Hi y’all I need some financial advice before I sign on a new car purchase. I’m trying to get a 23 Lexus ES 350 with 0 down offer (5.25% apr) which means $820/month for 72 months (me and wife are splitting payments). Currently taking home more or less 4K a month including full coverage insurance. Here are my monthly expenses:

$2,100 mortgage
$500 Utilities
$300 credit card payment
$200 other expenses

I walked away on that offer but the dealership says it’s still valid until the 3rd of Jan.

What do you guys think? Did I walked away from a good offer and dodged a bullet or should I go back and take it?

Any tips would be very much appreciated!

Edit: Thank you so much for all your advices! Sorry I can’t reply to each one, but really grateful y’all looking out for us!

 

[hema]

@tali26 You can't afford that.

 

[undergrace88]

@hema Not even close

 

[jacklong]

@tali26 I apologize in advance, I'm going to to be a little brutally honest.

So you want to spend $60k on a car when you are taking home $48k/year? Cars are depreciating assets. That's a bad financial decision, any way you put it.

Looking at your cash flows, it leaves very little leeway to rebuild (or build?) savings.

You mention credit card payments, are you saying you still have credit card debt, but are looking to take on more debt for a luxury item? That's a very bad decision.

The financial advice is this: If you need a vehicle, buy used. Better yet, keep using your current vehicle as long as you can.

It's hard to tell exactly where you are based on this post, but I'd encourage you to take a look at the r/personalfinance prime directive

 

[chitoff]

@jacklong I second this. Op, you can’t afford this. Put that 800 into a retirement plan!

 

[tali26]

@jacklong Hi there, thanks for replying! Don’t be! Bitter truth is always better! Yeah we’re just going to keep using the car we have right now and save up throughout this year. Maybe end of 23 or 24 there’ll be better deals and we’ll be at a better financial standpoint.

 

[kellypink]

@tali26 I would highly highly recommend you stick with very cheap new cars or used cars. Buying $50k cars is a great way to put a significant limit on your ability to build wealth and retire comfortably one day.

 

[jesusisgod1992]

@kellypink Exactly this - I’m 56 and have eyes on retirement and the LAST thing I want or need is an expensive car. We are a family of four with four well used, safe and well maintained cars - the combined purchase prices for all of them is $35k and that includes my wife’s relatively newer 2014 Infiniti we bought in 2018. Crazy what people will finance on a depreciating asset.

 

[reformedhighlander]

@tali26 I make over three times what you two make combined and I drive a slightly used Mazda. You need to learn how to spot cars of value on the used car market.

 

[tetragrammon]

@reformedhighlander I make four times what they make and drive two paid for cars, a 2016 minivan and a 2007 scion xb