When can I get a 20k car?

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Poit

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Have any of you (or are any of you planning on) dropping a decent amount of money sometime during residency on a nice car? Can you save up money or take out a private loan to do this after intern year, or do I have to wait until I'm an attending to spend this sort of money on a whip? I don't want to wait that long! #yolo
 
You could do that at the start of residency. Though I wouldn’t really recommend it, and I especially would not take out another loan just to do it.

I would buy a decently priced reliable car that will last through residency at least and won’t be a maintenance hassle. Why spend money on a nice car when most of your time in it will be be spent going to and from the hospital
 
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Nah. Live frugally until your loans are non-existent. Then splurge if you must. and 20k is not enough for a prototypical "nice car"..might want to triple that number.
 
20k is a cheap car. I don't think theres anything wrong with buying one in residency either assuming you need something for transportation. Finance or loans through your bank are usually fairly low interest.

While this can be argued, I personally would rather spend 20k on a new car than spend 10-15k on something used. You atleast know you won't have problems for a few years, never know what you are going to get with a used car, and its just alot less hassle in regards to shopping.
 
I was browsing Instagram the other day, and stumbled upon a first year resident that bragged about purchasing a 80k whip. So, 20k doesn't sound too bad.
 
I mean, you can technically buy whatever your budget can afford in monthly payment. Is it smart? Probably not.
 
BlackLips said:
20k is a cheap car. I don't think theres anything wrong with buying one in residency either assuming you need something for transportation. Finance or loans through your bank are usually fairly low interest.

While this can be argued, I personally would rather spend 20k on a new car than spend 10-15k on something used. You atleast know you won't have problems for a few years, never know what you are going to get with a used car, and its just alot less hassle in regards to shopping.
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You're never guaranteed not to have car troubles. I've known plenty of people who've had repairs in the first few years of ownership. Cars lose $5k just driving off the lot...buying a $15k used car ditched by someone who changes cars everytime a new shiny one comes out is just smart.
 
Comes out to $360/month car payment for 5 years.

If you're a resident taking home 4k/month and on IBR payment plan for student loans, 20k car should be easily doable.
 
Milmed residents get paid ~70k/yr w/o debt. If you want to sell your soul, Uncle Sam is buying. My plan is to Drive a rusted out 250k mile Tacoma to the ground till residency (hopefully) and then shamelessly put down a sizeable down payment for a nice car come residency. Doable if milmed, seems seriously unwise if you’re paying loans on loans with loans
 
Poit said:
Have any of you (or are any of you planning on) dropping a decent amount of money sometime during residency on a nice car? Can you save up money or take out a private loan to do this after intern year, or do I have to wait until I'm an attending to spend this sort of money on a whip? I don't want to wait that long! #yolo
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I just dropped 32k on a new, decent performance car. I can handle the payments so long as I'm only supporting myself, and I love every minute I'm in that ride. Like... I thought I'd have buyer's remorse but it's a thrill every time I slam my foot on the gas and hit 60 in less than 5.5s. It's a tool but also a toy. I adore it and am thrilled I didn't wait until my mid-life crisis to get it.

I'll also be eating very cheap for the next four years on account of my love for this car, but hey, gotta make sacrifices somewhere.
 
Mad Jack said:
I just dropped 32k on a new, decent performance car. I can handle the payments so long as I'm only supporting myself, and I love every minute I'm in that ride. Like... I thought I'd have buyer's remorse but it's a thrill every time I slam my foot on the gas and hit 60 in less than 5.5s. It's a tool but also a toy. I adore it and am thrilled I didn't wait until my mid-life crisis to get it.

I'll also be eating very cheap for the next four years on account of my love for this car, but hey, gotta make sacrifices somewhere.
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Are you just going to leave us hanging like that?? 370z?
 
libertyyne said:
You must be a Midwesterner. If I was dropping 32 K I would have bought this .
01w.jpg
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The trouble with BMWs and why I didn't buy one:
1-The transmissions are fantastic, but the engines can't handle being regularly pushed to the redline. The Challenger uses an 8-speed ZF transmission, the same German manufacturer that makes performance transmissions for BMWs and many other brands (it's literally the same transmission as every BMW series from the 1 to the 7, and is even used in the Rolls-Royce Phantom), but is mated to a Hemi engine that is designed for regular performance use and won't blow out on you if you're having fun on the weekends.

2-The repair and maintenance costs of BMWs are far and away higher than a Hemi 5.7. There's more moving parts, they're more likely to blow at higher RPMs, and you'll get gouged for most work in addition to not being able to do it yourself.

3-There isn't much room for performance upgrades in most BMWs, as the only BMWs that can outmatch the Challenger R/T are already turbocharged, whereas a bolt-on supercharger can add 160-200 horsepower to the Challenger without an issue. As the old saying goes, there's no replacement for displacement and you just can't scale engine power without it efficiently. A 3.0L V6 can't hold a candle to a 5.7L V8 once I'm done with residency and adding mods.

4-The only BMWs that can beat the Challenger in the quarter cost 48k stripped and 52k with options to equal mine, before tax, title, and fees that boost the price into the 57k range. Mine was 32k new out the door with everything and fully loaded, and that extra 25k is $500/month for the BMW is something I'm not willing to pay at this point in my life.

5-BMWs just aren't as sexy or interesting where I live. Everyone and their mother drives them, but if you're sitting at the light in a Challenger, you get plenty of attention. I frequently get asked about my car when I'm at the gas station or hopping in or out of it in parking lots. The relationship people have with BMWs are very different than those they have with American muscle cars. One is a status symbol, while the other is something people tend to be more emotionally attached to. The visceral love some people have for MOPAR is crazy, and once you've thrown that pedal to the floor to do a quarter you feel why. Every time a gear shift occurs, it sounds like the car is spitting flames out the exhaust, and watching the dials climb over 100 is satisfying as all hell. The first time I drove this thing, I was in love. It's not a sensation I've ever felt in a BMW, it's much more visceral than the cool, controlled feel you get in a German V6.

6- Neither the 330i or the 340i can best the Challenger in the quarter, with times of 13.6s and 14.2s versus the 13.4s of the stock Challenger R/T.

So the tl;dr is lower high-speed performance, far more expensive if you're looking new, less sexy, higher maintenance costs, no scalability, less reliable at high loads, and I just don't feel as great in a BMW as I do in a Challenger.
 
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mehc012 said:
You're never guaranteed not to have car troubles. I've known plenty of people who've had repairs in the first few years of ownership. Cars lose $5k just driving off the lot...buying a $15k used car ditched by someone who changes cars everytime a new shiny one comes out is just smart.
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Depends on what the warranties cover as well though. I got a new car last year for ~23k and it came with a 5-year total warranty and 10-year powertrain. If literally anything happens to it in the first 5 years outside of an accident it's covered by the manufacturer. Buying a 5 year old or even 3 year old used car for $15k wouldn't have given me the same coverage and wouldn't have been all that much cheaper annually than what I've got, which I plan on driving for at least 12 years until I pay off my loans and build up a decent nest egg. If you're going to buy a new car and just sell it 2-3 years later, then yea it's a stupid decision. If you're literally going to drive a car into the ground though, buying new isn't necessarily a bad decision depending on what kind of coverage you're getting.
 
Weirdy said:
Glad you were able to safely navigate your boat into the harbor.

Looks great, glad you're having fun with it.
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Oh god it's so huge. But the upside is the back seats are functional and it's great for road trips. Try tossing four people in a 370z, Camaro, Mustang, etc and you're gonna have a bad time. And the trunk space just goes on for dayyyyys
 
Mad Jack said:
Oh god it's so huge. But the upside is the back seats are functional and it's great for road trips. Try tossing four people in a 370z, Camaro, Mustang, etc and you're gonna have a bad time. And the trunk space just goes on for dayyyyys
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Buddy of mine has an R/T Charger. Very butch.

370z interiors feel a bit claustrophobic and VQ engines past 100k can get expensive. Wife has always wanted one growing up.

When I am in your position, I would put a sizeable down payment on a used RC-F.
 
Weirdy said:
Buddy of mine has an R/T Charger. Very butch.

370z interiors feel a bit claustrophobic and VQ engines past 100k can get expensive. Wife has always wanted one growing up.

When I am in your position, I would put a sizeable down payment on a used RC-F.
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It's a wonderful car. May not be the best performing in the class, but you can't beat Lexus materials and reliability.
 
Most residence are broke. Cars all lose money. The more you spend on cars, the more you are throwing away.
A $20k care will be worth $8k in 4 years. A $10k will be worth $5 in 4 years.

Wait till you are an attending, and your friends have a Tessla, a Nissan GTR. SOMEONE has a $200k BMW. I'm still driving the same care as residency, but my wife did upgrade from the 1999 Honda Civic (gosh I miss paying $40 for a new tire).
 
NITRAS said:
Most residence are broke. Cars all lose money. The more you spend on cars, the more you are throwing away.
A $20k care will be worth $8k in 4 years. A $10k will be worth $5 in 4 years.

Wait till you are an attending, and your friends have a Tessla, a Nissan GTR. SOMEONE has a $200k BMW. I'm still driving the same care as residency, but my wife did upgrade from the 1999 Honda Civic (gosh I miss paying $40 for a new tire).
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Depends on what you value. Cars are either an appliance or an experience, depending on your personal taste. If you are just looking for something functional, then you're throwing away money on anything that is more than functional. If you really get joy out of driving, you're losing four years of enjoyment by going with a used Camry instead of something you actually want to drive. I'm already a touch older, and decided I wanted to own something fun to drive before I was in my 40s. Truthfully, looking at it now, I wish I'd bought something that was fun to drive sooner in my life, I had no idea what I was missing out on and the 10k difference between something decent and my last car (an Elantra I got 8 years out of) would have been very much worth it.
 
I'm not saying you shouldn't buy a nice car. I'm saying that you should buy a nice car when it fits in your life. Otherwise, your life fits around the car.

Riding in the $80-$100k cars were nice, don't get me wrong, but they don't fit my life goals right now.
 
Mad Jack said:
. Truthfully, looking at it now, I wish I'd bought something that was fun to drive sooner in my life, I had no idea what I was missing out on and the 10k difference between something decent and my last car (an Elantra I got 8 years out of) would have been very much worth it.
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Question along this train of thought:

Would you daily an S2000 during residency or something boring and reliable?
 
Weirdy said:
Question along this train of thought:

Would you daily an S2000 during residency or something boring and reliable?
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I will never daily a boring and reliable car again. With zero kids on the horizon, why would I ever? I don't get the mentality of having your "nice car" for weekends or whatever, it's the vehicular equivalent of keeping something collectible in its original box- you bought something you enjoy and then you sucked the joy out of it by letting it sit, unused, because it was too precious to touch.
 
NITRAS said:
I'm not saying you shouldn't buy a nice car. I'm saying that you should buy a nice car when it fits in your life. Otherwise, your life fits around the car.

Riding in the $80-$100k cars were nice, don't get me wrong, but they don't fit my life goals right now.
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That's fair. I guess my argument is that balance is key. You could go out and buy something cheap, or you could go out and buy something that isn't your dream car but you'll actually enjoy driving. I'm a bit lucky in that one of my dream cars (I've got a few) is this one and it's within reason for a resident to afford one. Given that after a long day nothing feels better than hearing the exhaust note of that engine, and every morning the ride is so nice I almost forget to eat, I'd say it brings enough joy to my life to be worth having a car payment again over patching up my rapidly failing Hyundai.
 
Weirdy said:
Question along this train of thought:

Would you daily an S2000 during residency or something boring and reliable?
Click to expand...

I'd daily an s2000 if I had a garage and/or a second car. I had a kraftswerks supercharged s2k cr daily for a while and it was just silly using it to get groceries and errands.
 
popopopop said:
I'd daily an s2000 if I had a garage and/or a second car. I had a kraftswerks supercharged s2k cr daily for a while and it was just silly using it to get groceries and errands.
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I've already got a compatible bike rack to go....

You must've resold that CR for a very pretty penny.
 
Weirdy said:
I've already got a compatible bike rack to go....

You must've resold that CR for a very pretty penny.
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Lol, you should do it, don't let me stop you. Aren't ap1's in the low teens now anyway?
 
Do you mind if I ask where you are in training? Sounds like you're paying a set amount each month for a nice 2nd hand car through a dealer? Or is it new?


Mad Jack said:
I just dropped 32k on a new, decent performance car. I can handle the payments so long as I'm only supporting myself, and I love every minute I'm in that ride. Like... I thought I'd have buyer's remorse but it's a thrill every time I slam my foot on the gas and hit 60 in less than 5.5s. It's a tool but also a toy. I adore it and am thrilled I didn't wait until my mid-life crisis to get it.

I'll also be eating very cheap for the next four years on account of my love for this car, but hey, gotta make sacrifices somewhere.
Click to expand...
 
2nd year med student and dropped 30k on a new 320i. 0 regrets, great gas mileage, sweet 4 liter turbo has all the power I need. Had 300 hp cars before but I'm not 16 anymore and very unlikely to ever use half of them again.

That said, I'm going back to an SUV. I miss indiscriminately going over stuff.
 
zero0 said:
2nd year med student and dropped 30k on a new 320i. 0 regrets, great gas mileage, sweet 4 liter turbo has all the power I need. Had 300 hp cars before but I'm not 16 anymore and very unlikely to ever use half of them again.

That said, I'm going back to an SUV. I miss indiscriminately going over stuff.
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You need a financial adviser in your life.
 
Every time I click a car thread on SDN I'm disappointed to find no legitimate "car people" in the threads. Every time I am surprised and I don't know why because it is the same thing over and over. Does anyone else here actually know how to work on their own cars or own a vehicle that isn't either new "cool" (but really a numb slushbox) or a beater?

OP, buy what makes you happy when the math makes sense. It's not rocket science and you can either afford something or you can't. Also, learn to work on your car and you can buy a hell of a lot for low 20k. Don't be a chicken **** about mileage either for a variety of reasons.
 
Neopolymath said:
Every time I click a car thread on SDN I'm disappointed to find no legitimate "car people" in the threads. Every time I am surprised and I don't know why because it is the same thing over and over. Does anyone else here actually know how to work on their own cars or own a vehicle that isn't either new "cool" (but really a numb slushbox) or a beater?

OP, buy what makes you happy when the math makes sense. It's not rocket science and you can either afford something or you can't. Also, learn to work on your car and you can buy a hell of a lot for low 20k. Don't be a chicken **** about mileage either for a variety of reasons.
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The issue is that you don't have time to work on or worry about a car as a resident. Once I'm done with residency I'll have fun adding some forged internals, a twin turbo (the sound of superchargers gives me a literal headache, unfortunately), a PCM tune, and upgraded suspension. But I don't have money and won't have time for that right now.
 
Mad Jack said:
The issue is that you don't have time to work on or worry about a car as a resident. Once I'm done with residency I'll have fun adding some forged internals, a twin turbo (the sound of superchargers gives me a literal headache, unfortunately), a PCM tune, and upgraded suspension. But I don't have money and won't have time for that right now.
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Correct. Also when you’re showing up to work at 4am you can’t count always count on Uber to bail you out if the car won’t start. You need reliability.
 
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