I recently paid off my car in full and it seems like the universe is pushing me to get a new car. I have had my eye on a Lexus RX350 (and the RX300 before that) as my dream car and I even set up a mini savings account in ING so that I could one day get one. Since the day that I paid off my car it seems I have been seeing the Lexus EVERYWHERE I go…driving on the highway there is one in front of me or just behind me or to the left (yes I drive in the right lane on the highway!!!!)
I see commercials for the new one when watching television online….someone comes to visit the neighbors and they are driving one and park in my spot!!!! But I don’t make a big fuss because the Lexus RX350 is soooooooooooooooo $exy.
Then recently, my Check Engine light comes on and I live 1.5 hours away from the regular mechanic. Now I have to haul myself to some place to find out what the light means (and yes I did check the gas cap to make sure it was not that) and quite possibly spend some money on getting the problem fixed.
Or I could just buy my Lexus!!!!
UPDATE: I got the light diagnosed from Auto Zone for FREE!!!! They said it was some kind of air filter that went bad and all it would do is to lower my gas mileage until I got it replaced.
They told me I could wait until my next oil change to get the filter replaced (they could not do it at Auto Zone) and they even gave me a price estimate so I could be sure I was not overcharged.
Get the Lexus RX350. Nice car. 🙂
I agree the Lexus RX350 is beautiful. I would love to one day own one myself.
– Robert
I had to google it because I wasn’t sure which one it was. Ohhhhh get it!!!! Provided you have a hefty down payment and won’t mess up your savings goals of course! Otherwise….get it! It’s a beauty!
I have $5000 that I can put down easily plus I also have $2500 in my car fund which should cover a few months payment in advance….but I am still thinking long and hard on that one.
I usually agree with you about a lot the financial choices you share on your blog, but I hope you’re just thinking about this car for fun. I like the Audi A8, but I wouldn’t buy it in this lifetime. It just seems weird to scrimp & save & count pennies, just to blow it on an expensive car that’s also a gas hog. Besides paying off your credit cards, what are/were your other financial goals?
One of my savings goals for the year is to save for a house since I am at the age where I am thinking of getting out of the renting cycle.
I am however, thinking about the car because that has been my dream for a LONG time and I know I can save carefully and purchase it when I am ready. I am not ready RIGHT now but it is still on my mind.
After all isn’t that one of the points of saving? I save to have the ability to buy what I really love?
Oh and about the check engine light, I would ignore it until inspection time. They charge up to $100 to diagnose it and it’s often nothing.
One of my previous employers owns a RX300 and I sometimes used it for bank deposit runs. I was not impressed when I drove it. It looks nice and has plenty of cool luxuries, but it did not drive well. For the price, I think you can get a much better vehicle.
Buying a flashy vehicle is usually not a good idea unless you are doing very well financially. If not, you may get overwhelmed by expensive car payments, insurance, gas and maintenance. It definitely gets in the way of other investments such as a new house or apartment. So if you can, I recommend waiting on the dream vehicle until you hit your mid life crisis.
The 350 is a big upgrade from the 300. It is a lovely car. That said, hold off on the purchase for now. I would save up for a used 2-3 year old model. That will cost you at least $22000 for one in good shape, but should last you for a long time.
If I were you, I would buy the Lexus, its your dream car, once you buy it you will be fulfilled and won’t be needing a replacement car for a very long time. When you buy the car, you are also going to be investing into your happiness!
-Jean
I think an apartment or house is probably a bigger priority than a dream car. You’ve got plenty of time to get your dream car down the road. I speak from experience. I made the mistake of splurging on an overpriced car when I thought I was doing well financially. I ended up regretting the expensive monthly car payments and the higher insurance. I would be much better off financially if I had been more realistic about my vehicle needs. You should keep in mind that a new vehicle loses a lot of its value right when it is driven off the lot. On the other hand, an apartment or house likely will gain value over time instead of dropping in value.
Yes a house is a bigger priority than a car. I would not buy a brand new car either.
Yes it is but not all dreams come true. In any case it is not something that I will be rushing out to buy in the next two weeks.
Love the car, but from one frugal brother to another…I always vote to buy used, maybe 2-3 years old w/30-50k miles on it and make sure it’s not the first model year 🙂 Your blog has been very motivational and encouraging for me to live within my means and get out of debt, Dave Ramsey would love your site. Do let us know if you end up buying it 🙂