Is it a sin for wanting to own a nice car?

[audreyh1]

Lots of comments so far have said something along the lines of "If you can afford it, then why not?" I have a slightly different take on that, FWIW.

There are lots of things that are, strictly speaking, affordable given our monetary resources, yet we don't purchase them. For example, I can absolutely afford to fly first/business class on every single flight I take. I can also afford to stay in $500/night hotel rooms at every place I visit. (Not humble-bragging here, just trying to make a point.) The reason I don't usually spend the money on these "luxury" experiences is that they don't feel like a good value for me. And I also find myself thinking, what else could I be spending those dollars on that would be of higher value to me and would truly enrich my life in a meaningful way. IMHO, unless you have nearly unlimited discretionary funds, then you always have to look at any given expensive, luxury purchase as a tradeoff. What will you be giving up in order to partake in this pricey indulgence? And, in the case of folks who are still working towards early retirement, you have to ask how many more months/years of grinding away in the salt mines will this purchase delay my FIRE goals?

It’s a matter of personal goals and priorities, which is I suppose what you are trying to say.

You don’t need unlimited discretionary funds either. You simply have to prioritize.

 

[Winemaker]

The workers that made the material for the car, made parts for the car, and assembled the car, don't think it's a sin. They have to eat ,too.

 

[RetiredAndLovingIt]

Didn't you write this a few weeks ago: "Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%."

Sounds to me like you can afford it. Certainly not a sin at your level of NW and resources. You should try it. What you might not enjoy though is the amount of attention you might receive - or you might actually enjoy that depending on the personality.

Would add that I've tried on many of life's luxuries, glad I did, that way I know what I value and what I don't, and I don't feel like I'm missing out on anything.

Yep the same guy that also said
Whiling walking a mile to the store under the noon sun. It hit me - if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement? It is confirmed again when I have to cut the two week old grasses. I hate mowing the lawn and the mosquito bites.

To answer the OP's question, of course it's not a sin, what a weird way to look at it. Do what you want with your money if you can afford it and your partner's on board with your decision. Not to sound like a shrink but your head seems to be all over the place as to your priorities and finances.

 

[Andre1969]

Lots of comments so far have said something along the lines of "If you can afford it, then why not?" I have a slightly different take on that, FWIW.

There are lots of things that are, strictly speaking, affordable given our monetary resources, yet we don't purchase them. For example, I can absolutely afford to fly first/business class on every single flight I take. I can also afford to stay in $500/night hotel rooms at every place I visit. (Not humble-bragging here, just trying to make a point.) The reason I don't usually spend the money on these "luxury" experiences is that they don't feel like a good value for me. And I also find myself thinking, what else could I be spending those dollars on that would be of higher value to me and would truly enrich my life in a meaningful way. IMHO, unless you have nearly unlimited discretionary funds, then you always have to look at any given expensive, luxury purchase as a tradeoff. What will you be giving up in order to partake in this pricey indulgence? And, in the case of folks who are still working towards early retirement, you have to ask how many more months/years of grinding away in the salt mines will this purchase delay my FIRE goals?

Well, there ya go...basically, just don't speak so strictly about it! Anyway, the full statement would be "if you can afford it, and you really want it and it will bring you some form of happiness, then buy it".

The bolded part doesn't need to be said, it's implied. I mean, I can afford a sex change. Doesn't mean that I want it, or that it will bring me any form of happiness though. So, it doesn't make sense to get it.

 

[MarieIG]

Of course it's a sin, and a big one at that. You should be on your knees begging forgiveness for your evil ways.

Nah, just kidding. You should do what will make you happy, unless it results in harm to someone else.

If it is within your budget - it's fine - unless . . . (see above).

 

[Qs Laptop]

No. I lusted after a...

Now that right there, lust, that's a sin, and one of the deadly ones too. [emoji3]

To the OP, it's not a sin to have nice things if you can afford it.

 

[Music Lover]

"if you can afford it, and you really want it and it will bring you some form of happiness, then buy it".

Exactly. It doesn't matter if it's a car, a boat, or a guitar.

Some people say experiences are better than objects, but some experiences require the use of objects.

 

[Texas Proud]

Well, a bit of a different take on this...


It is not a sin even if you cannot afford it... it might be a bad decision to do so but not a sin... (well, there is that greed one... and pride possibly )


I have tried to teach my kids to save for the future... but also to enjoy their lives today.... if that kind of car will give you more joy than something else that cost $100K then go for it...


My 81 YO sister bought a $70K car because she wants a nice car... and she CAN afford it... and she has no children to pass her estate... she told me she plans to buy a new one every 4 years... (lucky for me as I buy her used one, but even they are getting expensive)...

 

[athena53]

Not a sin at all if you can afford it. Not my priority; I drive a Honda Civic but I never was a car person.

My subjective definition of "if you can afford it"- if your saving for retirement is on track, kids' college paid for and you can swing it without a 7- year loan, enjoy it.

 

[LateToFIRE]

Lots of comments so far have said something along the lines of "If you can afford it, then why not?" I have a slightly different take on that, FWIW.

There are lots of things that are, strictly speaking, affordable given our monetary resources, yet we don't purchase them. For example, I can absolutely afford to fly first/business class on every single flight I take. I can also afford to stay in $500/night hotel rooms at every place I visit. (Not humble-bragging here, just trying to make a point.) The reason I don't usually spend the money on these "luxury" experiences is that they don't feel like a good value for me. And I also find myself thinking, what else could I be spending those dollars on that would be of higher value to me and would truly enrich my life in a meaningful way. IMHO, unless you have nearly unlimited discretionary funds, then you always have to look at any given expensive, luxury purchase as a tradeoff. What will you be giving up in order to partake in this pricey indulgence? And, in the case of folks who are still working towards early retirement, you have to ask how many more months/years of grinding away in the salt mines will this purchase delay my FIRE goals?

I can relate to this on multiple levels given FI, but not RE just yet. Would add that one of the reasons I don't often splurge on big-ticket toys is that I don't want the headache and ongoing costs associated with those things. For example, the other day I accidentally toppled a sharp object onto my old beater while rummaging through the garage looking for a tool. So, it left another beauty mark on the car's paint. If it had been a brand new high-end luxury car I would have been furious with myself. But, my old junker, I just shrugged and went about my business not giving it a second thought. I don't want my possessions to own me any more than necessary.

P.S. I don't judge - I enjoy a nice car, bought a new ride, fully loaded for DW and for us to use on long drives. And I enjoy admiring other peoples rides. It's all a matter of individual priorities.

 

[Mark2024]

Lots of comments so far have said something along the lines of "If you can afford it, then why not?" I have a slightly different take on that, FWIW.

There are lots of things that are, strictly speaking, affordable given our monetary resources, yet we don't purchase them. For example, I can absolutely afford to fly first/business class on every single flight I take. I can also afford to stay in $500/night hotel rooms at every place I visit. (Not humble-bragging here, just trying to make a point.) The reason I don't usually spend the money on these "luxury" experiences is that they don't feel like a good value for me. And I also find myself thinking, what else could I be spending those dollars on that would be of higher value to me and would truly enrich my life in a meaningful way. IMHO, unless you have nearly unlimited discretionary funds, then you always have to look at any given expensive, luxury purchase as a tradeoff. What will you be giving up in order to partake in this pricey indulgence? And, in the case of folks who are still working towards early retirement, you have to ask how many more months/years of grinding away in the salt mines will this purchase delay my FIRE goals?

Thank you. While I could afford it but there may be better way to spend the $. However, at this moment, I could not think of any thing better.

 

[RetiredAt49]

I have the same FOMO as the OP but my wife just lovingly convinced/forced [emoji12] me to purchase a BMW twin turbo and I must say it is a ton of fun to drive! Prior to this purchase, I had always been a Honda guy so go forth and enjoy
as it is not a sin ton purchase a mode of transportation you can afford.

 

[38Chevy454]

I have several old cars as my hobby. More money than your proposed $100k car, although spread out over 6 classics. Do what makes you happy, and doesn't create financial distress. It's fun driving a vehicle that is special. Have fun, enjoy the successes of your life.

 

[Ronstar]

All my life, I have been in the "financially challenged" situation. One thing I would love to have is to own an AMG SUV or a M sport SAV.

If one looks at this from pure financial prospective, it is really a bad idea. 100K sitting in a high yield account at 5% is making 5K a year. One 100K car sitting in the driveway will lose at least 10% every year, let alone needing insurance and maintenance costs. Currently, late model CPO does not offer much savings.

But if I don't get one now, I would probably never going to get one once I am retired. We only live once, is getting a nice car before retirement a really big sin?

Don’t try to think about it financially. So what if you make 5k on an investment or if the car depreciates 10% a year. Either way the financial decision is moot. What matters is that you want the car. So quit thinking about it and buy it.

 

[aaronc879]

It's your money to do whatever you want with. I personally would never buy a car like that if I still had a financial need to work. If I was retired and could afford it then great but I wouldn't work extra long to be able to buy it. YMMV.

 

[Amethyst]

Even if you were an oldie having a crisis, whose business would it be?

Me, I generally go right ahead and do the "too old," or otherwise subject to unreasonable social sanctions, thing before I forget

As for what Other People, those killjoys, may think, they may kiss my...bumper. What have they ever done for me, that I should worry about their opinions?

I thought at my age, who does that? I’m not some middle aged oldie having a midlife crisis, what would people think, ect….

.

 

[Car-Guy]

Even if you were an oldie having a crisis, whose business would it be?

Me, I generally go right ahead and do the "too old," or otherwise subject to unreasonable social sanctions, thing before I forget

As for what Other People, those killjoys, may think, they may kiss my...bumper. What have they ever done for me, that I should worry about their opinions?

+1 - Oh, and on both sides.

 

[audreyh1]

By the way - there is no reason you can’t buy a fancy vehicle or other expensive items when retired if you have the funds.

 

[Dash man]

Two years ago I bought a BMW for about $70k with no regrets. I wanted the safety features, reliability and comfort, along with a good infotainment system that was easy to use. I’ve still been able to do the giving we plan to do and our nest egg is larger than it was when we bought it. DW would have balked if I wanted to spend $100k or more, but she just bit her tongue at $70k. It’s just her nature to not want to spend money.

 

[aja8888]

When I was a young boy being raised as a good Catholic, I don't recall seeing "buying a nice car" on the list of sins I was taught. So it's OK and go for it!

(old Corvette owner here)

 

[harley]

If it would make it more fun to cruise around in, I would definitely consider it a sin. Most fun things are (to somebody).

 

[O2Bfree]

If wanting a luxury car is a sin then so is hoarding money and greedily raking in more while doing nothing to earn it. Spending money you can afford to spend spreads the wealth around and can help make others happy. Of course, giving money to charities might be better in that respect. Maybe you could do a little of that too for atonement.

 

[foxfirev5]

If you really want it, go for it. For us it was a phase and nobody got hurt. I've had classic Mustangs and Corvettes with a ton of up to your elbows in grease moments. Escaped them all with no financial losses.

Back in 2004 DW wanted a new Lexus. We agreed that we would keep it forever. We still have it and it has never been in a a repair shop. Best buy ever.

No longer a car guy I have a 2021 Toyota RAV4 which will allow me to fly under the radar for the coming decades.

 

[Andre1969]

What's that old Catholic saying? "If you're happy and you know it, it's a SIN!"

 

[Stormy Kromer]

Oh hell no. Buy it, its your money.