Advice for anyone in their twenties is not to overspend on a sports car. It’s easy to get carried away when you’ve graduated college and obtained a great-paying job. You feel like you’ve completely made it. Life gets harder as time passes, so you need to make room for your life to expand.
Do you plan to live alone in a nice apartment or house? Do you plan on getting married soon? Car payments can hinder you from achieving those goals. We tend not to think about having a child, but that’s another level of financial stress.
Enough with the negative, but if you decide to get a sports car, get something that can grow with you. I focus on Taycans because they are four-door and can be functional for your day-to-day lifestyle no matter what. This is important because if you are financing a car for 4 to 6 years, you don’t want to get it paid off and then have to instantly start over with making a new purchase.
I absolutely loved my C5 Corvette, but I realized it didn’t fit into my life over time. It sat in my garage and was only driven maybe three times out of the year. It was completely paid for, but I was still paying full-coverage insurance. It wasn’t hurting me by any means, but I had a car that was just rotting away. I used that car to get into my first Lexus, and there’s truly a difference between sports cars only and luxury.
It was difficult to go to the grocery store in a two-door hatchback. It looked cool, but you couldn’t fit many grocery bags in it. When Mr. Winter decided to show up, it wasn’t really feasible to drive. It was also a little scary when next to semi-trucks. These are the things that you really don’t pay attention to until it’s too late.
Think about this advice when you are looking for your next car. One last point: Don’t bite off more than you can chew when it comes to a car payment. Live below your budget because a high car payment is tough to deal with over multiple years.
