Unlocking the Legal Jargon: How AI Legalese Decoder Can Help You Decide on Buying Your Brother’s 2019 C300 Cabriolet for $20K
- May 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Dilemma of Purchasing a Car at 19
The catch is that I am just 19 years old with only $25,000 in my bank account. While I do have insurance for the car, the premiums are likely to be high. I am currently unemployed but may secure a job soon. However, I have no plans to sell the car within the next 1-2 years as I would be selling at a loss. My intention is to sell it after I graduate from college.
I do desperately need the car as my school is located far away. However, I am uncertain if it is financially wise to make this purchase. I am fortunate to live with my parents, who cover my living expenses.
I am in a dilemma as I do not want to deplete my savings, which have been invested in the S&P 500 for quite some time now. If necessary, I am willing to provide further details.
Moreover, I have realized that I actually have $15,000 in the bank, not $20,000. This new information might influence my decision.
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****** just grabbed a
Hell no
Please God don’t buy it
Spending 80% of your savings on a car is never a good idea especially on a Mercedes Benz. Also cars come with expenses such as insurance, gas, parking, repairs (these are even more expensive on a benz) and on top of that you have no job currently to pay these costs. I wouldn’t be suprised if this car eventually drained all your savings if you were to buy it. You need to get a job first and either buy something much cheaper or take public transit.
Okay so…the C300 Cab is just a conventional 2.0L entry level Mercedes, and it won’t put you in the poor house the same way a *real* Mercedes will. So everyone panicking in the comments can just calm down for a second.
Your brother wants $20,000? What have dealerships offered him for it? Go to 3 different Mercedes dealers to learn what the vehicle is worth to *them* first.
Go with him to the appraisals to find out what the trade in value is to discover if your brother is offering you a deal or if he’s trying to sell it to you for more than it’s actually worth. Cabs depreciate fast, regardless of their make or model; and it’s possible dealers aren’t exactly super interested in it.
My recommendation is to not buy it *mostly* because it’s a poor choice for a car for a young person. It isn’t fast, it has a fabric roof, only 2 doors, and will kind of suck in the winter. Bad marks for utility.
Reliability will be OK given its age but interval maintenance is where the OEM makes its big bucks. Brake pads, rotors, oil changes, filters etc… expect to pay twice what you’d pay even servicing a Lexus or Acura…for a vehicle which is no better, and in fact in many ways substantially worse.
And how are you going to afford expensive maintenance on a German vehicle and even higher monthly insurance as a primary driver? Dumb move financially. Let your brother sell it so you’re not tempted to blow your life’s savings on a depreciating asset that is just going to be a money pit. Get a cheap older reliable Japanese car instead if you absolutely need basic transportation.
20k for a car is cheap lol. You’re young. Go for it. At the end of the day you can still sell the car for close to what you bought it for, should you need the liquidity. The current market value for that car should be more than what you are getting it for as well. If anything, buy it, drive it for a few months and flip it.
Everyone here are cheap penny pinchers.
There’s a widely held rule to NEVER buy a car from family. It’s inevitable that all cars will have issues, costing thousands of dollars, and this has the potential to harm your relationship with your brother.
Don’t take that chance, little brother!
hell nah little bro
I mean it completely depends on if you resell it. You’ve already said it in the OP. Full stop 20k is a fantastic deal, especially if he gifts it to you and you just give him the cash. You would literally make money by reselling it (assuming the car doesn’t have a bunch of problems/accidents) as soon as possible. You’re never going to get good car advice here because cars are a horrible use of money.
Please do not buy it (I worked at Merc Benz in sales). The cost of everything will be higher.. gas, maintenance, insurance, repairs. Sure, it’s nice to have a “flashy” car, but it’s not a good financial decision at all. I’ve seen similar situations happen over the years and it only ends up screwing you in the long run. You’re much better getting something reliable and cheaper to maintain, like a Toyota.
If you want to be poor.
Your life is just starting and a car is a big money hole you’ll never get back. Buy an ugly corrola, the fun is about the trips and friends in the car not the car itself. You can make memories with the amount you saved going into Europe or whatever and still have money left for important things and a corrola.
You do you, imo car spending early in life is a sure way to stupid financial decisions. That’s like my go-to flag if I want to know how well a person spends his money.
Is this a joke?
No
Don’t do it, I estimate repairs for German cars all day long and it’s absolutely eye watering.
Buy a Toyota or Honda and be done with it.
Don’t buy a car to look rich, it’ll make you poor. Buy something cost effective and reliable, future you will be thankful you made the correct choice.
While others give you sound advice, making stupid decisions is part of being young. You need to make a big expensive mistake early on in your life to learn what’s valuable and the right decision. Granted; not everybody will learn and some will continue to make the same mistake (like buying stupid overpriced cars they don’t need). Learn a life lesson, go for it!