How well of should I be to buy a Genesis?

[maxpowers]

http://www.autoguide.com/manufacturer/hyundai/2012-hyundai-genesis-review-1572.html

"Hyundai says their target Genesis customer is 'the millionaire next door'"
For those genesis owners, how much is your net worth/income? I make about 50k a year and am seriously considering buying a used 2012 around next February. I am very very financially stable and conscious. Is this uncommon for someone to buy a car like this when they aren't making 100k a year? I want a beautiful luxury car that is efficient and practical, but am still deciding if at the age of 27, am I guying too much car for me.

 

[homeofstone]

Re: Early 2012 R-Spec reviews

"Hyundai says their target Genesis customer is 'the millionaire next door'"
For those genesis owners, how much is your net worth/income? I make about 50k a year and am seriously considering buying a used 2012 around next February. I am very very financially stable and conscious. Is this uncommon for someone to buy a car like this when they aren't making 100k a year? I want a beautiful luxury car that is efficient and practical, but am still deciding if at the age of 27, am I guying too much car for me.

If after purchase of any new car you worry about cost of gas, cost of taxes, cost of upkeep(tires etc.) cost of insurance, amount of monthly payments then you bought too much car. I don't think a car payment should be more than 15% of net income/month.

 

[Mark_888]

Re: Early 2012 R-Spec reviews

"Hyundai says their target Genesis customer is 'the millionaire next door'"
For those genesis owners, how much is your net worth/income? I make about 50k a year and am seriously considering buying a used 2012 around next February. I am very very financially stable and conscious. Is this uncommon for someone to buy a car like this when they aren't making 100k a year? I want a beautiful luxury car that is efficient and practical, but am still deciding if at the age of 27, am I guying too much car for me.

That is based on the book entitled "The Millionaire Next Door". I think you should read the book before you jump to any conclusions (yes, I have read book and probably still have a copy somewhere).

If you read the book, and some day you want to be a "Millionaire Next Door" then ask Suzy Orman (not anyone on this forum) whether you can afford a used Genesis next February when you are in the market for a car.

 

[wallymn]

Re: Early 2012 R-Spec reviews

"Hyundai says their target Genesis customer is 'the millionaire next door'"
For those genesis owners, how much is your net worth/income? I make about 50k a year and am seriously considering buying a used 2012 around next February. I am very very financially stable and conscious. Is this uncommon for someone to buy a car like this when they aren't making 100k a year? I want a beautiful luxury car that is efficient and practical, but am still deciding if at the age of 27, am I guying too much car for me.

At 27 I made a little more than 50k a year and would never have considered buying a new car , let alone a 40k+ new car. When I turned 28, and had tuition loans paid off I bought my first "nice" used car.
Everyone is different, but cars are "throw away money", in my opinion paying cash is the only way to go.

having said that, income doesn't always reflect net worth. If you have 30K burning a hole in your pocket, and no debt, and a car is what you want, its your money.

 

[drvinhle]

Re: Early 2012 R-Spec reviews

back in 1989, when I graduated from college my mom gave me $15000 either for a new car or a down payment on a house. I bought a new white Ford Probe Turbo instead. It was fun for a while but sold it a few years later for practically nothing. If I had bought a house, I could have made hundreds of thousands of dollars during the boom in california. If you are young and have $30K, invest.
Now if you are in your mid 40's like me, it's a different story. You have to deal with midlife crisis and there's no remedy better than a souped up black on black Tau V8 with black ice E&G chrome grille, Enkei Chrome wheels, and Borla exhaust. You will spend your time polishing the car and loving it.

 

[morpheus2969]

Re: Early 2012 R-Spec reviews

back in 1989, when I graduated from college my mom gave me $15000 either for a new car or a down payment on a house. I bought a new white Ford Probe Turbo instead. It was fun for a while but sold it a few years later for practically nothing. If I had bought a house, I could have made hundreds of thousands of dollars during the boom in california. If you are young and have $30K, invest.
Now if you are in your mid 40's like me, it's a different story. You have to deal with midlife crisis and there's no remedy better than a souped up black on black Tau V8 with black ice E&G chrome grille, Enkei Chrome wheels, and Borla exhaust. You will spend your time polishing the car and loving it.

Here, here!!

 

[tonygxp]

Re: Early 2012 R-Spec reviews

At 27 I made a little more than 50k a year and would never have considered buying a new car , let alone a 40k+ new car. When I turned 28, and had tuition loans paid off I bought my first "nice" used car.

at 27 i bought my house, i then bought a new Sonata for $15k (back in '02). luckily i was climbing a ladder financially and was able to upgrade over and over (both with house & toys) like quoted above. buy a house first... don't rent anything. buy buy buy.. you'll have your whole life to play with a "toy" but get your priorities straight first.

 

[037]

Re: Early 2012 R-Spec reviews

buying a house doesn't make any sense in most markets, read cnnmoney.com if you need someone who knows to tell you the same.

a Hyundai is a good investment if you need a car, as the warranty is good, the quality is there, and if you can keep it over 4 years...you're well off. If you plan to sell quick...get something cheap, like a unlimited bus/train pass.

 

[Mark_888]

Re: Early 2012 R-Spec reviews

buying a house doesn't make any sense in most markets, read cnnmoney.com if you need someone who knows to tell you the same.

WTF? Right now is the best time in history to buy a house, with deflated prices and low interest rates (assuming you don't have to unload an existing house at firesale prices).

 

[Gurkha]

Re: Early 2012 R-Spec reviews

WTF? Right now is the best time in history to buy a house, with deflated prices and low interest rates (assuming you don't have to unload an existing house at firesale prices).

+1. Lol. Even us Canadians are buying what's on sale in the US!

______________________________

Help support this site so it can continue supporting you!

 

[Gambler]

Re: Early 2012 R-Spec reviews

buying a house doesn't make any sense in most markets, read cnnmoney.com if you need someone who knows to tell you the same.

a Hyundai is a good investment if you need a car, as the warranty is good, the quality is there, and if you can keep it over 4 years...you're well off. If you plan to sell quick...get something cheap, like a unlimited bus/train pass.

So you are saying that buying a house is a bad investment, and that purchasing a car is a good investment? Generally when you INVEST in something you expect it to go up in value. Perhaps (it is in the realm of possibility) a house is not a good investment, but there is ZERO way a car is a good investment, as it WILL ALWAYS lose value.

As far as the age of buying cars...I'll just stay out of that one

 

[037]

Re: Early 2012 R-Spec reviews

Gambler, ever hear of vintage cars? so much for your cars not going up in price theory.

as far as housing, I'm not saying now is a bad time to buy, I am saying tomorrow will probably be a better time to buy.

thanks for the vote of confidence all.

 

[tonygxp]

Re: Early 2012 R-Spec reviews

Gambler, ever hear of vintage cars? so much for your cars not going up in price theory.

as far as housing, I'm not saying now is a bad time to buy, I am saying tomorrow will probably be a better time to buy.

thanks for the vote of confidence all.

it's almost at the bottom man, comon. buy a house today or next year and in 10 years the difference you MAY have missed out on is so minute it wasn't worth the wait (if you're renting). i understand what you're saying but if you're renting now it's smarter to buy, asap.

 

[037]

Re: Early 2012 R-Spec reviews

the problem is, nobody knows or can see the bottom since crap job market means more and more people can't afford their homes, especially if they couldn't afford them when they bought them.

If you got the money burning a hole in your pocket, do go ahead and spend it as you wish. I am personally holding out a bit longer

I'm ready to buy the r-spec though, like right meow.

 

[homeofstone]

Re: Early 2012 R-Spec reviews

it's almost at the bottom man, comon. buy a house today or next year and in 10 years the difference you MAY have missed out on is so minute it wasn't worth the wait (if you're renting). i understand what you're saying but if you're renting now it's smarter to buy, asap.

I agree. Buy a house. My wife and I have rental houses and bought another for a rental last year at .60 on the dollar and I am looking for another one now. BTW the last one we got is a 4 bedroom three bath two story house and my tenant is the Service Mananger at one of the new car dealers here in town. lol

 

[homeofstone]

Re: Early 2012 R-Spec reviews

The R-spec is the kind of car I woudl like to have, however having just bought a 2011 9 months ago I am sticking with my plan to drive it to 200,000 miles or so. If you have no kids and don't plan on being in the same town for at least 7 to 8 years then maybe buying a house is not the best idea unless it is for rental property. That said: If I were buying a new car this year it would be the R-spec sedan.

 

[Glashub]

Re: Early 2012 R-Spec reviews

All of you people advising to buy a house must be in the real estate industry. IMO, you have no right and no relevant body of historical data to support giving that advice in a market like this. You have no idea how much shadow inventory is out there, what will happen in Europe, and where the American economy is truly heading. You sound like Trump and all of the other "experts" out there directing people to buy in 2006/2007 when clearly we were in a bubble. The Anderson school of business predicts a further decline of at least 22%. And they've been right about the economy every time over the past 10 yeas as far as I know.

A car is not an investment no doubt but neither is a house today, imo, unless one finds the house they are willing to live in for decades in a town they'll never leave.

 

[037]

Re: Early 2012 R-Spec reviews

uh oh, more than one person follows the housing news

 

[JckOfSpds]

Re: Early 2012 R-Spec reviews

All of you people advising to buy a house must be in the real estate industry. IMO, you have no right and no relevant body of historical data to support giving that advice in a market like this. You have no idea how much shadow inventory is out there, what will happen in Europe, and where the American economy is truly heading. You sound like Trump and all of the other "experts" out there directing people to buy in 2006/2007 when clearly we were in a bubble. The Anderson school of business predicts a further decline of at least 22%. And they've been right about the economy every time over the past 10 yeas as far as I know.

A car is not an investment no doubt but neither is a house today, imo, unless one finds the house they are willing to live in for decades in a town they'll never leave.

Well I think you have to caveat the Anderson data with the fact that, in some markets, the housing market has faired just fine (look at the DC metropolitan area, for example, where you have actually seen an increase in home values). I actually work in this field, and can site a lot more evidence that would contradict the report you are referencing. The caveat you are missing is that each geographic location behaves differently, and there may be facts in a specific location which warrant buying a home (i.e., if you were to buy a home where you have new infrastructure or other enhancements being built which will drive home prices up). So I'd temper the negativity since you are speaking generally. I'd simply state that investing in real estate is risky in this environment to be sure, but you should do research in the geograhpic location in which you wish to buy and see if there are factors which will drive home prices up and/or down in the next 5, 10 and 15 years (since you have to look ahead several years to understand what your potential selling environment will look like).

 

[Glashub]

Re: Early 2012 R-Spec reviews

Well I think you have to caveat the Anderson data with the fact that, in some markets, the housing market has faired just fine (look at the DC metropolitan area, for example, where you have actually seen an increase in home values). I actually work in this field, and can site a lot more evidence that would contradict the report you are referencing. The caveat you are missing is that each geographic location behaves differently, and there may be facts in a specific location which warrant buying a home (i.e., if you were to buy a home where you have new infrastructure or other enhancements being built which will drive home prices up). So I'd temper the negativity since you are speaking generally. I'd simply state that investing in real estate is risky in this environment to be sure, but you should do research in the geograhpic location in which you wish to buy and see if there are factors which will drive home prices up and/or down in the next 5, 10 and 15 years (since you have to look ahead several years to understand what your potential selling environment will look like).

It's negativity because it contradicts your belief system? It's reality. You have bought into a belief system that is not sane in light of current data. If much of economics is psychological then why buy a house when the data, the news and the preponderance of people expect prices to go down further. You pick one market and I respond with this -

"The Washington area's housing market isn't expected to rebound for at least a year, and 2011 could mark a new low for some areas, according to real estate experts.

Read more at the Washington Examiner: http://washingtonexaminer.com/local...t-wont-improve-2011-experts-say#ixzz1Q6pJNpvl

Seattle, SF and Portland weren't supposed to go down. Urban boundry laws, the geography, zoning laws, etc. But they did. Look everyone would like to buy a house. I bought a house. But I got out of it with finances intact while millions of good worthy people are underwater.