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$500/month cash towards a car...what to do?

post #1 of 45
3/11/10 at 10:55pm
Thread Starter 
Greetings gentleman,

I have recently left a job where I was given a company lease, all expenses paid (gas, insurance, tolls, parking, etc.) and have moved onto a higher paying job where they give me a car allowance of $500 tax free for a car and insurance. All aforementioned perks will continue to be paid for on top of that money. I was previously driving a Camry XLE (insert recall joke here). What car would you guys recommend I buy/lease with the money? I get to keep the difference if I don't use all of it. Ideas?
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post #2 of 45
3/11/10 at 11:40pm
I would buy shoes and bottom-shelf liquor.
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post #3 of 45
3/11/10 at 11:47pm
Quote:
Originally Posted by Lizard23 View Post
Greetings gentleman,

I have recently left a job where I was given a company lease, all expenses paid (gas, insurance, tolls, parking, etc.) and have moved onto a higher paying job where they give me a car allowance of $500 tax free for a car and insurance. All aforementioned perks will continue to be paid for on top of that money. I was previously driving a Camry XLE (insert recall joke here). What car would you guys recommend I buy/lease with the money? I get to keep the difference if I don't use all of it. Ideas?

You cannot get this tax free. You will either get a 1099 or it will show up monthly on your pay cheque. This is a taxable part of your compensation plan.
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post #4 of 45
3/12/10 at 12:20am
Thread Starter 
Incorrect, it is tax free (on my end at least). I have it in writing. Company pays taxes on it prior to giving to me to use for a business car of my choosing. Not looking to argue tax code, just want to know what car you would get if you had 500/month for insurance and a lease payment or car payment
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post #5 of 45
3/12/10 at 12:23am
BMW 328i
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post #6 of 45
3/12/10 at 12:36am
how much is your insurance?
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post #7 of 45
3/12/10 at 12:39am
If you purchase, do you get to keep the car when it's paid off?
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post #8 of 45
3/12/10 at 12:45am
Ins. would be a least 200/monthly ,so your choice is not that great. I'd say go back to Toyota or Honda(however Honda might be out of your range).
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post #9 of 45
3/12/10 at 1:45am
Cars are a money pit in NYC. Unless you need it. Ditch it. Unlimited Ride MetroCard =$89. Pocket difference. Edit: Oops I see that parking, tolls, etc. are paid for. Even still, having a car would be a headache IMHO.
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post #10 of 45
3/12/10 at 3:16am
Quote:
Originally Posted by Pezzaturra View Post
Ins. would be a least 200/monthly ,so your choice is not that great. I'd say go back to Toyota or Honda(however Honda might be out of your range).
For a 328i? I have been driving a 2007 328i for 3 years now. I am 30, with 1 ticket in the last 5 years, and 0 accidents. I pay less than $100 per month for full coverage through USAA. To the OP, I'd recommend test driving a 3 series. [EDIT]Forgot to add that the less than $100/month also covers my 1991 MR2; which I use as a track car/SCCA car[/EDIT]
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post #11 of 45
3/12/10 at 12:18pm
Quote:
Originally Posted by bmf895 View Post
Cars are a money pit in NYC. Unless you need it. Ditch it. Unlimited Ride MetroCard =$89. Pocket difference.

Edit: Oops I see that parking, tolls, etc. are paid for. Even still, having a car would be a headache IMHO.

I agree. Having kept a car for years in NYC, it was a total waste of money and time. And I even had pretty cheap parking in Manhattan. It was a terrible idea.
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post #12 of 45
3/12/10 at 1:09pm
Thread Starter 
Not getting a car is not an option....I am required to have one for work. If I buy, at the end, the car would be mine. I have had a car in NYC for the last 5 years and I agree that even with parking, gas, tolls, etc. all paid for it is still a giant pain and not worth it, however, not having a car is not an option. I inquired about insurance on the 328i, and it would be roughly $150/month. Keep in mind I didn't shop around, just called a broker for a quick quote so I might be able to do better. I also have no accidents or points. Any further thoughts? I am planning on test driving the 3 series this weekend.
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post #13 of 45
3/12/10 at 1:24pm
Dont get a BMW. Everyone has a BMW and half of those people are self indulgent weiners.
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post #14 of 45
3/12/10 at 1:26pm
NYC car insurance is very expensive. Leased or financed car will require a comprehensive/full collision coverage in addition to liability. Figure at least $1200 a year with perfect driving record, prior insurance history, over 25, etc. A lease for a new 328i will run around $450+ That's with no down payment and not including taxes, which are charged on the total of lease payments and can be paid upfront or spread into monthly payments. There will also be lease inception, documentation and NYS registration fees which will be another easily be another 1K. Something like $350 a month plus insurance and incidentals is more realistic. The OP did not say what he needed the car for. For have-to-get there commuting I would look for an awd car like a Subaru Imprezza.
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post #15 of 45
3/12/10 at 2:10pm
OP is somewhat vague. Are you living in Manhattan? Do you need a car for work? Do you need to drive clients around? $500 in manhattan really won't get you much. That will just about cover insurance and a parking garage. If you don't need a car then don't get one. If you need something to get around the city then I would look into a small city car. If you need to drive clients around then your out of luck. No matter what your gonna have to come out of pocket. My car insurance when I lived in Manhattan was $3400 and I had to have a parking space for it that was another $250 a month. Or $6400 a year.
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