Buying your DREAM CAR as an ENGINEER!

Buying your DREAM CAR as an ENGINEER!


hey guys so I’m here in Carson the experience center Motorsports North America for my birthday [Music] buying a Porsche as an engineer does it make sense recently I got to track my dream car the 718 Cayman S as expected it is a fantastic machine mid-engine 350 horsepower in a 0 to 60 time of only 3.6 seconds faster than this predecessor the GT 4 and it has less power this experience reassured me that my love for 911 oh brother is real and it definitely convinced me to buy it so today let’s look at some numbers and see if it makes sense for us engineers to buy it note these numbers will apply to you if you are graduating from the University in California and are planning to work as an engineer in California and of course if you are single so if you are an aspiring engineer and love sports cars this video may apply to you I will start with a cost then go over my current income and expenses and finally discuss if it makes sense for someone in my situation to buy the car so let’s use CarGurus and look at some new and some use comments so not for a used one we see we go to the Porsche and we look at the came in and also let’s increase the radius to 500 let’s look for around ten thousand in mileage before we okay so we’re getting pretty close now okay we should be pretty close so they’re at thousand ten thousand but this one that’s high price so talking about 60k so it’s better to buy a new one in this case okay good deal now we had seen this one before so around 50k for the base Oh in Woodland Hills okay and then it’s like for an S model so this one 2015 came in s so for this one the same things about what this one that this one is actually around 20k under the new one yeah Cayman S actually might not be bad to look for something in this price range so to play safe you know the base one is around 60 K base new one and he came in as a use one with around 10,000 Milo’s will be around 60 K so let’s just call it 60 K [Music] so for this video I’m gonna settle for a nice even number of 70 K or $70,000 in the past I talked about financing the car with a large payment however I thought about it and instead I will safer it and buy a cache in a previous video I showed my income and my expenses well this year my hard work was recognized and I got a 14 percent salary increase so for the sake of simplicity I will just directly talk about my net income and round it down to four thousand two hundred dollars after a ten percent savings going into my retirement account and after taxes so in the previous car video a lot of you called me out on my other expenses so I will cook quickly address all other payments that I currently have and clear things up wasn’t for all so as I mentioned my last video my current rent is a thousand and fifty dollars per month this includes utilities like gas electricity and Internet and yes I live in the Bay Area and yes I have roommates which explains why my payment is quote unquote low as for a car payment I don’t have a car payment because I paid off my car completely a few months ago I’m currently driving a 2014 Toyota Corolla so gas it’s about $20 a week rounded up to about $100 a month in student loans I owe about eight thousand dollars and my current monthly payment is about two hundred dollars my car insurance is about one hundred and ten dollars per month and finally I’m spending about $700 a month on food going out and just random stuff as I mentioned in the last video my cell phone is paid off by the company so I don’t pay anything there and in total my expenses turn out to be around two thousand two hundred dollars a month plus or minus you know a few dollars and finally no I don’t have any depth so I don’t pay anything else aside from this this time actually looked very carefully to figure out how much I’m actually spending and this number is a negative rige for doing some quick math in the end I’m left with about two thousand dollars and this does not include any bonus checks stock earnings or any site income that I may have so theoretically if I save all this money I can afford my dream car in about three years insurance wouldn’t be a big issue because I will simply replace my current car and the only reason my current insurance is so expensive is because I’m still consider a dangerous driver due to my age however in a few years that will go away and my average insurance will go down I googled it came in insurance pretty quickly and found that it would be around the same price as my current Toyota Corolla insurance so that would it be an issue at all as far as the depreciation goes this is my dream car so I’m not planning on selling it I’m trying to keep it for a really long time finally we get to the question does it make sense to buy the car or does it make sense to buy it now I should say the answer is it depends for me I had to build myself up completely from the bottom I was the first person in my family to attend the University I had to get myself in depth to graduate I had to find my way into the industry I don’t only home my family does not own a home so I basically have no financial headstart so right now for my situation it does not make any sense to buy this car I’m sure many of you will be in a similar situation to this who applied to you as well now for people who are born into wealthier families buying your dream car might make more sense for example I had a roommate a few years ago who already had an inheritance coming his family was very well-off so he never worried about finding a job in fact he currently spends his time traveling the world and riding roller coasters I guess what I’m trying to say is that it all depends on how financially established you are anyways thanks for watching if you enjoyed this video please leave a like and subscribe for more videos thank you [Music]


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