I totally get where you're coming from. I think we're just about the same in the age, kids, job department. I've never had a car loan over 28k and never purchase a new car in my life till the c7. I usually wait a few months and find a used one with low miles if it's a newer model. There was something pretty scary about signing that paperwork and putting down the deposit, and thinking I just bought a $63k car! Took a bit for me to be ok with it. So, I get you.
I look at it this way, how bad could it really end up being. I mean we're talking $70k max here, not $300k. If things go south and you have to get out of it in a year or 2, how much are you really out? 20k at the absolute max? That's what 4-5% of your net worth. Not really going to cause anyone to miss any meals, or not be able to buy diapers. Being self employed we take way bigger risks almost daily that could have much larger effects on our families lives.
Is this a sound financial decision, of course not. But is the enjoyment you and your family get out of it, worth it. In my case, I'm going to say yes. However, if there is any question that this could put a burden on you financially, I would say it's not worth it. The fact that you know this is a poor decision financially, and second guessing yourself, makes me believe you can probably handle it. Not some idiot living in a 50k house he rents with a 70k car cause he's got just enough in his check to make the payment.
Quote:
Originally Posted by sebljo
You are still young with years of earning power ahead of you.
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Exactly why I would rather spend a little more now, when I should be able to make it up later. Again, the downside potential is pretty minimal on this car. It's not a Ferrari.
But hey, what do I know. I make stupid, emotional decisions when it comes to cars on a daily basis!!!