Hi All,
Over the past year or so, I've been wanting to buy my DM (dear mother) a car, but have been waiting for the opportune time to do so (i.e. my financial affairs wasn't completely in order). After getting rid of all my CC debt, I feel that I have a bit more cash flow now to do something like this. However, I am still in major student loan debt from my undergraduate studies. To elaborate, I owe my father who spotted me the money to pay for my tuition, $60,000 (not a typo). Luckily, it is interest free, and I am currently paying him at a rate of $500/month at the moment, but will amp that up to anywhere between $1000/month or $1500/month, possibly even $2000/month (once I save up enough emergency funds).
Before I get lambasted for thinking such thoughts of buying my mother a brand new car while being so much in debt, I've spoken with my father and he is actually on board with me getting my mother a brand new car, even if that means paying him back might take a bit longer.
Also, to put into context of why I want to buy my mother a brand new car is for many reasons, but main points are:
1. She is driving a Toyota Tercel Model year somewhere in the early 90's. It is extremely dangerous for her to continue driving in that car since it does not have the safety features that cars nowadays have
2. Growing up, she went through a lot and sacrificed a lot for me while raising me. I saw her pain when I was growing up as a child (i.e. my father treated her horribly). I made a promise to myself I would make it in this world someday and buy her a nice car.
Since mother's day is coming up (05/10/15), the idea just conjured up in my head on how nice would it be to roll up to a nice restaurant with my family with a brand new car and give it to her. I am fairly confident she would be quite ecstatic.
The cars I have been looking into are mid-sized affordable family cars such as a Kia Optima, Passat, Accord, or a Camry, all model year 2015's. I would like to get her a Lexus IS350, but it is sort of out of my price range (I can still afford it, but I feel I would be overstretching and being anti-mustachian).
I do believe the mid-sized affordable cars would be suitable for my finances and perfect for my mother, unless anyone disagrees with my train of thought.
And with my finances, I have a cash flow of about $1800/month after all living expenses and monthly student load debt are paid for (room, food, gas, car insurance, $500 sent to my father for student debt). Obviously, I can raise the amount I pay to my father significantly, and I will, but I guess the main point I'm trying to get at is I have enough money to afford the monthly payments for the car.
Before I get lambasted again on why am I considering taking out a car loan, very anti-mustachian indeed! And why do I just not wait and save up enough cash to buy the car?!?
The reason I do not want to wait and save up cash to buy the car is simply because my mother, who is 51, and turning 52 shortly, has waited long enough for something like this. I can wait like 2-3 years and save up the cash and get it for her, but I just feel in my heart that my mom, who has never had anything luxurious all of her life, deserves something like this, even if it means getting me to finance the car.
Anyhow, I guess the reason for this post is just to get the mustachian viewpoint of my train of thought and any guidance/constructive criticism with my approach on this dilemma.
Obviously, from a pure financial standpoint, it is very anti-mustachian, but when you mix in the emotional aspect of how much I love my DM, the answer to this dilemma gets a lot more hazy.
And one last thing: finance aside, what car would you get your mother? (Accord, Camry, Passat, Optima, or any other car you guys can think of?)
TL;DR - Love DM, want to finance a car for her? What Car is the best option? Am I being Anti-mustachian?
EDIT:
seems like everyone is totally against it, I guess emotions does cloud reasonable judgment.
I'll go with just buying her a nice dinner on mothers day. And with my finances, I will solely focus on just getting out of debt, and going from there.
Thanks again everyone for the sound advice and the "tough love".