Best 20K Car for accepted MD

[7331poas]

Dave Ramsey's advice is for financially inept people. Not to belittle anyone but anyone pursuing medical/dental/pharmacy school etc. is very smart and can let their money work for them. Use credit cards (provides extended warranty 2-3 years, free car rental insurance, free flight insurance, 90-day return protection, etc.) and not debit cards, get a 30-year mortgage and never pay cash or 15-year for a house (deduct interest, invest money elsewhere), get multiple homes actually and let your tenants pay off your mortgage while you deduct 50k from your future 300k salary (and pay a property manager 10% so u can relax). Millennial millionaires like MeetKevin (youtube him) will give you far better advice than Ramsey (who is better for people that can't think more than 2 hours ahead).

advising people to buy property tells me right away that your advice is questionable.

---

Members don't see this ad.

 

[Mad Jack]

Mind you, 50k a year after taxes is closer to 35k. That's at most 15k after buying a 20k car. Not sure your financial situation (loans, rent, food, etc) but depending on where you live that can be cutting it close, and is also money you could be saving for all the expenses of med school (tuition itself is a kicker, but there are a lot of other fees that come into play).

I'd personally get a used car for like 2k. Outside that, if you're still set on it, idt anyone can tell you which car to get - whichever one you like more and you can't lose.

Also personal input - most kids here who drive a nice car get flack for it, it's assumed they come from $$$$ which can make people with 400k debt feel pretty salty. Not justifying their feelings, nor am I saying you have to come from a rich family to have a nice car in med school, just a word of warning. I'd be lying if I said I don't get a little bummed seeing kids with nice cars/ going on vacations, but I of course know to separate those feelings from the individual - but not everyone does that. If that's something that matters to you then perhaps take that into consideration.

Also congrats on your acceptances

Or you could have the 400k in debt and the nice car like myself lol. I just prioritize making every day count because tomorrow... It's not guaranteed. Don't be reckless, but don't be austere either

 

[Hzreio]

Learn to drive stick if you don't already know, it's pretty fun since you seem to be into cars.

 

[Mad Jack]

advising people to buy property tells me right away that your advice is questionable.

Buying property has advantages and disadvantages. It's one of the most reliable ways to build wealth but also the one that comes with more headaches than most people realize. The market is currently overvalued by any metric of reason while interest rates remain low, so property investing is actually a pretty good way to diversify right now

 

[7331poas]

Over 30 years homes will ALWAYS average 3-5% appreciation even when accounting for maintenance/depreciation (which can be deducted from your income). Alternatively, you can make 250k and continue giving more of your income to the government if you prefer.

I don't think the only options are investing in real estate and "giving money to the government".

 

[GreenDuck12]

Neither car. Look for a 3 year used car with inexpensive maintenance - think Honda and Toyota FWD with few bells and whistles. A nice car in med school won’t impress your classmates. Take the money you save and put it in a Roth IRA (6k this year 6k on January 1 for next year) in a low cost index fund with a generous allocation to equities. You can thank me when you go to retire.

 

[Candidate2017]

Dave Ramsey's advice is for financially inept people. Not to belittle anyone but anyone pursuing medical/dental/pharmacy school etc. is very smart and can let their money work for them.

Lol, how many students know what RVU stands for? Or ask your residents what the billing code is for the procedure or patient they just saw, what documentation requirements are required to justify that level of coding, and how much it usually reimburses. Also ask your attendings what are the changes to the 2021 CMS billing codes and how they will change their practice to maximize reimbursement. I predict many puzzled looks.

There's a reason why most doctors now work for B students from business or nursing schools.

 

[Matthew9Thirtyfive]

Oh I’m not saying don’t smell the roses. I was saying maybe smell the roses in a different way. I’d argue you’re better off putting that extra 10k over a more boring car towards a month in Europe 4th year and going out during Med school. Money will be tight for a while, splurge on experiences and people, not things.

Yeah I’d much rather have a nice car that works and is not fancy and a trip to somewhere amazing than a car twice as expensive to take me to and from school.

 

[Matthew9Thirtyfive]

Then they buy an expensive truck which places them in debt with only a rapidly depreciating vehicle to show for it.

Usually a mustang, actually.

 

[xffan624]

The people saying to "live while you are young" should understand that you are encouraging the *worst* financial mistake that physicians commit.

Buying expensive cars is one of those classic pathways for military kids. They walk into a job with low expenses and decent pay. Then they buy an expensive truck which places them in debt with only a rapidly depreciating vehicle to show for it. We all know how the story ends from there.

Usually a mustang, actually.

When I was deployed I was disgusted by the booth on the FOB selling Dodge Challengers to gullible soldiers so they could waste their hard earned deployment money on a fancy muscle car.

 

[dingdong28]

When I was deployed I was disgusted by the booth on the FOB selling Dodge Challengers to gullible soldiers so they could waste their hard earned deployment money on a fancy muscle car.

Yeah, but did they offer a sweet 28% interest rate and throw in a free tank of gas?

 

[Calizboosted76]

So I read through some of the responses and you have gotten great advice.
Disclaimer: I am a car guy and have wasted tons of money on cars that I would do exactly the same if I had the choice.

I would get a reliable truck. I have had twin turbo 300s, BMWs, mustangs, FRS, and a few other race cars. The amount of time having vehicles like this entails is too much for a medical student in my opinion.

Granted the only reason I switched to getting a truck is because I had a daughter and her well being was more important than having a lowered fast car. (Ill have another one, or ten, after I become a physician.)

If you are dead set on one of these cars, get the Camaro because just maintenance wise, the Audi will use all of your loans for medical schools.

Good luck with whatever you choose!

 

[LunaOri]

Buy a new Prius. Low maintenance, high reliability, great resale value.

 

[Neopolymath]

So I read through some of the responses and you have gotten great advice.
Disclaimer: I am a car guy and have wasted tons of money on cars that I would do exactly the same if I had the choice.

I would get a reliable truck. I have had twin turbo 300s, BMWs, mustangs, FRS, and a few other race cars. The amount of time having vehicles like this entails is too much for a medical student in my opinion.

Granted the only reason I switched to getting a truck is because I had a daughter and her well being was more important than having a lowered fast car. (Ill have another one, or ten, after I become a physician.)

If you are dead set on one of these cars, get the Camaro because just maintenance wise, the Audi will use all of your loans for medical schools.

Good luck with whatever you choose!

You actually have the time, speaking from personal experience.

Also classic Z cars <3

 

[Calizboosted76]

You actually have the time, speaking from personal experience.

Also classic Z cars <3

Do not put that thought into my head

The Z32 is such a great car. Really all of the older Zs were amazing.

 

[Weirdy]

Buy used only and do it wisely. Don't take the depreciation hit on a new car.
Half the maintenance/repair stuff you need to do can be looked up with a simple Youtube video.
If you can't, look it up anyways so you know you aren't being ripped off and find private shops to get a better labor rate instead of stealership.

Can agree to what other poster said- not a lot of car people on here. Some but not a lot. Most are pragmatic. They see a med student wanting an Audi (even if you're paying it off yourself with ample room) and get triggered. Can that money be put to better use? Sure. But life is short and its your money. You'll always say "I'll just wait til I'm an attending". Then you've got debt repayment, a mortgage, kids to pay for, and no time to actually enjoy your money. You won't feel the same about it either (your back won't appreciate a sports car, neither will your spouse).

Actual car suggestions:

Muscle-ish:

-Camaro RS
-Mustang (Ecoboost is fine and fun)
-Nissan 370z
-Audi A5
-Lexus IS-F (expect high mileage but these things can run past 200k + miles no issues)

Light, fun, feels fast:

-Miata/Fiata 124
-S2000
-FRS / BRZ

Hatches:

-VW GTI
-Mazda 3 hatch (Most current gen, but don't think you can get it for 20k )

Edit: Don't be afraid to learn how to drive a manual. If you're young and your knees can take it, it is an absolute thrill and a fun skill to have. Opens up lots of possibilities for you in terms of car picking. Plus the cool factor of rowing your own gears and just enjoying it.

 

[Calizboosted76]

Buy used only and do it wisely. Don't take the depreciation hit on a new car.
Half the maintenance/repair stuff you need to do can be looked up with a simple Youtube video.
If you can't, look it up anyways so you know you aren't being ripped off and find private shops to get a better labor rate instead of stealership.

Can agree to what other poster said- not a lot of car people on here. Some but not a lot. Most are pragmatic. They see a med student wanting an Audi (even if you're paying it off yourself with ample room) and get triggered. Can that money be put to better use? Sure. But life is short and its your money. You'll always say "I'll just wait til I'm an attending". Then you've got debt repayment, a mortgage, kids to pay for, and no time to actually enjoy your money. You won't feel the same about it either (your back won't appreciate a sports car, neither will your spouse).

Actual car suggestions:

Muscle-ish:

-Camaro RS
-Mustang (Ecoboost is fine and fun)
-Nissan 370z
-Audi A5
-Lexus IS-F (expect high mileage but these things can run past 200k + miles no issues)

Light, fun, feels fast:

-Miata/Fiata 124
-S2000
-FRS / BRZ

Hatches:

-VW GTI
-Mazda 3 hatch (Most current gen, but don't think you can get it for 20k )

Edit: Don't be afraid to learn how to drive a manual. If you're young and your knees can take it, it is an absolute thrill and a fun skill to have. Opens up lots of possibilities for you in terms of car picking. Plus the cool factor of rowing your own gears and just enjoying it.

I agree with this 100%!

Believe it or not, one of the most reliable and still sporty cars I have owned was an FRS. Those things can take a beating!

I would avoid any type of boosted vehicles (both turbo and supercharged) with the exception of an eco boost mustang.

 

[Calizboosted76]

@WrenchesToMD Ill tag, because they are a car guy as well.

 

[Weirdy]

I agree with this 100%!

Believe it or not, one of the most reliable and still sporty cars I have owned was an FRS. Those things can take a beating!

I would avoid any type of boosted vehicles (both turbo and supercharged) with the exception of an eco boost mustang.

FRS was a big favorite when I was cross shopping S2000/FRS/Miata.

Found a deal on a rebuilt S2000 and don't regret it.

 

[Calizboosted76]

FRS was a big favorite when I was cross shopping S2000/FRS/Miata.

Found a deal on a rebuilt S2000 and don't regret it.

Im not a big fan of the s2000. It just doesn’t appeal aesthetically to me. Same with the Miata.

First purchase I am making for myself once I am in a better financial situation will be another TT Z32 RHD (preferably a slicktop ‘95). Like the unicorn.

 

[Weirdy]

Im not a big fan of the s2000. It just doesn’t appeal aesthetically to me. Same with the Miata.

First purchase I am making for myself once I am in a better financial situation will be another TT Z32 RHD (preferably a slicktop ‘95). Like the unicorn.

Wanted an S2000 since grade school. Got it during pod school. Light mods and current daily.

Had a buddy that had a silver TT Z32. Longer I looked at it the more I liked.

 

[Neopolymath]

Im not a big fan of the s2000. It just doesn’t appeal aesthetically to me. Same with the Miata.

First purchase I am making for myself once I am in a better financial situation will be another TT Z32 RHD (preferably a slicktop ‘95). Like the unicorn.

I had many Z cars over the years but my favorite was my 2+2 z32 that I swapped to TT myself in highschool.

"If they don't make it, why not build it?!. " -My father

 

[Calizboosted76]

I had many Z cars over the years but my favorite was my 2+2 z32 that I swapped to TT myself in highschool.

"If they don't make it, why not build it?!. " -My father

The Z32 is a great platform, beside the fact that you have to pull the engine for everything lol.

I had a swapped 2+2 TT. An NA with butterfly doors (don’t judge). A bone stock Z32 2+0 TT that I modified to have close to 500WHP.

 

[Matthew9Thirtyfive]

Yeah, but did they offer a sweet 28% interest rate and throw in a free tank of gas?

Those are rookie numbers.

 

[longhaul3]

GTI, no question for me. Will be easy to find something < 30k miles. Not the most reliable but reasonable and a fantastic, practical, fast car.

Golf R if you can spring it, will be hard for $20k. Amazing car.

 

[<L>]

The car will be bought cash so no car payment while I’m in school

Christ man, I'm an attending and I'm paying about 22-25k cash for my car in a week. Do something smarter with your money.

 

[<L>]

Buying property has advantages and disadvantages. It's one of the most reliable ways to build wealth but also the one that comes with more headaches than most people realize. The market is currently overvalued by any metric of reason while interest rates remain low, so property investing is actually a pretty good way to diversify right now

We've been tempted to rent out our downtown condo for some additional income but decided against it after some absolute horror stories from friends, and recently neighbors in the building. Absolute nightmare tenants despite the fact they looked perfect on paper. We had an attending and her resident husband downstairs from us renting after our neighbor who owned the unit moved out and they basically trashed the place and smoked like chimneys.

Over 30 years homes will ALWAYS average 3-5% appreciation even when accounting for maintenance/depreciation (which can be deducted from your income). Alternatively, you can make 250k and continue giving more of your income to the government if you prefer.

Having grown up in a non-major metro in the Midwest I have to LOL at this.

 

[SurfingDoctor]

You’re all set...

Tesla Model S for Kids

Order the Tesla Model S for Kids by Radio Flyer, a luxury battery powered ride-on toy. Customize your Tesla by choosing the color, performance, accessories and personalization to recreate the ultimate Tesla experience.

www.radioflyer.com

 

[DrOngoGablogian]

OP, this thread got super long so I did not read the 3 pages of messages so far, so apologies if this has already been said, but...

Not the Audi! It's not about the upfront cost, it's all about the upkeep. German cars are such a kick in the nuts when it comes to upkeep...and that's while under warranty. Out of warranty? Ahhh!!!

The Camaro is cool but I would also steer clear of one that doesn't have at least a few years of power train warranty.

My suggestion is look at slightly used infiniti Q50 s with the 3.7L, NOT the turbo 3.0L.

 

[DrOngoGablogian]

My house cost 70k to build 50 years ago and is now worth 5.5x that. It's doubled in price since we purchased it a decade ago.

70k on the market in 1970 would be worth 40x today. No property tax either.

 

[<L>]

My house cost 70k to build 50 years ago and is now worth 5.5x that. It's doubled in price since we purchased it a decade ago.

Cool. The house I grew up in is worth less than the inflation adjusted price that my family paid for it in 1990. The economy of a place can change rapidly depending on where you are. I've had plenty of friends and family take a bath with real estate investment purchases.

 

[DrOngoGablogian]

I'm not trying to argue but that's totally irrelevant. You need a place to live and breathe for 50 years. Unless you're homeless now and have all of your money in an index fund...

Oh for sure. I just mean in regards to real estate as a primary investment outside of your own residence. Seems like everyone wants to get into it but I wonder if they have done the math.

 

[Lawpy]

why are we talking about houses in a car thread

 

[DrOngoGablogian]

why are we talking about houses in a car thread

 

[DoctwoB]

Cool. The house I grew up in is worth less than the inflation adjusted price that my family paid for it in 1990. The economy of a place can change rapidly depending on where you are. I've had plenty of friends and family take a bath with real estate investment purchases.

Yup. I live in the Bay Area and likely will buy soon. Real estate has been the best investment anyone out here has made. To the above point it typically does return less then the market, but is typically levered 4/1 with your 20% down payment which boosts returns (or losses) But it’s terrifying to me to tie up so much of your net worth in one asset.

 

[<L>]

Yup. I live in the Bay Area and likely will buy soon. Real estate has been the best investment anyone out here has made. To the above point it typically does return less then the market, but is typically levered 4/1 with your 20% down payment which boosts returns (or losses) But it’s terrifying to me to tie up so much of your net worth in one asset.

Yeah, and the Bay Area may at the top of the market with the tech industry seeing some greener pastures in cities like Austin, etc. If nothing else the Bay Area NIMBYism has done a great job creating supply constraints.

We just purchased in a newly gentrified urban area and the previous owners of our place made out like bandits, but it's hard to say that the same trajectory will continue. The next generation may resemble Boomers in their living preferences than Millennials.

It was only a couple generations ago that the metro with the highest median income in the world was Flint, MI.

 

[<L>]

why are we talking about houses in a car thread

 

[DoctwoB]

Yeah, and the Bay Area may at the top of the market with the tech industry seeing some greener pastures in cities like Austin, etc. If nothing else the Bay Area NIMBYism has done a great job creating supply constraints.

We just purchased in a newly gentrified urban area and the previous owners of our place made out like bandits, but it's hard to say that the same trajectory will continue. The next generation may resemble Boomers in their living preferences than Millennials.

It was only a couple generations ago that the metro with the highest median income in the world was Flint, MI.

It certainly could be top of the market. Tech is spreading out, more working from home, etc. But people have also been saying that for the last 20 years. It also helps that SF is an international business hub and despite being insanely expensive is cheap by many international city standards. So short answer is who knows?

I do think it is unlikely to tank (more likely to stagnate) because it is prime weather, beautiful location, and there is a lot of pent up demand in the east bay/Central Valley of people that commute to the Bay Area. For example in the Great Recession Silicon Valley prices only dropped slightly while Central Valley/east bay prices tanked hard.

 

[Giovanotto]

It certainly could be top of the market. Tech is spreading out, more working from home, etc. But people have also been saying that for the last 20 years. It also helps that SF is an international business hub and despite being insanely expensive is cheap by many international city standards. So short answer is who knows?

I do think it is unlikely to tank (more likely to stagnate) because it is prime weather, beautiful location, and there is a lot of pent up demand in the east bay/Central Valley of people that commute to the Bay Area. For example in the Great Recession Silicon Valley prices only dropped slightly while Central Valley/east bay prices tanked hard.

Wut?

 

[DoctwoB]

Wut?

These are the most expensive cities in the world right now

Where does your city rank?

www.timeout.com

SF is like 16th in terms of expensive cities behind Beijing, Shenzhen, Tokyo, Tel Aviv, Seoul, etc.

In housing prices alone it doesn’t crack the top 20. The 20 Most Expensive Cities to Buy a Home in the World

 

[anotherhotpremed]

You’re a medical student not a doctor, suck up your pride and get a Camry.

The new Camry's are actually fire. I am def buying a used one when its time for rotations

 

[<L>]

The new Camry's are actually fire. I am def buying a used one when its time for rotations

The SEs are harder to find, but actually fun to drive.

 

[cbrons]

View attachment 325226View attachment 325227Graduated undergrad this year. 21yo. Working full time at a gap year job that’s paying ~50k/yr. So far this cycle I’ve thankfully gotten 2 acceptances so I’ll be starting school next year! Want to get a decent car for myself for around 20k and I’m stuck between a used Audi A6 or a used Camaro. Interested to see what input SDN may have.

Get a clunker dude