First Car under 110k - Suggestion Please

Before I get hammered by Ozbargainers, let me clarify.

This is not a troll post. My grandparents have passed and I have just received a vast inheritance. They have given me all their possessions (land, houses and a very large sum of money). I have made sure to save pretty much all of it by diversifying into ETFs and have enough for emergencies.

There is enough to cover my uni fees, cost of living and I have no debts to pay off.

My options so far are:

  • 2019 Mercedes A45 AMG (not out yet but might be willing to wait)
  • 2018 Audi RS3 (best value in my opinion. Virtual cockpit and very quick)
  • 2019 BMW M2 competition (Heard that this is the funnest car to drive because of the drift mode and new M toggle switches)

I have an ACT licence so I dont have any restrictions even though im on my P’s.

Any opinions on the options above or have any other suggestions?

closed Comments

  • and I have just received a vast inheritance.

    Let that money sit there for a while before spending it. The initial rush of euphoria is not conducive to responsible decision-making.

    If in a few months time, you still want to spend $110k on a car? Go for it.

    [Edit: Oh, you were the one asking how to invest $50k earlier - okay, I have a pretty high estimation of your financial responsibility - but the above still really applies. The money will still be there in a few months' time, there's no rush.]

    As a tangent, if this is your first car, you might want to buy something cheaper just so you're not so heartbroken when you inevitably dent or scratch it. And then with a few more years of driving (and parking) experience under your belt, upgrade to a much more expensive car then.

    • Thanks for your elaborate response. What price range would you reccomend and then maybe a model?

    • As a tangent, if this is your first car, you might want to buy something cheaper just so you're not so heartbroken when you inevitably dent or scratch it. And then with a few more years of driving (and parking) experience under your belt, upgrade to a much more expensive car then.

      This is EXCELLENT advice. My first car was $5500 that I worked damn hard to get. I was shattered when a taxi driver wrote it off 6 months later, and doubly so when his insurance tried to claim it was my fault (it wasn't) and I ended up having to get a lawyer involved, which meant my eventual payout was faaaar less than I had paid for the car.

      Start off with something boring and super economical and safe and once you have a decent amount of driving experience (at least 3 years) then take the step up to something really nice.

  • Whatever the safest

  • Great use of the money

  • 50k can get you a nicer car then half of ozbargainers, seems like your overspending here

    •  

      I think top of the line Holden is only about 50k spend. This is from a few years back, so maybe 70k now.

  • Pfft, get a Lambo

  • 16 year old wanting a $100k+ car
    Right there is all that's wrong with the world

    • What’s wrong with the world is that people like you can’t accept the fact that some young adults are actually responsible with the money like this bloke here. Of course i agree that majority of the 16 year olds can be irresponsible when it comes to large sum of money but looking at this mans posts, he seems responsible. Just accept it man no need for negativity.

      • How is looking to spend 100k on a car at 16 responsible?
        he's just got gifted the money, hasn't had to work for it, i'd suggest he's very irresponsible with money if this is his way of thinking.

        • Age has nothing to do with it. Spending is really relative to income/assets.

          If OP has land, properties, and significant cash savings - most of which he's invested and are now earning income, the $110k may well be less than half a year's worth of income.

          That would be the same as someone on $100k salary spending $50k on a car. It's far from irresponsible - especially if OP has significant assets already (and so don't need to budget to save up for a house, repay a mortgage, etc).

          Plus, OP's 16 - it's not as though he has kids to put through college.

        • He porabably already saved all his money for the future and just wants something he will continue to appreciate in xx amount of years. Plus he prob has a couple millions lyring around.

    • People being responsible with their money, saving it up, and leaving it to future generations - who are also now being responsible, and spending responsibly - is "what's wrong with the world"?

      • Well put

      • how is spending $100k+ on a first car aged 16 "now being responsible, and spending responsibly"?

        • Because context:

          They have given me all their possessions (land, houses and a very large sum of money). I have made sure to save pretty much all of it by diversifying into ETFs and have enough for emergencies.

          A normal 16 year old child of middle-class parents spending $110k on a car would be irresponsible. A 16 year old with millions in income-producing assets spending the same amount is not.

          • @HighAndDry: This is what people dont understand. They only see the face value of the car and not what it is in relation to what is saved/earned. Thank you HighAndDry.

            • @bargainsniper69: I have a friend started with 2 millions, that was 20 years ago. Now sometimes when talking about doing some bigger businesses, he regrets that in the early days when making money was easier, he wasted too much money and time with some “bad” friends. But whatever, he still has dozens of millions today.

              What I’m saying is, normal people don’t really have to teach the rich how to save money…

          • @HighAndDry: it's still irresponsible regardless of net worth.

            Also being 16, OP probably doesn't even know how to drive too well.
            Driving a high power car at that age is irresponsible and dangerous to other road users.

            • @Numpty21: How do you know that the OP drives badly, for all I know, you might be a terrible driver too.

            • @Numpty21: Ok doesnt have to be high powered. How about a nice E coupe? That make you happy? I was asking for suggestions and you’re jumping to conclusions on how I am endangering lives of the public

              • @bargainsniper69: your post repeatedly refers to speed of vehicles

                'Not certain but i think the new Rs3’s are faster than that".
                "2018 Audi RS3 (best value in my opinion. Virtual cockpit and very quick)"
                "2019 BMW M2 competition (Heard that this is the funnest car to drive because of the drift mode and new M toggle switches"

                Should be a law against people your age driving these cars on public roads.

                • @Numpty21: And my post also clearly states that I am open to suggestions. So how about you suggest me a nice car rather than being upset with my circumstance?

                • @Numpty21: You're right, OP should really be looking at horsepower and torque numbers at the wheel…

                  No but seriously, get off your high horse. Do you remember when you were 16? I do. And, other than the "sick lines" on a car, I basically wanted to get the fastest / most powerful car too. And when I got a car, I drove it like an old man because I was deathly afraid I'd ding it.

                  OP has proven to be financially responsible. Nothing suggests he isn't also responsible in his driving habits.

                  • @HighAndDry: sucked in…..
                    mate, this guys is trolling.
                    Give it up, stop defending the undefendable.

                    • @Numpty21: I'm always open to the possibility that someone online is a troll. It doesn't mean I can't answer as though it's a serious post, because it literally does not affect me. OP isn't asking for sympathy, OP isn't even really showing off (or if he is he's not getting the reaction he's expecting), and OP isn't trying to scam people for money.

                      Treating this seriously is a risk-free proposition. Maybe OP is a troll, I'm not really affected either way.

            • @Numpty21:

              it's still irresponsible regardless of net worth.

              That's an asinine statement. By your logic Bill Gates and Jay Leno would both be "financially irresponsible" for having multi-million dollar car collections. Of course your spending has to be seen in context of your overall financial position to judge whether it's responsible or not.

  • I'm not sure if I should follow this Thread with popcorn or watch MAFS.

  • 2018 Golf GTI.

  • You joker, you were 16 with living grandparents a few weeks ago.

  • Get a van a 2nd hand at the auctions ~8k buy a mattress <1k put that in the back of the van (that is important) for the final step. Then load up on coke and hookers for the rest of it, you will enjoy a few weeks of that much more then 110k car and those memories wont depreciate in value

    Once you run out of cash sell the car with the mattress and go on a cheap holiday to Bail get a 10$ massage everday because you WILL be sore

    Winning

  • So who are you leaving the money to when you die in a high speed collision driving one of these vehicles?

  • You must be joe king.

  • It seems strange that both your grandparents would die at the same time.

    • When I say grandparents I refer to both of their contributions. My grandpa died a long time ago.

      • "First of all the money was given to me by my grandparents' since I'm finishing grade 12 this year"

        How long was the probate?

      • "24-hours limit for voting negative on comments is currently capped at 5"

        damn :(

  • Personally OP unless you need a car I wouldn’t buy one just yet. I would spend the money travelling. You have your entire life to have a fun car. When you get older travelling is so much harder. At this point you can easily travel and perhaps work at the same time.

    • Yeah i do see where youre coming from. More and more attractions are getting closed down like the Great Barrier Reef and what not.

  • +4 votes

    This is why you don't leave young people large amounts of money. My kids don't get unrestricted access to there trust fund until they are 30.

  • a used audi R8

    • 2019 BMW M2 competition

    It's really only between Mercedes and BMW. Mercedes is just a hatchback, so go BMW. Your money, your call.

  • are you really 16 or 17? insurance on cars like those would be huge (i'm assuming something like $6-8k).

    No judgement on what you want to do with it, just consider it.

    CTP might be a few k too..

  • Buy a Kia Cerato and invest/save the rest.

  • I promise to come to your funeral when you die in a firey wreck. In return, please leave me in your will.