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Old 09-03-2007, 08:57 PM
Clayton Clayton is offline
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Join Date: Oct 2004
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Default How much to spend on a nice first car?

Background: Recently I had a large tournament score and made 120k before taxes which I am about to wire out.

I want to allocate this money towards a new car and have a financial advisor put the rest into a savings/mutual fund thing. I am not very knowledgeable on the subject of finance, but my dad has friends that do so thankfully they are helping me.

Before I ask them, I figured I would ask you guys in regards to my situation and what would be most beneficial:

- I'm almost 21 and I currently have a lease prepaid for on my current apt for the next 11 months. I am living with college friends, however I am on break from college. There is a 50/50 chance I will either move to another part of the country after that 11 months or stay another 12 months in current town and then move when everyone graduates. The plan is to go back to taking classes in either journalism or business when I move to the west coast.

- I anticipate the living costs of the next place I move to to be significantly more expensive than current living arrangements (compare college town in Georgia to anywhere on the west coast).

- Given these facts, it would be wise to allocate a fair amount towards that and not necessarily ball out on a car. However, there is the thing about "I only live once", and for the last 5 or 6 years I have been driving a crappy 1994 Nissan truck. Part of me wants to splurge, however part of me wants to be responsible for my financial situation in the upcoming years.

Another important factor is that I am not incredibly successful at poker and do not figure to make enough in the next 12 calendar months to make the current issue a "non problem". If I made 100k before taxes next calendar year, I would be thrilled. But I'm working on that now that I have a new small bankroll of 5k set aside to grind into something meaningful.

So, given this information, if you guys were in my spot, how expensive a car would you guys go for? I have a good idea in mind as to what to do, but I know this forum contains numerous older and wiser posters than I who could have valuable things to add.

Thanks in advance.
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