Should I buy a new car or keep old faithful until I hit my dream of $1million?

Question:

I am 24 years old. I have a 97 Toyota Corolla with 70,000 miles. I could potentially drive it the rest of my life is gas is still the fuel of choice by then. I work in the financial industry and the business I've just started has allowed me to recently start making $180-$200k a year.. right now I have $60k saved up and my goal is to hit a $1million with investments in 3-5 years. I tend to be a very serious person and having a little fun and upgrading my car to a nicer Audi A4 could be fun, and healthy.. but its not always fiscally responsible and maybe I should just save till I hit the dream $1 million.. Give me your thoughts?

Answer:
The cost of the car is not going to keep you from reaching your goal or even delay it by much. You don't want to deny yourself to the point where you break and buy a car, boat, motorcycle, et cetera. Peace of mind also has value.

why dont you wire me some of that money so I can pay my bills

Congrat's on starting your business..
Personally I think with just starting your business, you should wait for at least six months to see how things go..If things are still going well in six months and the money is coming in well..
Then go for it!!
Especially if nothing is wrong with the car you have now..

Good luck..

You want to meet my sister?...Just kidding, I wouldn't subject you to that.

Seriously, I love my freaking Toyota (93 Camry), too. Have you read "The Millionaire Next Door" by Tom Stanley? If you do, you will find out that most "self-made" millionaires got there in large part by being frugal. We have been trying to clear out $100k in student loans, so frugal has been the name of the game around here the last few years. I used to think that when I got completely out of debt, I would go buy a very sexy brand new $50k+ car with cash & put a bumper sticker on it that said "Don't laugh, it's paid for!" However, then I thought about the following:

(1) New cars depreciate like crazy. Crossing the crack b/t the dealership & the street costs you $5k!

(2) Those bumper stickers employ appalling grammar.

(3) Most millionaires do NOT routinely buy brand new cars. So, if I want to be a millionaire, I should do what they do.

(4) I love my freaking Toyota & it would be sad if we "broke up" : -)

Should I buy a new car or keep old faithful until I hit my dream of $1million?

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