Should I get a JL?

[SLSalazar19]

Since you are not sure, keep saving. Figure out how much your payment would be including insurance and stick it in the bank. This ends up being a lower payment or cash reserves in case you were out of work for some reason.
And I second reading Millionaire Next Door. And Dave Ramsey. Debt is bad.

Dave

Guy wants to buy a jeep not get life advice LOL.

Yes! But the life advice is great... definitely put things into perspective for me

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[SLSalazar19]

At 20 years old?

Nah, OP should join the subreddit /r/personalfinance and read their wiki and follow the savings flowchart. That alone will get him very financially well off. Consult with one when you're 30-40 when you have kids, more assets, and a career. To do so now would be a waste of money.

Used Wranglers aren't really a great deal but neither are highly-optioned new ones. I got a '18 Sport S 4-door on Halloween 2019 when the 2020MY were starting to arrive for $31k vs. sticker of $37k (only option was hard top).

IMHO if he's got a retirement account started and saving at least 10-15% with company match and has a sufficient emergency fund there's nothing wrong with buying a new vehicle so long as you don't wildly overspend.

I'd recommend a Willys or Sport S, not a Willys Sport or base Sport so it has A/C, power locks/windows, and leather steering wheel. Personally I'd just run a soft top year round if I were trying to save a buck but I would spec the Cold Weather Package because heated steering wheels are amazing in winter. Find a leftover one with the 2022s coming soon and negotiate hard. It's much easier if it's a stick shift, unpopular color, and low-option like mine (it happened to be exactly what I wanted anyway, but the dealer didn't know that). I also don't think you need the LSD for winter (I've never needed it and I live in the Lake Effect snow area).

My plan is to put $15k-$20k down and have an emergency fun of 6 months of expenses(which is close to what I have). With the hours I’m working at the moment with bills and everything, about 40% of my monthly income is gone to that. I know I can swing it, but there’s this voice in the back of my head that keeps pulling me back. All these replies have definitely put things into perspective. I really don’t care about power windows or any of the “Jeep Luxury Options” I want as bare bones as you can get( price being cheaper and all I really need is AC). Thanks for the reply!

 

[SLSalazar19]

I was 24 years old back when I bought my TJ new. I went for it.....and was very, very happy I did. (I know - apples/oranges when talking about the price difference compared to the JL). Back then, the "Sport" was just behind the Sahara and Rubicon. I wheeled it for a bit stock, then went to 32" and then to 35"

That TJ lasted me 17 years and was still going strong when I sold it this year and bought my JL.

The experiences/memories alone we well worth the decision made. Selling it for 70% of the original sticker was the other benefit!

It's your life. I'm a Dave Ramsey disciple and should never buy a new vehicle. I make exceptions for Wranglers though!

If I was to buy this car that’s my plan... run it until the 2040 Jeep’s come out and buy a new one then! I love Jeep’s and I know I’ll make great memories in it. Also, Dave Ramsey has opened my mind to a lot of things and the financial state that most modern Americans are at today. But I don’t want to be 60 years old when I can finally buy my Jeep brand new.

 

[aldo98229]

Jeep Wranglers are a terrible value, and are overpriced. Just because I own one (and it's bloated with overpriced options) doesn't mean I don't acknowledge this, it just means my margins are more comfortable, so I can afford to waste money to get what I want. I too paid around 10% below MSRP, which made it a bit easier pill to swallow, but at roughly 40% of my annual income, the Jeep was still expensive in relative terms. If you're making $40k a year, a JL @$30k is 75% of your annual, and a depreciating asset. At 20 years old, it's not a good idea to have one that big at such a high percentage of your net worth/annual income.

Buying a Wrangler is always an emotional decision because it's an emotion inducing vehicle. If I were a young man and had to drive dozens of these every day that were all going to other lucky buyers, it would drive me mad. It'd be like buying all the hot women at the bar their drinks all night and then watching them all leave with someone else. But like it or not, in your position you're in the "friend zone" when it comes to a new JL. Dropping 30 large will get you one to take home, but I fear your morning after regrets. Probably better to meet a nice JK at the local library and take it slow.

You're a working man, and you know the value of your own hard earned dollars better than anyone. But long, hard experience has shown me that there are many more important long term things you should be putting your money into right now.

Throwing of wet blanket done.

‘nother thing to consider: if the OP is driving brand-new JLs all day long, in a year from now he will be driving the refreshed JLs and thinking...”man, this is nice, I should have waited...”

 

[Joe98]

If you get a Jeep get a JL. It is much much better than the old models.

At your age you do not need4 doors. Get a 2 door!

Get a bottom of the range 2 door Sport.

 

[SmoothJeepOperator]

There's a lot of talk around it not being worth your while at your age. I don't disagree that buying a new car at age 20 is a bad idea. With that said just because it doesn't make financial sense, doesn't mean that it won't be a ton of fun or that you'll lose your ass. Jeeps retain their value and a brand new Jeep around $30,000 is going to hold it's value better than anything. There is more to life than money. If you truly want the Jeep and can realistically afford it(meaning still have money for rent, basic needs, save additional money, etc), I would go for it. You only live once. Have fun, especially at your age. I bet a lot of wish we could've had a brand new Jeep in our 20's.

I couldn't agree more with this. You only live once. I see people planning for retirement and they don't even make it there. I'm not saying to be irresponsible with your money, but you gotta live for today while you plan for tomorrow, at least that's how I feel. Looking at numbers and feeling good about your portfolio is a slippery slope imo. Often times people who watch the numbers are so obsessed with it that they never enjoy it. Great to pass on wealth to the next generation or a loved one I guess, but I want to enjoy my life now.

You gotta figure out what is most important to you. Definitely don't give in to every impulse buy, but experiences are priceless if you ask me. Time isn't cheap and you never know when your time is going to be up. Max out your 401k, max out your Roth IRA when you can, save money, I do all of that so I can't tell others but to. But enjoy life at the same time. A Jeep is an experience in addition to being a mode of transportation. The last three years I've had with my Jeep are priceless to me.

 

[Jamrock]

I couldn't agree more with this. You only live once. I see people planning for retirement and they don't even make it there. I'm not saying to be irresponsible with your money, but you gotta live for today while you plan for tomorrow, at least that's how I feel. Looking at numbers and feeling good about your portfolio is a slippery slope imo. Often times people who watch the numbers are so obsessed with it that they never enjoy it. Great to pass on wealth to the next generation or a loved one I guess, but I want to enjoy my life now.

You gotta figure out what is most important to you. Definitely don't give in to every impulse buy, but experiences are priceless if you ask me. Time isn't cheap and you never know when your time is going to be up. Max out your 401k, max out your Roth IRA when you can, save money, I do all of that so I can't tell others but to. But enjoy life at the same time. A Jeep is an experience in addition to being a mode of transportation. The last three years I've had with my Jeep are priceless to me.

I agree 100%.

I still remember talking to my uncle after he had retired. So many things he had wanted to do but never did. He was always busy working and building up his construction company.

He taught me to balance living today with planning for the future. You never know how many years you have left.

 

[SmoothJeepOperator]

I agree 100%.

I still remember talking to my uncle after he had retired. So many things he had wanted to do but never did. He was always busy working and building up his construction company.

He taught me to balance living today with planning for the future. You never know how many years you have left.

Over the past year i have seen so many people pass away. Some old, some young. The worse are those that are right on the cusp retirement and pass away.

Work is a necessity. Saving for old age is a must! But life throws so many curve balls you have to enjoy your life along the way, at least thats my point of view. I wasted money on stupid things when i was in my 20s, but i wouldnt take it back. They bought me different experiences that i'll always have with me. Its easy to get older and say kids should just save money and be smart, after you've wasted money (had experiences). Imagine how boring our lives would be if we pinched every penny and didnt enjoy ourselves sometimes.

Work life balance is a real thing! Some people dont mind spending 60 or 80 hours a week working and that allows them to make the big bucks. Some people are blessed to make the big buck working 40 hours or less. Some people dont make the big bucks at all. All of our situations are different and we have to gauge what matters most to us individually and set our goals accordingly.

 

[viper88]

If I was to buy this car that’s my plan... run it until the 2040 Jeep’s come out and buy a new one then! I love Jeep’s and I know I’ll make great memories in it. Also, Dave Ramsey has opened my mind to a lot of things and the financial state that most modern Americans are at today. But I don’t want to be 60 years old when I can finally buy my Jeep brand new.

I read your other post. You sound like you are financially responsible. I'd say go for it. You will have a lifetime of fun memories.

 

[emptyminded42]

If I was to buy this car that’s my plan... run it until the 2040 Jeep’s come out and buy a new one then! I love Jeep’s and I know I’ll make great memories in it. Also, Dave Ramsey has opened my mind to a lot of things and the financial state that most modern Americans are at today. But I don’t want to be 60 years old when I can finally buy my Jeep brand new.

Sounds like you have a good head on your shoulders - you have a plan for the future and are currently living within your means and working hard.

My only comment now is while I very much respect Dave Ramsey and think his advice would help almost everyone become more financially literate and stable, IMHO he goes a little too far about minimizing expenses and labeling all debt as "bad". But hey, the fact you're already tuned in to financial planning and used to savings is definitely a good thing.

Life's too short to drive boring cars my friend - I say go for it.

 

[rent]

Since this is turning into a life/financial advice thread, I highly recommend skimming the following two reddits. Start with the wiki and faq sections.

http://reddit.com/r/personalfinance
http://reddit.com/r/financialindependence

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