tell me why my son shouldn't buy this car.

Many people saving for retirement never make it, so live some. Planning is good, going overboard for a "later" that might never happen, is not. 

For the original poster, another thought:

The Genesis sets a pretty high standard of living.  I think many, many people have a hard time going from a "loaded" car to something with less options.  I know that I have benefited from my early years being in not very nice cars.  It helps me to appreciate what I now have.

In reply to mtn (Forum Supporter) :

HSA's are a good plan for younger people that don't have health issues, medications and doctors visits. The higher deductibles kill you if you actually, you know, go to the dr. The instant the insurance and businesses started pushing these I had a feeling it wasn't for MY benefit. Wife and I have about $500/month in medications alone. Add in the extra dr visits because we are getting older and things break easier and we are well past that limit PDQ. 
 

our current plan is 1/4 as good as the pre ACA plan. You know when they could offer amazing plans as extra benefits for employment. Ahhhh the good old days

In reply to bobzilla :

HSA funds are the only time your money goes completely untaxed. It comes out pre-tax, which lowers federal, state and local income tax burden, plus the money isn't taxed when spent either. It's worth doing some math to see if the cost of the higher deductible is offset by reduced taxes or not.

bobzilla said:

In reply to mtn (Forum Supporter) :

HSA's are a good plan for younger people that don't have health issues, medications and doctors visits. The higher deductibles kill you if you actually, you know, go to the dr. The instant the insurance and businesses started pushing these I had a feeling it wasn't for MY benefit. Wife and I have about $500/month in medications alone. Add in the extra dr visits because we are getting older and things break easier and we are well past that limit PDQ. 
 

our current plan is 1/4 as good as the pre ACA plan. You know when they could offer amazing plans as extra benefits for employment. Ahhhh the good old days

Actually, I went with the HSA early on for the out of pocket maximum loophole. With the standard plan, I paid a ton of premiums, and the out of pocket costs never stopped. I would hit my deductible, and then would keep paying my remaining share until the year ended and the plan reset.

With the HSA plans I've used with three different employers now, there is an out of pocket max, usually around $7k for the family. Because of high medical costs, I plan on hitting the out of pocket max each year, which is actually very close to the amount I can contribute to an HSA. So, I stuff away the annual max in the HSA, and use that to offset the out of pocket max. Plus, the money I put away in the HSA is pre-tax, whereas the money I used to pay medical expenses with the regular plan was already taxed. 

You'll definitely need to model it out for the individual plans your employer offers, but it can save you a bunch of money over time. And if by some miracle I don't hit the out of pocket max, I save the money in the HSA and it's available in the future for medical expenses.

Just something to consider...

What if he spends the $17k on 3or4 $3-4K cars? Buy something cheap learn to drive with it then trade it for something else. A RWD then a FWD so he learns the difference and might prefer one over the other. Two door vs four door. In a couple years he can make a decision that he will like to drive. IDK. Just another way to do it. 

bobzilla said:

In reply to mtn (Forum Supporter) :

HSA's are a good plan for younger people that don't have health issues, medications and doctors visits. The higher deductibles kill you if you actually, you know, go to the dr. The instant the insurance and businesses started pushing these I had a feeling it wasn't for MY benefit. Wife and I have about $500/month in medications alone. Add in the extra dr visits because we are getting older and things break easier and we are well past that limit PDQ. 
 

our current plan is 1/4 as good as the pre ACA plan. You know when they could offer amazing plans as extra benefits for employment. Ahhhh the good old days

This is all dependent on the plans offered to you/yours. For my wife and I, with the plans offered to us through my employer, it is a no brainer for ANYONE who was insuring more than just themselves.... if you actually did the math. For the (PPO) plan itself, not the HSA, The premiums were the lowest. The premiums+out of pocket were the lowest. It took me about 4 days including a thread here to figure it out - which is insane that it is that convoluted - but it essentially worked out to the plan with the high deductible was the cheapest if you don’t use it, the cheapest if you use all of it, and the added bonus of having a 100% tax free savings account. It is The only way you can save without your income, earnings, or distribution being taxed that I’m aware of. But hey, if you like giving the government your money multiple times, I ain’t gonna stop you  

But now I’ve really gotten away from talking about Korean luxury cars. 

yupididit said:

In reply to mtn (Forum Supporter) :

Oh lol. Um...I was just messing around man lol 

I know what all those are lol. Yes, I have a military pension coming in less than 7 years. I do contribute pretty well to my TSP. No property right now and no debt right now lol. I was serious about all my E36 M3 being worth maybe 16k

I do like buying things under the premise of YOLO though 

But thanks for that effort. I do appreciate the willingness to type all that out for a stranger. You're a real one for that. 

 

My bad. 

And all of your “stuff” being worth $16k? Not a bad thing and not uncommon. If you don’t include our van, I’d be surprised if we have that much value in our stuff. Most of it would be in my guitars. Go to an estate sale and see how worthless all of the E36 M3 is in your life. My wife and I are trying to get rid of most of it because we’ve realized it is just distractions from the things that make us happy. 

In reply to STM317 :

we did the math. It wasn't anywhere near being in our favor.