Nice Car vs. Keeping in Investments
Wife and I are mid-30s, net worth around $2.2M, household income ranging from $250k to $500k depending on the year. We have several kids (biological, foster, and adopted) and currently drive two older cars worth a combined $20k with well over 100k miles on each.
My work is demanding, and my near-term goal is to pull back and spend more time with our family.
We are considering upgrading to a used electric SUV in the $60k range but we also don’t typically splurge this big on ourselves. The question is not whether we can afford it… The question is whether spending that money on a car is the right tradeoff against working less sooner or retiring earlier.
Looking for perspective from people who have built wealth responsibly and faced similar decisions. How do you think through a purchase like this when early financial independence is the actual goal?