20 year old buying a 2012 Mercedes Benz CLS550 ??
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CLS550
20 year old buying a 2012 Mercedes Benz CLS550 ??
Hey guys... This is my 2nd time posting a thread about the CLS550 still asking for insight from others
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
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Joined: Oct 2015
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2019 E300
Whats your location and how does your driving record look like? The CLS does cost a lot to insure but $4300 a year for insurance is pretty high. As a comparison, I pay less than half of that, but I am twice your age with a perfect driving record. The maintenance will also be very expensive, unless you can find an extended warranty and a pre-paid maintenance plan.
Last edited by The G Man; Sep 29, 2016 at 11:02 AM.
Junior Member
Joined: Aug 2015
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2012 CLS550 4MATIC
You're young, and you're only young once. BUT, a couple of questions. Do you plan on maintaining your current level of income over the next several years? Or do you see it either going up(or down)?
Do you have a reliable garage/mechanic that can do the work without taking it to the dealership? Obviously that is ideal, but dealership maintenance is costly, like G Man said. Budgeting for that should be taken into consideration, if it needs to be.
If you can work the numbers given the above, I'd say go for it. Just make sure it doesn't cut too deep into your booze money. When I was 20, that was probably my #1 priority!
Good luck!
Do you have a reliable garage/mechanic that can do the work without taking it to the dealership? Obviously that is ideal, but dealership maintenance is costly, like G Man said. Budgeting for that should be taken into consideration, if it needs to be.
If you can work the numbers given the above, I'd say go for it. Just make sure it doesn't cut too deep into your booze money. When I was 20, that was probably my #1 priority!
Good luck!
Newbie
Joined: Feb 2015
Posts: 8
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From: Chicago, Il
Mercedes cls550
You remind me of myself! I bought my 2009 CLS for my 21st bday. now im 24 and I just bought my 2nd 2014CLS. As long as you think you can stay financially stable and also have money to spend for your every day life then yes. Are you planning on going to school? are you planning on being a server forever? You also want to take consideration of gas and maintenance. Aside from the car note, make sure you have money for gas. you want to use premium!!! always. make sure you can make the services required on time. make sure you have money for wear and tear parts like brake pads, rotors, etc. Anything else let me know!!
Junior Member
Joined: Sep 2016
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14 E550 Cabrio A207
Glad to see youth interested in a quality ride, but that's a pretty hefty investment in transportation for 20, IMO. Find a nice 4-5 year old loaded, top of the line Acura or Lexus for well under 20k, finance it, build credit with your payments, and forego the $1200 per year maintenance fees, and expensive parts on the Merc for now, as well as the insurance rape. From someone that beat the eyeballs out of Honda products for 20 years without ever having anything break that I didn't cause - I can't tell you how much money that saved me. I only got the Benz bug a couple years ago because I was tired of buying the same Acura year after year in different sheet metal.
Drop that 30k in a 401k or IRA if it's burning a hole in your pocket. Stick another 10k a year in there, and even without anyone matching it, you're looking at about $1.5M when you're 60, at crappy 5% growth rates. Build wealth, then think toys.
Best math I'd tell anyone at your age; if you can't afford to put $16K a year into a retirement account, then you need to rethink your toy budget. It's the difference of mindset that in your 30s, will position you to live in the house you want, reasonably driving the cars you want, with a wife that stays home with your kids if she wants to do so, and not looking at price tags at the grocery store out of need, but out of respect to what being responsible with your money affords you - and can likely mean the difference in being done working when you're in your 50s, not in your 70s.
Drop that 30k in a 401k or IRA if it's burning a hole in your pocket. Stick another 10k a year in there, and even without anyone matching it, you're looking at about $1.5M when you're 60, at crappy 5% growth rates. Build wealth, then think toys.
Best math I'd tell anyone at your age; if you can't afford to put $16K a year into a retirement account, then you need to rethink your toy budget. It's the difference of mindset that in your 30s, will position you to live in the house you want, reasonably driving the cars you want, with a wife that stays home with your kids if she wants to do so, and not looking at price tags at the grocery store out of need, but out of respect to what being responsible with your money affords you - and can likely mean the difference in being done working when you're in your 50s, not in your 70s.
Senior Member
Joined: Oct 2013
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From: GA, USA
Current: '19 E450 Cabriolet - Past: '19 C300 Coupe, '12 SLK350, '16 E350, '14 C250 (x2), '09 CLK350
I know I'll probably get trampled all over for this, but you only live once. If you really want the car and you saved your money for it, buy it. Just know it's a depreciating asset that you will have to invest money into maintaining.
You will still have plenty of life left to save for retirement, etc. You're 20 - don't even think about a house and it's your decision whether you want to have kids or not in the end anyway. Not everyone has to crank out kids these days. They're everywhere if you haven't noticed
The reason your insurance is so high right now is probably because you're young. It's more about the person than the car unless you're driving a Lambo. Once you hit 25 and have a clean driving record your rates should start dropping.
You will still have plenty of life left to save for retirement, etc. You're 20 - don't even think about a house and it's your decision whether you want to have kids or not in the end anyway. Not everyone has to crank out kids these days. They're everywhere if you haven't noticed
The reason your insurance is so high right now is probably because you're young. It's more about the person than the car unless you're driving a Lambo. Once you hit 25 and have a clean driving record your rates should start dropping.
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Super Member
Joined: Mar 2012
Posts: 619
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From: East part of Texas
2017 CLS550
I'm picking up a new 2017 CLS550 at the dealership tomorrow. It was expensive as they are not discounting them very much. My insurance with almost everything you can get is about $1500 a year for the two of us on the policy. That is also very expensive although not nearly as high as your insurance. Of course, both Judi and I have had clean driving records for over 50 years.
Having lived an entire lifetime and having been a gear head since I first started driving, I think I can give you some first hand experience. It boils down to this - if you like it and you can afford it then buy it. Never look back and just go enjoy the hell out of it.
Having said that, keep in mind your decision must be tempered with good sense. I am not questioning your experiences or intelligence but there are some 20 year olds I know that I would not trust to buy a tricycle. Not that they are bad people, they simply don't have the life experiences to know when to resist temptation when common sense says you must. But if you have thought it out completely and feel that you are being well guided by your father, go for it. What I would not give to be 20 again and walk in that showroom tomorrow to pick up that magnificent car!
Having lived an entire lifetime and having been a gear head since I first started driving, I think I can give you some first hand experience. It boils down to this - if you like it and you can afford it then buy it. Never look back and just go enjoy the hell out of it.
Having said that, keep in mind your decision must be tempered with good sense. I am not questioning your experiences or intelligence but there are some 20 year olds I know that I would not trust to buy a tricycle. Not that they are bad people, they simply don't have the life experiences to know when to resist temptation when common sense says you must. But if you have thought it out completely and feel that you are being well guided by your father, go for it. What I would not give to be 20 again and walk in that showroom tomorrow to pick up that magnificent car!
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Member
Joined: Dec 2015
Posts: 95
Likes: 5
From: USA
CLS550, 57’ Chevy Nomad, Subaru LGT wagon
Do you still live at home? The good thing about a 2012 cls is that it already took its biggest depreciation hit. Do with your money however you want, but if youre concerned about insurance, maybe you should act your Wage. If you can afford insurance and the monthly note, cool. Personally I'd buy a house before a purchase of a 5 year old benz, whose oil changes can cost over $300. Don't forget to factor in maintenance when you make your decision.
Good luck to you
Good luck to you
Member
Joined: Apr 2009
Posts: 203
Likes: 72
From: Portland, OR
'21 E63 Wagon, '24 EQS AMG
On one hand, I would say buy it, love it, you only live once.
However, 20 is young to be in such a spendy car. Make sure you can afford this. Most people will say "how much do you make a month." I don't think that is as important as what you do. What is your career? Do you have one? Is it going places?
You're a waiter living with mom and dad, that is not a sustainable lifestyle with an expensive car. You're likely to lose your job or want to move into something else. You are not going to want to be a waiter for the rest of your life. I know, I was a waiter at 20.
If you are going to college to be an engineer or a computer programmer, or such, then you have a bright career ahead of you (most likely.) If you can afford this car, and stay in school - you'll likely get a good paying job in the future.
As such, if you want a CLS, then focus on having a career that can afford such a car.
I work in cybersecurity, which is one of the highest paying fields you can be in these days. I also have 25 years of experience, which means paying for a CLS is not difficult.
If I was a waiter living with my parents, I'd buy a cheap *** Kia and get my *** into school so I could eventually have a career where leasing a new CLS every 3 years is no big deal.
However, 20 is young to be in such a spendy car. Make sure you can afford this. Most people will say "how much do you make a month." I don't think that is as important as what you do. What is your career? Do you have one? Is it going places?
You're a waiter living with mom and dad, that is not a sustainable lifestyle with an expensive car. You're likely to lose your job or want to move into something else. You are not going to want to be a waiter for the rest of your life. I know, I was a waiter at 20.
If you are going to college to be an engineer or a computer programmer, or such, then you have a bright career ahead of you (most likely.) If you can afford this car, and stay in school - you'll likely get a good paying job in the future.
As such, if you want a CLS, then focus on having a career that can afford such a car.
I work in cybersecurity, which is one of the highest paying fields you can be in these days. I also have 25 years of experience, which means paying for a CLS is not difficult.
If I was a waiter living with my parents, I'd buy a cheap *** Kia and get my *** into school so I could eventually have a career where leasing a new CLS every 3 years is no big deal.
Super Member
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2017 Mercedes-Benz AMG C63 Cabriolet, 2014 Ducati Multistrada 1200 S
How many miles do you put on a car in a year? These cars are not cheap to maintain, tires and brakes are expensive and if anything goes wrong, like the airmatic suspension, it will be EXPENSIVE to repair.
My wife and I own a 2013 CLS550 and a 2014 E550 Coupe (the CLS is her car). We both put a fair amount of miles on our cars but we can afford to maintain them so it's no big deal when I take my car in for a service and it costs $286 for a glorified oil change or $1600 for a front and rear brake job or $1200 for 4 tires.
Also, have you checked the insurance rates yet?
My wife and I own a 2013 CLS550 and a 2014 E550 Coupe (the CLS is her car). We both put a fair amount of miles on our cars but we can afford to maintain them so it's no big deal when I take my car in for a service and it costs $286 for a glorified oil change or $1600 for a front and rear brake job or $1200 for 4 tires.
Also, have you checked the insurance rates yet?
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Joined: Nov 2016
Posts: 8
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2016 CLS 350d SB
This plan of yours seems a little crazy to me.. To be honest.. If you spend every $$ you own (plus put yourself in debt) for this you better have a good idéa of what you expect to get out of it (except for a car that will take you from A->B). Since a much cheaper car would solve your transportation needs I assue this is not about transportation but rather about your "image" and your self esteem (or someting along those lines).
My advice would be to spend an hour or two thinking about what other things you could achive with that money. Travelling and getting to know and understand the world better. Educate yourself, perhaps (to get qualified for better paying jobs). Establish a residence for yourself (an investing in your future, typically). Things like that. Things you will benefit from for a long time ahead.
Personally I think this is the kind of car you buy when money is not really a subject you have to consider. I think most people spending 75 - 100k on a (new) car like the CLS typically does not have to "balance the decision" too carefully. If you have to - the car is probably too expensive for you...
But hey - this is just my 2 cents.. It is the advice I would give my own son, though..
My advice would be to spend an hour or two thinking about what other things you could achive with that money. Travelling and getting to know and understand the world better. Educate yourself, perhaps (to get qualified for better paying jobs). Establish a residence for yourself (an investing in your future, typically). Things like that. Things you will benefit from for a long time ahead.
Personally I think this is the kind of car you buy when money is not really a subject you have to consider. I think most people spending 75 - 100k on a (new) car like the CLS typically does not have to "balance the decision" too carefully. If you have to - the car is probably too expensive for you...
But hey - this is just my 2 cents.. It is the advice I would give my own son, though..
Last edited by violapalimo; Dec 5, 2016 at 01:10 PM.
Senior Member
Joined: Jan 2006
Posts: 253
Likes: 5
From: Temecula, CA
Tesla model S
This is an interested thread with opinions rooted in several financial ways of thinking. On the one hand here is a 20 year old kid who has saved over $23K - I think right there I'll give him a tip of the cap as I don't know many 20 year olds who have done that. With that said someone advised to invest that money, 401K or other, then finance the car - I find advising him to go into debt for the car to be interesting, although I get the point of advising him to invest the $30K and not spend it. On the other hand it's fair to advise him to think about blowing the entire $30K on a car. But mainly I just wanted to point out that this kid is doing something right by the fact of saving almost $30K at this point in his life - my opinion? Keep saving your money and buy a nice car in the $8K to $12K range, keep most of that money for another day.
Newbie
Joined: Jan 2019
Posts: 3
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07 335i
Hey guys... This is my 2nd time posting a thread about the CLS550 still asking for insight from others
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
yes get it.
Last edited by conrad443; Jan 15, 2019 at 05:07 PM.
Newbie
Joined: Jan 2019
Posts: 3
Likes: 0
07 335i
Hey guys... This is my 2nd time posting a thread about the CLS550 still asking for insight from others
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
The price of the 2012 CLS550 is $35,000 - $40,000 and i'm looking to buy it in 3 months. I told my dad I really want to buy the car but he says he will make a deal with me. My dad says if I save $30,000 in my savings account I will be able to buy the car. I accepted the deal and Right now I have $23,000 in my savings account and i'm just almost there!! I work as a restaurant server and i like what i do. I make $2,500 - $3,000 a month so right when I have $30,000 saved up I will down payment $15,000 - $20,000 and then make monthly payments for one year and I will have the car paid off. After it's paid off I will worry about the auto insurance. I requested a quote for a 2012 CLS550 for a 20 year old and I am expected to pay $2,150 every 6 months. Is that a good idea? what do you guys think? will I ruin my life in the future or what? I paid the car off and then paying my insurance, fuel and repairs. I should tell you guys I am a very materialistic person and I LOVE the CLS so much that after work I go home and all I do is look at pictures and videos of the CLS......
what do you all think about this? I APPRECIATE ANYONE"S REPLY AND I WILL READ THEM ALL!!! Thanks.
Hey, my names Jonathan,19 yrs old and I as well have been saving and looking for a 2012 CLS 550 and there are a few out
there for a reasonable price actually lowest i have seen 19,500 w 78,000 mi and are more similar to this price range. i plan took keep,
my current 335i and make it my project build, after tuning the CLS of course , you should definitely get the CLS!!
Member
Joined: Sep 2017
Posts: 113
Likes: 29
cls550 2014
If you search the OP's other posts you will see he bought it, then asked about buying $7000 AMG wheels for it......and was never heard from again. It would be interesting to hear back 2 years later and see how it all turned out for him.
