<prompt> Human: Hi all,First time poster so everyone keep their hands to themselves please. This question I have a feeling will be answered simply with another question which is can ANYONE truly afford a car loan? Heres my situation:Im 22 and make 50k a year gross at a job I just began in sales. This doesnt factor in any spiffsbonusescertifications etc. My salary I count on growing relatively rapidly as I build my book of business. I have 20k saved in a money market account earning about 1.6 interest and live at home. I have about 2000 in a 401k that I contribute 15 of my salary each pay period to. In addition, my credit rating is high 700s and I have no student loan debt. My liabilities are: - 297.08 a month for a 2014 Toyota Corolla L I have about 12k left on the note with 1.8 interest120 for my cell phone40 a month for gasHealth Insurance and dental are taken out of my paycheck and total about 140 per month 401k contributions are also factored in at 15 of my paycheck which includes the employer match I currently live at home and my car insurance is paid for me. Im responsible for any discretionary purchases though such as eating out, bars, etc. As you can see, I dont have a lot of bills.Im tossing around the idea of trading in my Corolla and buying the car Ive always dreamed of which would be a 2015-2016 Mustang GT Premium. Cars to me are more than simply a utility. Say, this costs about 40k. I have money saved for a potential down payment plus the value of my trade in. I can afford the car payment, however Id really like to know how much this would set me back financially with the opportunity cost of that money. Im aware it isnt an intelligent idea per say, but I live relatively cheaply otherwise. I ask you Reddit, how much would I be screwing my future up with this idea?  <response>: I have money saved for a potential down payment plus the value of my trade in. You owe 12k on your trade-in. Your trade-in is probably worth about 12k if its still in good shape and doesnt have unusually high mileage. Youre going to more or less zero out on that part of it. Its a bad idea financially. I dont beat the standard rpf drum that you should never splurge on anything ever. But, I do think one should wait until mid life to buy ones mid life crisis car. Emotionally, I would also feel really awkward living with my parents knowing my car payment is about equivalent to a rent payment where I live. 