People telling me not to buy?

[Jeong]

So, I've finally been able to scrape together 8,200 as down payment for an fr-s. I've visited 6 dealerships and found one that has a white frs being delivered to them by the first week of october. I am totally stoked. I've been following this car for months now and now I can finally be a proud owner of the car!

But people at my shop are telling me not to get a new vehicle when I can get a decent used car for half the price. Theyre telling me I'm being financially irresponsible and wasting away my money. They also say that anything over 3 years for a payment plan is a bad idea... HOW DO YOU PAY OFF A NEW CAR IN 3 YEARS?!

I mean, I think it's not so bad. Im 19 with no credit, but being in the military and being able to put down 8.2 gets me 6% interest on a 5 year plan. And Im planning to pay it off earlier if possible. I make enough money to pay extra on payments, and pay for my insurance and I have no other payments.

My reasoning for getting a new car is that, if I buy a junk car now and plan to buy a new car in the future, I might be out of a job and not be able to afford one or pay off the monthly payments. But if I get the new car now, Ill probably be able to pay off all of it by the time i get out and I can focus mostly on college...

I dont know anyone think its a bad idea?

[W2]

If your military don't forget your $1,000 discount thru Scion.

As for buying the car, idk? Personally if you're in the military there are a lot of things to think about IMO, especially if you haven't been in to long. How often will you get to drive it? Where are you going next? Any long deployments coming up? Where do you plan to store it? and I bet insurance is going to be very high.

[madoka]

Sorry bro, they are right - it's a bad idea. Buy something reliable like a used Camry or Accord and save your money for college. You're going to have unexpected expenses and come to regret having all your money trapped in a new car.

[dem00n]

People always believe in the "Buy used only" and that buying new is a waste of money. If you can handle a loan then go ahead and buy the car, you won't regret it.
Though i can see where your getting at it and in your situation i think i would wait, buy used and then buy the car i really want.

[the_3d_man]

The people are right. It's pretty much that simple. Unless you are inept at basic repairs and maintenance, or you are really unlucky and buy a total piece of crap, a used car will always be cheaper. I can go get a pretty decent used car for 10K, pay cash and drive it for 3 or 4 years and buy another one with the money I saved by not having payments.

Also, a decent credit union should be able to do better than 6% on a new car.

[Jeong]

yup getting the discount also. As for the military life, Im an airframes mechanic, which means I probably won't be getting deployed but Id honestly love to. That way when I come back Id have a shit ton of money to pay off my car. Im setting up direct deposit so that if I do end up getting deployed I dont have to worry about payments. Also my family live about an hour and a half away from my base so I can leave it with them.
+ usaa has good rates for insurance, and I can always put my name under my fathers insurance to save money also.
Ive figured everything out but not a single person in my shop thinks its a good idea... makes me have second thoughts.

[Jeong]

MANNN I still want this car I dont have to worry about college cause of the gi bill... WHYYYYYY ((

I dont get why my fathers pushing me to get a new car rather than an old one... the only person who wants me to get the fr-s.. well him and my friends lol

[FBaxteR-S]

Internet opinions are worth what you paid for them.

Speak to your parents, family friends, trusted role models. Your "boys" at your shop don't know YOUR situation as well as you do, don't your KNOW intentions, or your plans.

These questions are better asked to someone who knows you better imho.

[Tigranakert]

I would agree with you. I'm 18, I had a choice of what car to buy and i choose a new one instead of paying for an old car. Like lets say you had to buy a car that was 6k and 10 years old and you were trying to save some money until you graduate to buy a new, better car. Well might as well lease a brand new car, 0 down, 200/month for 3 years that won't cause you any problems that an old car would (hopefully). You can get even cheaper leases depending on what car you get.
My family had an old car 10 years old and the engine gave up when we needed it most. Constant problems with it too. We ended up selling it for 500 dollars scrap.

I think you made the right choice if you can pay it off.

[Jeong]

i dont know ive tried looking around for insurance but usaa which is supposed to be a supporter of military wont even accept my application since i dont have credit history. again, im 19, joining the military was my first job ever LOL. isnt 6% the best i can get in my situation?

[WolfsFang]

go for it, i was 18 when i bought my Evo 8, i paid monthly and kept it it for 2 years. Then i sold it and got this car . Still pay monthly and im putting myself through college with no loans!

[FBaxteR-S]

Originally Posted by Jeong

i dont know ive tried looking around for insurance but usaa which is supposed to be a supporter of military wont even accept my application since i dont have credit history. again, im 19, joining the military was my first job ever LOL. isnt 6% the best i can get in my situation?

Toyota Financing isn't your only option. Local credit unions and banks are ALL providing loans at rates lower than this. Don't be fooled by the salesman/finance manager, shop around and go talk to people.

Sitting face to face with a case manager at a local bank branch or credit union gets you a lot farther, and likely a cheaper rate than 6% over 5 years.

[madoka]

Originally Posted by Jeong

Ive figured everything out but not a single person in my shop thinks its a good idea... makes me have second thoughts.

Because they are right. To be honest, at your age I would have bought the FR-S. And it would have been great for the first few months. But now with the benefit of maturity, I know that if you're going to college and have little job security, then you are better off holding that money for unexpected expenses that will definitely crop up.

[Jeong]

Welll it wasnt through toyota. But my dealer did set me up with the bank..... I will try to visit navy fed and other local banks to see what they can offer me