Ideas on paying for FR-S while in college.

[KidWonder]

Hey Guys

I've been saving for this car since December 2009, I have about $8000 bucks in my savings account. I was expecting to use all of that on a down payment. Only problem is ,I will only be able to make the payments up until this fall'. My grandmother will co-sign and add me to her insurance. Anyways, when I go to college this fall, I'm not sure if I can balance $250 payments and an engineering degree. I have heard from many people that engineering students get a tons of homework and have no time for jobs and parties. Even if I manage to get a nice paid internship/co-op, it will only last throughout the summer.

Am I screwed?
Thanks Guys and God bless

[serialk11r]

Er not to sound rude or anything, but why do you need a car in college? You won't get to use it much I think.

And you like to mention your engineering degree intentions a lot...lol. Don't worry about it, it's only as hard as you make it for yourself.

[Spaceywilly]

Will you be borrowing for school as well? If so you will have to factor in those payments once you graduate. I don't think it's smart to buy a new car when you don't have a reliable source of income. You could get a great used car for $8000 cash and not have to worry about it. Having a new car is a luxury.

I bought my WRX used my second year of college and I think it was the best decision I ever made. I paid cash for it and it has been incredibly cheap to own. I could never have afforded car payments in college, unless I wanted to work constantly and not have a life. Now that I have been working for a few years I am starting to think about a new car since I know I have the extra income.

You could also just go read the thread that you started last month about the same thing

http://www.ft86club.com/forums/showthread.php?t=2934

[Homemade WRX]

you'll have time for homework and a job, at least I did. I interned during the year, Formula SAE and still did school full time.

Not much time for partying or a steady woman though. I had cars instead lol.

I'd say don't stress yourself on having a new car during school. I rocked my WRX swapped 94 Impreza L during college. Cheap on insurance, as fun as I wanted to make it (and it went through many forms during the time) and I didn't have to stress making sure I could make a payment on it. All my money went to playing with it, putting gas in it, paying for books and food and stuff...

Get your nice new car, once you're out of school and paying off those student loans

I've since kept the same trend of used cars. My old GC8 is now the toy, my used Bugeye WRX is my beater and my F250 is my tow hoe. My company and student loans have been getting my other money. The BRZ or FR-S is going to be my first new car.

[KidWonder]

Originally Posted by Spaceywilly

Will you be borrowing for school as well? If so you will have to factor in those payments once you graduate. I don't think it's smart to buy a new car when you don't have a reliable source of income. You could get a great used car for $8000 cash and not have to worry about it. Having a new car is a luxury.

No Sir, my mother is paying for my tuition. ( I promised her once I graduate,I'll treat her to anything she wants)

[serialk11r]

Even then, I think it's a better idea to save up your cash and get a car when you have a real job. Right now you're thinking, well I have X amount in my bank, and the car costs Y, and Y doesn't seem that much bigger than X. But remember that cars are a liability, they cost you money after you buy them. If you get a good job, and you have enough excess income to support the car and have plenty left over, that's fine. If things don't turn out as well as you hoped, then having that nice car (by the time you have a job, I really hope your mom isn't paying for your rent/insurance...) would be unnecessary burden, even if it doesn't seem like much.

If your attitude towards spending money is, "well I have enough money in my bank", then when you recall that you have other things to pay for, and other things you want to buy, then you'll be in a tight spot. IMO you buy a luxury item if you have enough excess income to pay for it in full EVERY year (well this might be extreme, but I like to be safe), without affecting the other basic aspects of your life. There's a lot of things that cost a lot of money besides cars that you'll need to buy!

[SUB-FT86]

8k can get you a NB Miata with money left over. Don't stress yourself on a car payment. I hate car payment and that's one of the reasons I love to save. I have 10k and a paid off RSX but I won't buy the FR-S or GC until I have saved more than that.

[KidWonder]

Originally Posted by serialk11r

Even then, I think it's a better idea to save up your cash and get a car when you have a real job. Right now you're thinking, well I have X amount in my bank, and the car costs Y, and Y doesn't seem that much bigger than X. But remember that cars are a liability, they cost you money after you buy them. If you get a good job, and you have enough excess income to support the car and have plenty left over, that's fine. If things don't turn out as well as you hoped, then having that nice car (by the time you have a job, I really hope your mom isn't paying for your rent/insurance...) would be unnecessary burden, even if it doesn't seem like much.

If your attitude towards spending money is, "well I have enough money in my bank", then when you recall that you have other things to pay for, and other things you want to buy, then you'll be in a tight spot. IMO you buy a luxury item if you have enough excess income to pay for it in full EVERY year (well this might be extreme, but I like to be safe), without affecting the other basic aspects of your life. There's a lot of things that cost a lot of money besides cars that you'll need to buy!

You are exactly right. It's just that I have been saving for this car since 10th grade. I was going to get a nice Celica and trade it in for a used FR-S after about 2 years. If I can't find a way to get a surplus income, then I just might pick up a fairly used Celica for temporary use. I hope Apple releases books on the iPad that can be used for my classes, that would allow books to be alot cheaper.

Thanks for the feedback Man!
Are Celica's any good?

[blur]

My only advice: keep saving.

[GenkiElite]

I noticed you're in Cleveland. I know you can get some shitty winters from time to time. I would not recomed this as your DD. I would say get a cheap-ass fwd or awd beater and pick up the FR-S on it's second production year or a nice used one at a discount.

[Giccin]

Needs > Wants.

[Homemade WRX]

Also, if you're going mechanical engineer,you will have much more fun 'making' your own car. Plus you then already know everything about it.
Once you get access to the machine shop and start making your own parts too...oh fun fun fun.

It's part of how I came designing my own engine and now that's turned into a business that I enjoy.

In the engineering world, GPA isn't EVERYTHING but the projects and jobs you had while in school carry a lot of weight in an interview. Being locked down to a job to pay for a car will greatly limit your time for such projects.

[fatoni]

Originally Posted by KidWonder

No Sir, my mother is paying for my tuition. ( I promised her once I graduate,I'll treat her to anything she wants)

i like how you ask if you are screwed while your mom is paying for your school. its possible to have the car, a job and go to school. but that life sucks...ive got about a year left and so far all i can say is that it sucks

[Longhorn248]

Not even the search emoticon would do this thread justice, it's like the effing twilight zone up in here.

http://www.ft86club.com/forums/showthread.php?t=2934