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Not trying to threadjack or anything, but I'm not even graduated and I've had so many job offers and interviews that it is hard to even wrap my head around. I guess it depends on your area, but I wouldn't call software development a saturated field. Op, time to find a new job and buy that sports car! :happy0180: |
By the way, I said I would wait a year before modding it too, but nobody waits... You'd end up seeing things in the forum and the group buy section with sweet deals that you "won't want to pass up" and next thing you know, you put 4k mods into it lol.
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Speaking of the OP specifically (not a programmer from what I'm seeing), I would look for a niche within the interest/education you have and network network network. Damn this got off topic. :) |
I'm 25 and take 1.5 times more than you approx and have A LOT more than you in savings. my gf and I are looking to buy a house and we currently live at my parents place. (no problem living at home and i prefer to use rent money to save for a house downpayment.)
a house is priority and I have set aside some money for a downpayment for a fun car. my goal is to pay for a fun car in cash. the longer you wait, the more you save. maybe there will be a new supra, or other cars you'll like. I'm hoping there will be some better cars, but i really want an frs now! sucks I know but I know what you're feeling |
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I'm 18.. senior in highschool and i pay and have paid off every single penny of my car and gas, but then again i don't have the bill utilities like you do. Just save up enough for a down payment and at least half of the payments paid off.. in my case i leased for 3 years, 3k down, and had saved up enough money to have 1.5 years paid off, and during that time pay off the rest!
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Obviously you have other expenses than what you listed or you'd have a bit more cash in the bank.
Start by calling your insurance agent and getting a quote on what this car is going to cost you. Also find out your town's mil rate and see what taxes are going to run you. Can you advance in your career without additional schooling? If you're going to need a master's degree then figure out what it's going to cost you and decide if you can you put it off while you pay on the car. Houses or condos...if you're both paying $700 a month for rent (does that include utilities or is that another expense?), in some areas that's a decent first house/condo for the same $1400/month mortgage but how will you save the downpayment and pay utilities. You also need to factor in that when you buy this car you aren't going to want to be cash strapped...you'll want to take weekend trips, or just simply take the long way home (gas costs)...be more realistic with your budget and then decide if it's worth the gamble. |
Patience
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Not sure why you have a BS in Computer Science and only make 2,400 a month. You need to start shopping jobs. In computers I would think 60k being the bottom of the barrel, slightly above retail job.
To the point. The rule of thumb has always been get a car worth a maximum of half your income and a house worth a maximum of double your income. This can still get people in to lots of trouble but it is a good starting point to work from. Personally I like the rule of getting a house that you can pay off in 5 years without struggling and a car that you can pay off in less than a year if needed. |
If I were in your situation, I personally wouldn't. I love this car, but no car is worth stretching your finances over. It's probably better to save and wait a year, then buy a used one.
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You probably COULD, but you're gonna' have to get used to staying in more often.
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you only live once
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Other areas may offer higher pay, but atlanta is kind of eh. There's a lot of places willing to pay about $40k / yr to new grads, only a few willing to actually pay you decently. Combine that with the cost of commuting or living in the area and it'll frustrate you rather quickly.
My roommate is currently in that boat, sucks completely. $60k / yr is more reasonable for atlanta starting out, but you'll have to look for those. If you've only got $700 a month, I'd say hold off. Shit will happen, you'll need the money. Get yourself a nice buffer going to cover yourself, then look into getting the car. I spent a year saving and scrounging to get this car myself. |
I can't really afford this car, but I'm getting it anyway. I would love to follow the 10% rule of car costs (car and related expenses should not be more than 10% of your annual income, i.e. $4-5000 for $40-50,000/yr) and be financially sound and invest in my future, but for me, cars are life. I plan on financing it for 5 years and having it paid off in 4. I take meticulous care of my car so should I decide to sell it, at least it should be worth a tad more than the average trade-in.
http://poorerthanyou.com/2009/07/24/...pend-on-a-car/ |
I was in the same boat as you, and the truth is, no one should make this descion but you, all you can do is research, triple check your math and make your own descion and live with it, it's called being an adult. I'm not trying to be mean, I'm just emphasizing the point that everybody has their views on life and you should do what makes sense to you rather than look for outside reinforcement.
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if you do rush into it and buy it, then you will become "Car broke" the novelty and enjoyment of the car will disappear and youll feel trapped by it.
The only way I would advocate for you to buy it is if you dont plan on making it past 32 |
Investing in a 401k > buying a new car.
I started my 401k at 21, and it's up to 100k now. (I just turned 27) |
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I went there... i said it! |
Lots of these cars are being driven by old farts like me (I'm not thirty yet-- But, I drive like an old fart when it comes to this car). Spiritedly on weekends only.
Save your cash and buy a low-miler in five years. Five grand will get you a good MX5 for the moment, if you have to scratch the itch. |
And here I though I was the "old man". What a bunch of responsible nerds you guys are! Did I see someone quote Suze Orman?! My Grandmother watches that crap. Shit, If I waited until I could afford a car by your guys standards, I'd be rolling to work on a Huffy. :lol:
It's not like the OP works part time at Taco Bell. If you can afford the payments, and want a car, buy a damn car before some wife puts you in a Prius or minivan. Be responsible (the kind of responsible these guys are talking) and save for you future children's education when you have some. Not saying anyone should go broke to buy a shiny new ride to impress people or something, but you certainly sound responsible enough to me to handle a car payment. I'd say go for it. |
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In all honesty, only buy the car if you have a garage or shelter you can put it in away from plain eyesight of people, because there are assholes out there who will do whatever they can to damage a good looking car. I've seen a kid running towards my car, looked at it for a second and then started pounding on my bumper, needless to say I had to do what I can to get rid of that rug rat. |
Life is short, you only live once, and all that...
I say go for it. throw your 5k against it, plus whatever you can get for the acura, and enjoy it! You clearly have been financially responsible so far, having paid your student loan, etc. I 'pay myself' 10% off the top of each cheque, before any of my funds go to budget items - bills, debts, savings, mortgage, etc.. if you can still pay your budget items, including whatever you car payment ends up being, plus pay yourself 10% for "me money"... give 'er shit! |
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Seriously, I don't mean to be a ****, (okay, sometimes I totally mean to), but some of the shit on this forum is friggen weird. Clear bras, Opticoat, garages. Do you hire gorillas to watch over the car while you go shopping at the mall?! You realize those very same "assholes" could be out and about, too, right? They have to get their t-shirts from A&F sometime, you know! |
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I was not meaning to say his significant other is bleeding him dry, I was just trying to open up his mind a little bit. Motivating him to do the math himself to see if the price spending between the two couples is enough to keep the car while being steady enough to make the house payments.... I was just simply adding something that I havent seen anyone posted yet and stayed "on topic". |
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And that Saturn had 268whp. It'll smoke your slow ass BRZ anyday! Oh wait...:lol: |
Focus on the income part of your P&L - change employer / move to other city/state/country if needed / work more/harder and then think about buying expensive toys ;) I would not buy a car (any car, even much more practical one) which cost more than 1/2 of your net annual income. Unless it is the ulitmate dream of your entire life.
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YOLO |
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Think camera gear. Think Leica M9. Think Noctilux f/0.95. Yeah. I got myself some :coolpics: while doing that. |
Live today, tomorrow worry about tomorrow
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What you are really asking is can you afford a car loan. That's a question only you can answer. If you were my son, I would tell you no, mainly because if you lost your job tomorrow you can't pay the car off (back to can I afford the car) and you don't have a significant enough savings to get through 6 months of living expenses, including the car payment. I never buy a car I can't pay off tomorrow, even if I use the bank's money in the interim. That means sometimes I drive junk because of poor planning. I've posted this before but its worth a watch since since you are asking. [ame="http://www.youtube.com/watch?v=BKyV8CTHeJ0"]Drive Free Cars - YouTube[/ame] |
To the OP... only you can answer this question. Only you know if you can comfortably afford the car.
I'm normally a lurker on most forums that I visit, but one thing I have always noticed and is constant through it all is that people on forums get way too self-righteous. They come off and say don't buy the car unless you can buy it in cash... never take out a loan on a car... get a better job... pay off your current debt first... save for retirement... etc. Those are all personal choices, they don't fit everyone's beliefs. Myself, I am in a fairly similar situation (make more money, have student loans that are unpaid and more expensive rent). I'm on the fence as well and have been for a few months. My personal choice has been to wait, even though I could easily afford it month-to-month. That could change at any moment, I could buy a new car tomorrow or it could be 2 years. The only real advice that I can really give you is that if you can get a good rate (under 2.5%) don't pay it off early. The time value of money and inflation over time actually means you will be paying less in today's dollars in 4-5 years. Significantly so actually. People have misconceptions about debt and think all debt is bad. If used properly you can save a bunch of money in the long run. Debt is only bad when you are given terrible rates (IMO anything over 3-3.5%) or you overextend yourself. |
If you have to ask the question then you probably should not be buying it.
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Man, everyone wants to share their opinion on this! I'm not sure if the $2,600 you mentioned is take home pay, or gross pay... I'd say that if your rent already costs you 29% of your income, and the payment on the car for a 5 year note would be approximately an additional 16% (assuming you put no money down), that's getting to be a pretty damned big chunk of your monthly income. If you are just starting out, and have a good reliable car that's paid for, I'd strongly consider laying low with what you have, and trying to get your savings beefed up some. I'm sure you could swing the car payment, but it's probably not the wisest thing to do. That said, at your age, I probably would have done it, cause I'm an emotional, knee-jerk kind of guy with a "gotta have it" attitude. If you have the willpower, I'd say wait...
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Evgeryone has their own opinions, some good, some bad, then again there's too many variables that it wouldn't be determined if the advice your given is good or bad. So, my advice is to GET IT. You'll struggle a little bit, lesser $ for nice things, but you won't regret it everytime your behind the wheels of an FRS. Again, that's just my opinion.
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