same here, im 20, the FRS is m first car and im having the time of my life.

Another good rule of thumb to add to that is the total value of all the things you have with motors and wheels should be no more than 50% of your annual income. Vehicles are, for the most part, depreciating assets so you are losing money on them.

To the OP, the advice you are being given is sound, regardless of your income level. Let someone else take the "new car" depreciation hit. That is what I usually do, the FR-S was an exception to my own rule on that.

When I make an exception its because I am fitting them into my "toys" category and pay the "new car" depreciation up front (which means a 40% to 100% down payment).

5 of the last 7 cars I have purchased had 30K to 110K miles on them when I purchased them. Of those 2 were still under warranty, and 3 were not. I basically "self insured" for warranty on the other 3. None of them had any major repairs required within the first 3 years/50,000 miles of my ownership. Was I lucky? Not really. I selected carefully, had a prepurchase inspection done by a trusted source, and took care of them.

So, in short, the advice you are being given is solid financial advice. Problem is, for nearly everyone on this forum, a car purchase is not just a financial decision. In the end, you have to be happy with the decision, and be able to live with it.

This.....good advice, well said

No its not and thats why you have missed the point. Sure our lives are influenced by finances but defined??....no way!!

I don't think he was asking that at all....he was asking whether it was a good idea, I understood he had it worked out re affordability and was cool. The question is not financial feasability its financial responsibility. The answer to that is of course it isn't financially responsible....to which I refer to the above from raul. It is all about VALUE but the decision must be without regret.....from your responses to date I'm not sure you can say that, and if you can't don't buy it, do the financially responsible thing and buy a cheap used car

I would buy used but this is the only car I really want and buying it used would mean I have to wait several more years.

fuck that

maybe not as long as you think!.there is always the possibility of
owners "bailing" on the car because of financial issues,especially if
a "lean" is on the car!

yes! there can be no room for regret! after careful assessment of your "personal" financial situation,you! and only you! can arrive at the correct decision!

That's not true. The Hyundai dealership had a used Raven AT. They were only asking a mere 30k for it. :lol:

I asked how they came across it, and he said the girl that bought it said it was too small inside. Who buys a sports car when they want a roomy vehicle?

just do whatever you want, it's your own money who cares about bunch of guys that you don't even know saids lol.

YOLO.

That is all.

Get what you want. Unless your just buying into the hype. For all the memories I already have in this car, and the cruises I have planned with the misses (thinking road trip to California, me in my FRS her, in her lovely 91 MR2) I don't think id have it any other way ^^. I'm 25, about to buy a house in a year or two... just enjoy it man. Even if it does put you into a paycheck to paycheck situation, you will value what you have in the long run.

I think life experiences ultimately effect how your are as a whole. And for those who have lived paycheck to paycheck and are finally out, do you think you would be as smart with your money now had you never been in that situation to begin with? At least thats how I think ^^. Learn yourself, and learn through others. =) What good is working for your money if your not buying what you want.

but it is usually harder to get approved for a loan on a used car (older than a few years) than a new one

Most financial advisors recommend you have at least 6 months living expenses in the bank. OK, let's say you can only muster 3 months. Or even 2 months. OK, or even 1 month. But paycheck to paycheck? So it's OK to buy a $25-30,000 car even if you have to live paycheck to paycheck? Seriously, this is a terrible idea to create a paycheck to paycheck lifestyle when you currently have a nice savings account.

It taught me a lot of things when I had to learn on my own. Sometimes when you got through it yourself things click. You can judge what I said all you want. He is young, its not like he has a family a home and just dropping all that money. In my post there is no mention of how much he is going to put down or anything.

And its exactly what it is, a savings account. You still can live paycheck to paycheck while having a healthy savings account. That is why its called a savings account. Last time I checked you put money aside to not tap into it. I live paycheck to paycheck while putting in 500-700 a month into savings. Doesn't mean I am in a bad financial situation.

I know someones gonna say something about paycheck to paycheck generally means you don't have any money to put aside, and maybe that is the difference as I see it, I consider savings a bill that must be paid, therefore its calculated as that, as oppose to money that can be "put aside".

One does not have to go broke to understand what it means to go broke. So one can think, "if I spend too much money now, I predict I might very well screw myself in the future, therefor I will not buy a new car now."

You can't redefine the meaning of living paycheck to paycheck in order to validate your point. Living paycheck to paycheck does indeed mean you can not pay your bills without receiving every paycheck. Here is the definition (from the web):

Definition of 'Paycheck-To-Paycheck'
An expression used to describe an individual who would be unable to meet financial obligations if unemployed because his or her salary is predominantly devoted to expenses. Persons subsisting paycheck-to-paycheck have limited or no savings, and are at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.

Investopedia explains 'Paycheck-To-Paycheck'
Persons living paycheck-to-paycheck are often referred to as the working poor. Individuals with high paying jobs may also be in a similar situation if outgoing expenses equal (or even exceed) incoming salary.

No one should elect to live paycheck to paycheck in order to get a new car. But if you want to "go for it" just to see what happens. . . . . .

It's real simple. Buying a new car without a steady source of income, at 19, at 6% interest, is a very poor financial decision. When you are 25, you'll want to go back in time and slap the shit out of your 19 year old self.