Quote:
Originally Posted by master345
I am going to make some assumptions based on what you have written.
1. You're 19
2. You're in the military and hardly making any money
3. You MIGHT have $11,000 in the bank, since you putting down $8200.
4. When you buy the car it will cost you AT LEAST $28,000 with tax/license.
5. Insurance is easily going to cost $1500 per year.
6. Once you drive it off the lot, you will lose $3000 in tax/licensing.
7. AND the car will have depreciated by 10%, making it worth $22,500 INSTANTLY.
8. The MINUTE you drive off the lot, you have lost $5,500. IN JUST ONE MINUTE.
9. So you have lost 1/2 of your entire savings account if you had $11,000 to begin with. IN JUST ONE MINUTE.
10. Now you're in serious debt. You owe the bank $20,000 on an enlisted man's salary.
11. How much savings do you have in the bank for emergency.
12. How much savings for college?
If the above is true, it would be a serious financial mistake to buy this car. I am sorry, but anyone who is a lot older than you will agree with me. Sh*t happens in life, and you do not want to be without enough cash for when it does. Cash is security, and security is worth more than this car.
Buy the cheapest used decent car you can find, if you really need a car. If you can do without a car, you will still have ALL that savings in the bank and you will be better off for it.
This car is NOT an investment. It is an expense and a big one at that. It will lose value every day you own it. Every day, down in value, and running all kinds of expenses to operate and insure it. You are very young with very little money in the bank. Buying a car like this is for guys with good incomes and money in the bank. Buying this car is not for guys in your position, I am sorry to say.
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Listen to this guy if you want your life to be defined by only numbers. He's talking about VALUE = Money. Ergo, he doesn't understand what VALUE is, or means. This car is an emotional purchase for many of us and many don't regret it. Only you can know the value the car offers you. Will you enjoy the car more than you'll dread making the payments? Use the following formula:
If Value (Fun, ownership, time you spend in the car, etc) > Monthly Payment = Buy it
If you'll feel remorse when making the payments, then don't get it. I've made my payments with a smile on my face. I like paying for my FR-S, because I feel it's worth it, regardless of how bad an "investment" or "expense" it is.