Cold feet..

[Porsche]

Another important point to bear in mind: Just because the lenders, the "grown-ups," will agree to lend you a great deal of money for a car or a house … does not mean it is a good idea to make the purchase.

Those same grown-ups irresponsibly loaned massive sums of money on bad mortgages not so long ago … and nearly brought the entire western financial world to its knees. These bankers regularly encourage people to borrow more than is wise. They are not your friends.

You are wise to have "cold feet."

Listen to your feet.

[torqdork]

I can't comment on your financials other than to say that having lived in NSW, things are different there. I had a company car (Holden Commodore) and didn't have to deal with transportation expenses.

I miss Oz and will return. Your country has so much to offer from fun blokes with positive attitudes, agreeable climate, exotic tropical locales, urban adventures and beautiful women who are attracted to Americans that I was sad when transferred back to the US.

[djmm]

If you live with mom and dad and have literally zero expense maybe you can pull it off. If you have expense I wouldn't do that if I were you. You have to factor in petrol parking insurance maintenance rego. Your life will be miserable without much money to spend on. I much rather buy cheap car and still be able to go out with friends. If you're just curious about driving it, you can just "treat" yourself by renting 86 once awhile for a week ender or something.
And remember you have huge residual payment after 4 years and if you can't come up with the dough that pretty much means kissing your car goodbye.

[Migero86]

Buying a car that pretty much equals the total amount of money you make in a year.... I sure as hell wouldnt do it unless you plan on living at home, eating boxed noodles and having the social life of a hermit.

If you need to ask if you should do it, odds are, you probably already know you shouldnt.

[czar07]

Dont do it.

[thill]

Save up and wait until you finish school and get a better job.

[jdb_]

Cheers for the advice everyone, I probably should have added a few more details. As of January I will be earning 500 p/w while still at uni with less than $50 expenses per week. I have also been renting an apartment for the last two years, my share was $185 p/w and I NEVER missed a payment, I payed double on some occasions to help out my roomate because I was still able to save, even though I was earning $400 sometimes less p/w.

Taking what you have all said into consideration though, I am now looking at 2012 models, which I could save up a 1/3 deposit for and finance at $90 p/w as of next year, we'll see how it goes.

Thank you all a lot

[mid_life_crisis]

There is the key to the misunderstanding.
The $130 you quoted was per week.
Here in the U.S. we talk in monthly payments.
So $520 per month including insurance, which is a lot closer to what we would expect.

[ZionsWrath]

Car payment is weekly? And a lump sum at the end? da fuk is going on

O WAIT everything is backwards in australia i forgot

I have a feeling you are going to be like me. I'm 25, I make decent money but having my $430/month car payment for more than a year now, I wish I had waited and moved out of my moms basement first. Not including I put down 2k and the ~2500 in taxes. Plus winter tires and wheels another 2k. So in 1 year thats ~11500 more I could have saved for a place to live. I don't regret it but if I could do it differently I would say the better way is move out -> buy new car.

[Suberman]

Originally Posted by ZionsWrath

Car payment is weekly? And a lump sum at the end? da fuk is going on

O WAIT everything is backwards in australia i forgot

I have a feeling you are going to be like me. I'm 25, I make decent money but having my $430/month car payment for more than a year now, I wish I had waited and moved out of my moms basement first. Not including I put down 2k and the ~2500 in taxes. Plus winter tires and wheels another 2k. So in 1 year thats ~11500 more I could have saved for a place to live. I don't regret it but if I could do it differently I would say the better way is move out -> buy new car.

Not backward, upside down. That's why they drive on the left. If they tried to drive on the right they'd drop off the Earth into space.

[bcj]

The footwell heat works quite well on my FRS. If you were wondering.
I've had to use it several times this week.



HTH. HAND. WTFOMGBBQ.

[thill]

Originally Posted by jdb_

Cheers for the advice everyone, I probably should have added a few more details. As of January I will be earning 500 p/w while still at uni with less than $50 expenses per week. I have also been renting an apartment for the last two years, my share was $185 p/w and I NEVER missed a payment, I payed double on some occasions to help out my roomate because I was still able to save, even though I was earning $400 sometimes less p/w.

Taking what you have all said into consideration though, I am now looking at 2012 models, which I could save up a 1/3 deposit for and finance at $90 p/w as of next year, we'll see how it goes.

Thank you all a lot

That seems like a very sensible approach

Remember, good things are worth waiting for

[kh060]

Holy moly on your interest rate! Nothing down, and for 72 months I was able to get 1.99% APR through my Credit Union. Payed $10k on it first month after I sold my car private party. I think you should go checkout credit unions.

[Leonardo]

I got 2.54% rate from Toyota financial. Some people even got a lower rate. I wouldn't go with that high of a rate, unless your credit is really bad. Welcome and Good Luck!