Hey there: Financial advice to purchase FRS/BRZ?

[Argos Rho]

///killed thread///

[pushrod]

I normally assume that tax returns, bonuses and so forth are $0 when I budget for things, so that if they're smaller than I expect, or become non-existent (missed a bonus due to a layoff last year for example), I can survive it.

If you're just dying to get into an FR-S or BRZ (can't blame you on that), then you should consider leasing one. My lease allows me to return the car in case of involuntary job loss. In my line of work, that very thing happens all the time, so it made sense for me to go that route. In the future when I'm a bit more settled, my decision might be different.

If you can live without one of the twins until next spring, hold out til then when you've hopefully ditched the other car, got your tax return, and so on. Then, you can make a wiser decision.

[Cliu91]

What is your net income?
Do you have any other financial obligations? Mortgage, family, etc.?
Are you expecting any other big financial obligations within the next few years?
Do you have any other outstanding debt?
I'm assuming cash flow is relatively stable for the next five years? (yes, no)

[Annahra]

Don't trade your car in when you are that far under on your loan. Just asking for trouble. Pay down your existing car, then reconsider imo.

[Argos Rho]

///Killed thread//

[Argos Rho]

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[Cliu91]

Originally Posted by Argos Rho

1- 10k credit card, Getting a divorce (sig other has agreed to not touch a single purchase of mine, nor any car I own), currently have to deal with a dog, cat, kid, and wife.

2-TBH no, actually I'll be LOSING financial obligations, the son isnt genetically mine and isnt adopted, so he wont get child support. I'll actually become more financially free within a year.

3- Again, 10k credit card, also school debt, 16k. However, the 16k is on a deferment permanently until the end of my military career.

4- Very stable. Military pay is consistent and required by our job descriptions. TBH in 5 years time I'll have an extra 400$ to work with in sea pay, rank ups, etc.

It sounds like you are in an unusual situation. From what I understand you are going through a mutual divorce, which is why you seem quite confident that things will be smoother in a year? Your sig has stated that she won't touch any single purchase you own, but I would be weary of this... you are after all getting a divorce from this person.

You also have approximately 40k in debt (car, CC, and school loans). Yes, I understand that being in the military your payments are deferred until the end of your military career, but debt is debt, and I'd consider your goals in short, medium, and long term horizons.

It really is hard for me to give you an honest opinion without your whole financial picture. So far from what you've told me, you're in a decent amount of debt. I'm not sure what income you have to sustain this. How old are you?

I ask extensive questions because I work as a financial planner at one of the big banks in Canada. If you like, we could take this to PMs if you don't feel comfortable disclosing some information.

[Argos Rho]

Originally Posted by Cliu91

If you like, we could take this to PMs if you don't feel comfortable disclosing some information.

Sounds good mate.

[Atropine]

I am ex-military myself.

Let me just tell you what you need to hear.

1. Don't buy the car until...
*Divorce is done.
*You are done with deployment
*Your credit cards are paid off

2. The military is odd when it comes to kids.
*If she had the child while with you, and its not yours...you still may end up responsible in certain states
*If she had the child when you met her...a judge may deem that you owe alimony/child support for a certain amount of time (this also depends on the state)

3. Divorce
*She WILL eventually get pissed about something and feel you aren't being fair...they then target something you love (like a new car)
*Divorces cost money...they just do

4. An FR-S with 19k Miles is not a good deal at $25k
*though it appears it is for sale for $21k dollars (accounting the negative trade in).
*What is the sale price of this FR-S? What version is it?

5. That tax return...
*Very good chance you will have to split it with her...or she may even get all of it as part of the settlement
*Next year, your taxes will be worse

6. Finally...
*You are on a car forum asking financial advice...that says a few things right there
*I fully expect you to do whatever it takes to buy the car and ignore our advice
*I fully expect you to eventually regret the decision on buying this car
*I have been through some bad break ups before, and often I buy a new shiny, whether it was a car or motorcycle...
*So I am not trying to be condescending, I just already know how this will play out
*Don't fall into the same mistakes that many of us have already experienced

But you will...

So,

/welcome to the forum and post pics of the car once you get it

[Argos Rho]

Originally Posted by Atropine

I am ex-military myself.


/welcome to the forum and post pics of the car once you get it

I feel like I should laugh but I know you're right. It'd be best if I just wait it out.
I spoke to my father and he pretty much said the same deal. BTW, 23 years old, still talk to my old man all the time. Voice of wisdom.
//killin thread//

[King Tut]

Nice work FT86Club.