People telling me not to buy?

[Texas BRZ]

Research, consult, listen, and then understand about this opportunity with an open mind (like you're already doing)... And then make your decision.

If you happen to make a mistake in your final decision... You learn, simple as that.

(Always a comforting idea to take some more time and wait it out instead of making a pressured decision).

All the best to you!

[Jeong]

Originally Posted by madoka

Because they are right. To be honest, at your age I would have bought the FR-S. And it would have been great for the first few months. But now with the benefit of maturity, I know that if you're going to college and have little job security, then you are better off holding that money for unexpected expenses that will definitely crop up.

But thats the thing, I know ill have money left over to save even after the payments. I dont have any expenses, wont for the next 4 years (living on base saves alot of money) and college tuition, books, housing will be paid for through the gi bill. obviously ill still have money saved up when i leave the military. and by the time i leave ill probably have paid off the car, or might have some months left. Plus im going to take a job while going to school.. cause money doesnt grow on trees.

Ive honestly thought this whole thing through. Just need someone to back me up on this so i dont feel like im making a bad choice.

[SeattleJeremy]

Cars are awful investments. For people in the military it's even worse. You may be gone for 12-15 months at a time on deployment, and it's depreciating in value weather it's being driven or not.

I wouldn't buy a new car if I was in the military. I would buy a beater for when I'm state side, and put the money that would be going in to a loan in a high yield savings account separate from the normal savings and checking account. Then I'd be collecting interest not paying it.

A friend of mine did this, then after his final deployment he paid cash for new $30k+ truck.

[Eurasianman]

If you need someone else's voice to justify your decision, then you're doing it wrong. If you feel comfortable with your decision and have done your homework, then go for what you feel is right. Just remember, every day is a present and you don't know what is going to happen. In other words, make sure you have a back up plan.

[Synack]

YOLO definitely happened 3 times for me with this car.

1. The car
2. Five Axis
3. Turbo

[Jeong]

Originally Posted by Eurasianman

If you need someone else's voice to justify your decision, then you're doing it wrong. If you feel comfortable with your decision and have done your homework, then go for what you feel is right. Just remember, every day is a present and you don't know what is going to happen. In other words, make sure you have a back up plan.

I guess youre right. Im going to have a talk with my father. If he thinks its financially sound Ill be goin with my decision and ill make sure to give him all the input you guys gave me. Thanks for all the help everybod.

[Ravenlokk]

You should wait IMO. I'm almost 27, and this was my first new car. Theres def better value in used cars, and tbh you're always better off waiting a year or 2 after a new model is released so they can work out the kinks (just take a look at the CEL issues, deck popping, etc). Not gonna say dont get it if you REALLY want it, but you'll get better value if you wait. Also 5 years at that interest rate is a lot of money to be giving away... I plan to pay my car off in 1-2 years at most, I hated the idea of financing, but i didn't want to be cash poor as i'm also saving for a wedding

[Jeong]

Originally Posted by Ravenlokk

You should wait IMO. I'm almost 27, and this was my first new car. Theres def better value in used cars, and tbh you're always better off waiting a year or 2 after a new model is released so they can work out the kinks (just take a look at the CEL issues, deck popping, etc). Not gonna say dont get it if you REALLY want it, but you'll get better value if you wait. Also 5 years at that interest rate is a lot of money to be giving away... I plan to pay my car off in 1-2 years at most, I hated the idea of financing, but i didn't want to be cash poor as i'm also saving for a wedding

Oh yah, im honestly leaning more towards a used car now. which is what i was previously trying to get but my father for some reason wants me to get a new car and talked me out of it which is why I got so stoked to get an fr-s.

i dont mind getting a used car, but getting the fr-s would be awesome problems and all. we will see.

good luck on the wedding!

[madoka]

Originally Posted by Jeong

But thats the thing, I know ill have money left over to save even after the payments. I dont have any expenses, wont for the next 4 years (living on base saves alot of money) and college tuition, books, housing will be paid for through the gi bill. obviously ill still have money saved up when i leave the military. and by the time i leave ill probably have paid off the car, or might have some months left. Plus im going to take a job while going to school.. cause money doesnt grow on trees.

To be honest, at 19 years old, I was you. When given the same choice, I bought the car and I loved it. But in hindsight, I realized how many years of my life it took away from me. I went deeper into debt than I should have. I took part-time jobs to pay for it, which distracted me from my studies. After graduation, I took whatever job I could instead of a better job because I was desparate for money. I ended up having to borrow money to pay for my wedding. I couldn't start my own business during the internet boom. Buying that car affected me in ways I never thought.

[sofrsnsokleen]

Originally Posted by Jeong

Oh yah, im honestly leaning more towards a used car now. which is what i was previously trying to get but my father for some reason wants me to get a new car and talked me out of it which is why I got so stoked to get an fr-s.

i dont mind getting a used car, but getting the fr-s would be awesome problems and all. we will see.

good luck on the wedding!

don't buy a used car unless you are definitely getting deployed in the next 6-12 months. Yes 1st year cars have hiccups, but not EVERY single one produced will have the same issues. I had a first year mazda 3 hatch and besides replacing a bad strut under WARRANTY, and the usual wear and tear, headlight bulbs, and oil changes, car still runs fine, never broken down, shifts smooth.
My point is new 1st model cars aren't as much a roll of the dice as a used car. And if something does hiccup, thats what the WARRANTY IS FOR!!

[hyper4mance]

If you think the juice is worth the squeeze then go for it, but don't lie to yourself on why you are getting it. Think hard about your needs vs. wants. The car will be around for a while - used or new. I'd suggest to create a monthly budget to see how your finances play out. Include if you had to pay rent/utilities, gas, food, savings, retirement (TSP and/or IRA), medical expenses, etc. and prioritize what you can't live without.

What is your purpose for getting a new car? Do you need a new car while going to school? Are you willing to postpone getting a new car since this is the first generation and they will fix the 1st gen issues? What if you can't find a job after completing college? Are you planning on settling down anytime within the next 5-10 years (purchase a house)?

As much as I hate to say this, I'd hold off buying it if I were in your situation. My personal opinion its a good idea to keep 6-12 months of salary in some sort of liquid savings in case the sh*t hits the fan, but then again I have a mortgage. With this economy, there's a lot of uncertainties so I like playing it safe financially. I think 6% interest is robbery and in the meantime I'd build up credit, get a used car for commuting purposes, get a steady job out of college, then buy my toys.

[sofrsnsokleen]

oh hell, hit me up in 8 months and i'll sell you mine with the extended warranty!!! lol

[artizhay]

Holy...nearly 30% down and 6% interest? A credit union can get you a much better rate with either no down payment requirements or a lower down (5-20%) depending on the credit union.

I'm 20 and got 1.74%, so just shop around. Only put the money down if you can't get a better rate in investments elsewhere, unless required by the loan.

i.e. if you can get the loan at 1.99% with no down, the APY is roughly 2%, so you could find a 5-year CD at 2.5% APY and make a better return instead of paying down the loan.

But that depends on if you're in a financial state to pay $8200 in either loan down payment or investments. You have to decide if you'd rather take an $8200 instant hit or pay a bit more in monthly payments.

[dareo]

Just by an FRS already. Your in the military, you should qualify for an account with PenFed. They are doing 1.49% loans. Your military status+down payment should be enough if your income is also good.