People telling me not to buy?

[_hollywood]

I spent 6 years in military, i didnt buy a new car until i was 28 which was the FR-S

Just buy a nice car for 6-7k enjoy that, study hard, make rank everytime get deployed,put 30k in the bank, then maybe treat yourself to a nice car after all of that, you will thank me in the long run :happy0180:

[hyper4mance]

I just checked my federal credit union and they are offering 1.99% financing (likely 800+ credit) and 2.5% for tier 1 credit (I'm assuming in the 700's), both for 60 months. Definitely check out other places.

[be6sti]

Dude just buy the car you like. Sounds like you have looked into the financial bs and have figured out you can afford the car I'm 23 and my frs will be my first car. New vs used is a never ending battle the reason I went with the frs over used is that all the other cars I wanted were out of warranty like the s2k, 350z, g35, blob eye sti or the Pontiac gto. Plus I just love everything about the frs, so who cares whAt others think. If you can afford the frs and you really like it then buy it simple as that you can always trade it in later on down the road. Plus I think in the long run this car will be a very collectable car.


Sent from my iPhone using Tapatalk

[Jaxxx]

You have a lot to learn ........

[yormaX]

No contracts yo. Earn enough money and buy it out!

[QFry]

i didnt read any ones else advice so take this for what its worth...you are in the military, if you are E-3 or below and living in the barracks wait and get something cheap and used until you hit E-4...if you are already E-4 (and not married or with kids or a house), finance outright and use the 8,000 you've saved to make the car yours...its cheaper to spend an extra 20-30 a month on car payment than it is to save that 20-30 a month to get parts you want NOW...i have had to sit down with way too many newly enlisted kids (not saying you are one) and go over financial plans with them because they overbought. just my .02cents

Edit: and i may or may not have been where you are 12 years ago so i do understand

[Gixxersixxerman]

I find it amusing that most of the people on here that are telling you not to get it and that your boys in the shop are right... Don't even have one, or at least don't have it in their drives description. When I was your age I messed my credit up, I bought a car with the help of my father and it got repo.. I didn't have a steady job and I work Witt the military now.. So as long as you wanna stay in you have steady income... Now in my situation, as a contractor for the government, I am paying 6.9% which is pretty high... But it's taken 10 years to get my credit fixed and my last truck payment was 22.9 % so I'm stoked lol... I can afford the payments... Even on unemployment if the worst happened, but that's what it comes down to.

Can you afford the payments, even with something unexpected that might possibly happen.. If so and you really want the car and can see yourself making payments for 5 years... Then go for it.. Mine was 32 out the door and just under 41 when it's all said and done... Something I can accept.. Some people on here can't or won't.. But it's a personal decision that I made and when it comes down to it you have to make.. So e people are just haters.. I have a couple at my warehouse.. But all the haters seem to drive beaters.. And I did for a long time.. Now I'm proud to have my FRS and would change my decision for anything... Unless I got a lower rate lol

[dareo]

If you want an FRS you can't really buy a used one and used ones will be a bad deal for years to come. However NOT buying a real expensive car is smart long term. If you get something cheap still finance it so you can build your credit history. Get a gas rewards credit card to buy fuel with, this will help your credit too. i waited too long to get any credit as i was a "pay cash always" person.

I look at my MR2, its a 1987 with over 200k miles, who knows how many owners did what to it. i still love driving it. If the new ones hold up as good and you can pay it off in 5 years you will have had an awesome car for long time. What if you could get 20 years out of it? Life is short so if you can take good care of it it could be a great investment in transit+fun.

[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.

[madoka]

Originally Posted by master345

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.

Judging from his posts, he's not here to listen to other opinions. What he really wants is vindication for what he's already decided to do. 10-20 years from now, I hope he can look back at this thread and realize what a blunder he made. As they say, youth is wasted on the young.

[Grishbok]

Get what you want when you want it. Especially being in the military, you never know when its your time, or when tragedy will fall. Live within your means, but if your means allow you to have what you want, get it, God only knows how long you have to enjoy it.

You can spend your life wishing you had gotten it, or spend your life enjoying that you did get it.

[dori.]

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.

I disagree with this ONLY because the demand of the car is high enough right now that he could get back most of what he paid if he decides to sell.

Originally Posted by madoka

Judging from his posts, he's not here to listen to other opinions. What he really wants is vindication for what he's already decided to do. 10-20 years from now, I hope he can look back at this thread and realize what a blunder he made. As they say, youth is wasted on the young.

it's possibly the mistake he needs to make

[Iixii]

Good rule of thumb is spend 10-15% of your take home income on transportation. That includes gas, insurance, parking, etc. As you know or will found out, there are more things in life than cars. You have other bills to pay, restaurants, parties, girlfriends, rent, etc. Everything costs money. You also need to save 10-20% for emergencies. If all or most of your money is tied to the car then you are depriving yourself of other good things in life.
I've been there 18 years ago and it sucked! Big time! I was driving a nice 1991 MR-2 Turbo but eating $1 burgers (with no soda) most of the time.
I am now a successful $$$ SAP consultant (look it up) $$$ for the last 13 years and I have enjoyed finer cars but, I won't forget that terrible experience of buying a car I thought I could afford but did not consider other expenses.
In the end it's your decision. Good luck.

[S2kphile]

Originally Posted by Jeong

HOW DO YOU PAY OFF A NEW CAR IN 3 YEARS?!

I mean, I think it's not so bad. Im 19 with no credit, but being in the military and being able to put down 8.2 gets me 6% interest on a 5 year plan. And Im planning to pay it off earlier if possible. I make enough money to pay extra on payments, and pay for my insurance and I have no other payments.

My reasoning for getting a new car is that, if I buy a junk car now and plan to buy a new car in the future, I might be out of a job and not be able to afford one or pay off the monthly payments. But if I get the new car now, Ill probably be able to pay off all of it by the time i get out and I can focus mostly on college...

I dont know anyone think its a bad idea?

Easy to pay off a car in 3 years.

1. Have the cash to pay for the whole car but spread it out and make 36 monthly payments or less.
2. Have innumerable amount of income to pay the vehicle off within 36 months or earlier.

IMHO,
If a enlistee especially a 19yr old one thinks he's not gonna have any other payments or expenses he is still a boy & not a man. But with experience he'll hopefully figure it out.

A person that is already thinking that he'll be out of a job or won't be able to afford a new car after getting out of the military has the wrong mental mentality. Hopefully in those 4years he'll learn something that will change this mindset.

Take the emotion out of it and balance the pros & cons of obtaining a depreciating asset then make a decision. It's hard at 19 to think ahead especially when you're an enlisted man with a for sure paycheck albeit small. (I don't understand how enlistees think 1400-2000 a month is lot of money a month especially after taxes & expenses).

But good luck and THANK YOU for serving.