Buying a new car the year out of college, dumb or not?

[exmayol]

Pay off student loans, get your own place and then think of a new car. Don't get yourself into more debt now.

[s2d4]

Originally Posted by suaveflooder

That's my point! You can't afford it

Yeap, cheers for spelling out why affording finance repayment is actually different to affording the car.

Pretty simple really, if you can't afford the car, you borrow money to buy it because you can afford the repayment.

It isn't my choice but it can be others, it just isn't affording the car as people seem to suggest.

Originally Posted by hanabie

It is funny that people are willing to pay $80+ for iPhone's plan every two years. Yet they make a big deal for 2.5% APR on a 25k auto loan.

Are you sure they could actually be the same subset of people? I sincerely doubt it.
The $80+ iphone guys tends to buy all sorts of things they don't need, on finance.

[P@ul]

Wow... TMFS interest rates suck. I got 1.49% . Shop around!

[cmarks20]

Originally Posted by P@ul

Wow... TMFS interest rates suck. I got 1.49% . Shop around!

Navy Federal was the same for me. I figured I'd wait 6 months, then refinance.

[shawnperolis]

Gist of this thread: if you don't drive a beater every day, haven't paid for your house with straight cash, and have a cell phone plan then you are an idiot who sucks with money.

[thill]

- I would wait for the permanent job status first and foremost. - Secondly, I would move out of the house and really get a feel for what this will cost you before you take on a new car loan. In the meantime continue to pay down your student loans and save for a car. - Third, I would wait for the 2014 models to see if you can score a deal on a 2013 if you decide to buy new. Personally, with that much money in student loans, I would focus on getting out of my parents house and just getting a decent used car that you enjoy driving for a couple of years that costs about half the price, and then buy a new FRS after the student loans are paid off.

[thill]

Originally Posted by shawnperolis

Gist of this thread: if you don't drive a beater every day, haven't paid for your house with straight cash, and have a cell phone plan then you are an idiot who sucks with money.

Gist of this thread. You may have a name like Chickdigger, and the chick may be really impressed with your new FR-S, but I bet she won't be impressed when you have to sneak downstairs into the basement because you are living at home with mommy.....

[Ryeong86]

Originally Posted by Lonewolf

Buying a new car with any kind of student loans is not the wisest choice...but hey you get one life, sometimes you just need to enjoy it....:happy0180:

My student loans helped my car purchase. Since I am paying them lol, my credit score was over 700, allowing me to get approved on my FR-S with $1,000 down .

[zipfizz]

Originally Posted by shawnperolis

Gist of this thread: if you don't drive a beater every day, haven't paid for your house with straight cash, and have a cell phone plan then you are an idiot who sucks with money.

That is how lots of people live their lives. It's called the deferred life plan. Spend your youth saving all your pennies for your golden years.

[CrazyWookiee]

I bought my car right after college. But I would never do it if I had any student loans. I'd get rid of those first.

[chickdigger802]

Originally Posted by thill

Gist of this thread. You may have a name like Chickdigger, and the chick may be really impressed with your new FR-S, but I bet she won't be impressed when you have to sneak downstairs into the basement because you are living at home with mommy.....

now that's some generalizing based off username (which is a reference to my old pet chicken that got mauled and I had to dig a grave for back in middle school ).

But yeah, commute from parents home to work isn't bad, and parents are getting a bit old and could use some help in the yard and house stuff, so I don't feel any remorse or issue with staying at the parents place for a few more years.

[shawnperolis]

Originally Posted by chickdigger802

now that's some generalizing based off username (which is a reference to my old pet chicken that got mauled and I had to dig a grave for back in middle school ).

But yeah, commute from parents home to work isn't bad, and parents are getting a bit old and could use some help in the yard and house stuff, so I don't feel any remorse or issue with staying at the parents place for a few more years.

Good for you, bro. There is absolutely nothing wrong with staying home for a bit after school to pay off loans and get your shit together. Cost of living is higher than ever, as are the size of student loans. If a girl doesn't want anything to do with you because she can't get past that, you're probably better off. My fiance and I are both living at my parent's place. We haven't graduated yet, but we plan on staying here for at least a couple of months in order to ensure financial stability.

[thill]

Originally Posted by chickdigger802

now that's some generalizing based off username (which is a reference to my old pet chicken that got mauled and I had to dig a grave for back in middle school ).

But yeah, commute from parents home to work isn't bad, and parents are getting a bit old and could use some help in the yard and house stuff, so I don't feel any remorse or issue with staying at the parents place for a few more years.

Well my point is that you should budget in not living in the house when you buy a car. It is a big expense, depending on where you live and if you have roommates. What if you want to move out in a year and can't because your car loan and student loans are too big? I did not live with my parents after college, but it never stopped me from stopping by and helping out. We still had family meals together every weekend. If you live at home the next two years and focused on paying off your student loans, you could easily get a new car and also have money to live on your own too if the need ever arises. I did not get my first new car until after college and I was out of the military. Would I have loved a new car? Absolutely. But I focused on paying down debt, traveling and seeing the world (which you can't do with a car loan), going out with friends and having spending money, and not having a big car payment. I can't tell you how many guys I knew in the military who were making good money, but were bogged down by their new car payment and other debt (credit cards, student loans, etc). It is your money. If having a new car is a top priority then go for it. But at least budget around not living at home and whether or not you could afford that new car payment every month if you moved out and paid all your other bills. If you can fit it in the budget, great. If not, you should really be concerned about having a new car put you in a corner due to debt.

[Enraged21]

Originally Posted by shawnperolis

Good for you, bro. There is absolutely nothing wrong with staying home for a bit after school to pay off loans and get your shit together. Cost of living is higher than ever, as are the size of student loans. If a girl doesn't want anything to do with you because she can't get past that, you're probably better off. My fiance and I are both living at my parent's place. We haven't graduated yet, but we plan on staying here for at least a couple of months in order to ensure financial stability.

As do a lot of people do. And again, there's nothing wrong with that. That's actually a smart thing to do. Many of my friends who are older than I (I'm only 21) still live at home for different reasons.

It's also different when you're older. If said "chick" didn't like that I still lived at home with my mommy, then she can go f**k off. Cause I drive a really bad ass car and still save money by living at home with mommy.

...just saying though.