can I afford this car?

[hanabie]

what do you expect? 40mpg?
Shouldn't be driving a sport car if you bitch too much about the mpg

[Atticus808]

I don't get how to afford a new car.
I have over $20 000, take home $1600 biweekly.
but I am saving for a house. I want a fun car though!

[Re_Invention]

Originally Posted by hanabie

what do you expect? 40mpg?
Shouldn't be driving a sport car if you bitch too much about the mpg

CSB

I expect it to be competitive - the cars outperforming it in a straight line are getting similar (inc. better) mileage.

[shirker]

Originally Posted by Ryuu0u

Do the math yourself and you can see that you'll be fine if you want the car bad enough. As long as you don't have something like 14 tickets, accident prone, and neglect to get proper insurance I don't see why you can't get the car.

Adding to that, as long as you aren't of Egyptian descent, you'll be good to go.

[suaveflooder]

Maybe find a used one? I've noticed that people are starting to sell them already. Might be worth looking in to if you are worried about being able to afford it

[tomato88]

Originally Posted by Re_Invention

I'm still in a conundrum - the FRS is what I want but current gen. GTI's are getting so heavily discounted to make room for the next gen.. a $4k off msrp GTI could be really hard to pass up!

Same here. Actually, GTI used to be my dream car, and at a dealer only 8 miles away, there is even a certified used '11 GTI with 27000 miles, with the color and options I wanted, only at $21,000.

... but it doesn't have RWD or LSD.

[tex24]

So I was talking to my dad this morning and this is basically what he said:

He says that it's too expensive. He says that typically, you don't want to be putting a ton of cash down as a first payment since the car depreciates so much right off of the lot. He says it's better to put down a lot less and make the monthly payments on a cheaper car since the cash upfront could be better used for bills etc.

Thoughts?

[tomato88]

Originally Posted by tex24

So I was talking to my dad this morning and this is basically what he said:

He says that it's too expensive. He says that typically, you don't want to be putting a ton of cash down as a first payment since the car depreciates so much right off of the lot. He says it's better to put down a lot less and make the monthly payments on a cheaper car since the cash upfront could be better used for bills etc.

Thoughts?

It's good to keep some cash, but you also have to consider that the total interest paid will be higher the more you finance. However, with 2.9% APR financing the total interest will be only $1,500 for $20,000 financed, and if you can find a credit union with even lower APR, it becomes more insignificant (1.9% APR for $25,000 financing = $1,200 in total interest). My advice is, if you want to keep the cash, find a credit union that offers 1.9% or lower APR. If I were you, I'd put down about $5,000 and enjoy $1,600 per month of income and $15,000 in high-yield savings (or investments as many bank gurus will tell you).

[tex24]

Originally Posted by tomato88

It's good to keep some cash, but you also have to consider that the total interest paid will be higher the more you finance. However, with 2.9% APR financing the total interest will be only $580 for $20,000 financed, and if you can find a credit union with even lower APR, it becomes more insignificant (1.9% APR for $25,000 financing = $475 in total interest). My advice is, if you want to keep the cash, find a credit union that offers 1.9% or lower APR and finance all.

Thanks for the advice. Will finding this be difficult if I don't have a strong history of getting paid from my job? I have been working on and off for the last year, but now that it is summer I have the time to work 40-60 hours a week and make 500-750 a week depending on how much I work. I can also show them my bank statement with 20k in it.

I also live in NOVA, do you have any recommendations as to where to go?

[tomato88]

Originally Posted by tex24

Thanks for the advice. Will finding this be difficult if I don't have a strong history of getting paid from my job? I have been working on and off for the last year, but now that it is summer I have the time to work 40-60 hours a week and make 500-750 a week depending on how much I work. I can also show them my bank statement with 20k in it.

I also live in NOVA, do you have any recommendations as to where to go?

Apple FCU has 1.99% APR as long as you direct deposit more than $1,000 per month, so you will have to keep over $1,000 income throughout the loan term, and Fairfax County CU has 1.75% but they don't have clear terms and conditions so you might want to ask them.

[AznBRZer]

Originally Posted by tex24

Thanks for the advice. Will finding this be difficult if I don't have a strong history of getting paid from my job? I have been working on and off for the last year, but now that it is summer I have the time to work 40-60 hours a week and make 500-750 a week depending on how much I work. I can also show them my bank statement with 20k in it.

I also live in NOVA, do you have any recommendations as to where to go?

With grad school debt looming over your for the next several years, I'm going to reiterate waiting to buy the car until AFTER you secure a job with steady income even if you have the money to pay it off in the bank. You don't want to blow your load all at once.

Believe me, you'll still be able to get a brand new FR-S/BRZ when you graduate and have a year of employment under your belt as well as having paid off a bit of prospective student debt.

[mid_life_crisis]

If you want something fun and affordable to get you through school, go find a Mini dealer. They have absurd deals on Certified pre-owned vehicles, and because they are owned by BMW, the warranty on Certifieds has to be seen to be believed. You'll get great mileage, incredible service (BMW again) and spend a lot less to get it. When you finish school and know what your long term financial picture looks like, then you can buy your dream car.

[Re_Invention]

Originally Posted by tomato88

Apple FCU has 1.99% APR as long as you direct deposit more than $1,000 per month, so you will have to keep over $1,000 income throughout the loan term, and Fairfax County CU has 1.75% but they don't have clear terms and conditions so you might want to ask them.

Solid. I get 1.9% from my credit union as well - Schools First FCU

Originally Posted by AznBRZer

With grad school debt looming over your for the next several years, I'm going to reiterate waiting to buy the car until AFTER you secure a job with steady income even if you have the money to pay it off in the bank. You don't want to blow your load all at once.

Believe me, you'll still be able to get a brand new FR-S/BRZ when you graduate and have a year of employment under your belt as well as having paid off a bit of prospective student debt.

Solid as well - but to play devil's advocate - there's something to be said for the emotional win in a "premature" purchase. I'm doing this route; work for a year in a stable job and gauge my income/expenses. Now it's a matter of waiting for the 2014 model. However, I did take out a bit of money to buy a motorcycle half a year ago, which is now paid off, and it was worth every penny of interest I paid on it. Immediate satisfaction can be used as a positive reinforcement to work harder and increase earnings. Case in point; I wouldn't have gotten the raise as early (by 6 months) had I not been driven by necessity to bust ass to pay off the motorcycle. Other folks are naturally driven. Some folks require a tangible incentive. YMMV.

[tex24]

I understand what you guys are saying, but I won't be graduating with my masters until 2016 most likely. Then a year of working...2017....etc...too long!!

I just want something now. I've never had this much money and I've never had a car and I just wanna splurge. I just don't know if it's completely stupid to spend 25-27k on a car at this point in my life. But I want it so badly right now...