People telling me not to buy?

[WolfsFang]

Originally Posted by jadewbj

I have to disagree with the "get a cheap used car" plan for a youth. In my younger years I used my money to buy nice cars and play with them. I had the time of my life, made friends I will never forget and have memories that I cherish.

It is a time where I had nor real obligations or responsibilities other that taking care of myself. I used that time to do things that are much harder to justify when you have a home and a family to provide for.

I also hate when people say you should save all your money when you are young so you can retire early. I would rather travel and do fun things when I am young instead of old.

I've played with fun cars since I could drive, traveled the US and still have money in the bank, a house and a 401k.

You don't have to live miserably in your youth to enjoy life later if you are smart.

same here, im 20, the FRS is m first car and im having the time of my life.

[Dadhawk]

Originally Posted by Iixii

Good rule of thumb is spend 10-15% of your take home income on transportation. ....

Another good rule of thumb to add to that is the total value of all the things you have with motors and wheels should be no more than 50% of your annual income. Vehicles are, for the most part, depreciating assets so you are losing money on them.

To the OP, the advice you are being given is sound, regardless of your income level. Let someone else take the "new car" depreciation hit. That is what I usually do, the FR-S was an exception to my own rule on that.

When I make an exception its because I am fitting them into my "toys" category and pay the "new car" depreciation up front (which means a 40% to 100% down payment).

5 of the last 7 cars I have purchased had 30K to 110K miles on them when I purchased them. Of those 2 were still under warranty, and 3 were not. I basically "self insured" for warranty on the other 3. None of them had any major repairs required within the first 3 years/50,000 miles of my ownership. Was I lucky? Not really. I selected carefully, had a prepurchase inspection done by a trusted source, and took care of them.

So, in short, the advice you are being given is solid financial advice. Problem is, for nearly everyone on this forum, a car purchase is not just a financial decision. In the end, you have to be happy with the decision, and be able to live with it.

[Dazza]

Originally Posted by raul

Listen to this guy if you want your life to be defined by only numbers. He's talking about VALUE = Money. Ergo, he doesn't understand what VALUE is, or means. This car is an emotional purchase for many of us and many don't regret it. Only you can know the value the car offers you. Will you enjoy the car more than you'll dread making the payments? Use the following formula:

If Value (Fun, ownership, time you spend in the car, etc) > Monthly Payment = Buy it

If you'll feel remorse when making the payments, then don't get it. I've made my payments with a smile on my face. I like paying for my FR-S, because I feel it's worth it, regardless of how bad an "investment" or "expense" it is.

This.....good advice, well said

Originally Posted by master345

Well, this kind of misses the point. Our financial lives are defined by numbers.

No its not and thats why you have missed the point. Sure our lives are influenced by finances but defined??....no way!!

Originally Posted by master345

The question from the OP was not whether an FRS is a good value, or whether it was the best car to buy. The question he was asking was to determine the FINANCIAL feasibility of buying a new FRS..

I don't think he was asking that at all....he was asking whether it was a good idea, I understood he had it worked out re affordability and was cool. The question is not financial feasability its financial responsibility. The answer to that is of course it isn't financially responsible....to which I refer to the above from raul. It is all about VALUE but the decision must be without regret.....from your responses to date I'm not sure you can say that, and if you can't don't buy it, do the financially responsible thing and buy a cheap used car

[#87]

I would buy used but this is the only car I really want and buying it used would mean I have to wait several more years.

fuck that

[jmaryt]

Originally Posted by #87

I would buy used but this is the only car I really want and buying it used would mean I have to wait several more years.

fuck that

maybe not as long as you think!.there is always the possibility of
owners "bailing" on the car because of financial issues,especially if
a "lean" is on the car!

Originally Posted by Dazza

This.....good advice, well said

i agree! excellent point,and makes good sound "fiscal" sense!



No its not and thats why you have missed the point. Sure our lives are influenced by finances but defined??....no way!!

this is '"dead nuts" accurate! influenced,but NOT defined,because one always has the ability to "shape" ones financial condition for the better,and is only limited by the effort one is willing to expend!



I don't think he was asking that at all....he was asking whether it was a good idea, I understood he had it worked out re affordability and was cool. The question is not financial feasability its financial responsibility. The answer to that is of course it isn't financially responsible....to which I refer to the above from raul. It is all about VALUE but the decision must be without regret.....from your responses to date I'm not sure you can say that, and if you can't don't buy it, do the financially responsible thing and buy a cheap used car

yes! there can be no room for regret! after careful assessment of your "personal" financial situation,you! and only you! can arrive at the correct decision!

[n2oinferno]

Originally Posted by #87

I would buy used but this is the only car I really want and buying it used would mean I have to wait several more years.

fuck that

That's not true. The Hyundai dealership had a used Raven AT. They were only asking a mere 30k for it.

I asked how they came across it, and he said the girl that bought it said it was too small inside. Who buys a sports car when they want a roomy vehicle?

[gwascopter]

just do whatever you want, it's your own money who cares about bunch of guys that you don't even know saids lol.

[czar07]

YOLO.

That is all.

[Gregory Gawaran]

Get what you want. Unless your just buying into the hype. For all the memories I already have in this car, and the cruises I have planned with the misses (thinking road trip to California, me in my FRS her, in her lovely 91 MR2) I don't think id have it any other way ^^. I'm 25, about to buy a house in a year or two... just enjoy it man. Even if it does put you into a paycheck to paycheck situation, you will value what you have in the long run.

I think life experiences ultimately effect how your are as a whole. And for those who have lived paycheck to paycheck and are finally out, do you think you would be as smart with your money now had you never been in that situation to begin with? At least thats how I think ^^. Learn yourself, and learn through others. =) What good is working for your money if your not buying what you want.

[dori.]

Originally Posted by @Art_Mighty

I have done all of the above

> Stuck it out in a beater
> Bought the shinny awesome car I could barely afford
> Spend and lived within my means

Personally I had to get the shinny awesome car out of my system. It was all I thought about for years. When I bought it, was everything I wanted it to be and I didn't suffer a bit of buyers remorse. If you really want something you'll make it work. In the same breath that short term decision had long term consequences. Life is too short to begin growing regrets, those sorts of things eat away at your soul.

Honesty it's just a car; don't make the mistake of wrapping your self-esteem around material objects.



^^^^ This is single best piece of advice in this thread. Spend $5000 dollars down on a $10,000 nice used Miata with low miles. Parts are cheap, they're easy to work on and there's a zillion different ways to mod one. They're VERY good drivers cars. It's a safe way to build credit. The payments are affordable and the car's fully depreciated so it's easy to get out of if you need to. Your buddy's will give you grief but chicks dig em. It's a WIN WIN WIN situation!

but it is usually harder to get approved for a loan on a used car (older than a few years) than a new one

[master345]

Even if it does put you into a paycheck to paycheck situation, you will value what you have in the long run.

Most financial advisors recommend you have at least 6 months living expenses in the bank. OK, let's say you can only muster 3 months. Or even 2 months. OK, or even 1 month. But paycheck to paycheck? So it's OK to buy a $25-30,000 car even if you have to live paycheck to paycheck? Seriously, this is a terrible idea to create a paycheck to paycheck lifestyle when you currently have a nice savings account.

[Gregory Gawaran]

It taught me a lot of things when I had to learn on my own. Sometimes when you got through it yourself things click. You can judge what I said all you want. He is young, its not like he has a family a home and just dropping all that money. In my post there is no mention of how much he is going to put down or anything.

And its exactly what it is, a savings account. You still can live paycheck to paycheck while having a healthy savings account. That is why its called a savings account. Last time I checked you put money aside to not tap into it. I live paycheck to paycheck while putting in 500-700 a month into savings. Doesn't mean I am in a bad financial situation.

I know someones gonna say something about paycheck to paycheck generally means you don't have any money to put aside, and maybe that is the difference as I see it, I consider savings a bill that must be paid, therefore its calculated as that, as oppose to money that can be "put aside".

[master345]

One does not have to go broke to understand what it means to go broke. So one can think, "if I spend too much money now, I predict I might very well screw myself in the future, therefor I will not buy a new car now."

You still can live paycheck to paycheck while having a healthy savings account.

You can't redefine the meaning of living paycheck to paycheck in order to validate your point. Living paycheck to paycheck does indeed mean you can not pay your bills without receiving every paycheck. Here is the definition (from the web):

Definition of 'Paycheck-To-Paycheck'
An expression used to describe an individual who would be unable to meet financial obligations if unemployed because his or her salary is predominantly devoted to expenses. Persons subsisting paycheck-to-paycheck have limited or no savings, and are at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.

Investopedia explains 'Paycheck-To-Paycheck'
Persons living paycheck-to-paycheck are often referred to as the working poor. Individuals with high paying jobs may also be in a similar situation if outgoing expenses equal (or even exceed) incoming salary.

No one should elect to live paycheck to paycheck in order to get a new car. But if you want to "go for it" just to see what happens. . . . . .

[GNS]

It's real simple. Buying a new car without a steady source of income, at 19, at 6% interest, is a very poor financial decision. When you are 25, you'll want to go back in time and slap the shit out of your 19 year old self.