Buying an FR-S at 18

[frostyfrs]

Originally Posted by soundman98

that's about what my first car loan was.

this is a good time for a lesson in due diligence--you know what you want, but don't let it blind you. shop around for loans. different places are going to have slightly different rates. though because you have a connection at the dealer, it's likely they'll still give you the best rate.

being 18 with minimal/no credit also is likely going to mean that you'll need a co-signer on the loan, just a forewarning to have it organized beforehand. my lender required it, and i had 2 credit cards for a few years, as well as a paid off student loan history when i went for the car loan.

to the details: $6k would be an extremely healthy down payment on a $10-12k. is that all your cash reserves? if it's everything, i would recommend only using $3k of it. in the same vein, too large of a down payment can reduce the loan value, which could make it more difficult to get a loan, it can sometimes also create less than preferable terms as well. it also lowers the loan valuation because you're borrowing less, which works against the goal of using the vehicle loan to increase your credit worthiness.

also important, i've been seeing somewhat of a growing trend in more recent used vehicles that people dump the vehicles right near needing maintenance. so it's important to have some immediate cash reserves(i keep about $2k just for this) for things like tires, brakes, and/or oil changes. my rule of thumb is "if you don't know when it was last done, assume it's time"

good luck!

Thanks man, I'll take it all into consideration!

[frostyfrs]

Originally Posted by ElijahF

Attachment 184275
Dave Ramsey says no.

I've got nothing else to spend my money on, Im not going to college so like...

[frostyfrs]

Originally Posted by DandoX

At 18 DRIVE CAREFULLY. With such a big investment and a car that many folks seem to crash please drive it with care. Don't try and be Tanner Fuast on public roads. Drive it with respect on public roads and then get wild where it is safe at a track/skid pad. Protect the car at all costs.

Also do not be impulsive with mods, at 18 it is easy to think you want something, dump a ton of money then 2 years later wonder what the hell you where thinking.

Man when I was 18 I was making hardly any money driving an old 80s 3 series with over 300k miles, I made ALOT of very dumb choices both with my car and life in general. You live and you learn, I just hope that you can learn from older folks dumb mistakes.

Enjoy the car, if you treat her right she will take care of you and treat you to some great driving.

Im scared enough to lose my license considering its the only thing I actually care about. I dont screw around when it comes to the roads

[soundman98]

Originally Posted by frostyfrs

I've thought about it, but the winters here are terrible for the cars, I dont want to destroy it with rust when I get it

you're not going to like this answer:
perhaps now is not the right time for getting "THE CAR". perhaps, now is the right time for having 'a car'. leave "THE CAR" for later. it'll be there, assuming your needs/preferences haven't changed by then.


and i say the above with a healthy dose of hindsight-- my goal when i was 18 was to have my own place, with a pickup truck and a sports car by the time i was 21. then the recession landed, the 'future wife' didn't, and the job market wasn't what the class recruiters said it was... stuff happens. stuff always happens.

[soundman98]

Originally Posted by ElijahF

Attachment 184275
Dave Ramsey says no.

speaking as someone who completed the entire Financial Peace University course, he's an extreme. only about 5 people would be here if we followed his advice.

he recommends only used vehicles, but makes little accounting for maintenance, or the cost of not being able to make it into work due to unforeseen breakdowns, which tend to happen from time to time with used vehicles.

after living on both sides of the fence-- used beater, and new car, i'm not convinced that either method is an absolute. overall, i believe that a new vehicles cost is roughly equivalent to the cost of a beater vehicle breaking down and missing work. in a way, cheap used vehicles is a bet on just getting to the next paycheck, where a new vehicle is a bet against the future that the method of paying for it will be there.

neither are wrong, and neither are right.

Originally Posted by frostyfrs

I've got nothing else to spend my money on, Im not going to college so like...

so trade school then?

i never went to college either. that's not really a reason to blow money on cars!

[frostyfrs]

Originally Posted by soundman98

so trade school then?

i never went to college either. that's not really a reason to blow money on cars!

I am about to graduate trade school

[Impureclient]

At 18, I financed an 8 yr old Iroc-Z Camaro, this is a 7 yr old car so right in the same range. Mine was only roughly $8k but for the reliability of this car over the Camaro, I think this is a good bet
since it won't be a huge burden at just $10k. It's the insurance that might kill you at a young age and having that troublesome penis you got there. Insurance companies hate penii and young drivers.
Combine the two and they bend you over. I would do what Soundman98 says and not drop your whole savings if it's that $6k. Leave a little in your pocket to make higher payments when you can or
if anything goes wrong mechanically, you have backup cash.

Originally Posted by ElijahF

Attachment 184275
Dave Ramsey says no.

Dave Ramsey also has a net worth of 55 million so he can afford to pay cash and not finance vehicles.

[FRSBRZGT86FAN]

Originally Posted by frostyfrs

I am about to graduate trade school

I think this car would fit for you if you can afford it. However, spending an amount like that ($6000+) wouldn't be too bright in your situation without a decent amount saved up for repairs or other major issues that may occur with the car and in life that may occur in your future. Continue saving and purchase the car once you have a job setup and locked down. Insurance costs will be expensive regardless of your decent driving history in the age 18-25. As will maintenance and tire costs when those creep up on you

If you can save away enough the salt and rust isn't something I'd worry about if you plan to enjoy this car with a set of winter tires.

[frostyfrs]

Originally Posted by FRSBRZGT86FAN

I think this car would fit for you if you can afford it. However, spending an amount like that ($6000+) wouldn't be too bright in your situation without a decent amount saved up for repairs or other major issues that may occur with the car and in life that may occur in your future. Continue saving and purchase the car once you have a job setup and locked down. Insurance costs will be expensive regardless of your decent driving history in the age 18-25. As will maintenance and tire costs when those creep up on you

If you can save away enough the salt and rust isn't something I'd worry about if you plan to enjoy this car with a set of winter tires.

As of right now, I have a full time job, I do this thing called co-op through my school where I work full time on shop weeks, and after school on academic weeks, I've been getting 40 hours every week, I think at the point I am right now, I could do this no problem

[soundman98]

What trade?

[KR-S]

I fourth the notion that you should save money on repairs, especially since this is a 2013. If you plan on moving forward with buying the FR-S, I would also check if the valve springs were replaced as per the recall.

[Will BRZ]

I was 19 when I got mine. It’s been great. Not impractical at all. Back seats do come in handy for me. Gas mileage is great. Insurance is one of those things that just sucks but...you kinda have to. I remember planning my turbo build and coilovers and expensive wheels and all that but after a little over a year, it’s still stock lol I’m going to repeat what everyone said. Get a loan and build credit and don’t put all your money into your down payment; save some for repairs/future expenses. Good luck

[soundman98]

I missed the '13 part... I wouldn't get a model less than '14. '13 had too many teething issues IMO.

[Decep]

insurance is likely gonna be a dealbreaker depending on your finances