01-24-2020, 09:46 PM | #71 | |
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Yep, mortgage debt is the only non-business deductible expense that I'm in no rush to pay off. Depending on your rate and tax bracket, the expense is usually more than offset by the appreciating asset. Back to the OP. If your father works at a Toyota dealership, he'll have auction access. Target a Toyota/Lexus specialty auction, bring your VIN scanner, and go hunting. Toyota dealers don't want FR-S trades on the lot, they already have year old 86's they're desperate to move, so they usually go straight to auction regardless of mileage or condition = opportunity for you. About insurance, liability insurance is what's eating you alive. Storage insurance is what I do half the year with mine. It'll cost $20-$40 month for comprehensive alone so you could drive your Camry during the nasty months and then store the Camry during the nicer months. Of course, if you're financing, the lender will demand liability coverage so hit up the old man for a loan to buy the FR-S all cash. Others have mentioned flipping fixers. That's the way I started. My first flip at age 17 was a VW Bug. By 21 I'd run though a Mini Cooper (the real one), Jaguar Mk. II, and a couple other interesting motorcycles like a Norton Production Racer, none needing bodywork, just a rigorous detail and off they went at a good profit. That led to Porsche 911 air cooled cars and, my biggest mistake, Mercedes anything. But times have changed. In your situation, I'd specialize in beaters, sell for cash only, and flip as many allowed in your state without a dealer's license requirement (6 per year here). Doing that, in short order you'd be able to pay cash for an FR-S. Good luck, and consider what others here with valuable life experience have posted as legit free advice. |
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01-24-2020, 11:35 PM | #72 | |
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That's totally understandable. I had an internship and then a full time job towards the end of my degree as well. I know at your age the wanting feeling of buying that sports car is really strong but you should still definitely save a bit more over the cost of the car. Trust me that decision will save you a lot of headache later.
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01-25-2020, 06:17 PM | #73 |
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You know I just realized that most of us never really mentioned gas prices too, since you’ll be using 91 instead of 87, so remember to factor in your monthly cost in gas too!
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01-25-2020, 06:23 PM | #74 |
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01-25-2020, 09:05 PM | #75 | |
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Does that make sense?
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01-27-2020, 08:39 AM | #76 | ||
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The best information my younger brother gave me, if you're unsure about something, pick a direction and run like hell. If it's the wrong decision, it will become very obvious. Otherwise, you will keep wondering "what if I did this, what would life be like?" I joined the military on this principal, signed up for a 6-year term, then screwed up my knee (again). I had a knee injury beforehand (and I was naive to believe my recruiter "you'll do fine, just see how far you can go,") but I wanted to make the military a career and "retire" after 20 years. I messed up my knee again, and became a civilian again. I learned a ton of life lessons since then. I wouldn't change a thing in present day because I made my own decision with the info I had. If you still want to do 2 cars (dedicated winter Camry, dedicated 3-season FRS), you'll just have to work more to get it done. Invest in your personal skills (community college or a technical school is a great option). If you want it bad enough, you'll figure out how to make it happen, just like me and my NSX. |
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01-27-2020, 08:44 AM | #77 | |
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Would you drive your FRS the same as you drive your Camry? [ame]https://www.youtube.com/watch?v=DCqlJUhQhp4[/ame] |
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01-27-2020, 10:11 AM | #78 | |
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The other past issue for cars rotting out fast was the metal they used. From the early 50s right up to the 80s much of the recycled steel used in building cars came from the scrap of WW2 equipment (mostly ships). That equipment had been made in a hurry and much of the steel was sub par to start with. After it sat and oxidized for a few years it became even worse. Post WW2 all those thousands of ships, tanks, trucks, aircraft, etc became the raw materials for the huge boom in car manufacturing. All those nice oxides got mixed into the steel since the recycling process was not up to removing them all. This resulted in body panels, frames, parts, etc that were starting to rust the minute they rolled off the assembly line. This problem remained until all that material was finally used up and the refining processes improved in the late 80s. Strangely enough though is the current destruction of the wrecks of the WW1 German fleet at Scapa Flow. Since the ships were built and sank before the nuclear era so their rusty old steel is now very valuable for sensitive instruments since any steel exposed to air since 1945 is now contaminated by radiation. The wrecks are being systematically destroyed and salvaged for that uncontaminated steel.
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01-27-2020, 10:25 AM | #79 |
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Wow I came into this thread expecting OP to be a full on prick using mommy and daddy's money-- we've had those before. I say sell/ trade in the Camry and daily the FRS. I would advise a '14 or higher though.
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01-27-2020, 10:29 AM | #80 | |
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01-27-2020, 10:29 AM | #81 |
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If you are asking me, up to the limits of the Camry, absolutely. I would also drive a C8 the same way I drive my FRS, up to my limits in that case.
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01-27-2020, 10:56 AM | #82 |
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Big difference between "I am saving up for as big a down payment on an inexpensive car as I can" and "My mom says I can have whatever car I want so I am shopping in the $25 to $300K range what should I get".
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01-27-2020, 04:52 PM | #83 |
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I bought my 2013 FR-S when I was 16, putting $3k down, working part time and having my sister as a cosigner. I'm 18 now with a steady full time job.
If you're gonna get yourself into loan debt, make sure you don't bankrupt yourself. Don't be afraid to say no and come back later if the numbers aren't gonna work out for you. For some people starting out their financial career, the realization that "employment is not an option" doesn't hit right away, but I'm sure you already know that if you've had to deal with paying off your other car. I also strongly recommend a 2014+, the 2013's have issues. Save up if there's no 2014's immediately in your price range with good mileage. |
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