can I afford this car?

[tex24]

Hey everyone, I'm new here. So I am looking at the FR-S as my first car (I am 23 but have never needed one) and wanted to get some of your opinions on financing it and if it is a bad idea for me to go for it.

I currently have 20k in the bank, and make about $1000 every 2 weeks. I have a steady job, but it is not a career, as I am going to get my masters (which will take 1-2 years) in Aug 2014. After I get my masters I will be most likely starting around 55-60k a year, which will increase every year and cap out a little past 100k.

My parents said they would help me pay for a car since they bought my sister one a few years back and never one for me. I expect they will give me $300-400 a month towards payments/insurance.

I have gotten one speeding ticket, two years ago, and that's it. One accident but I was rear ended and it was determined it was not my fault at all.

So please, help me out if you can. Am I being dumb in wanting this car for 25k? How easy is it to finance? How much did you guys put down and how much do you pay monthly?

Also, completely off topic, but did you guys just "get over" the poor interior?

Thanks for all of the help!

edit* also, would it be better to buy new or used with 10-15k miles? I see those going for 22ish, while new is around 27 out the door

[mackdaddytran]

You are well within the means to afford the car. I'm financing $20k@$350/month for five years. Insurance is $126/mo

But it's up to you if you think you can afford it or not

[xdbuix]

24 here. I make less than you every 2 weeks. I put down $4000-5000 as a downpayment. Loan rate is 1.5% through Pen fed. Monthly coming to about $450ish. My gas is about $33-$40 a week. Insurance is $110 a month.

I have 0 accidents, 1 ticket 4-5 years ago, and I added extra options on the insurance.

[monkeedoo]

Sounds like you can afford it....only one question to ask yourself can you afford to have this much fun and still finish school?
Yes? then go get her what are you waiting for?

[Gen]

It's obviously not the best financial decision, but people purchasing sports cars rarely do so with so with frugality in mind.

[Topeka_Lee]

If your choice is to purchase an FR-S or some other type of sports car then there is no doubt you should purchase the FR-S. Nothing else quite like this in that price range!!!

[tex24]

Oh lawd this makes me happy. Time to start looking around this forum to get some user experience!

Gonna test drive it saturday I think. Definitely going black on black, sexy as hell

[mackdaddytran]

Originally Posted by xdbuix

24 here. I make less than you every 2 weeks. I put down $4000-5000 as a downpayment. Loan rate is 1.5% through Pen fed. Monthly coming to about $450ish. My gas is about $33-$40 a week. Insurance is $110 a month.

I have 0 accidents, 1 ticket 4-5 years ago, and I added extra options on the insurance.

They suck but the rates are so good

[mrnibbs]

I put 3500 down payment 458 a month at 2.9%

[Superhatch]

I put down 10K, so in a little different boat, but it seems like you're right in the ballpark to afford this car. I'd put down enough to keep you ahead of the off-the-lot depreciation, and perhaps get gap insurance (usually not too much more) just in case you lose your job (since you aren't in a dual income situation yet).

I'm sure a bank would approve you as long as you already have some established lines of credit.

[hanabie]

Originally Posted by tex24

Hey everyone, I'm new here. So I am looking at the FR-S as my first car (I am 23 but have never needed one) and wanted to get some of your opinions on financing it and if it is a bad idea for me to go for it.

I currently have 20k in the bank, and make about 1000k every 2 weeks.

What are you smoking? You could buy the entire collection!

Alright.. It could be a typo, but I hope your major does not involve with numbers. It is a silly mistake that you must avoid like a plague in the industry. Just my two cents.

This car is definitely affordable without your parents' money. It is up to you, but I would not take a single cent from my parents. Do you stay with your parents? Do you have to pay your rent? The rent alone could cover up the car's expenses.

Source: experience

[Shagaliscious]

Originally Posted by hanabie

What are you smoking? You could buy the entire collection!

Haha! If I made 1 million every 2 weeks I would definitely have 1 in every color!

But on a serious note. Since you can put down $20k if you wanted, yea, you can afford it. Your payments would be small, even with a 24 month loan.

[marky]

Seems like you did your math well.. Now go to the dealer and get one.. avoid dealers selling all this crap add ons..

But hey your at a 86 forum of course we will say yes lol.. Its up to you.. Seem like you can so why not.. Plus you only live once . still young enjoy it while it last.. Who knows this car could be your fun car when you have a family one day..

[CamryDS]

you make 1000K every 2 weeks!? That's 26 million a year! Why buy this car, go for something more luxurious.!!!!!

Anyway, with that out of the way -- you're fine. Though to be honest, I wouldn't buy this car as my first car. Then again, I love this car so I plan to keep it pristine for a while.