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+--- Thread: Automotive News Discussion (/showthread.php?tid=10527)
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Re: Automotive News Discussion - rherold9 - 09-18-2015
I'm lucky and have no loans at this point. Very grateful for that. I wouldn't get one right out of college it would be a few months after I start my job. I'm being compensated well enough to be very comfortable in Richmond. I don't spend much money on anything else except car things and maybe a few video games.
Obviously there will be other expenses when I'm off on my own. I already made a budget and I'd be perfectly able to afford it and still have money to be able to save (20%) of salary.
I know cars depreciate and blah blah blah. But I plan to keep the car awhile unless it is a lemon of course so that doesn't bother me. I'll probably have this Mazda3 until it gets totaled. I don't usually buy and sell cars within a year.
Also, I do have a credit history. Without any bad marks.
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Re: Automotive News Discussion - G.Irish - 09-18-2015
My take is that if it makes you extremely happy and it won't lead to financial ruin, why not? Maeng bought one of the first STi's to go on the market in 2004, you could do the same 8)
My reservations would be:
*Would you have the golden steering wheel effect with this car? In other words, would this car be so nice to you that you'd be afraid to autox or track it?
*Would you still have the budget to do stuff that you'd want to do with it?
*Is there something else that could make you similarly happy that has already taken the biggest hits on depreciation?
*Have you admitted to yourself that bikes are better and you can go far faster for one third the money?
Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
Eh, I wouldn't borrow much right out of college. I had a job paying very well for Harrisonburg right out of college and $300/month rent when I graduated. I took a loan out for $16K to buy the Evo and since I had no other debt, I had it paid off within a year and a half while still saving up a good bit otherwise.
Car payments suck. That's all there is to it. I probably won't ever borrow money to buy a car again. Don't borrow a ton of money on a $40k car right out of college. There are plenty of badass cars in the low $20k range.
Re: Automotive News Discussion - .RJ - 09-18-2015
RawrImAMonster Wrote:Car payments suck. That's all there is to it. I probably won't ever borrow money to buy a car again.
Large car payments suck... if you cant really afford it. Just depends on the perspective/situation/etc.
I mean, you could go dave-ramsey-retarded lifestyle, live in a slum, take the bus, and eat rice and tuna every day for 20 years so that you can retire at 40 :dunno:
At some point you need to decide where your disposable income will go to provide enjoyment in your life. If its a new car and you'll get great experiences with it and dont mind not eating out much or going on big vacations, great.
:dunno: :dunno: :dunno:
![[Image: gary-coleman-diffrent-strokes-12586237-380-267.jpg]](http://images2.fanpop.com/image/photos/12500000/gary-coleman-diffrent-strokes-12586237-380-267.jpg)
Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
All car payments suck. I was borrowing well below what I could afford at the time.
I guess I'm just fairly averse to being in debt in general.
Re: Automotive News Discussion - rherold9 - 09-18-2015
Great questions, Gerald.
*I don't know if I could answer that until I had the car
*Depends on how much money I put down aka how much the car payment is a month.
*Maybe and s2k... not a similar car, but I've always had the biggest boner for one.
*I've always wanted a bike don't know if I have the balls to ride one because of people running into me
Stephen, I wouldn't take out an ounce of a loan for it. I'd save up a few months and put it as down payment and finance the rest over 3ish-4 years.
RJ, meh I'm not buying no ferrari now lol.
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Re: Automotive News Discussion - JPolen01 - 09-18-2015
rherold9 Wrote:Stephen, I wouldn't take out an ounce of a loan for it. I'd save up a few months and put it as down payment and finance the rest over 3ish-4 years.Are you for real?
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Re: Automotive News Discussion - rherold9 - 09-18-2015
Welp, I guess I don't see it that way since it isn't technically money, but an item. You right though.
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Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
Ok, so you are taking out a loan. Seriously though, don't take out a huge loan on a car right out of college. Right now is when you should be starting your retirement accounts and saving up for other things you might want to purchase in the future.
I'm not saying don't borrow money to buy a car at all, just don't borrow a ton of money to buy a $40K brand new car that will probably depreciate a ton in the first few years. It is a Ford after all. That brand new car won't provide anymore happiness than a used one.
Re: Automotive News Discussion - rherold9 - 09-18-2015
Yeah... that's why I have had my eyes on s2k or something like that for awhile which could be obtained in a year after graduation. Edit: unless those prices keep creeping up..
But just something about having a new car like that idk.
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Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
In my experience, cars that are around 4-6 years old tend to be the sweet spot for having something relatively new, but not getting hit with a ton of depreciation. It's also easy to find them with lowish (~30K) mileage. This is speaking for the usual $30-40k range sports cars. Not sure outside of that.
Re: Automotive News Discussion - ScottyB - 09-18-2015
i'm not going to talk you off the ledge, but just be sure that once you obtain it you don't get that Golden Wheel effect Gerald talked about. nothing worse than buying something nice, and then being scared of taking it anywhere or doing anything really fun with it. that's part of the beauty of a used performance car if you can buy one smart - you can overcome a lot of "shiny new thing" apprehension and hoon it properly.
but seriously, the focusRS in that crazyass blue? what a car.
Re: Automotive News Discussion - .RJ - 09-18-2015
RawrImAMonster Wrote:That brand new car won't provide anymore happiness than a used one.
That depends on who's buying/owning it.
I'm not saying you SHOULD buy a $40k car right out of school. If you're just getting by and scraping change out of the couch cushions to go hit up the dollar menu for dinner - probably bad idea. But you SHOULDNT just as a knee jerk reaction to ZOMG DEBT IS TEH BADDEST AWFUL THING EVER if you're saving money and other expenses are in check. If you're going to go all in on an expensive car a $40k commodity luxury car that will depreciate 50% in 3 years, maybe not the smartest thing, but a limited production car is a good way to do it. I bet you could drive it for 3-4 years and sell it for $30k, thats what the VW MK6 Golf R's are selling for, similar situation, and total ownership cost probably less than buying [edit] most $20k used cars.
Re: Automotive News Discussion - HAULN-SS - 09-18-2015
FWIW I bought a brand new Legacy GT while still in my last semester in college, after I had a job lined up. Drove it to 50k miles, bought that Malibu I was DDing after that brand new. Both cars, I sat in at say, 20-30k miles and looked around and was like "WTF..why did I buy a brand new car" and pretty much swore them off after that. Bought my ATS with like 11k miles on it, for approx 20k under MSRP.
Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
.RJ Wrote:I bet you could drive it for 3-4 years and sell it for $30k, thats what the VW MK6 Golf R's are selling for, similar situation, and total ownership cost probably less than buying a $20k used car.
I don't know about you, but I'm not spending $10k on maintenance in 3-4 years and you definitely wouldn't lose that in depreciation on a $20k car. There's no way the total cost of ownership would be less unless you get super unlucky with a major engine failure or something.
I bought the Evo with around 40K miles on it when it was 5 years old for $20.7k. I drove it for 2 years and a put a little under 30k miles on it. The only major maintenance I had to do on it was a clutch. Otherwise, just brake pads and fluids and tires. When I sold it 2 years later, I sold it for $20.5k. Not exactly a high total cost of ownership, and that's with a modded Evo.
Re: Automotive News Discussion - .RJ - 09-18-2015
Evo falls into a similar situation as the Focus - lower volume cars and its production was discontinued - still a smart buy if you want to keep cost of ownership down.
You're also going to pay a lower interest rate on a new car than a used. Not a huge difference, but it adds up. Same with maintenance - on a brand new car it should be nearly $0 over 3-4 years with warranty and most manufacturers throwing in service for free.
Re: Automotive News Discussion - RawrImAMonster - 09-18-2015
I think my interest rate on that loan was 2.5% from my local credit union. I would've qualified for 1.5%, but I hadn't been at my job long enough at that point.
Haha sorry, clearly I'm very bored at work.
Re: Automotive News Discussion - JPolen01 - 09-18-2015
Interest rates on new cars right now are near 0% if you have good credit. Used cars are hovering between 2-4%.
Source: recently shopping CPO acura RDX.
Re: Automotive News Discussion - WRXtranceformed - 09-18-2015
Agree debt isn't bad as long as you buy what you can afford and you build your credit to leverage cheap borrowing. We just got 1.99% used car loan I believe it was on my wife's RDX, that's silly cheap. My money is making more money in investment funds / the bank than it is sitting in a depreciating asset like a vehicle. As someone who had more cars than were necessary out of college, I have no regrets at all. Your early years are when you have less financial distractions like wife, kids, life. If you can afford it and are still saving a ton of money, now is the time!
Re: Automotive News Discussion - G.Irish - 09-18-2015
rherold9 Wrote:*I've always wanted a bike don't know if I have the balls to ride one because of people running into meThe thing about bikes is that probably 95% of the time crashes are caused by handlebar actuator malfunction. Of maybe about 20 crashes that I know of personally, only maybe 2 of them were caused by something a car did, and one of those was probably avoidable. I rarely have problems with cars violating my right of way because I actively try to put the bike in places where I'm not in someone's blind spot, and I'm always looking at cars at intersections as if they will turn in front of me.
If you decide to get a bike the trick is to get ahead of the noob curve as quickly as possible. Take the MSF, then do something like California Superbike School early in your riding career so you can confidently maneuver the bike. Maybe read Twist of the Wrist while you're at it. And of course get good gear.
At the very least, take the MSF and get your license, then you can decide if it's for you.