Hey guys/gals

I've been working my *** off to purchase a 2003 Performance Z. It hasn't been bought yet. Most likely 1-2 months off. I am old for my grade. Going to be a Senior in High School and turn 18 in 11 days! If/When I get this car my parents said I *may* have to sell it in a year because of college. If i were to sell this car in 1 year on a 4 year loan would I lose a lot of money or is there good resale value in the 350Z? This is definitly not something I want to do... but if it is a must I am curious of the impacts.

- Matthew

 

It depends on your payments and what kind of deal you get on the car. It also depends on if you find someone willing to buy it for what you are asking....

 

yo dude i know exactly how you feel your gonna feel horrible when you sell the Z. before having the Z i had an RSX and i too had to sell it becasue of college becasue i just graduated and if you want the resale to be better you should keep you car in nice condition when you mod your z keep the stock parts and also get a MANUAL trasmission it helps out a lot when you re sell the car good luck on finding a good offer for the Z when you sell it. Just look on autotrader.com or any used car place and you should try to find a z that is less than 21k.(What i am basicly saying is that z hold up in their resale exspecially nice ones.

 

You're making the right choice buying a used car, probably going to lose 3000-4000 in value.

 

i am a numbers guy, and it simply does not make sense to buy and sell it in a year. even if it is just a posibility.

 

Yeah...

KBB.com for what I want says 2003 Performance - $22,240
Then with taxes $22,240 * 7.00% (TAX) = $23.797
$6,750 Down Payment
Loan for $17,047 and 4 years at I hope a low rate 5.75% in my calc
Loan $17,047, 48 months, 5.75 % APR
Monthly Payment $398.40
Total of Payments $19,123.12

So already losing $2,100 from loan over four years of course which ain't that bad. Then lets not forget some insane insurance under my policy and some gas money:

$398.40 (Car) + $375.00(insurance) + 75.00 (Gas) = $848.40 monetly payment

I make around $350-400 a week during the summer, probably $300 when school starts up so I can definitly afford it, plus my parents are pitching in a little but i'll be paying for at least 75% of it. Lets just say I had to pay for it myself.


$1200 a month / 4 = $300 a week
$1200 * 75% (taking 25% for working tax) = $900
$900.00 - $848.40 = $51.60 to save or spend
$1200 (month) * 12 = $14,400

I would just get by and the balance would go towards the girl and the dates etc.

I know its like I am spending the bluck of my money on this car but cars are my passion and I fell in love with the Z since it came out. If my parents uninsure me from current car (3rd family car) 04 Jetta 1.8T and put that towards the Z I should get by! My birthday is coming up as well as the end of the summer bonus so I'll have to redo the numbers to make sure this can happen. Of course all numbers are bare min. I do want to keep the car for at least 3 years!

 

It's always a possibility

 

you should lease instead of buy

 

I bought my '03 for about $12K less than it would have cost new at MSRP. So depending on how many miles and the condition it's probably $3-7K lower than new.

 

I'm sorry, but you can definitely not afford it. That would be a great lesson in living paycheck to paycheck, something you shouldn't practice this early in your life.
I just went to a free concert in the park with my son and then out to dinner. The snowcone at the park was $4 and the Chinese dinner came to $35. So that's ~$40 right there. You won't even have enough money to go to a movie and get some dinner. Let's not forget beer money.
Yeah, mine too. That's why when I was 17 I saved up and bought a 1971 Porsche 914 for $3,000. Having a $400/mo car payment when you're 17 is insane IMHO. You buy this car and you'll be pushing it on that date because you won't be able to afford gas.

-Chicken (believes saving and investing should be taught starting in elementary school)

 

I understand where you are coming from chicken however like I said I was pointing out the bare minimum I had to make to make for this to be a reality. I know dates can be expensive as well as other entertainments and everyday purchases. I get $20 allowence so that adds another $80 a month to go towards whatever as well as jobs I do on the side. My parents will be putting up about $200 a month for it. I figure I average about $350 a week through out the year.

$1400 a month / 4 = $350 a week
$1400 * 75% (taking 25% for working tax) = $1050
$1050.00 - $848.40 = $201.60 + $80 + $200 + $misc from parents payment = > 361.6 per month.
As you can see I am taking out taxes and I think over $350 is doable for a senior in high school per month. Its better than a kid just sitting on his *** all day and not working or having money and daddy buy the whole thing... I expect my car payment to be ~ $650 a month which is $162.5 a week, piece of cake!

 

can someone please explain to me how the whole APR add into the payment?