I'll try to be succinct with this one guys. There are several threads floating around about the military lifestyle and owning the Z for young low ranking lads, great info btw. I'm 21 yrs old and make a little over 2k a month, I pay all my bills, car, rent etc. I've been in the restaurant industry since I was 17... as good as the pay is for part time students, I just can't see myself doing this for 4 more years studying for a degree.

My dilemma is that I want to join the AF this January, for the cause, the experience and the adventure (perhaps speed up my education also?). I realize that the pay is not great in the beginning, around $800 as E-1? I want to keep the Z with the $500 dollar payment. I want to leave the car garaged in San Diego so that I wont have to insure it. This scenario leaves me with a couple hundred bucks if at all.

Living on base, with food and rent taken care of... is this a possible scenario? I know it's hard and I'll be broke but that's the sacrifice I am willing to make by keeping the car. Your constructive and fresh input is appreciated. Thank you.

 

Me personally, wouldn't keep the Z, if I only could make $800/mon and the Z is $500/mon. and top of that, you can't drive it, at least not legally. You're only 21. You have a lot of time to get another one later down the road. I would just get a beater or something for the time being, and when you climb the ranks making some better salary, after saving all this time, you can put a big down payment at least 50%, and not have to pay $500/mon, and have money for mods every or other paycheck. This would be the ideal route to go. What you want is to make living life the easiest you can make of it.

 

I totally agree.

 

If it was me, I wouldn't buy a Z because when one only makes the cost of a Z per year, that's bad money management. We already don't make enough, and when we should be saving, we're forced into funnelling our savings into a rapidly depreciating asset.

I would argue that you shouldn't even be driving a Z now because at 21 when you're stuck with payments like this, taking in income based on HS degree, its nearly impossible to build any net worth.

 

What you said here is all the reason to let go of the car... First off, you won't be driving a car you are paying for. How will you be getting around? If you were driving it, at least it could be justified.

Second, a couple hundred bucks a month is nothing unless you hermit up in your barracks room, doing nothing but planning on how to make that money last until next payday. You won't be able to buy anything, you won't be able to go out with your friends, if you have an emergency of some sort you will be short on cash. In addition, you will have no savings: the biggest mistake I made when I was in the military was not setting up a savings plan, and now I am playing catch up.

I enjoyed having the Z, but at the same time wanted to get rid of it because it was a huge drag financially.

 

I always say the same thing. Financially speaking, you shouldn't even be driving a Z now. Financial experts say that the total cost to own, run, and maintain your vehicle(s) should not exceed 1/5th of your monthly take home income. If you are exceeding 1/5th you a re really shooting yourself in the foot for your future.
Find a compound interest calculator online and plug in the cost of your Z since the time you got it, until the time you retire. See how much it's REALLY costing you.

 

I'm not sure about the laws where you live. For the most part, If you dont own the car outright you cannot drop the Insurance. Most lenders require you to keep full coverage until the car Is paid for....
I would sell the car. There's no telling where you will end up being stationed. You may not even be stateside. It makes no sense to carry the car note.

 

Ok to begin with if you go into the military at E1 - then you are borderline mentally retarded. Everyone I know has started atleast E2 and a lot of E3. You have to look at it like this. Granted youll get a monthly salary, but you will also get a housing bonus if you live off base. Typically around 800-1000 a month depending on area. Find a place half that much and pocket the rest. Living on base you have all your bills paid aside from internet and phone. You shouldnt have a problem affording one.

 

The car is going to be garaged in California.
And you are making payments on a car that you are not driving.
And your buddies will be having fun spending money while you are sitting in the barracks making car payments.

Think about it.

 

omg its a car. get a career, make money and buy it ONCE you can afford it.

 

hard to say but I don't think it's such a hot idea. there are ups and downs to it. the military is one occupation that you don't really need a vehicle; if your single that is. I won't say that it won't make like alot easier but it isn't nessecary if you living in the barracks. there will always be someone who can give you a ride.

in todays military although you will only be making about 800 dollars a month chances are you will probably spend alot of time deployed which will greatly increase you cash flow (ie hostile fire pay, family seperation pay, per diem, everything is tax free, not to mention there is usually not that much stuff to spend your money on while deployed)

it sucks but it can and has deffinately been done

even as a 22 year old E-5 payin for the z can still cramp your style

 

lol yeah my payments and insurance eat in to my E-5 lifestyle lol, but wouldnt have it any other way. To the OP, you really wanna join a service and are concerned about pay join the Army, due to advanced rank. You can enter as high as an E-4 depending on your education credentials, but most people go in as atleast an E-2. You can get a comparable job to what you would wanna do in the AF and possibly qualify for more college money and cash enlistment bonuses. I am looking forward to reenlisting at the end of the year and hopefully paying off my car. If you have questions just PM me.

 

Sell the car. The military gives you a great chance to see the world - take that money and get off base as much as you can while still setting aside some savings. If after your first enlistment you find out you like the lifestyle, you will probably get a re-enlistment bonus, plus by then you will have advanced in rank
and payments will be much more manageable. You have a lot of years ahead of you to enjoy a Z.

Edit: as a veteran myself, a tip of the cap on your decision to join - you won't regret it.

 

+1 When I was stationed in Germany back in '92 a friend of mine (E-4) bought a brand new BMW and spent the next year and a half broke and miserable. Save your cash, enjoy your time and the experiences you'll get to have. There's no car worth being miserable for...

 

im 18..have a Z...make $500 a week...pay $342 monthly on Z = already screwed my future savings...i know all this, and still dont get rid of my Z. idiot? yes. what do you think?

 

Not really. If you are 18 and got approved on your own for a Z then its boosting your credit quite a bit. Just dont **** it up and miss payments. Keep the car. Savings come faster than you think a little later down the road.

 

Drop the car, get more education and join the military, my buddy got a degree and and went to OCS and just bought a G. You'll be helping the cause by being educated and joining the military, and making money as a higher rank, by then you could buy a 370z or sumthin. If not, then drop the car and enlist, you probably wont start as a E-1 and you'll be gone anyway.

 

I think during basic you'll make 1,200 a month and it will gradually increase from there. Having gone through basic and tech school, there really are no costs out of your own pocket, unless you spend it all on garbage.

My recommendation, if you love the car, keep it, get through basic, and then get the car driven to you when you get to tech school.

 

Your car will become depreciation station. Look at it like an investment. What kind of return will you get? You'll lose money. If you like your Z so much just buy another one when you get out of the AF.

 

Alright, I'm an E-3 in the Air Force. I make $681 every 2 weeks. That includes my flight pay. Only 2 percent of the Air Force is Air crew so I'm not sure if your trying to be a flyer or not. I'm not sure how many college credits you have, if you have somewhere around 55 I think you'll get E-3 halway through basic. I'm in the process of buying a 350z. I've been in over a year and I'm now at my permanment duty station. I've been approved etc. and I'm going through all my financial options. I believe it's possible to still own the Z on an Air Force budget but you have to have good money managment. If not you'll be in debt like all the other airmen I know. Depending on your job, you'll have a tech school after basic which can range from 6 weeks- 2 years. During teh school you'll be under a phase program where you'll have lots of restrictions. So there will be atleast a 3 month period after basic where you'll be unable to have or use a car until you reach a certain phase. Any other questions feel free to ask.