celiboy

This may be off topic - but it's Z related so not sure.

Here's the deal, I have a dilemna - all numbers below are in CDN funds.


I'm 27, I have a 2000 Celica GT that is fully paid off (bought used for $22,000). I want a 350Z bad - they go for about $48,000 out the door here. Used you can get one in the low 40's.

Anyways I am really torn between getting a Z and paying off my house...I am not married nor have a gf at this time and have about $25,000 in cash available, plus my Celi trade in (say 18,000).

Therefore 25 in cash + 18 for my Celica = basically a Z. However I really know financially this is a stupid move...I should be paying off my house, saving for retirement, etc. Basically I have about 90,000 left on my mortgage on a $185,000 house. So I've done well for myself at this age I think. My parents haven't given me a dime for anything either.

I have good earning potential so the way I see it, I'm only hurting myself a bit financially as it will only take an extra couple of years to pay my house off and this will still happen before I'm 35. Basically I want you guys to tell me to screw responsiblity and go for the Z. Also is some emergency or something happens I could always sell the Z and get close to what I paid for it.....at least I think so.

Another thing is that I live somewhere that snows 5 months of the year so it would have to sit for half the year and I'd need a beater of some kind for the remainder.

Anyone in my spot who went for it??? I really don't want to wait till I'm 50 to have a nice car.

cwcole

I am kinda in the same position.

I have family saying save my money and keep my current car, and my felt foot saying it needs a clutch.

This is how I figure it. If you really want the Z and you have the money...then go for it. Your only young once and your future wife might not allow you to buy a Z. Now for the winter...I do not have that problem.

Whatever route you take, do not spend all your cash on the house or the car. You can find better things to do with the cash and possibly make more money.

350zroadster

iTrader: (1)

Finance rate is really low right now(atleast in the US) for both cars and homes. Assuming the rates are low, why not get a loan for your car and keep the money in the bank? Rates like this doesn't come by very often and keeping some cash available is the sensible thing to do as a single independant guy. You never know when you will lose your job/get injured/health problems.

celiboy

Ya the wife thing....when I get married I know there is no way in hell my future wife would let me buy it...she'd probably make us have a great big wedding....now there's a great use of money. The biggest hassle would be from my parents and older brother...I know they would be dissapointed in my "waste"of money.

Boo

I don't think the Z is a waste of money. Nothing else makes me grin from ear to ear like driving my Z.

I say, if you can afford it now, go for it--house payments, and all that other stuff are always going to be there, so spoil yourself a little while you can!

90260Z

Hey, you have your life to live. If you can afford it, then go for it. You might want to look at your long term plan and talk to your parents and your brother about it. If you have not purchased a house yet, I would buy a house first.

zh.guitar

iTrader: (1)

Cars are almost always a bad investment, (financially speaking). But so is marriage. If you love someone enough you marry them in spite of the financial dilemma.

Right now interest rates are awesome. If you have good earning potential then don't worry about the financing. If the car were 50,000 Canadian would you still think it's worth it. Just add the cost of financing to the car and I think it's still worth it.

Ask yourself "Is enjoying everyday a little more with the Z" worth it? If you died in 3 years, you will still have not paid of your house, but you could have enjoyed a Z the whole time.

summary:

If your love her enough, just marry the Z.

celiboy

I already have a house that is half paid for - about 95,000 mortgage on 185,000 purchase price...I could sell it for 200,000 so it has appreciated in the year I have owned it. One option for me is to move into something smaller in the 150 range and then that would give me about 50 grand to play with . I live by myself and my house is quite big...I regret buying something so big. I could always rent two rooms for 800 a month - that is another option.

Basically if I bought the Z today it would be paid for in cash and my house would be 1/2 paid for.

I don't want to finance the car...the lowest I would get at Nissan is 8% and from the bank maybe 6%....that would add up to about 6 or 7 grand in interest over three years of car payments. The only debt I want to have is in real estate.....something that appreciates in value.

Next damn thing I need is a girlfriend...anyone want to help me out on that front??

350zroadster

iTrader: (1)

well if you feel confident that you won't need the extra cash, I would go for it, it's the most financially sensible thing to do if you must have the Z.

Gurp

Hey Bro...I'm from Edmonton too, and planning on getting the Z next summer. The winter here does suck and I would never drive that car in the winter. I would sell the Celica and what ever money you get from it, I would put into the Z. My cousin works at a Nissan dealership in town as a Sales/Lease Manager or something....send me a PM if your interested and I'll hook yah up.

celiboy

Hey Gurp

Ya there is no way in hell it would touch snow...my parents have an 86 Buick Regal they would loan me for winters...the thing is actually pristine and runs great.

As for a new Z, from what I understand isn't there still a waiting list? After GST it would be damn close to 50K....In BC I could get a used Z for closer to low 40's as per CanadaTrader.com. I don't want to be the guy that gets hit with the 10 - 15 % loss right off the lot. Every car I've bought has been used and I think I'd have to do it with the Z also.

OC_350Z

This might be the last time you can get a 2 seat sports car. I say go for it. Do what makes you happy.

Oh yeah, the Z will defiantly help with the no GF situation

90260Z

You got a house already, then go with the Z. Enjoy life while working toward your future.

celiboy

I certainly wouldn't buy it just to help with the ladies, but yeah it crossed my mind about that.

Seriously, if you're educated, make good money, are "nice"...it's a curse with women. Meanwhile I never see irresponsible bumbs with tattoos on their neck single, they've always got a hottie besides them. I've actually started to be more of an ******* around women lately and noticed it's actually helped. I don't anticipate this half year streak to continue. Anyways I'm off topic now.

90260Z

Don't worry about girl. Be happy with yourself first. The right girl will come along not because of your material things. I found my wife in Montreal and she does not know that she will be driving 350Z when she moved to CA.

Dizturbed

Retirement is for old people. Who knows, you may never get to retirement. I try not to worry too much about the future and live more for today. Of course, you could always find yourself a sugar momma! I'm 28 and a full time student, my wife bought me my Z! Don't worry, I'll right a book on how it's done.

Like I said before, you/we may never get to retirement. North Korea's gonna start a nuke war and soon we'll all be gone so buy your Z and be happy!

Wil350lieZ

Hey buy the Z, I have always done the responsible thing in life degree, 4 dr sedan, house,land and yes wife. If only I known then or had a site like this for advice. If you are responsible the bills will get paid and you might as well buy doing your most productive years. Everybody thinks i'm in a middle age crisis and i'm not just buying what i want now.

delhi

185k homes.... only in Edmonton. that price for a house is a pipe dream in Toronto. LOL!
well you have no gf, no kids... no loans. why are you worrying about marriage already? Get a Z if you truly desire it. Heck you can even lease that thing for a mere $300 with 20k down.
But I'd really think about winter driving cus Alberta's nuts when it comes to winter.

BFG10

You better leave some cash for season tickets to the Oilers. Just kidding, I'd go for a well priced second hand, pristine condition Z. You can continue to paydown your mortgage while it appreciates in value.

celiboy

As per Nissan Canada's website:

With $20,000 down, a 36 month lease is $259.04 per month.

So, 36 X 259 = 9,324 + 20,000 = 29,324 total cash over 36 mths

The residual value is 23,348....So 29,324 + 23,348 = 52,672 to purchase the car over the three years

At the end I would sell it. In three years it should get me about $38,000

So 52,672 - 38,000 = 14,672 net over three years

14,672/ 36 months = 408 per month to drive a Z. Not bad at all.

That's assuming MSRP as purchase price...I could probably do better I'm thinking.