Struggling on monthly payments / loans
i am 22 and i bought my z a year ago this month and the month after i bought it i relized i could not go out and blow money at the bar and all of the other places i was going. but that is a sacrafice i am willing to make because i love my car. so you need to decide if the car means that much to you and if it is worth being broke for 10 more months because in my opinion it is worth it to me.
wow.....they advise people not to buy HOMES when you are putting out more than 1/4 of your montly income and you bought a CAR that takes almost 3/4 of your money.....holy crap!
No offense to you but if a monthly payment on a 350z is 70% of your income then you definitely can't afford that car. My g35 payment is not even 10% of my monthly income and i still had to think if i needed a new car or not.
get a second job and learn from the mistake. I would put the car up for sale while you do that also. Once you get the first loan paid down you're still going to be putting out a good deal of your income and then the car will start needing to be maintenanced by then which will put you back in the hole big time.
No offense to you but if a monthly payment on a 350z is 70% of your income then you definitely can't afford that car. My g35 payment is not even 10% of my monthly income and i still had to think if i needed a new car or not.
get a second job and learn from the mistake. I would put the car up for sale while you do that also. Once you get the first loan paid down you're still going to be putting out a good deal of your income and then the car will start needing to be maintenanced by then which will put you back in the hole big time.
if your credit is OKish and you havent missed a single payment or been late on one for your Z loans then see if you can refinance your actual car loan (not the loan for DP) to a lower percentage. A 1 point percentage drop may save you 30 bucks a month depending on how much you borrowed (guessing you borrowed the full value of the car)
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this is one of the reason why i plan with "physical assets" versus "potential." live within your means and be smart with your hard-earned money. sometimes we may feel that we "deserve" a better ride but this is when planning and thinking comes in play. hope that all will work out for you in the end.
I almost was in your situation, except BEFORE I bought the car. I'm a college student and I saved for my entire freshman & sophomore years for the 350Z not ever even buying McDonalds, or new clothes or anything really. I even packed my lunch to eat at work every night. Looking back on it now, I realize how much of my college life I sacrificed because I was at work EVERY weekend and friday night.........I went to 0 parties in 2 years because I was at work. If you count class & homework, I was working 60 hours per week. But I realized that's the kind of dedication it took to own a 350Z at my age.
I bought it in cash 5 weeks before my Junior year, it took all my money ($15,000). 6 days later my ECM died and I had to borrow $1,600 from my parents to fix it. Now I'm STILL SAVING. That's the kind of dedication it takes to drive a 350Z. All the people out there drive 1990s civics because they don't put any dedication into it.
Unless you're rich, that's the kind of dedication it takes to own a car like this. I'm 20 and if I can do it (without any help from parents) then I'm sure you can do it. Good luck!
I bought it in cash 5 weeks before my Junior year, it took all my money ($15,000). 6 days later my ECM died and I had to borrow $1,600 from my parents to fix it. Now I'm STILL SAVING. That's the kind of dedication it takes to drive a 350Z. All the people out there drive 1990s civics because they don't put any dedication into it.
Unless you're rich, that's the kind of dedication it takes to own a car like this. I'm 20 and if I can do it (without any help from parents) then I'm sure you can do it. Good luck!
Last edited by ITOzann; Oct 20, 2009 at 08:17 AM.
My Advice
1) Continue to make monthly payments on the car; you're too close to paying it off and the benefits definitely outweigh the cost.. You run the risk of ruining your credit (7 years max) if you default on the loan, making your next financed purchase very difficult.
2) See about acquiring extra income; a second job.
3) Talk with the lienholder and see if you can get an extension on the loan to free up some extra money or see what the lienholder can do to help.
4) In the future, the next time you want to make a large purchase consider giving yourself a budget. Take into account what is your monthly income, minus living expenses (rent, food, utilities, etc), minus savings and investments, minus indebtedness (monthly debt payments such as loan and credit cards). After this calculation you'll see if you have a surplus of cash or a deficit. Based on this, make the decision of how much extra you can afford to spend. Also, as a general rule of thumb, a car payment should not exceed 20% of your monthly income. For example, if you make $3K per month, your car payment should not exceed $600.00 (some consider the insurance as part of the car payment)..
2) See about acquiring extra income; a second job.
3) Talk with the lienholder and see if you can get an extension on the loan to free up some extra money or see what the lienholder can do to help.
4) In the future, the next time you want to make a large purchase consider giving yourself a budget. Take into account what is your monthly income, minus living expenses (rent, food, utilities, etc), minus savings and investments, minus indebtedness (monthly debt payments such as loan and credit cards). After this calculation you'll see if you have a surplus of cash or a deficit. Based on this, make the decision of how much extra you can afford to spend. Also, as a general rule of thumb, a car payment should not exceed 20% of your monthly income. For example, if you make $3K per month, your car payment should not exceed $600.00 (some consider the insurance as part of the car payment)..
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