The REAL cost of owning a Z
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Your insurance estimation is way low btw, with USAA a perfect record at 17, almost 18 under my dad's policy i'm still at 4,100 a year... and my dad has never recieved a ticket and been with USAA for over 20 yrs
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I just put 17.5 gallons in my tank, and that set me back over $32!!!
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Originally posted by Psyc0
Your insurance estimation is way low btw, with USAA a perfect record at 17, almost 18 under my dad's policy i'm still at 4,100 a year... and my dad has never recieved a ticket and been with USAA for over 20 yrs
Your insurance estimation is way low btw, with USAA a perfect record at 17, almost 18 under my dad's policy i'm still at 4,100 a year... and my dad has never recieved a ticket and been with USAA for over 20 yrs
my friend is with his dad's and he only added $2000 a year, but he's driving a solara.
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Originally posted by boyze
Great financial analysis, but it only covers a small part of the true financial "investment". If one added the cost of not taking the $ that is being spent to "own" the car and investing it in some long term form, the costs are huge. Take the out-of-pocket expense of ~ $32k and assume a 7% return over 30 years and you have a value of almost $250,000. If you're 20 now, thats your bank balance at 50. If you have real patience and wait it out until you're 65 the balance grows to almost $700,000!
Great financial analysis, but it only covers a small part of the true financial "investment". If one added the cost of not taking the $ that is being spent to "own" the car and investing it in some long term form, the costs are huge. Take the out-of-pocket expense of ~ $32k and assume a 7% return over 30 years and you have a value of almost $250,000. If you're 20 now, thats your bank balance at 50. If you have real patience and wait it out until you're 65 the balance grows to almost $700,000!
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Hey KC,
Good job on this post. This is very informative for new car buyer. I waited a year and bought my track model used which saved me a good bit of change. People should read this post and also consider your personal factors along with this analysis. If you are a college student you have to consider books, tuition, room and board, and food. And if your a family guy like myself you have to consider multiple cars and normal family expenses. I have two cars that have turbos in them, and the Z, and they all require premium gas. I pay 95-100 a week on gas alone which means that I can pay between 380-475. a month on gas + 2 car payment
+ mortgage. I'm lucky that I can afford it but there are times when I wonder should I get rid of these cars and get something practical, and then I drive the Z and those thoughts are gone. On a serious note if you have $30,000 to spend invest in buying a home first, your dream car will come. Every few years there's a new car on the top of the heap that everyone wishes they can have. Most times being patient is well worth the money.
Good job on this post. This is very informative for new car buyer. I waited a year and bought my track model used which saved me a good bit of change. People should read this post and also consider your personal factors along with this analysis. If you are a college student you have to consider books, tuition, room and board, and food. And if your a family guy like myself you have to consider multiple cars and normal family expenses. I have two cars that have turbos in them, and the Z, and they all require premium gas. I pay 95-100 a week on gas alone which means that I can pay between 380-475. a month on gas + 2 car payment
+ mortgage. I'm lucky that I can afford it but there are times when I wonder should I get rid of these cars and get something practical, and then I drive the Z and those thoughts are gone. On a serious note if you have $30,000 to spend invest in buying a home first, your dream car will come. Every few years there's a new car on the top of the heap that everyone wishes they can have. Most times being patient is well worth the money.
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Hi Folks !
I am a newbie and I bought a 2003 350Z Track "Used" last month from a dealer for about $5000 lower than a brand new one. It is a great car and although I am young (24), I am under no duress to afford the car. It costs me less than what I make in a week (net, not gross) to own AND drive the car. One thing to note: I drive a old Honda Civic as my primary car and that helps save on expenses.
This thread will definitely be helpful to people who are in the market for a car and are considering the Z. Like all other people on this thread, I would advise a full financial evaluation of the investment and ownership costs before getting any new car, not just the Z. I did the same and hence decided on a one-year-old track and it saved me money on insurance costs too ! Also, get a radar detector along with the car.
All the best and drive safely.
I am a newbie and I bought a 2003 350Z Track "Used" last month from a dealer for about $5000 lower than a brand new one. It is a great car and although I am young (24), I am under no duress to afford the car. It costs me less than what I make in a week (net, not gross) to own AND drive the car. One thing to note: I drive a old Honda Civic as my primary car and that helps save on expenses.
This thread will definitely be helpful to people who are in the market for a car and are considering the Z. Like all other people on this thread, I would advise a full financial evaluation of the investment and ownership costs before getting any new car, not just the Z. I did the same and hence decided on a one-year-old track and it saved me money on insurance costs too ! Also, get a radar detector along with the car.
All the best and drive safely.
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kcobean,
I agreed with you on all the numbers. But don't you take into consideration that it brings joys and challenges to the indivdual who is buying the car? If everybody thinks like you, then they have to make 6 figures to own something nice. That means our economy is going to be worst.
I say we all trade in our Z and get a ford Focus. That way we can put the money under our butt till we die (like many elderly have done).
Just relax and enjoy!! You never know whats going to happen tomorrow.
Tony
I agreed with you on all the numbers. But don't you take into consideration that it brings joys and challenges to the indivdual who is buying the car? If everybody thinks like you, then they have to make 6 figures to own something nice. That means our economy is going to be worst.
I say we all trade in our Z and get a ford Focus. That way we can put the money under our butt till we die (like many elderly have done).
Just relax and enjoy!! You never know whats going to happen tomorrow.
Tony
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Originally posted by tractng
kcobean,
I agreed with you on all the numbers. But don't you take into consideration that it brings joys and challenges to the indivdual who is buying the car? If everybody thinks like you, then they have to make 6 figures to own something nice. That means our economy is going to be worst.
I say we all trade in our Z and get a ford Focus. That way we can put the money under our butt till we die (like many elderly have done).
Just relax and enjoy!! You never know whats going to happen tomorrow.
Tony
kcobean,
I agreed with you on all the numbers. But don't you take into consideration that it brings joys and challenges to the indivdual who is buying the car? If everybody thinks like you, then they have to make 6 figures to own something nice. That means our economy is going to be worst.
I say we all trade in our Z and get a ford Focus. That way we can put the money under our butt till we die (like many elderly have done).
Just relax and enjoy!! You never know whats going to happen tomorrow.
Tony
Nothing in my original post ever implied that you have to make six figures to own a Z. All I stated was that there are costs associated with owning the car that people with "Z tunnel vision" might not have factored in. If you make $1000/month and you're comfortable with spending $750 of it on your car, that's entirely up to you. I wrote this so that you wouldn't be making $1000/month, expecting that your car is going to cost you $300/month, and then get backed into a corner when that extra $450 starts going away.
As for your statement about trading in our Z's for Ford Focuses, I'd do it in a heartbeat if I was making as little as some of the young guys who come here asking if we think they can afford a Z. I've been there, I made the mistake with a nice red RX-7, and do I think the "joys and challenges" are worth it? Absolutely not. The fun of the car is WAY overshadowed by the fact that it's drowning you financially. After all, when you get out of the drivers seat, the financial burden is still with you, everywhere you go. This post was intended to help people ensure that their car doesn't become their burden. That's no way to own a Z.
Just relax and enjoy!! You never know whats going to happen tomorrow.
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i find it funny that my roommate that "had" to go buy a carright away is paying over $500/month on a truck for the next 6 years (a nice truck, but still a truck) and Ill be paying alot less than that over only 4 or 5 year because im waiting to save up a 10k downpayment. Paitence is a virtue!
#51
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I don't want the Z to be a cheap to own or run. Or else that will make it like an Mistu Eclipse. Keep it rare and special! It is still a lot cheaper than a Corvette or Porsche.
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Originally posted by tractng
kcobean,
I am not a teenager. I am a 32-year guy who is a systems admin with bachelors in both Accounting & Information Systems. I do understand your point!!!
Tony
kcobean,
I am not a teenager. I am a 32-year guy who is a systems admin with bachelors in both Accounting & Information Systems. I do understand your point!!!
Tony
I guess having made just about every financial mistake a teen/20-something can make, I'm a little more adamant about this kind of thing
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#54
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Originally posted by kcobean
I guess having made just about every financial mistake a teen/20-something can make, I'm a little more adamant about this kind of thing
I guess having made just about every financial mistake a teen/20-something can make, I'm a little more adamant about this kind of thing
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Was I car poor? You bet. Am I glad I got the chance to own and drive those cars? You bet. I'm older and richer now, but no way I could afford to buy those cars (perfectly restored) today. They've gone completely out of reach. But I could then, and I did. My only regret is that I didn't put them up on blocks and *keep* them. There's well over a million dollars worth of rolling stock there at today's prices.
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I think everyone here is exhagerating a little. The Z isn't a car that everyone can afford, but it is a car that ALOT of people can afford. If you really think about it, a Z costs less than alot of cars out there on the road, and ALOT of people drive. Personally I'm 22, and have a loan on my car. I graduated college DEBT FREE. This is my argument: I have a full time job w/ benefits. Im not making BANK, but I am making enough to easily pay my car payment every month, make insurance, etc. and enough to be considering a house shortly. So am i stretched??.. Yeah a little bit, would no car payment be better then a monthly? Yes. But it took all these payments to make me grow up and realize the rest of your life is a series of investments. I have alot of friends that are upwards of 60k in debt.
So I do not feel gulity for taking out a 5 year loan on 20k.
Sure that 20k in 30 years is a crapload of money, but honestly alot of people DIE within 30 years. You only live once, so make the most out of it. Don't be stupid and can't afford a Big Mac because of your car, but if you enjoy it that much and can "afford" it, you might as well go for it.
everybody enjoy there Z's I know I enjoy mine
So I do not feel gulity for taking out a 5 year loan on 20k.
Sure that 20k in 30 years is a crapload of money, but honestly alot of people DIE within 30 years. You only live once, so make the most out of it. Don't be stupid and can't afford a Big Mac because of your car, but if you enjoy it that much and can "afford" it, you might as well go for it.
everybody enjoy there Z's I know I enjoy mine
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Originally posted by terpfanatic
i find it funny that my roommate that "had" to go buy a carright away is paying over $500/month on a truck for the next 6 years (a nice truck, but still a truck) and Ill be paying alot less than that over only 4 or 5 year because im waiting to save up a 10k downpayment. Paitence is a virtue!
i find it funny that my roommate that "had" to go buy a carright away is paying over $500/month on a truck for the next 6 years (a nice truck, but still a truck) and Ill be paying alot less than that over only 4 or 5 year because im waiting to save up a 10k downpayment. Paitence is a virtue!
Take advantage of interest rates while you can, if you have a consistant income, you could take that 10k and invest it now, which would in theory make more money than just paying your monthly on the full amount. If you can afford 400 a month, you should be able to afford 500. Or if you can afford 400 and can't 600 you shouldn't be buying a new car.
It seems like your maybe saving every penny for that 10k just to dump it into a car. That is not a good investment.
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Originally posted by maxipad96
Your 10k downpayment in my opinion is a waste of money. Interest rates are low. 10k isn't going to get your monthly that low. Money you save in interest is negligable if you actually invest that 10k NOW. You will end up making money.
Take advantage of interest rates while you can, if you have a consistant income, you could take that 10k and invest it now, which would in theory make more money than just paying your monthly on the full amount. If you can afford 400 a month, you should be able to afford 500. Or if you can afford 400 and can't 600 you shouldn't be buying a new car.
It seems like your maybe saving every penny for that 10k just to dump it into a car. That is not a good investment.
Your 10k downpayment in my opinion is a waste of money. Interest rates are low. 10k isn't going to get your monthly that low. Money you save in interest is negligable if you actually invest that 10k NOW. You will end up making money.
Take advantage of interest rates while you can, if you have a consistant income, you could take that 10k and invest it now, which would in theory make more money than just paying your monthly on the full amount. If you can afford 400 a month, you should be able to afford 500. Or if you can afford 400 and can't 600 you shouldn't be buying a new car.
It seems like your maybe saving every penny for that 10k just to dump it into a car. That is not a good investment.
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[QUOTE]Originally posted by z053ym
THANK YOU.. FINALLY.. somebody did the research. These kids and people posting about affording the car just will NOT get it through their head that it goes a lot further then monthly payments.. and im SURE this will only make kids say to themselves o thats BS no way. Its not some mystery that old people just make up to scare kids out of financial independance. It is very true.. you better make atleast your monthly payments of insurance and car in a week to even think of affording the car... [/QUOTE
i dont know... i'm still in college(2nd yr) and all i pay for is gas. i dont normally need to refuel after every 1.5-2 wks. talking about my '02 Celica anyway, the Z is gone!
but either way, the Celica and the Z wasnt paid off(till the Z was totalled by some retard and his insurance paid it off for me).
THANK YOU.. FINALLY.. somebody did the research. These kids and people posting about affording the car just will NOT get it through their head that it goes a lot further then monthly payments.. and im SURE this will only make kids say to themselves o thats BS no way. Its not some mystery that old people just make up to scare kids out of financial independance. It is very true.. you better make atleast your monthly payments of insurance and car in a week to even think of affording the car... [/QUOTE
i dont know... i'm still in college(2nd yr) and all i pay for is gas. i dont normally need to refuel after every 1.5-2 wks. talking about my '02 Celica anyway, the Z is gone!
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Did you read my previous post. I dont have the $10k now... and yes putting $10,000 down as opposed to putting $1,000 down will make a HUGE difference.
Or if "I can afford 400 and can't 600 you shouldn't be buying a new car." but why not pay the 400 instead... sure i can afford 600, maybe more but why pay that much if i dont have to.
im not saving every penny for the car, I could buy it rigth now if i wanted to and be in more debt. Thats what i "feel Like paying" after rent/utilities/food/drinking/entertainment. My full time job will be paying me $1000 per week and I have ZERO DEBT, so why not wait a few weeks and and leave less for the dealer to finance me on.
The more of the price you pay off initially, the less they can charge you interest on... try doing some MATH!!!
whatever, I should have a Z by this winter (For a smaller total than most pay), and thats all that matters to me...cruZZZin
Or if "I can afford 400 and can't 600 you shouldn't be buying a new car." but why not pay the 400 instead... sure i can afford 600, maybe more but why pay that much if i dont have to.
im not saving every penny for the car, I could buy it rigth now if i wanted to and be in more debt. Thats what i "feel Like paying" after rent/utilities/food/drinking/entertainment. My full time job will be paying me $1000 per week and I have ZERO DEBT, so why not wait a few weeks and and leave less for the dealer to finance me on.
The more of the price you pay off initially, the less they can charge you interest on... try doing some MATH!!!
whatever, I should have a Z by this winter (For a smaller total than most pay), and thats all that matters to me...cruZZZin