The REAL cost of owning a Z
#61
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Agreed... I did almost 3 months of planning/researching/thinking before picking up my Z last saturday. Based on what I make, I felt I could still contribute the maximum to my IRA, as well as save for a house, and still make rent and all those other annoying expenses. What it boils down to is that I have got to have a car, I might as well drive something that makes me smile. I'd rather pay a little more and drive the Z than be bland and drive a used civic or something economy.
I was leasing up until my purchase, it feels good to own the Z. I only pay $150 more a month to own my Z then I did to lease my GTI. Kiddies without a decent paying (stable) job should not expect to own a $30k+ car... that's the bottom line I think.
2 cents
I was leasing up until my purchase, it feels good to own the Z. I only pay $150 more a month to own my Z then I did to lease my GTI. Kiddies without a decent paying (stable) job should not expect to own a $30k+ car... that's the bottom line I think.
2 cents
#62
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Pburgh really hit the nail on the head. He bought the car *AND* still has enough money left in his budget to do other things with his life. This post was never intended to imply that the Z is an unreachable dream, but other people seem to keep taking it out of context.
Would you all agree with me that there is substantially more cost involved in your car than just the payments? I'll bet you do, and my point is that people with "Z tunnel vision" may not be accounting for those costs when they start considering buying the car. That is a very dangerous set of blinders to have on considering the long term ramifications of making an uninformed decision.
This post wasn't intended to debate the merit of a large downpayment or how affordable the car is. In the grand scheme of things, the Z isn't that expensive of a car, I never disputed that. But it IS an expensive car if you make 15K/year and you think that a $300/month car payment is all that's involved.
I just hope that people can use the information I put together to make an informed decision. If the decision is that the Z isn't really feasible right now, that's perfectly ok. Hard work and perseverance will make affordable if you really want it. If the decision, after taking into consideration all of these factors is that you still can afford the car, congratulations, and welcome to the 350 club!
Would you all agree with me that there is substantially more cost involved in your car than just the payments? I'll bet you do, and my point is that people with "Z tunnel vision" may not be accounting for those costs when they start considering buying the car. That is a very dangerous set of blinders to have on considering the long term ramifications of making an uninformed decision.
This post wasn't intended to debate the merit of a large downpayment or how affordable the car is. In the grand scheme of things, the Z isn't that expensive of a car, I never disputed that. But it IS an expensive car if you make 15K/year and you think that a $300/month car payment is all that's involved.
I just hope that people can use the information I put together to make an informed decision. If the decision is that the Z isn't really feasible right now, that's perfectly ok. Hard work and perseverance will make affordable if you really want it. If the decision, after taking into consideration all of these factors is that you still can afford the car, congratulations, and welcome to the 350 club!
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Interesting point of view. I prob. did extend myself to far on this car, but if you arent happy then you might as well pack it up and move on right? I work over 60 hours a week for myself. Not to mention all the work i put in after i leave the office, such a good post, but at the same time, can you stop burdening people that are purchasing the car b/c simply it allows them a smile to thier everyday live that work or other things cannot? I am only materialistic in one case, my car, and damn proud of it. Am i doing this for a smart financial investment, no. That is what ROTH and a 30 year morgage fixed at 4.75% is, not a sports car. What is the point of your post,,,,,, if you want to drive the car, you can find a way. so heads up all you financially independant sub 25 year olds, you know if you can afford it or not and if you can and you want it, the buy it. B/c when you get older, it will just sit in the garage and come out once a week, is that the point of owning a fine automobile....nope.... no flames here, just an opinion
#65
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Originally posted by tekneq
Interesting point of view. I prob. did extend myself to far on this car, but if you arent happy then you might as well pack it up and move on right? I work over 60 hours a week for myself. Not to mention all the work i put in after i leave the office, such a good post, but at the same time, can you stop burdening people that are purchasing the car b/c simply it allows them a smile to thier everyday live that work or other things cannot? I am only materialistic in one case, my car, and damn proud of it. Am i doing this for a smart financial investment, no. That is what ROTH and a 30 year morgage fixed at 4.75% is, not a sports car. What is the point of your post,,,,,, if you want to drive the car, you can find a way. so heads up all you financially independant sub 25 year olds, you know if you can afford it or not and if you can and you want it, the buy it. B/c when you get older, it will just sit in the garage and come out once a week, is that the point of owning a fine automobile....nope.... no flames here, just an opinion
Interesting point of view. I prob. did extend myself to far on this car, but if you arent happy then you might as well pack it up and move on right? I work over 60 hours a week for myself. Not to mention all the work i put in after i leave the office, such a good post, but at the same time, can you stop burdening people that are purchasing the car b/c simply it allows them a smile to thier everyday live that work or other things cannot? I am only materialistic in one case, my car, and damn proud of it. Am i doing this for a smart financial investment, no. That is what ROTH and a 30 year morgage fixed at 4.75% is, not a sports car. What is the point of your post,,,,,, if you want to drive the car, you can find a way. so heads up all you financially independant sub 25 year olds, you know if you can afford it or not and if you can and you want it, the buy it. B/c when you get older, it will just sit in the garage and come out once a week, is that the point of owning a fine automobile....nope.... no flames here, just an opinion
Additionally, I never claimed that the Z was an "investment". It is an expense, plain and simple. The point of my post was to help bring to light ALL aspects of the expense.
I'm sorry you didn't get it.
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if everything I owned was worth the price of a Lambo or Ferrari I'd sell it for that, just so I could be cooler than everyone else on the road, is'nt that what its all about?! Its car culture baby-
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wow look at the quick reaction to the non-intentional flame....take a burden up with myself? lmfao. sounds like ur an old dude who just bought a z and angry that there are young bucks like me, who work their *** off to afford one, driving them as well. the car costs 25g's used with 5 thousand miles loaded. we dont need a lecture on how careful we should be about buying a car, if i wanted that i would have purchased something well over 100k and not driven it daily.....take the burden up with myself...haha. I was trying to put some hope back into the young guys who want this car. you took it away! talking about all the stuff that we have to pay for ontop of the car payment...tires every year? are you kidding me! running into a pole? what! if you are truely involved with your 'car club' and 'car' the way that a young guy who has been saving up for two years to purchase the vehicle has,,,,,then you arent gonna go burn your tires slamming into poles are you? and by the way...at the end i said this is not a flame...sorry you didnt get it.
pffff
pffff
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oh and by the way! walking down the street b/c you are going to wear our your shoes...and then you will have to buy new shoes...and dont sit on any chairs b/c you will have to wash your clothes...
isnt there expenses to everything? owning your own home....going to work.....even owning a car... i was simply trying to keep the excitement alive with the young folks out there who are now put down by your extremely high expenses...
pffff
isnt there expenses to everything? owning your own home....going to work.....even owning a car... i was simply trying to keep the excitement alive with the young folks out there who are now put down by your extremely high expenses...
pffff
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Originally posted by kcobean
Jason,
You are absolutely right. Good catch. I've heard arguments that the car is a good "investment" because it is expected to hold it's value pretty well. That being said, it's important to at least recognize that the pure cost of being the owner of the "investment" for 5 years will cost about 9K, while that 9K isn't actually an "out of pocket cost." That's why I excluded the depreciation at the end of my post, just for analysis' sake. Because the insurance numbers are so conservative, it all balances out when you apply real figures in this category.
I would, say that the final analysis still holds true. Throw the depreciation factor away, and the cost of the car over 5 years is going to be about double or more the sale price of the vehicle.
Jason,
You are absolutely right. Good catch. I've heard arguments that the car is a good "investment" because it is expected to hold it's value pretty well. That being said, it's important to at least recognize that the pure cost of being the owner of the "investment" for 5 years will cost about 9K, while that 9K isn't actually an "out of pocket cost." That's why I excluded the depreciation at the end of my post, just for analysis' sake. Because the insurance numbers are so conservative, it all balances out when you apply real figures in this category.
I would, say that the final analysis still holds true. Throw the depreciation factor away, and the cost of the car over 5 years is going to be about double or more the sale price of the vehicle.
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Originally posted by explortainment
I saved $3000 by having a Z and not going through with remodeling my bathroom cause I had no way of getting the drywall or hot tub to the house. (3000$)
but i did spend 1600$ to have my concrete driveway re-done so i could get my Z into the driveway without scraping bottom. (-$1600)
I saved $1000 by not replacing the tires that were getting old on my previous car when i bought the Z. ($1000)
I save 500$ a year in gas since my previous car was an exploder.(2500$ over 5 years)
I save 10$ a week by buying less groceries that just made me fat anyway because they won't fit in my car. (2600$ over 5 years)
I quit going to the gym and now exercise at home (2000$ over 5 years)
Super response, and some of it makes a heck of a lot of sense, thanks
I save 10$ a week by not drinking as much at the bar when i go out. (2600$ over 5 years)
I started only eating fast food when I had a coupon. (520$ over 5 years)
i canceled internet and only use the internet when i am at work(1200$ over 5 years)
thats a total of $18000 worth of expenses that i would have stil had if i didn't buy the Z, all sacrafices to justify the purchase that will stick with me and save me thousands and thousands (150k$ actually) of dollars over the next 40 years....that i would have spend, so for me, purchasing the Z is worth $150,000 minus the cost and maintenance etc of $46,000...so $100k total savings related to buying the Z.
I saved $3000 by having a Z and not going through with remodeling my bathroom cause I had no way of getting the drywall or hot tub to the house. (3000$)
but i did spend 1600$ to have my concrete driveway re-done so i could get my Z into the driveway without scraping bottom. (-$1600)
I saved $1000 by not replacing the tires that were getting old on my previous car when i bought the Z. ($1000)
I save 500$ a year in gas since my previous car was an exploder.(2500$ over 5 years)
I save 10$ a week by buying less groceries that just made me fat anyway because they won't fit in my car. (2600$ over 5 years)
I quit going to the gym and now exercise at home (2000$ over 5 years)
Super response, and some of it makes a heck of a lot of sense, thanks
I save 10$ a week by not drinking as much at the bar when i go out. (2600$ over 5 years)
I started only eating fast food when I had a coupon. (520$ over 5 years)
i canceled internet and only use the internet when i am at work(1200$ over 5 years)
thats a total of $18000 worth of expenses that i would have stil had if i didn't buy the Z, all sacrafices to justify the purchase that will stick with me and save me thousands and thousands (150k$ actually) of dollars over the next 40 years....that i would have spend, so for me, purchasing the Z is worth $150,000 minus the cost and maintenance etc of $46,000...so $100k total savings related to buying the Z.
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Wow! Some of you guys just don't get the point of kcobean's initial post and you probably never will. He was only saying that everyone (not just young bucks) should consider the true cost of owning a Z (or even a Buic) before you commit yourself to a lengthy sales contract. Yes, it is your money, you earned it and have every right to spend it how you wish but you had better have your priorities straightened out when your income is less than your expenses. Nothing too revolutionary about that.
I think those who have been offended or have taken a strong objection to kcobean's advice might just be the ones who are now angry because of the sacrifices they have had to make to own a car. It may be the car of your dreams and it may get you excited when driving it but at the end of the day you still have to pay rent, buy groceries, and yes tires!
I think those who have been offended or have taken a strong objection to kcobean's advice might just be the ones who are now angry because of the sacrifices they have had to make to own a car. It may be the car of your dreams and it may get you excited when driving it but at the end of the day you still have to pay rent, buy groceries, and yes tires!
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if you are paying to own this car...and are money wise..like some of you on the otherside of the ball here,,,,shouldnt we discuss the importance of owning a home>.. you are all talking about how much cars cost to own then say you need to pay rent...its like the deaf leading the blind.
werd to the hizzerd
anyways..i am not taken by his comments, i dont have to scrap together to make payments or buy tires, i do just fine and im just trying to keep the heads up the individuals who actually are scrapping to make ends meet just for the pure excitement of owning this beautiful car....... i just think that all this research crap was un-needed and pseudo-ridiculous. lets put a formula to owning a car..hey can you give me a formula for dating too plz?
pfft
werd to the hizzerd
anyways..i am not taken by his comments, i dont have to scrap together to make payments or buy tires, i do just fine and im just trying to keep the heads up the individuals who actually are scrapping to make ends meet just for the pure excitement of owning this beautiful car....... i just think that all this research crap was un-needed and pseudo-ridiculous. lets put a formula to owning a car..hey can you give me a formula for dating too plz?
pfft
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im just gonna quit. we are all here to be enthuziastic about owning our cars..... and to help each other out..no harm no foul
sorry for any comments that were taken out of context
cam
sorry for any comments that were taken out of context
cam
#74
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Ok,
Let's say this one last time.....I NEVER SAID THE Z WAS AN INVESTMENT. We all know that with RARE exception no car is. But it IS an EXPENSE that comes at you from multiple angles (yes, just like any car, but in different proportions and ratios than many others) for potentially long periods of time. And unless you make a large down-payment, it's an expense that can be VERY difficult to get out from under without destroying your credit record (it's a fact that most people remain "upside-down" for at least the first half of their bank loan). Not everyone has the ability to see all this that easily, especially when faced with the exciting possibility of owning this cool car.
Additionally, I never said this was an expensive car. Expensive is a relative term left to the individual reader to define for themselves.
This post has nothing to do with my ego or financial status, either in itself or in relation to anyone elses. If you don't find this information useful, that's great, it means that you probably considered all of these things before buying, or you make enough money that they don't negatively impact you.
I don't understand why you folks who are brand new to this forum feel the need to come here and call people names and post your nonsensical analogies about shoes and clothes. If you don't like what I'm saying, unless it's directed at you, just leave it alone.
Incidentally, if this is "research crap", then why are there entire companies that do nothing but this kind of research? Could it be because this information has some value and isn't totally "pseudo-ridiculous"?
Now do yourself a favor and don't reply. You've already expressed that you think this thread was a waste of my time to write and yours to read, so do the adult thing (if that's something you're capable of) and just keep your opinions to yourself.
Sorry to the rest of you for having to put up with this childish garbage.
Let's say this one last time.....I NEVER SAID THE Z WAS AN INVESTMENT. We all know that with RARE exception no car is. But it IS an EXPENSE that comes at you from multiple angles (yes, just like any car, but in different proportions and ratios than many others) for potentially long periods of time. And unless you make a large down-payment, it's an expense that can be VERY difficult to get out from under without destroying your credit record (it's a fact that most people remain "upside-down" for at least the first half of their bank loan). Not everyone has the ability to see all this that easily, especially when faced with the exciting possibility of owning this cool car.
Additionally, I never said this was an expensive car. Expensive is a relative term left to the individual reader to define for themselves.
This post has nothing to do with my ego or financial status, either in itself or in relation to anyone elses. If you don't find this information useful, that's great, it means that you probably considered all of these things before buying, or you make enough money that they don't negatively impact you.
I don't understand why you folks who are brand new to this forum feel the need to come here and call people names and post your nonsensical analogies about shoes and clothes. If you don't like what I'm saying, unless it's directed at you, just leave it alone.
Incidentally, if this is "research crap", then why are there entire companies that do nothing but this kind of research? Could it be because this information has some value and isn't totally "pseudo-ridiculous"?
Now do yourself a favor and don't reply. You've already expressed that you think this thread was a waste of my time to write and yours to read, so do the adult thing (if that's something you're capable of) and just keep your opinions to yourself.
Sorry to the rest of you for having to put up with this childish garbage.
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hey man hows it going KCO..... well this thread had tons of info uhhhhh. uhhhhh I think this benefit alot of people out here like me that would plan to "PURCAHSE THERE Z THERE SELF" at such a Yng Age. Yall should listen this KCO he been though this shyt before cuz he had a Red Rx-7 back in da day so he been there done that so so so on... hey KCO whats ur montly note I already know $0 Be E'zz man HOLL@
#76
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Originally posted by Speeddemon69
What's wrong with giving a big downpayment? The more you give the less you have to pay a month, right? I rather give a 20,000 dollar downpayment then a 5,000 downpayment. The faster you pay it off the better. You never know if you get laid off from work etc. And by giving a bigger down you can pay it off quicker like in 24-36 months and get lower intrest rates.
What's wrong with giving a big downpayment? The more you give the less you have to pay a month, right? I rather give a 20,000 dollar downpayment then a 5,000 downpayment. The faster you pay it off the better. You never know if you get laid off from work etc. And by giving a bigger down you can pay it off quicker like in 24-36 months and get lower intrest rates.
#77
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Originally posted by Z33Concept
hey man hows it going KCO..... well this thread had tons of info uhhhhh. uhhhhh I think this benefit alot of people out here like me that would plan to "PURCAHSE THERE Z THERE SELF" at such a Yng Age. Yall should listen this KCO he been though this shyt before cuz he had a Red Rx-7 back in da day so he been there done that so so so on... hey KCO whats ur montly note I already know $0 Be E'zz man HOLL@
hey man hows it going KCO..... well this thread had tons of info uhhhhh. uhhhhh I think this benefit alot of people out here like me that would plan to "PURCAHSE THERE Z THERE SELF" at such a Yng Age. Yall should listen this KCO he been though this shyt before cuz he had a Red Rx-7 back in da day so he been there done that so so so on... hey KCO whats ur montly note I already know $0 Be E'zz man HOLL@
Yeah, I have definitely been through the mistake of getting "starry-eyed" over a car that, while it wasn't a terribly expensive car, was more car than I could really afford. I did it when I was in my early 20's in the military. I loved that RX-7, but man did it f*$% me up financially for awhile. I'm just trying to help other people not make the same mistake, that's all.
And yeah, my monthly note is exactly $0.00. There are arguments about whether it's better to finance the car at a low rate and invest your available money or just pay cash, but that's for another thread. I will say though, that walking into a dealership and writing a check for the full amount of a brand new red sports car was a damn good feeling!!!
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what's done is done, and yes I do pay for it myself.
analogies are analogies and somewhat aplicable.
however, who in the general public isn't upsidedown in the car note?
not many,,,,,,lucky you to pay for it cash.
pz
analogies are analogies and somewhat aplicable.
however, who in the general public isn't upsidedown in the car note?
not many,,,,,,lucky you to pay for it cash.
pz
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Originally posted by tekneq
what's done is done, and yes I do pay for it myself.
analogies are analogies and somewhat aplicable.
however, who in the general public isn't upsidedown in the car note?
not many,,,,,,lucky you to pay for it cash.
pz
what's done is done, and yes I do pay for it myself.
analogies are analogies and somewhat aplicable.
however, who in the general public isn't upsidedown in the car note?
not many,,,,,,lucky you to pay for it cash.
pz
I paid cash for my Z Roadster and luck had nothing to with it as I'm sure most of those who paid cash for their Z will attest also. If you bought the car with your winnings from the Lotto then yes you paid cash by luck.
I was able to pay cash by hard work, saving, investing and delaying the grartification of owning a sports car until I could truly enjoy it without having to worry about payments and all the other expenses associated with owning this car.