CocaColaDrunkie

iTrader: (3)

I now work 5 days a week for 4 hours a day making 10 dollars an hour. I am currently driving a 300zx, with only exhaust. My 300zx needs about 3 grand to make it perfectly running, i bought the car for 4500. When i bought it it needed the front and back bumpers painted. Now it looks almost like brand new. I was thinking, since now im making about 800 dollars a month, do you guys think i could pay insurance and payments for this car if i put my 300zx down payment?


Jason at performance nissan is trying to help me get a deal going, but im going to wait about 2-3 months so i got some backup cash on me. How does this sound?

kcobean

iTrader: (2)

I remember seeing almost this exact same thread from you about 2 months ago. Good that you're at least still considering your options.

I think trade-in on your 300 would get you marginally closer to the numbers you'd need to get financing, but I think if you REALLY sit down and be honest about what a 350 is going to cost you every month, you're going to put yourself in a bad position.

If you bought the 300 for $4500, you can assume that a) it's worth less than that now (probably even with the work you've put into it), and b) the dealer probably won't come close to that number on a trade, especially since you say it needs 3K worth of work to bring it in-line with "fair" or "good" condition ratings.

You want to do a little test? Give yourself 6 months. Pretend in EVERY way that you own the 350, but instead of actually making insurance payments, car payments, budgeting savings for repairs/tires, gas, taxes, registration, tickets, etc., put all that money back. Try living on what's left. If it was a piece of cake for you and you had enough money left every month to actually live life at a tolerable level, then go talk to a dealer. By that time, you'll have six more months worth of down payment, and you'll have a really good idea what it's like to live under the kind of financial burden that you'd be facing. Remember, don't cheat, because once you've committed to the car, cheating will have devastating effects on your credit record, so the "oh, I'll splurge just this once" urge can't happen. Those kinds of impulsive mistakes are almost impossible to recover from...Trust me, I've been in your shoes. And remember, once you sign on the dotted line, you've commited to 5 (or 6) years of living with those payments. Six months just became the easy part.

Also remember that you'll have no money left in your budget to do any real mods (and modding is contagious as hell, too), so hanging around other Z owners who have modded cars can get to be almost depressing because it's something that, at least for the time being will be totally out of your reach.

I wish you the best, and I hope you end up making a decision that you can live with.

bixby

iTrader: (2)

Good advice kco!

Cocacola,

Unfortunately, I don't think you'll be able to afford this car. It sounds like you're still living at home (with parents) and have no real financial responsibility as of yet. If you look at a base model, sell your 300ZX privately for say $4,000 and use that money for a down payment you're still looking at close to $30,000 financed with taxes & registration.

It sounds like you're pretty young. Insurance on the car on your parnets plan will cost anywhere from 200.00 to 400.00 per month depending on area, gender and yours & your parents driving record. You probably have zero established credit so even if your parents co-sign your interest rate will be at minimum 6.5 %.

Rough estimate puts your payments around $600 per month. with a minimum insurance of 200.00 you're at 800.00 monthly. So no gas money, money to maintain the car (tires, service, etc.) let alone go out for an evening with your friends.

I say you try what kco suggested. Call your insurance agent for a quote though so you know what the real number is. You can use an online payment calculator to determine what the approximate car payment would be. If nothing else you will at least save some money. If you can keep it up, before you know it you'll have a nice down payment saved.

Be patient! The last thing you want is to own a car you can't afford. If you can't maintain it it will cost you even more in the long run.

PoWeRtRiP

i was in a similar position when i bought mine i worked 30hrs a week @ 9.50. ~1200month. in order for me to afford the car i had to put down 17000 dollars. that set me up with a 510/mo payment with 245/mo insurance. ~750 mo just in car without buying gas or tires or any mods. i lived like this for about 2 months before having to get a new job full time at a company i hated so that i had enough money to pay nissan and live nicely. then i quit that job bc i hate it. now im with a mtg company making about 2500/mo and am getting along pretty nicely. oh did i mention i lived at home through all of this i cant afford to move out bc of my car. so if you make anything less than 2000/mo dont get the car. if you make less than 3000/mo dont get the car if you want to get your own place. if youd like any more info let me know as i have gone through that situation and am going to college so i have absolutely no time for myself between job and car, if i could take it back i would.

EL Diablo

thats is not enough money to own a Z. or any car that cost as much.

You'll get almost nothing on the Trade.

maybe on paper it looks like you can afford it but seriously
you dont make enough money to buy a 30,000 plus car.

I doubt you have any credit, Even if you manage to get financed your rate will be stupid high. Miss a payment or two and your totally screwed and can kiss your Z good bye and your future credit rating.

Wait until your making some real money.

Lerxst

iTrader: (2)

I'd have to agree with everyone else on this thread... buying this car in your current position will make you car-poor at best...

The 300zx is a sweet looking car... put 5000 into it to get it running properly and gloss it up a bit. Drive it for a couple years and when you move up the corporate ladder, get yourself a new Skyline GTR in 2007 and have everone else salivating.