Can I afford it?
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From: New Jersey
Can I afford it?
I'm a student in college now, and I've been working ever since I was 14. Every two weeks I put my paycheck in the bank and I don't really spend any money, so right now I'm looking at $18,000 in my bank from working part-time apart from school - I am currently still working, making around $800 a month (crappy pay, not many hours at all at a retail store) However, like I said, I don't spend my money on anything else, so I'm basically willing to spend everything on a nice car.
I am looking to buy a used 350z from a private seller, a 2003 base model, manual transmission. I'm willing to accept any mileage. Do you think that my budget is too small for this kind of car? All the cars for sale around here are the higher end, newer models, so the prices are a little too high. Any advice?
I am looking to buy a used 350z from a private seller, a 2003 base model, manual transmission. I'm willing to accept any mileage. Do you think that my budget is too small for this kind of car? All the cars for sale around here are the higher end, newer models, so the prices are a little too high. Any advice?
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Originally Posted by dMumm
I'm a student in college now, and I've been working ever since I was 14. Every two weeks I put my paycheck in the bank and I don't really spend any money, so right now I'm looking at $18,000 in my bank from working part-time apart from school - I am currently still working, making around $800 a month (crappy pay, not many hours at all at a retail store) However, like I said, I don't spend my money on anything else, so I'm basically willing to spend everything on a nice car.
I am looking to buy a used 350z from a private seller, a 2003 base model, manual transmission. I'm willing to accept any mileage. Do you think that my budget is too small for this kind of car? All the cars for sale around here are the higher end, newer models, so the prices are a little too high. Any advice?
I am looking to buy a used 350z from a private seller, a 2003 base model, manual transmission. I'm willing to accept any mileage. Do you think that my budget is too small for this kind of car? All the cars for sale around here are the higher end, newer models, so the prices are a little too high. Any advice?
The $18000 not only could cover 80% of a used Z, but more realistically be a great comfort blanket.
Please take into consideration tires (700) - insurance (1000/6MO) - Gas (20MPG) - Traffic Fines (who knows).
I would join Wells Fargo and put the $18000 in a Fidelity Account. You basically make interest on the money at a much better rate than savings and when you make a car payment they pull money from that account but you keep making interest.
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From: Houston, TX
Originally Posted by xcmpx
A general rule would be for every $5000 financed you are looking at $100/MO.
The $18000 not only could cover 80% of a used Z, but more realistically be a great comfort blanket.
Please take into consideration tires (700) - insurance (1000/6MO) - Gas (20MPG) - Traffic Fines (who knows).
I would join Wells Fargo and put the $18000 in a Fidelity Account. You basically make interest on the money at a much better rate than savings and when you make a car payment they pull money from that account but you keep making interest.
The $18000 not only could cover 80% of a used Z, but more realistically be a great comfort blanket.
Please take into consideration tires (700) - insurance (1000/6MO) - Gas (20MPG) - Traffic Fines (who knows).
I would join Wells Fargo and put the $18000 in a Fidelity Account. You basically make interest on the money at a much better rate than savings and when you make a car payment they pull money from that account but you keep making interest.
$18,000 down (I assume that's what you mean) will get you into about any 350Z: you just finance the balance. The problem is your budget AFTER the purchase. I budget $317/month for insurance, modifications, repairs and routine maintenance. In other words, the 350Z is going to be more expensive to drive then say a Neon.
With your income, you may be able to do it, but you’ll be cash strapped for anything else except the 350Z.
With your income, you may be able to do it, but you’ll be cash strapped for anything else except the 350Z.
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From: New Jersey
Yeah, that's a good point. The only reason I'm considering this nice of a car is because, like I said, I virtually don't spend my money on anything - (my parents help pay for the basic college costs of food, etc). So all the money I make working goes right into my bank account. Insurance I don't have to worry about, because my parents are paying for my car insurance until I graduate from college. I'm just wondering what kind of monthly payments I'm looking at with the 18,000 that I already have saved up.
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Not that I would dump my entire savings on a car, but thats a matter of personal preference. You could one day really regret that. But if not, you could get into a used Base model or possible Enthusiast for 18k. I just traded my 03' in and the dealer gave me 17k for it with 40k miles.
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From: Austin
Originally Posted by dave079
Not that I would dump my entire savings on a car, but thats a matter of personal preference. You could one day really regret that.
I would put some of that $ down, since your parents pay insurance and you food cost.
Originally Posted by dMumm
Yeah, that's a good point. The only reason I'm considering this nice of a car is because, like I said, I virtually don't spend my money on anything - (my parents help pay for the basic college costs of food, etc). So all the money I make working goes right into my bank account. Insurance I don't have to worry about, because my parents are paying for my car insurance until I graduate from college. I'm just wondering what kind of monthly payments I'm looking at with the 18,000 that I already have saved up.
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From: Melbourne, FL
Don't throw out the idea of your parents saying "Well, if you can afford a 30k car you can afford to pay for some of the things we pick up for you." My mom still says that crap to me after I've finished college, got a sweet job that pays pretty nice, bought a house, bought the Z, and then say I can't afford to spend 5k on vacation this year. "Well, if you didn't buy that damn sports car you could go on vacation with us!!!" Just an FYI, I spend about 500$ per month on just gas and insurance.
Originally Posted by sp1kez
Don't throw out the idea of your parents saying "Well, if you can afford a 30k car you can afford to pay for some of the things we pick up for you." My mom still says that crap to me after I've finished college, got a sweet job that pays pretty nice, bought a house, bought the Z, and then say I can't afford to spend 5k on vacation this year. "Well, if you didn't buy that damn sports car you could go on vacation with us!!!" Just an FYI, I spend about 500$ per month on just gas and insurance.
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From: Allentown, PA
First, please don't spend all $18k in one shot on anything. You'll hate yourself later.
I'm only 24, and when I was a senior in college, I wanted an STi real bad. I had some money I could put down, and I could do the monthly payments. I was in the same shoes as you. My only bills were a cell phone and a credit card with like, a $800 balance. My monthly payments would of been $400+ though. Like you said, I didn't have anything else to spend my money on though.
I didn't do it, and i'm glad I didn't. I waited, saved more, and bought a Z. While you'll be good to go now, here's what you have to think about...
Rent
Internet
Electric
Heat/Oil
Phone
Cell Phone
Student Loans
Credit Cards
Insurance
Gas
Wear and Tear (brake pads, tires, oil changes etc...)
Girlfriend(s)
Groceries
It all adds up after a while. If I would of bought that STi, I would be living with my parents for a long time. Think about it, your going to want other things to, a new PC, TV, and what have you. Wait until you graduate, and living on your own. Make your decision from there.
I'm only 24, and when I was a senior in college, I wanted an STi real bad. I had some money I could put down, and I could do the monthly payments. I was in the same shoes as you. My only bills were a cell phone and a credit card with like, a $800 balance. My monthly payments would of been $400+ though. Like you said, I didn't have anything else to spend my money on though.
I didn't do it, and i'm glad I didn't. I waited, saved more, and bought a Z. While you'll be good to go now, here's what you have to think about...
Rent
Internet
Electric
Heat/Oil
Phone
Cell Phone
Student Loans
Credit Cards
Insurance
Gas
Wear and Tear (brake pads, tires, oil changes etc...)
Girlfriend(s)
Groceries
It all adds up after a while. If I would of bought that STi, I would be living with my parents for a long time. Think about it, your going to want other things to, a new PC, TV, and what have you. Wait until you graduate, and living on your own. Make your decision from there.
Originally Posted by EynonPower
First, please don't spend all $18k in one shot on anything. You'll hate yourself later.
I'm only 24, and when I was a senior in college, I wanted an STi real bad. I had some money I could put down, and I could do the monthly payments. I was in the same shoes as you. My only bills were a cell phone and a credit card with like, a $800 balance. My monthly payments would of been $400+ though. Like you said, I didn't have anything else to spend my money on though.
I didn't do it, and i'm glad I didn't. I waited, saved more, and bought a Z. While you'll be good to go now, here's what you have to think about...
Rent
Internet
Electric
Heat/Oil
Phone
Cell Phone
Student Loans
Credit Cards
Insurance
Gas
Wear and Tear (brake pads, tires, oil changes etc...)
Girlfriend(s)
Groceries
It all adds up after a while. If I would of bought that STi, I would be living with my parents for a long time. Think about it, your going to want other things to, a new PC, TV, and what have you. Wait until you graduate, and living on your own. Make your decision from there.
I'm only 24, and when I was a senior in college, I wanted an STi real bad. I had some money I could put down, and I could do the monthly payments. I was in the same shoes as you. My only bills were a cell phone and a credit card with like, a $800 balance. My monthly payments would of been $400+ though. Like you said, I didn't have anything else to spend my money on though.
I didn't do it, and i'm glad I didn't. I waited, saved more, and bought a Z. While you'll be good to go now, here's what you have to think about...
Rent
Internet
Electric
Heat/Oil
Phone
Cell Phone
Student Loans
Credit Cards
Insurance
Gas
Wear and Tear (brake pads, tires, oil changes etc...)
Girlfriend(s)
Groceries
It all adds up after a while. If I would of bought that STi, I would be living with my parents for a long time. Think about it, your going to want other things to, a new PC, TV, and what have you. Wait until you graduate, and living on your own. Make your decision from there.
And look ahead...GTR in 07...new Z in 09, possible Supra...EVO X......oh its a fun time to have a little bit of scratch in your pocket
That's my college graduate/Z owner advice. I drove a Piece of ****e Escort in college and after.....whatever, had fun smashing into snow banks and anybody you parked like an a-hole. That's why I'm scared now....
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From: DC 2 AZ 2 DFW
I have over $50k saved now. I graduated 2 years ago. Just got married. My other half saved about $50k as well. We both make good money. I really want a C6 Vette, and these end of the year sales are killing me. $5k off a new vette!!!
Anyways, I'm now saving for a house. I'm tired of living in a penthouse apartment in DC Metro. It costs soooo much and is a very poor investment.
House is the best investment I can think of right now. Besides, I want to have a nice garage to put my sports car in.
Anyways, I'm now saving for a house. I'm tired of living in a penthouse apartment in DC Metro. It costs soooo much and is a very poor investment.
House is the best investment I can think of right now. Besides, I want to have a nice garage to put my sports car in.
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