Making the choice to wait
Originally Posted by Asian Invasian
If you decide to reward yourself soon, then good luck 
We'll see what my situation is after things settle down at my new job, and I get my ducks in line in regards to finances.
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Joined: May 2007
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From: Indianapolis
Originally Posted by KManZ
First off though, Petey, I second your words of wisdom, and have already set up my 401K 10% of my income is being saved and invested, with 6% of that being matched by my company. Thats sad that there are those who retire with barely anything to live on. 
Not going down that road!
I guess I can wait a few months longer.
10% of my income is being saved and invested, with 6% of that being matched by my company. Thats sad that there are those who retire with barely anything to live on. Not going down that road! I guess I can wait a few months longer.
I was in a similar situation once long ago and opted instead to buy a used car with the cash I had, rather than putting it down on a new car. It worked out real well for me.
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Joined: Jun 2007
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From: Venice, CA
Originally Posted by KManZ
Well, I graduated college and landed my job, and am FINALLY making good money after a few years of debilitating financial down-and-out. A few months ago I posted that I was going to buy an 07 Z once I had achieved these goals. That time has come, but I think I am going to hold off for a few months before signing the purchase agreement. 
I have a few reasons which have lent to my decision.. 1st, my credit is sorely dinged up due to my last Z purchase/ repo a couple years back. My credit has improved substantially since then, but I think that even with decent credit, having a repo on my record will disqualify me And, I haven't worked at my job for more than 6 months, which I also know hurts my worthiness.
Second, I have a nice, reliable car right now that I want to keep as my daily once I purchase my Z. It is not paid off, and I will not make a mistake and find myself paying for 2 cars at a time. Aside from the car, I have some other debt I want to catch up on.
Last, I want to wait and see what happens with the 08 and 09 Z in a couple of months. Who knows, it may be well worth the delay!
So in the end it comes down to financial responsibility. I plan on having my current car and debt paid off by tax time next year. But damn it if I am not tempted to just stop by the dealership after work some night and see what there is to see!!!
Or consolidate the small debt I have into one lower payment and getting a Z! MUST........ RESIST...
Give me some support guys, I need some assurance that I am making a right decision!
I have a few reasons which have lent to my decision.. 1st, my credit is sorely dinged up due to my last Z purchase/ repo a couple years back. My credit has improved substantially since then, but I think that even with decent credit, having a repo on my record will disqualify me
And, I haven't worked at my job for more than 6 months, which I also know hurts my worthiness.Second, I have a nice, reliable car right now that I want to keep as my daily once I purchase my Z. It is not paid off, and I will not make a mistake and find myself paying for 2 cars at a time. Aside from the car, I have some other debt I want to catch up on.
Last, I want to wait and see what happens with the 08 and 09 Z in a couple of months. Who knows, it may be well worth the delay!
So in the end it comes down to financial responsibility. I plan on having my current car and debt paid off by tax time next year. But damn it if I am not tempted to just stop by the dealership after work some night and see what there is to see!!!
Or consolidate the small debt I have into one lower payment and getting a Z! MUST........ RESIST... Give me some support guys, I need some assurance that I am making a right decision!
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Joined: Jun 2007
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From: Venice, CA
Originally Posted by KManZ
I agree with your reasoning 100%. I am not pressed to buy the car at the moment. but one benefit to having a new car loan is that it will improve my credit score even more, even if I have to take it up the bung for the first few months before I can refinance it to get a better rate 
Thats about the only thing which would be beneficial to getting a new car (aside from driving my "Eleanor" 
) And I checked out insurance on owning both my cars, and its pretty steep: $1050 a month! Is it this bad for everyone else?
Thats about the only thing which would be beneficial to getting a new car (aside from driving my "Eleanor" ) And I checked out insurance on owning both my cars, and its pretty steep: $1050 a month! Is it this bad for everyone else?
I stopped by the dealership after work. I wanted to see just what my situation is, and if I could even consider financing; I don't want to sit here and say "yeah, I'll wait because I probably have terrible credit" when in fact, I very well may have decent credit.
Anyways, I used to work at this dealership, and so I talked to one of my old friends there. We chatted about an hour, I told him the situation, and if I were to get a Z, what I would want for price. We reached a pretty decent price, and I told him to see just what my score was and if I should even try.
It came back, and I was shocked to see that my auto financial score is higher than my regular scores!
To say the least, I am sitting here pretty happy that I could probably get a Z!
To say that I will though, not so soon haha Even though I have been going over the finances in my head these past few months, and know that I could easily afford the payment, I am still gun shy about it after what happened before. So we'll see what a good night's sleep will do to my resolve.
Anyways, I used to work at this dealership, and so I talked to one of my old friends there. We chatted about an hour, I told him the situation, and if I were to get a Z, what I would want for price. We reached a pretty decent price, and I told him to see just what my score was and if I should even try.
It came back, and I was shocked to see that my auto financial score is higher than my regular scores!
To say the least, I am sitting here pretty happy that I could probably get a Z! To say that I will though, not so soon haha Even though I have been going over the finances in my head these past few months, and know that I could easily afford the payment, I am still gun shy about it after what happened before.
So we'll see what a good night's sleep will do to my resolve.
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Joined: Mar 2007
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From: Nashville, TN
if you have so much extra money why don't you pay off your "daily driver" before getting another payment.
just because you "can" doesn't mean you should. After being through a repo, I would think you would want to be pretty conservative about your spending.
just because you "can" doesn't mean you should. After being through a repo, I would think you would want to be pretty conservative about your spending.
Considering my daily driver payment is pretty low, and I would need to buy one eventually like a lot of people do on here, why not just keep it and continue paying on it? Having a new-car payment will actually help me more than it will hurt me. I've ran the numbers for the past few months, planned out how having another payment would impact my finances, so its not just a blind leap into something I may not be able to handle. I wanted to wait due to the issue of my credit worthiness, and after yesterday, that issue was resolved (though we'll see if it was resolved in a favorable manner!)
The repo was a major setback in my life, and if there is the chance to get past it, why not take that opportunity? I am more financially responsible because of it, and have made every payment on time since then (2 years since). Believe me, when you get burnt bad like that, you learn how to better manage your finances!
The repo was a major setback in my life, and if there is the chance to get past it, why not take that opportunity? I am more financially responsible because of it, and have made every payment on time since then (2 years since). Believe me, when you get burnt bad like that, you learn how to better manage your finances!
Stop thinking about the car. Set up a generous 401k contribution. Pay of the daily driver. Pay other debts. Buy some modest real estate property(if you haven't already). By then your credit will be ready & you can get that 09 370Z or whatever you want. You will probably be making more $$ by then anyway.
Last edited by Ebony350; Jun 26, 2007 at 05:18 AM.
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Joined: Mar 2007
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From: Nashville, TN
Originally Posted by KManZ
Considering my daily driver payment is pretty low, and I would need to buy one eventually like a lot of people do on here, why not just keep it and continue paying on it?
Originally Posted by KManZ
Having a new-car payment will actually help me more than it will hurt me.
Originally Posted by KManZ
Believe me, when you get burnt bad like that, you learn how to better manage your finances!
Originally Posted by zeekle
apparently not
Let me rephrase: Ever since the incident, I have been 100% financially responsible, having effectively managed my money with the expenses I have, while only working a part time job and going to school full time.
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Joined: Mar 2007
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From: Nashville, TN
I am just frustrated you went from actually looking like you would make the right decision to looking like you are going to be making the wrong one. It seems you were only leaning towards making the right one because you thought you had no choice.
Just because you paid your bills on time for 2 years(which is better than some people I agree) doesn't make you "100% financially responsible"
I would say you were more financially responsible if you paid all your debt off now and then went in with nothing and bought that car(although I wouldn't even recommend that). What you are going to do is keep all the debt you have now and then go in with nothing.
If you get this car you are going to be one paycheck away from losing it all. I don't consider that "100% financially responsible" and I don't think anyone else would either.
You are at a crossroads right now. One way takes you towards financial freedom and the other sends you down the road of debt that could follow you your whole life. Its up to you to choose, but please choose wisely.
I am not saying debt is all bad, and you shouldn't get this car at some point but 2 more years from now you could be debt free, a sizable down payment and some emergency money.
Just because you paid your bills on time for 2 years(which is better than some people I agree) doesn't make you "100% financially responsible"
I would say you were more financially responsible if you paid all your debt off now and then went in with nothing and bought that car(although I wouldn't even recommend that). What you are going to do is keep all the debt you have now and then go in with nothing.
If you get this car you are going to be one paycheck away from losing it all. I don't consider that "100% financially responsible" and I don't think anyone else would either.
You are at a crossroads right now. One way takes you towards financial freedom and the other sends you down the road of debt that could follow you your whole life. Its up to you to choose, but please choose wisely.
I am not saying debt is all bad, and you shouldn't get this car at some point but 2 more years from now you could be debt free, a sizable down payment and some emergency money.
Originally Posted by zeekle
I am just frustrated you went from actually looking like you would make the right decision to looking like you are going to be making the wrong one. It seems you were only leaning towards making the right one because you thought you had no choice.
If I didn't have any other payments to make, people would be giving me another reason that I shouldn't get the car. Is buying a new car ever a smart move? Only in the most perfect circumstances, yes, but really, a large majority of individuals can't justify buying a new car, yet they do...
So real world here, do I need a new car? No, I have a decent daily. But does anyone need a new car? If most people made the right choice, they would wait until their current car was rusting out, needed pushing, blew up etc., or they needed a vehicle to serve a purpose that the current car could not, such as transportation for a family, a winter driver etc.
***On the opposite side***
Having a bigger income is great after 8 years of making peanuts. I am almost at the point where I can repay everything I owe, and at the same time enjoy life without being worried about where my next meal is coming from. Adding a large payment into the mix would hinder some of this advantage that I finally have. If I wait even 5 or 6 months, I could be in a better position to make the purchase.
Debate now!
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Joined: Jan 2006
Posts: 183
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From: Anna, Texas
If he gets a car it will make ym wait that much harder 
Its a little better people if people are in the same run as you waiting. When they go get the car though, it makes the fight harder
Anyways, I wish the best for ya, but dont kill your self just to be in the car again. Im looking for some place to store it first. I guess 2010-2012 will be a good year for the Z.
Its a little better people if people are in the same run as you waiting. When they go get the car though, it makes the fight harder
Anyways, I wish the best for ya, but dont kill your self just to be in the car again. Im looking for some place to store it first. I guess 2010-2012 will be a good year for the Z.
I have decided to wait on the purchase, after much consideration. it is most definitely in my best interest. I really want to be debt free and financially stable, so that when I do buy the car, I can enjoy it that much more As of right now, my target purchase date is my birthday, March 4th 
By then I will have everything paid off.
So, now its time to stop looking at Z's, else I have a relapse!
As of right now, my target purchase date is my birthday, March 4th By then I will have everything paid off. So, now its time to stop looking at Z's, else I have a relapse!
Good for you !! Really great choice
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